Macro Tsimmis

intelligently hedged investment

Vertex (VRTX) update #14

Posted by intelledgement on Fri, 01 Aug 08

The company yesterday reported a 2Q08 loss of $91MM, compared with $118MM a year ago. The improvement is primarily due to materially increased income—$69MM, compared to $38MM for the second quarter of 2007—primarily due to a $45MM milestone payment recorded as revenue in the second quarter of 2008, received from Johnson & Johnson in connection with dosing of the first patients in the telaprevir Phase 3 ADVANCE clinical trial. 

The press release includes a good update on the progress of all their current trials and research…and for more details, check out the Q&A in this transcript of the conference call they held yesterday.

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