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Vertex Q4'16 net income rises YOY

Vertex Pharmaceuticals Inc. reported fourth-quarter GAAP net income of $32.9 million, or 13 cents per share, compared with a net loss of $73.7 million, or 30 cents per share, for the fourth quarter of 2015.

On a non-GAAP basis, net income was $87.7 million, or 35 cents per share, versus $43.6 million, or 18 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 29 cents.

Vertex reported total revenues of $458.7 million for the quarter, up from $417.9 million in the fourth quarter of 2015.

For the company's cystic fibrosis products, net product revenues from ORKAMBI were $276.9 million, compared with $219.9 million a year ago. Net product revenues from KALYDECO were $177.1 million, compared with $180.7 million for the fourth quarter of 2015.

The company expects combined GAAP R&D and selling, general and administrative expenses for 2017 to be in the range of $1.55 billion to $1.70 billion. On a non-GAAP basis, the expenses are anticipated to be in the range of $1.25 billion to $1.30 billion. The increase as compared to 2016 primarily reflects increased costs related to ongoing and planned cystic fibrosis development efforts and in the global infrastructure to support ORKAMBI and KALYDECO.

Vertex expects total 2017 product revenues for ORKAMBI of $1.1 billion to $1.3 billion. Total 2017 product revenues for KALYDECO are expected to be $690 million to $710 million.

For the full-year 2016, net loss was $112.1 million, or 46 cents per share, compared with a loss of $556.3 million, or $2.31 per share. Non-GAAP net income was $211.2 million, or 85 cents per share, compared to a 2015 net loss of $267.3 million, or $1.11 per share.