Vertex Outlines 2012 Sales Expectations (VRTX)
Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is trading lower after earnings, but this may be due more to a give back from big gains this week and it may be a headline issue. The first headline that hit the tape was earnings…
Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is trading lower after earnings, but this may be due more to a give back from big gains this week and it may be a headline issue. The first headline that hit the tape was earnings at $0.74 EPS, but its adjusted earnings came to $0.86 EPS against the Thomson Reuters estimate of $0.70 EPS. Total revenue was $563.3 million, and INCIVEK net product revenue was $456.8. Thomson Reuters was expecting $518.36 million in total revenue.
For 2012, Vertex Pharmaceuticals gave an indication of INCIVEK net revenues in a range of $1.5 to $1.7 billion. The company also ended the last quarter and year with liquidity of $968.9 million in cash, cash equivalents, and marketable securities.
Vertex closed up 1.5% at $38.38 today and the after-hours reaction is already not quite as bad as originally seen. Shares are down 0.7% at $38.11 now after having been down almost 3% in the first reaction. So far we have seen only about 40,000 shares trade in the after-hours session and that is not representative of much conviction from traders. The 52-week trading range is $26.50 to $58.87.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
