Vertex Pharmaceuticals' ( VRTX) second-quarter loss widened 89.5%.

The Cambridge, Mass.-based company lost $77.6 million, or 72 cents a share, in the quarter, compared with a loss of $41 million, or 50 cents a share, a year ago. Adjusted for stock option expenses and restructuring charges, the loss was 60 cents a share. Analysts surveyed by Thomson Financial were expecting the company to post a loss of 52 cents a share.

Second-quarter revenue fell 8% from a year ago to $29.73 million as against analysts' expectation of $48.15 million.

With the increased research and development investment, the company raised full year loss estimate to $222 million to $237 million from $205 million to $225 million, including stock option expenses of about $38 million and restructuring expense of about $4 million. Analysts surveyed by Thomson First Call were expecting loss of $201 million.

Research and development expenses during second quarter increased 53.7% to $91.3 million.

Vertex shares fell $2.18 to $33.37.
This story was created through a joint venture between TheStreet.com and IRIS.