Vertex stock rose after results
As per the company’s press release, Vertex Pharmaceuticals (VRTX) announced its 2Q15 results on July 29, 2015, after market hours. It reported revenue of $166.1 million on a GAAP (generally accepted accounting principles) basis.
On July 29, 2015, Vertex closed at $125.62. After announcing 2Q15 results, the company’s stock closed at $135.46 on July 30, an increase of 7.83%. Although Vertex reported a net loss of $188.8 million, the positive news on increased revenue and revised guidance from sales of Kalydeco along with Orkambi approval from the U.S. Food and Drug Administration (or FDA) moved the prices up.
Vertex competitors Bristol-Myers Squibb (BMY), GlaxoSmithKline (GSK), and AstraZeneca (AZN) released their 2Q15 earnings on July 29, July 30, and July 31, respectively. The results of these stocks were as per market expectations, and these companies’ stock movements remained flat after the 2Q15 results were announced. The iShares Nasdaq Biotechnology ETF (IBB) has 3.88% exposure to Vertex.
The above graph shows the stock price movements of Vertex and its competitors after their respective 2Q15 results were announced.
Headquartered in Boston, Vertex is a global biotechnology company that aims to discover, develop, and commercialize innovative new medicines. Founded in 1989, Vertex today has research and development sites and commercial offices in Australia, Canada, and Europe. Vertex has more than a dozen research programs aimed at life-threatening diseases.