Why Vertex Pharmaceuticals Stock Fell Today
Shares of biotech giant Vertex Pharmaceuticals (NASDAQ: VRTX) fell by as much as 6.7% on Tuesday and closed the day's trading session down by 6.2%. The company reported its financial results for the fourth quarter of fiscal year 2020, and investors were not impressed with the drugmaker's performance.
During its fourth quarter, which ended on Dec. 31, 2020, Vertex Pharmaceuticals recorded revenue of $1.6 billion, an increase of roughly 15% compared to the prior-year quarter. The biotech's top line also came in above the $1.58 billion analysts were expecting on average. Meanwhile, Vertex Pharmaceuticals' adjusted net income was $661 million, or $2.51 on a per-share basis. While the healthcare giant's adjusted net income soared by 49% year over year, its adjusted earnings per share (EPS) fell short of the $2.59 analysts were expecting on average.
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Source Fool.com
