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Financial Report: Vertex 3Q13

Revenues drop 34%; will eliminate 370 positions after Incivek fall

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Vertex 3Q Revenues: $221.7 million (-34%) 3Q Loss: $124.1 million (loss of $57.5 million 3Q12) Comments: Incivek revenues were $85.6 million in the quarter, compared to $254.3 million 3Q12, reflecting the continued and rapid decline in the number of people being treated with Incivek as new hepatitis C drug near approval. Kalydeco revenues were $101.1 million, down 105%. Royalty revenues from Invico were $21.0 million, up 5%.   Vertex announced plans to eliminate 370 positions, primarily relat...

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