Vertex Pharmaceuticals Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Vertex Pharmaceuticals Inc. (VRTX) released earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings came in at $699.8 million, or $2.69 per share. This compares with $762.1 million, or $2.96 per share, in last year's first quarter.

Excluding items, Vertex Pharmaceuticals Inc. reported adjusted earnings of $794.0 million or $3.05 per share for the period.

Analysts on average had expected the company to earn $3.00 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 12.9% to $2.37 billion from $2.10 billion last year.

Vertex Pharmaceuticals Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $699.8 Mln. vs. $762.1 Mln. last year. -EPS (Q1): $2.69 vs. $2.96 last year. -Analyst Estimates: $3.00 -Revenue (Q1): $2.37 Bln vs. $2.10 Bln last year.

-Guidance: Full year revenue guidance: $9.55 to $9.7 Bln