Cambridge-based Vertex Pharmaceuticals Inc. reported a larger third-quarter loss yesterday, as revenue fell and the company spent more money to support the launch of telaprevir, 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 workforce and commercial investments.
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.
For the full year, Vertex expects to post a loss of $650 million, including $535 million from operations and $115 million in restructuring costs.
