Vertex maintains 2010 outlook, reveals launch plan for hep C drug telaprevir and progress of other programs

The USA’s Vertex Pharmaceuticals (Nasdaq: VRTX) yesterday announced its 2011 business objectives in conjunction with the 29th Annual JP Morgan Healthcare Conference, when president and chief executive Matthew Emmens said: “2011 will be a landmark year for Vertex as we prepare for the expected launch of telaprevir in hepatitis C and advance other new therapies in development.”

Massachusetts-based Vertex reiterated its earnings outlook for the 2010 fiscal year, and the company continues to anticipate a non-GAAP loss for the year of about $600 million and GAAP net loss of about $750 million. On average, analysts polled by Thomson Reuters expect the company to report a loss of $3.65 per share for the year. As of December 31, 2010, Vertex had more than $1 billion in cash, cash equivalents and marketable securities. The company also recently entered into a $100 million commercial line of credit from Bank of America for a term of 18 months.

“Our commercial team is in place and prepared for the planned launch of telaprevir this year. We believe that telaprevir will dramatically change the treatment of hepatitis C and establish Vertex as a company capable of discovering, developing and launching transformative medicines to treat serious diseases,” said Mr Emmens.