Vertex Pharma stock rises on earnings, outlook beat
Vertex Pharmaceuticals Inc. shares rose in the extended session Thursday after the biotech drug maker's results and forecast topped Wall Street estimates. Vertex shares rose 2.9% after hours, following a 0.9% decline in the regular session to close at $230.31. The company reported fourth-quarter net income of $583.2 million, or $2.23 a share, compared with $1.55 billion, or $5.97 a share, in the year-ago period. Adjusted earnings were $1.70 a share versus $1.30 a share in the year-ago period. Revenue rose to $1.41 billion from $870.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.21 a share on revenue of $1.01 billion. Vertex expects "total product" revenue of $5.1 billion to $5.3 billion in 2020, while analysts had forecast on revenue of $4.88 billion.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.