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Vertex Pharmaceuticals Reports 2005 Financial Results
Vertex Pharmaceuticals Reports 2005 Financial Results.
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[{"type":"text","content":"\n\n\n\n\n -- Clinical, Research and Financial Objectives Achieved --\n\nCAMBRIDGE, Mass., Feb. 7 /CNW/ -- Vertex Pharmaceuticals\nIncorporated (Nasdaq: VRTX) today reported consolidated financial results for\nthe quarter and year ended December 31, 2005. The Company also provided its\nfull year 2006 financial guidance and outlook.\n\"Vertex achieved all of its clinical, research and financial objectives in\n2005,\" said Joshua Boger, Ph.D., Chairman, President and CEO of Vertex\nPharmaceuticals. \"In particular, we increased our financial strength as we\nadvanced potentially transformational compounds targeting hepatitis C virus\n(HCV), rheumatoid arthritis and cystic fibrosis. Our performance last year\nhas positioned us to build momentum in 2006.\"\n\nFull Year Results\nFor the year ended December 31, 2005, the Company's net loss on a GAAP\nbasis was $203.4 million, or $2.28 per share. This included $8.1 million of\nrestructuring expense as well as charges of approximately $48.2 million as a\nresult of the private exchange of convertible debt for common stock. The net\nloss on a GAAP basis for the year ended December 31, 2004 was $166.2 million,\nor $2.12 per share.\nThe non-GAAP loss, before charges, for the year ended December 31, 2005\nwas $147.1 million, or $1.65 per share, compared to a non-GAAP loss, before\ncharges, of $145.2 million, or $1.85 per share for the year ended December 31,\n2004. The Company's 2005 non-GAAP loss before charges was characterized by\ncontinued revenue growth, which offset increased development investment as the\nCompany continues to advance its proprietary drug candidates.\nTotal revenues for the year ended December 31, 2005 increased to $160.9\nmillion from $102.7 million for 2004, reflecting an increase in revenue from\ncollaborative research and development agreements and an increase in HIV\nproduct royalties. Research and development expenses for the year ended\nDecember 31, 2005 were $248.5 million, compared to $192.2 million for 2004,\nreflecting increased investment in the development of the Company's\nproprietary drug candidates and investment in its research pipeline.\nSales, general and administrative expenses for the year ended December 31,\n2005 were $44.0 million, compared to $42.1 million for 2004.\nOther interest expense, net, for the year ended December 31, 2005 was $5.3\nmill...