BOSTON (AP) _ Vertex Pharmaceuticals Inc. (VRTX) on Wednesday reported first-quarter net income of $602.8 million.
On a per-share basis, the Boston-based company said it had profit of $2.29. Earnings, adjusted for one-time gains and costs, came to $2.56 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.83 per share.
The drugmaker posted revenue of $1.52 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $1.27 billion.
Vertex expects full-year revenue in the range of $5.3 billion to $5.6 billion.
Vertex shares have increased 16% since the beginning of the year, while the Standard & Poor's 500 index has declined 9%. In the final minutes of trading on Wednesday, shares hit $254.98, a rise of 48% in the last 12 months.