Vertex reports 1Q14 financial results, more CF data

Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) reported 1Q14 financial results on Thursday, lowered its full-year revenue guidance and reported data from a Phase II cystic fibrosis (CF) trial evaluating VX-661 added onto its Kalydeco ivacaftor. Revenues in the quarter were $118.5 million, down from $328.4 million in 1Q13 and below the Street's $134.4 million estimate. Vertex lowered its 2014 revenue guidance to $520-$550 million from $570-$600 million.

Vertex also disclosed in its financial results it will no longer invest in HCV R&D, citing "rapid changes" in the treatment landscape with the launch of all-oral HCV therapies. The company plans to out-license VX-135, its remaining clinical-stage HCV compound. Vertex has rights to the nucleotide HCV NS5B polymerase inhibitor from Alios BioPharma Inc. (South San Francisco, Calif.). ...