Vertex Pharma posts bigger 2Q loss, tops forecast

MarketsAssociated Press

Vertex Pharmaceuticals Inc. on Tuesday reported a wider loss in its second quarter, and beat analysts' expectations.

The Boston-based company posted a loss of $159.4 million, or 68 cents per share, compared with a loss of $57.2 million, or 26 cents per share, in the same quarter a year earlier.

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Losses, adjusted for one-time gains and costs, were 61 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a per-share loss of 77 cents.

The drugmaker said revenue decreased 55 percent to $138.4 million from $310.8 million in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $128 million, according to Zacks.

Vertex Pharmaceuticals shares have climbed $21.26, or 29 percent, to $95.56 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.6 percent. The stock has risen $13.65, or 17 percent, in the last 12 months.