CAMBRIDGE (MASSACHUSETTS) (dpa-AFX) - Vertex Pharmaceuticals Inc. (VRTX) reported a net loss for the first quarter of $308.0 million or $1.43 per share, compared to net income of $91.6 million or $0.43 per share for the year-ago quarter.
The latest quarter results include certain charges of $313.8 million, comprised mainly of a one-time charge, net of a tax benefit, of $285.3 million related to an impairment of an intangible asset.
Excluding items, adjusted net income for the latest quarter was $5.7 million or $0.03 per share, compared to $118.6 million or $0.55 per share in the prior year quarter.
Total revenues for the first quarter fell to $328.4 million from $438.7 million a year ago.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.19 per share on revenue of $308.02 million for the first quarter. Analysts' estimates typically exclude special items.
The company said it now expects full-year 2013 KALYDECO net revenues to be in the range of $300 million to $340 million, up from its prior guidance of $280 million to $320 million.
The company also reiterated its financial guidance for total 2013 revenues to be in the range of $1.10 billion to $1.25 billion. Analysts currently expect the company to post revenue of $1.16 billion for the full year 2013.
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