Vertex (VRTX) update #19
Posted by intelledgement on Mon, 27 Oct 08
Today Vertex (VRTX) reported a 3Q08 loss of $130MM, compared with $107MM a year ago. The wider loss is primarily due to decreased income—$32MM of revenues, compared to $41MM for 2Q07 thanks to the sale earlier this year of the company’s HIV drug royalty stream and a mere $1MM in interest income compared to $7MM last year in consideration of the lousy investment climate and increased interest payments on the Feb 08 debt issuance. (VRTX have $920MM in cash, so it’s bracing to learn that even in the horrible 3Q08 investment climate, they didn’t lose any money. LOL they sure beat the IMSIP!)
Of course, the financial results really don’t matter too much, as we are talking about a development-stage biotech company with no product-related income other than milestone payments for prospective products. What really counts is the status of those development efforts, and the press release includes a helpful update on the progress of all their current trials and research…and for more details, you can check out the Q&A in this transcript of the conference call they held earlier today.