Analyst Conference Summary

Biotechnology

conference date: July 29, 2015 @ 2:00 PM Pacific Time
for quarter ending: June 30, 2015 (second quarter, Q2, 2015)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, % sequentially from $138.5 million, and % from $ million in the year-earlier quarter.

Net income was negative $ million, down sequentially from negative $198.6 million, but up from negative $ million year-earlier.

Earnings Per Share (EPS) were negative $, down sequentially from negative $0.83, but up from negative $ year-earlier.

Guidance:

Conference Highlights:

Orkambi was approved after the quarter ended for multiple sclerosis patients with two copies of the F508del mutation. This could treat over 20,000 patients world wide if approved, including about 8000 in the U.S.

Kalydeco (ivacaftor) for cystic fibrosis had sales of $130.2 million, up 5% sequentially from $130.2 million and up % y/y. Believes there will be label and geographic expansion in 2015. The number of patients eligible could be 3,700 by the end of 2015.

Incivek for hepatitis C revenue shrank to $0. million as it has been essentially driven out of the market by newer therapies.

Non-GAAP results: Net income negative $ million, down sequentially from negative $148.4 million, but better than negative $ million year-earlier. EPS negative $, down sequentially from negative $0.62, and but improved from negative $ year-earlier.

See also the Vertex Pharmaceuticals Pipeline page.

Cash and equivalents balance ended at $ billion, down $ million sequentially from $1.18 billion. Debt $ million.

Cost of revenue was $ million. Royalty expense was $ million. Research and development expense was $2 million. Sales, general and administrative expenses were $ million. Restructuring benefit was $ million. Total costs and expenses were $ million, leaving operating loss of $ million. Interest expense $ million. Other expense was $ million. Income tax $ million.

Q&A:

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