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Vertex increases size of expected loss for 2009

Vertex Pharmaceuticals on Thursday increased the size of the loss it expects for the full year after posting a wider first-quarter deficit.
/ Source: The Associated Press

Vertex Pharmaceuticals on Thursday increased the size of the loss it expects for the full year after posting a wider first-quarter deficit.

The drug development company now expects to post a loss between $500 million and $535 million. In February, the company forecast a loss in the range of $495 million and $530 million. The company did not provide a per-share estimate.

Analysts surveyed by Thomson Reuters, on average, expect a loss of $520.4 million, with estimates ranging between a loss of $498.9 million and a loss of $531.8 million. On a per-share basis, Wall Street expects a full year loss of $3.11 per share, with estimates ranging between a loss of $2.95 and a loss of $3.40.

Vertex kept its forecast for a loss of $400 million to $435 million when adjusted for executive transition, acquisition related and restructuring expense.

Vertex shares closed Thursday trading up 77 cents, or 2.9 percent, at $27.83.