Research Desk Line-up: Esperion Therapeutics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 13, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Vertex Pharmaceuticals Inc. (NASDAQ: VRTX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=VRTX, following the Company's reporting of its third quarter fiscal 2017 operating results on October 25, 2017. The drugmaker increased its total 2017 CF product revenue guidance, and re-affirmed its total combined GAAP and non-GAAP research and development (R&D) and selling, general, and administrative (SG&A) expenses forecasts.Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Biotechnology industry. Pro-TD has currently selected Esperion Therapeutics, Inc. (NASDAQ: ESPR) for due-diligence and potential coverage as the Company reported on November 07, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Esperion Therapeutics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VRTX; also brushing on ESPR. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=VRTX

http://protraderdaily.com/optin/?symbol=ESPR

Earnings Reviewed

For the third quarter ended September 30, 2017, Vertex reported total revenue of $578.17 million compared to revenue of $413.78 million in Q3 2016. The Company's revenue exceeded analysts' expectations of $518.5 million.

For Q3 2017, Vertex' GAAP R&D expenses were $454.9 million compared to $272.4 million for Q3 2016. The increase in GAAP R&D expenses was primarily attributed to an upfront payment of $160.0 million related to the acquisition of VX-56 and, an investigational once-daily CFTR potentiator from Concert Pharmaceuticals. The Company's non-GAAP R&D expenses were $243.2 million for the reported quarter compared to $211.0 million for the year-ago same period. The increase in non-GAAP R&D expenses was primarily attributable to the clinical development of the company's triple combination regimens for CF.

During Q3 2017, Vertex's GAAP SG&A expenses were $120.7 million compared to $106.1 million for Q3 2016. The Company's non-GAAP SG&A expenses were $90.6 million in the reported quarter versus $84.0 million in the year-ago comparable period. The increase in GAAP and non-GAAP SG&A expenses was driven by the global support for KALYDECO and ORKAMBI.

Vertex' GAAP net loss was $103.0 million, or $0.41 per diluted share, for Q3 2017 compared to a net loss of $38.8 million, or $0.16 per diluted share, for Q3 2016. The Company's GAAP net loss in the reported quarter was primarily due to an upfront payment of $160.0 million related to the acquisition of VX-561 from Concert Pharmaceuticals. Vertex' non-GAAP net income totaled $136.4 million, or $0.53 per diluted share, for Q3 2017 compared to $43.1 million, or $0.17 per diluted share, for the year-ago same period. The Company's earnings surpassed Wall Street's estimates of $0.37 per share.

Segment Results

During Q3 2017, Vertex' total CF net product revenues were $549.6 million compared to $409.7 million for Q3 2016.

The Company's net product revenues from ORKAMBI were $336.2 million for Q3 2017 compared to $234.0 million for Q3 2016. The increase in ORKAMBI's revenues was driven by a number of factors, including the continued uptake in children with CF age between 6 to 11 in the US and the addition of revenues from European countries where ORKAMBI is currently reimbursed.

For Q3 2017, Vertex' net product revenues from KALYDECO totaled $213.5 million compared to $175.6 million for Q3 2016. The increase in KALYDECO's revenues was driven by the approval and uptake among people age 2 and older in the US who have certain residual function mutations.

Cash Matters

As of September 30, 2017, Vertex had $1.81 billion in cash, cash equivalents, and marketable securities compared to $1.43 billion in cash, cash equivalents, and marketable securities as of December 31, 2016.

Financial Guidance:

Vertex now expects total CF product revenues for 2017 to be in the range of $2.10 billion to $2.15 billion, an increase from its previously announced guidance of $1.87 billion to $2.10 billion. The Company is estimating total product revenues for ORKAMBI in 2017 to be between $1.29 billion to $1.32 billion, an increase from its previously announced guidance of $1.1 billion to $1.3 billion.

Vertex is projecting total product revenues for KALYDECO in 2017 to be between $810 million to $830 million, an increase from its previously announced guidance of $770 million to $800 million. The Company reiterated its total combined GAAP R&D and SG&A expense for 2017 to be in the range of $1.79 billion to $1.92 billion and combined non-GAAP R&D and SG&A expense to be in the band of $1.33 billion to $1.36 billion.

Stock Performance

On Friday, November 10, 2017, the stock closed the trading session at $148.74, slightly climbing 0.38% from its previous closing price of $148.17. A total volume of 861.04 thousand shares have exchanged hands. Vertex Pharma's stock price soared 27.97% in the past six months and 55.98% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 101.90%. The stock is trading at a PE ratio of 190.69. At Friday's closing price, the stock's net capitalization stands at $37.47 billion.

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SOURCE: Pro-Trader Daily