Vertex beats Street, reports more Kalydeco data

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) reported 2Q13 earnings late Monday that beat the Street. Revenues in the quarter were $311 million, beating the Street's $308.2 million estimate. Sales of cystic fibrosis (CF) drug Kalydeco ivacaftor jumped 118% to $99 million, which Vertex attributed primarily to the uptake of Kalydeco in eligible European patients following reimbursement discussions. The biotech said nearly all eligible patients in the U.S. and EU carrying the G551D mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene have started Kalydeco treatment. The drug is approved in the U.S., Europe and Australia to treat CF in patients six years of age and older who have one copy or more of the G551D mutation in the CFTR gene -- about 4% of the CF population.

Vertex reported 2Q13 non-GAAP diluted loss per share of $0.03, narrower than the Street's estimate of a loss per share of $0.18. The biotech reported non-GAAP EPS of $0.46 in 2Q12. Vertex amended its 2013 revenue guidance to $1.1-$1.2 billion from $1.1-$1.25 billion. The Street was expecting $1.2 billion. The biotech also said it expects 2013 Kalydeco net revenues of $345-$360 million, up from $300-$340 million previously. ...