Vertex Pharmaceuticals (VRTX), a manufacturer of small molecule drugs, saw its loss widen to $159.38 million or $0.68 a share for the quarter ended Jun. 30, 2014. In the last year period, the company reported a loss of $57.16 million or $0.26 a share. Adjusted loss per share came in at $0.61, when analysts expected $(0.70).
Revenue during the second-quarter plummeted 55.46 percent to $138.42 million from $310.75 million in the last year period.
Gross margin contracted by 29 basis points over the last year period to 87.50 percent. The company reported operating loss of $180.84 million, compared with operating loss of $56.93 million in the previous year period.
"As we enter the second half of the year, we continue to make significant progress toward achieving all of our key goals," commented Jeffrey Leiden, M.D., Ph.D., chairman, president and CEO of Vertex. "Based on data generated throughout the first half of this year, we have increased confidence in our scientific approach to treating the underlying cause of CF and believe that we are on the right path to help the vast majority of people with this disease in the coming years."
Shares of the company close at $95.56 on Tuesday.