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Vertex Pharmaceuticals Shares Drop on Disappointing Sales, Quarterly Loss
MINYANVILLE ORIGINAL Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) are dropping after the company reported disappointing sales results for its hepatitis C and cystic fibrosis treatments. Announcing that it lost $57.5 million in the third quarter Vertex said it booked $254 million in revenue from hepatitis drug Incivek and $49 million from its cystic fibrosis treatment Kalydeco. Sales of both drugs which make up all of Vertex’s product revenue fell short of Wall Street analysts’ expectations. The company did reiterate an estimate that Incivek sales would be as much as $1.25 billion this year. The drug was approved in May of ...
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