Vertex beats 3Q profit and revenue expectations

MarketsAssociated Press

BOSTON (AP) — Vertex Pharmaceuticals Inc. (VRTX) on Tuesday reported a loss of $170.1 million in its third quarter.

On a per-share basis, the Boston-based company said it had a loss of 72 cents. Losses, adjusted for stock option expense and non-recurring costs, came to 37 cents per share.

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The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.

The drugmaker posted revenue of $179 million in the period, also surpassing Street forecasts. Analysts expected $143.5 million, according to Zacks.

Vertex shares have increased 54 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 7 percent. In the final minutes of trading on Tuesday, shares hit $114.07, an increase of 47 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. VRTX stock research report from Zacks.

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Keywords:Vertex,Earnings Report