Vertex has begun telaprevir FDA application

UPDATE 1-Vertex has begun telaprevir FDA application

Wed Jul 28, 2010 4:41pm EDT

* Rolling telaprevir FDA application underway

* Adjusted Q2 loss of 71 cents per share

LOS ANGELES July 28 (Reuters) - Vertex Pharmaceuticals Inc (VRTX.O) on Wednesday projected a wider-than-expected 2010 net loss and said its U.S. regulatory application for experimental hepatitis C drug telaprevir is underway.

Vertex said it now expects a full-year net loss of about $750 million, compared with a previous estimate for a net loss of about $700 million to reflect the timing of non-cash expenses and revenue related to its 2009 financial transactions as well as potential milestone payments.

On an adjusted basis, the company said it still expects a loss of around $600 million for the year.

For the second quarter, Vertex posted a net loss of $200 million, or $1.00 per share, compared with a net loss of $171.3 million, or 99 cents per share, a year earlier.

Excluding one-time items, Vertex said it lost 71 cents a share for the quarter.

The company said it is on track to complete the telaprevir FDA application in the second half of this year.

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Also See: Vertex Pharmaceuticals Reports Second Quarter 2010 Financial Results and Highlights Recent Business and Clinical Progress