Vertex loss grows on increased development costs

CAMBRIDGE — Vertex Pharmaceuticals Inc. reported a larger third-quarter loss on Monday, as revenue fell and the company spent more money to support the launch of its hepatitis C drug candidate.

Vertex posted a loss of $149.6 million, or 84 cents per share, compared with a year-ago loss of $130 million, or 93 cents per share. Due to fewer partnerships, revenue shrank 21 percent to $25 million from $31.6 million.

Analysts expected a slightly smaller loss of 82 cents per share and higher revenue of $29.6 million, according to Thomson Reuters.

Most of Vertex's costs held steady during the quarter, but sales, general and administrative spending climbed to $36.6 million from $25.4 million, as the company increased its work force and commercial investments ahead of its launch of telaprevir.

The company is developing telaprevir and VX-222 as treatments for hepatitis C, and drugs called VX-770 and VX-809 for cystic fibrosis. Telaprevir is its most advanced drug, and it expects to file for Food and Drug Administration approval in late 2010.

Vertex reiterated its forecasts for the full year. It expects to post a loss of $650 million, including $535 million from operations and $115 million in restructuring costs.

Shares closed earlier down 39 cents at $32.11.

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