Vertex Pharmaceuticals Inc (VRTX)

[Scandle34]

over the cliff:

Vertex's first quarter 2013 non-GAAP net income was $5.7 million, or $0.03 per diluted share. Vertex's non-GAAP net income for the first quarter of 2012 was $118.6 million, or $0.55 per diluted share.

Even forgetting GAAP they washed away $0.52 per quarter of non-GAAP EPS on falling revenues.

The decrease in the company's first quarter 2013 non-GAAP net income, compared to the first quarter of 2012, is primarily attributable to a decrease in total revenues, specifically decreased INCIVEK revenues due to fewer HCV patients initiating treatment.


Vertex's first quarter 2013 GAAP net loss was $(308.0) million, or $(1.43) per share. Vertex's GAAP net income for the first quarter of 2012 was $91.6 million, or $0.43 per diluted share, including $27.0 million in certain charges.