CAMBRIDGE (MASSACHUSETTS) (dpa-AFX) - Vertex Pharmaceuticals Inc's (VRTX) GAAP net income for the fourth quarter of 2011 was $158.6 million, or $0.74 per share, compared to a net loss of $180.4 million, or $0.90 per share in the year ago quarter. Vertex's non-GAAP net income for the fourth quarter of 2011, was $185.2 million, or $0.86 per share. The non-GAAP net loss for the fourth quarter of 2010 was $148.5 million, or $0.74 per share. Total revenues for the fourth quarter of 2011 were $563.3 million, compared with $65.5 million in total revenues for the fourth quarter of 2010. The increase in total revenues for the fourth quarter of 2011 was primarily driven by INCIVEK net revenues of $456.8 million and a $65.0 million milestone payment from Mitsubishi Tanabe related to approval and commercialization of TELAVIC in Japan. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $518.36 million for the quarter. Analysts' estimates typically exclude special items. Vertex expects that full-year 2012 INCIVEK net revenues will be in the range of $1.5 billion to $1.7 billion. Vertex expects 2012 total operating expenses, excluding cost of revenues, stock-based compensation expense and Alios expenses related to the accounting for the collaboration with Vertex, to be in the range of $1.03 billion to $1.13 billion.
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