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Vertex Pharmaceuticals Incorporated (VRTX) Reports Second Quarter 2014 Financial Results And Provides Updates On Key Research And Development Programs


7/30/2014 10:41:59 AM

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Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the quarter ended June 30, 2014. Vertex reported total second quarter 2014 revenues of $138 million, including revenues of $113 million from KALYDECO® (ivacaftor). The GAAP net loss for the second quarter of 2014 was $(159) million, or $(0.68) per share. The non-GAAP net loss for the second quarter of 2014 was $(142) million, or $(0.61) per share. As of June 30, 2014, Vertex had $1.22 billion in cash, cash equivalents and marketable securities. In July 2014, Vertex entered into a credit agreement that provides for a secured loan of up to $500 million, $300 million of which Vertex received in July 2014, which adds to the company's cash balance.

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