Vertex (VRTX - Get Report) reported a wider loss after the market close Monday as it steps away from research-based collaborations and funnels more money into its midstage program for Hepatitis C drug telaprevir.
The Cambridge, Mass.-based company reported a net loss of $107 million, or 82 cents a share, for the quarter, compared to a loss of $51.8 million, or 46 cents a share, in the year-ago quarter. Before items, the company reported a loss of $93.2 million, or 72 cents a share, compared to a loss of $47.9 million, or 42 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial were anticipating a loss of 73 cents.
Vertex said revenue for the quarter was $41 million, compared to $53.3 million in the year-ago period, attributing the drop to a loss of revenue from research-based collaborations.
The company also said that a research and development hike to $128.9 million in the 2007 quarter from $96.1 million in the 2006 period was primarily due to development investment to support a global phase IIb clinical development program for telaprevir.Looking ahead, Vertex reiterated its full-year guidance of a loss of $360 million to $390 million, or in the range of $300 million to $330 million on a non-GAAP basis.