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Vertex Pharmaceuticals Reports Second Quarter 2006 Financial Results
Vertex Pharmaceuticals Reports Second Quarter 2006 Financial Results.
About this update from Vortex Energy Corp.
[{"type":"text","content":"\n\n\n\n\n- VX-950 Global Phase 2b Clinical Development Plan On Track -\n\n- Collaboration with Janssen Pharmaceutica, a Johnson & Johnson Company,\nAdds Important Strengths and Development Capabilities for VX-950 -\n\nCAMBRIDGE, Mass., July 26 /CNW/ -- Vertex Pharmaceuticals\nIncorporated (Nasdaq: VRTX) today reported consolidated financial results for\nthe quarter ended June 30, 2006.\n\"In the second quarter, Vertex made significant advances across its\nbusiness, particularly with VX-950, our investigational hepatitis C virus\nprotease inhibitor,\" said Joshua Boger, Ph.D., President and CEO of Vertex\nPharmaceuticals. \"We reported additional data on the safety and antiviral\nactivity of VX-950 at two major medical conferences and initiated a global\nPhase 2b clinical development program for VX-950.\"\n\"In June, we entered into a major collaboration with Janssen\nPharmaceutica, a Johnson & Johnson company, for the development and\ncommercialization of VX-950 in Europe and other regions. Through this\nagreement, Janssen demonstrated their support for the clinical and commercial\npotential of VX-950, and we have added important strengths and capabilities\nthat enhance the commercial potential of VX-950,\" continued Dr. Boger.\n\nSecond Quarter Results\nThe non-GAAP loss, before charges for stock-based compensation and\nrestructuring, for the quarter ended June 30, 2006 was $65.6 million, or $0.60\nper share, compared to a non-GAAP loss, before charges, of $41.6 million, or\n$0.51 per share for the quarter ended June 30, 2005. The increase in the\nCompany's second quarter 2006 non-GAAP loss resulted from increased\ndevelopment investment as the Company continued to advance its proprietary\ndrug candidates.\nFor the quarter ended June 30, 2006, the Company's net loss on a GAAP\nbasis was $77.7 million, or $0.72 per share. This included stock-based\ncompensation expense of approximately $11.6 million and restructuring expense\nof approximately $0.4 million. The net loss on a GAAP basis for the quarter\nended June 30, 2005 was $41.0 million, or $0.50 per share. The 2005 GAAP net\nloss includes stock-based compensation expense of approximately $1.1 million,\nand a credit to restructuring expense of approximately $1.7 million.\nTotal revenues for the quarter ended June 30, 2006 were $29.7 million\ncompared to $32.3 million ...