Vertex veers upwards on reporting rising profits and sales
A 22% increase in its net revenue was reported by US biotech Vertex Pharmaceuticals (Nasdaq: VRTX) in its financial results for the first quarter of 2017 compared to the same period of 2016.
The $481 million total comes from the combined sales of just two products, both in cystic fibrosis (CF), and led the company to report net income, using generally accepted accounting principles (GAAP), of $248 million, where in 2016’s first quarter Vertex reported a $42 million loss.
GAAP earnings per share for the latest quarter were $0.99, and investors are clearly confident of further gains as Vertex’ share price rose by 2% in pre-market on Friday to close to $120.
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