Vertex: 3Q Earnings Snapshot
BOSTON (AP) _ Vertex Pharmaceuticals Inc. (VRTX) on Wednesday reported third-quarter profit of $57.5 million.
The Boston-based company said it had profit of 22 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were $1.23 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.
The drugmaker posted revenue of $949.8 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $952.2 million.
Vertex shares have climbed 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 22%. In the final minutes of trading on Wednesday, shares hit $199.24, a climb of 16% in the last 12 months.