Vertex Reports Second Quarter 2012 Financial Results and Provides Updates on
July 30, 2012
Vertex Reports Second Quarter 2012 Financial Results and Provides Updates on Progress in Research and Development Programs in Hepatitis C and Cystic Fibrosis
-Second quarter 2012 total revenues of $418 million, including second quarter 2012 net product revenues of approximately $328 million for INCIVEK in hepatitis C and $46 million for KALYDECO in cystic fibrosis; company revises financial guidance for full-year 2012 INCIVEK net revenues-
-Cystic Fibrosis: Ongoing label-expansion studies for KALYDECO monotherapy and recent data from study of KALYDECO and VX-809 in combination support goal to help more people with cystic fibrosis; company recently announced European approval of KALYDECO-
-Hepatitis C: Positive seven-day viral kinetic data for nucleotide analogue ALS-2200 provide flexibility in the development of multiple all-oral approaches to treatment of hepatitis C, including Phase 2 all-oral studies planned for this year-
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the quarter ended June 30, 2012.
Vertex reported total revenues of approximately $418 million for the second quarter of 2012, including net product revenues of approximately $328 million from INCIVEK® (telaprevir) and approximately $46 million from KALYDECOTM (ivacaftor). Royalty revenues related to the sale of INCIVO® in Europe by our collaborator were approximately $28 million for the second quarter of 2012. In the second quarter of 2012, the company reported GAAP net loss of approximately $(65) million, or $(0.31) per share, and non-GAAP net income of approximately $100 million, or $0.46 per share. The non-GAAP income excludes charges related to Vertex stock-based compensation expense, charges related to an increase in the fair value of expected future payments under our Alios collaboration and a reserve against the potential for excess INCIVEK inventory. Vertex also updated financial guidance for full-year 2012 INCIVEK net revenues. The company expects full-year 2012 INCIVEK net revenues to be in the range of $1.1 billion to $1.25 billion. Additionally, Vertex today provided updates on a number of ongoing and planned trials in cystic fibrosis, hepatitis C, rheumatoid arthritis and other diseases. In a separate press release issued today, Vertex announced positive viral kinetic data for ALS-2200, a nucleotide analogue in development for the treatment of hepatitis C, which was well-tolerated and showed a median 4.54 log10 reduction in hepatitis C virus RNA after seven days of dosing with 200 mg of ALS-2200 once daily.
"During the first half of the year, Vertex delivered several important advancements across our broad pipeline. In cystic fibrosis, we obtained U.S. and E.U. approval of KALYDECO earlier than anticipated, and we announced promising data for a combination of VX-809 and KALYDECO that accelerated our plans to begin a pivotal program early next year in people with the most common type of cystic fibrosis. We also announced today the first results for our nucleotide analogue ALS-2200, which enhance our portfolio of potential hepatitis C medicines and provide flexibility in the future development of multiple all-oral treatments for this disease," said Jeffrey Leiden, M.D., Ph.D., Chair, President and Chief Executive Officer of Vertex.
Dr. Leiden concluded, "Our ability to consistently discover, develop and launch transformative medicines has created significant value for our shareholders. Vertex is positioned for continued leadership in the treatment of hepatitis C and cystic fibrosis, and our efforts to bring forward additional new medicines for other serious diseases are moving forward rapidly."