Vertex Reports Full-Year and Fourth Quarter 2014 Financial Results and Provides Guidance for 2015

-Full-year 2014 total revenues of $580 million, including net product revenues of $464 million for KALYDECO in cystic fibrosis-

-Cash, cash equivalents and marketable securities of approximately $1.4 billion on December 31, 2014-

-Company expects total 2015 KALYDECO net revenues of $560 to $580 million and combined non-GAAP R&D and SG&A expenses of $1.05 to $1.10 billion-

BOSTON -- Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today reported consolidated financial results for the full-year and quarter ended December 31, 2014. The company also today provided detailed financial guidance for 2015.

Vertex reported total 2014 GAAP revenues of $580 million, including revenues of $464 million from KALYDECO® (ivacaftor) in cystic fibrosis (CF). The 2014 GAAP net loss was $739 million, or $3.14 per share, which includes net charges of $227 million. The 2014 non-GAAP net loss was $511 million, or $2.17 per share. As of December 31, 2014, Vertex had approximately $1.4 billion in cash, cash equivalents and marketable securities. The company has a $300 million secured loan that is currently outstanding.

Vertex reported total fourth quarter 2014 GAAP revenues of $145 million, including revenues of $124 million from KALYDECO in CF. The GAAP net loss for the fourth quarter of 2014 was $177 million, or $0.74 per share, which includes net charges of $45 million. The non-GAAP net loss for the fourth quarter of 2014 was $132 million, or $0.55 per share.

"The potential approval and launch of the combination of lumacaftor and ivacaftor and continued label and geographic expansion for KALYDECO are expected to significantly increase both the number of people treated with our medicines and our revenues to support the long-term growth of our business," said Jeffrey Leiden, M.D., Ph.D., Chairman, President and Chief Executive Officer of Vertex. "As our revenues grow over the coming years, we remain committed to both controlling our operating expenses to generate significant earnings growth and to investing in research and development to create transformative new medicines."

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The following information was filed by Vertex Pharmaceuticals Inc Ma (VRTX) on Wednesday, January 28, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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