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Vertex first-quarter revenues up more than $11 million
By Lisa Kerner
Erie, Pa., April 25 - Vertex Pharmaceuticals Inc. said total revenues for the quarter ended March 31 increased to $39.1 million from $28.6 million in the same quarter in 2005.
The growth was attributed to an increase in revenue from collaborative research and development agreements, including an $8.8 million milestone payment from Merck & Co. for starting phase 2 development of VX-680.
The company reported a non-GAAP loss for the quarter $42.2 million, or $0.39 per share, compared to a non-GAAP loss of $41.8 million, or $0.53 per share, for the quarter ended March 31, 2005. For the quarter ended March 31, Vertex reported net loss on a GAAP basis of $50.1 million, or $0.47 per share. The net loss on a GAAP basis for the quarter ended March 31, 2005 was $44.7 million, or $0.56 per share.
Vertex had approximately $378.8 million in cash, cash equivalents and available for sale securities on March 31.
Vertex reiterated its financial guidance for the full year of 2006, expecting a non-GAAP loss in the range of $165 to $185 million, and the full year 2006 GAAP loss in the range of $205 to $225 million.
"We continue to be on track to gain important clinical data in 2006 on key product candidates that we are evaluating for the treatment of hepatitis C virus, rheumatoid arthritis and cystic fibrosis," chairman, president and chief executive officer Joshua Boger said in a company news release.
"We also are on track to begin, in the second quarter, the first phase 1 clinical study of VX-770, our novel potentiator compound for CF [cystic fibrosis], with the goal of initiating our first study in patients with CF in the second half of the year."
Vertex is a Cambridge, Mass. biotechnology company that discovers and develops small molecule drugs for diseases.
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