CAMBRIDGE (MASSACHUSETTS) (dpa-AFX) - Vertex Pharmaceuticals Inc. (VRTX) Monday reported second quarter net loss of $64.9 million or $0.31 per share, compared to net loss of $174 million or $0.85 per share last year.
Excluding items, adjusted earnings were $99.8 million or $0.46 per share compared to loss of $136 million or $0.67 per share a year ago.
Revenues for the quarter were $418 million, compared to $114 million a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.59 per share on revenues of $472.16 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company cut its full-year 2012 sales outlook for its hepatitis drug Incivek (telaprevir). It now expects full year Incivek net revenues of $1.1 billion to $1.25 billion, compared to prior guidance of $1.5 billion to $1.7 billion.
The company said the revised guidance reflects the recent downward trend in the number of patients initiating treatment within the hepatitis C market.
Separately, Vertex announced positive viral kinetic data for ALS-2200 - a nucleotide analogue in development for the treatment of hepatitis C. The company said the drug was well-tolerated and showed a median 4.54 log10 reduction in hepatitis C virus RNA after seven days of dosing with 200 mg of ALS-2200 once daily.
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