Vertex Pharma Loss Narrows as Cystic Fibrosis Drug Sales Grow

Vertex Pharmaceuticals Inc. said its second-quarter loss narrowed, as sales of its cystic fibrosis drugs continued to grow.

The Boston-based biopharmaceutical company's top- and bottom-line results beat expectations.

Its drug Orkambi, which received U.S. Food and Drug Administration approval roughly a year ago, treats patients with a genetic mutation that is the leading cause of the disease. The drug combines Vertex's Kalydeco, which treats a different genetic type of cystic fibrosis, with another Vertex compound.

Orkambi second-quarter sales rose to $245.5 million from $223 million in the first quarter. Kalydeco sales grew 16% to $180.2 million.

Analysts and investors likely will be listening on the conference calls for any details on the progress of new drugs in the company's research-and-development pipeline and on expanding access to its current drugs to more patients.

Overall, Vertex reported a second-quarter loss of $64.5 million, or 26 cents a share, narrowing from a year-earlier loss of $188.8 million, or 78 cents a share. Excluding stock-based compensation and other items, per-share earnings were 24 cents, compared with a year-earlier loss of 54 cents. Revenue increased to $431.6 million.

Analysts polled by Thomson Reuters expected a per-share profit of 21 cents, excluding items, and revenue of $428 million.

Vertex also affirmed its 2016 sales guidance for Orkambi and Kalydeco.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

July 27, 2016 17:15 ET (21:15 GMT)

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