Summary
Vertex Pharmaceuticals Inc. reported a net loss of $208.96 million for the third quarter of 2010, an increase from the $149.57 million loss in the same quarter of the previous year. This widened loss was primarily driven by increased operating expenses, particularly in research and development and sales, general, and administrative functions, as the company gears up for the potential commercial launch of its Hepatitis C drug candidate, telaprevir. Total revenues for the quarter slightly decreased to $23.8 million from $24.96 million year-over-year, impacted by lower collaborative revenues from the Janssen collaboration. Despite the increased net loss, the company made significant progress in its clinical programs. Positive Phase 3 data for telaprevir were reported from the ADVANCE, ILLUMINATE, and REALIZE trials, supporting its planned New Drug Application (NDA) submission to the FDA in the fourth quarter of 2010. The company also advanced its cystic fibrosis drug candidate, VX-770, with a registration program expected to yield final data in the first half of 2011. Vertex Pharmaceuticals ended the quarter with $1.2 billion in cash, cash equivalents, and marketable securities, providing sufficient liquidity for at least the next twelve months.
Financial Highlights
43 data points| Revenue | $23.80M |
| R&D Expenses | $170.43M |
| SG&A Expenses | $48.85M |
| Operating Expenses | $223.38M |
| Operating Income | -$199.59M |
| Interest Expense | $3.95M |
| Net Income | -$208.96M |
| EPS (Basic) | $-1.04 |
| EPS (Diluted) | $-1.04 |
| Shares Outstanding (Basic) | 200.89M |
| Shares Outstanding (Diluted) | 200.89M |
Key Highlights
- 1Reported a net loss of $208.96 million for Q3 2010, an increase from $149.57 million in Q3 2009, primarily due to increased operating expenses.
- 2Total revenues slightly decreased to $23.8 million in Q3 2010 from $24.96 million in Q3 2009.
- 3Positive Phase 3 clinical trial data for telaprevir (HCV drug candidate) were reported, supporting an upcoming NDA submission to the FDA in Q4 2010.
- 4Advanced the cystic fibrosis drug candidate, VX-770, with its registration program expected to provide final data in H1 2011.
- 5Ended the quarter with $1.2 billion in cash, cash equivalents, and marketable securities, indicating sufficient liquidity for at least the next 12 months.
- 6Completed a $400 million convertible senior subordinated notes offering in September 2010 to fund operations and development.
- 7Continued significant investment in research and development, with total R&D expenses increasing by 29% year-over-year for the quarter.