Vertex Q1 Loss Narrows

(RTTNews) - Vertex Pharmaceuticals Inc. (VRTX) reported a net loss for the first quarter of $198.6 million or $0.83 per share, compared to a net loss of $232.5 million or $1.00 per share for the year-ago quarter.

Excluding items, adjusted net loss for the first quarter was $148.4 million or $0.62 per share, compared to an adjusted net loss of $151.4 million or $0.65 per share in the prior year quarter.

Net revenue for the first quarter rose 31% to $130.2 million from $99.5 million a year ago. Total adjusted revenues for the first quarter of 2015 were $135.4 million.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.75 per share on revenue of $142.38 million for the first quarter. Analysts' estimates typically exclude special items.

Vertex said it still expects KALYDECO net revenues of $560 million to $580 million for 2015.