Vertex Pharmaceuticals Reports Narrower Third Quarter Loss, Higher Revenue Due to Sales of HIV/AIDS Drugs
Vertex Pharmaceuticals on Monday reported a narrower third quarter loss and a 70% revenue increase, compared with the same period one year ago, due in large part to the company's sale of HIV/AIDS drugs, Reuters reports. The company's third quarter net loss was $38.8 million, or 49 cents per share, compared with a loss of $86.4 million, or $1.12 per share, during the same period in 2003. Analysts had expected a loss of 48 cents per share, according to Reuters (Reuters, 10/25). Over the past year, sales of Vertex's fosamprenavir -- sold in the United States as Lexiva and in the European Union as Telzir -- more than doubled to $4.4 million, according to the AP/Forbes.com (AP/Forbes.com, 10/25). Overall, Vertex expects to record a loss of $140 million to $150 million for the year (Reuters, 10/25). "Vertex continues on track to achieve its key financial goals for 2004," Ian Smith, Vertex senior vice president and CFO, said, adding, "We have strengthened our operating profile by driving revenue growth, primarily from new collaborations and HIV royalties, and balanced our R&D investment towards Vertex core compounds" (Vertex release, 10/25).
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