It Pays to Be a CEO
"Development costs add to Vertex loss" by Associated Press | April 17, 2009
CAMBRIDGE - Vertex Pharmaceuticals Inc. yesterday said its first-quarter loss widened by nearly 60 percent as revenue fell and expenses for a drug in late-stage development spiked.
For the quarter that ended March 31, Vertex said it lost $161.5 million, or $1.04 per share, compared with a loss of $96.2 million, or 72 cents per share, in the year-ago period....
Vertex said its expenses climbed 32 percent to $185.5 million, with increases in R&D, restructuring, and acquisition-related costs. The company is in the late stages of developing drugs for hepatitis C and cystic fibrosis. President Matt Emmens said the hepatitis C drug, telaprevir, is the company's top priority, and it hopes to file for approval from the Food and Drug Administration in the second half of 2010. Its cystic fibrosis drug is making progress, and the company expects to start a registration program for the next phase of testing in the United States and Europe this quarter.
The company also said it expects a wider net loss for the year than previously expected.
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