Vertex swings to loss on plummeting Incivek sales

As expected, Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) swung to a loss on flagging sales of HCV drug Incivek telaprevir. The company reported 4Q12 revenues for of $222.8 million, down 51% from $456.8 million in 4Q11. Full-year sales for the product were $1.16 billion. Last July, Vertex lowered its 2012 revenue guidance for the small molecule HCV NS3/4A protease inhibitor to $1.1-$1.25 billion from $1.5-$1.7 billion, citing an increase in the number of HCV clinical trials and doctors and patients waiting for all-oral combination therapies (see BioCentury, Nov. 12, 2012).

Fourth quarter revenues were $333.9 million, above the Street's estimate of $318.5 million but 33% below revenues of $563.3 million in 4Q11. Vertex reported a non-GAAP loss per share for the quarter of $0.04, compared with non-GAAP EPS of $0.86 in 4Q11. Revenues for the year were $1.5 billion, in line with the Street's estimate, and just above 2011 revenues of $1.4 billion. ...