Zacks: Brokerages Anticipate Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Will Announce Quarterly Sales of $945.82 Million

Brokerages expect Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) to report sales of $945.82 million for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Vertex Pharmaceuticals’ earnings, with estimates ranging from $911.06 million to $970.00 million. Vertex Pharmaceuticals posted sales of $784.54 million during the same quarter last year, which indicates a positive year-over-year growth rate of 20.6%. The business is expected to issue its next earnings results on Wednesday, October 23rd.

According to Zacks, analysts expect that Vertex Pharmaceuticals will report full year sales of $3.71 billion for the current year, with estimates ranging from $3.65 billion to $3.77 billion. For the next financial year, analysts expect that the company will post sales of $4.51 billion, with estimates ranging from $4.17 billion to $5.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Vertex Pharmaceuticals.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.24. The company had revenue of $941.29 million during the quarter, compared to analyst estimates of $884.66 million. Vertex Pharmaceuticals had a net margin of 64.13% and a return on equity of 21.73%. The business’s revenue for the quarter was up 25.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS.

A number of analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a report on Thursday, August 1st. Citigroup reaffirmed a “buy” rating and issued a $205.00 price target on shares of Vertex Pharmaceuticals in a report on Thursday, May 23rd. ValuEngine downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Royal Bank of Canada set a $213.00 price objective on Vertex Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $210.68.

Shares of NASDAQ VRTX traded down $3.80 during midday trading on Friday, reaching $171.01. The company’s stock had a trading volume of 1,656,899 shares, compared to its average volume of 1,295,599. Vertex Pharmaceuticals has a one year low of $151.80 and a one year high of $195.81. The company has a market cap of $44.93 billion, a price-to-earnings ratio of 60.43, a price-to-earnings-growth ratio of 2.36 and a beta of 1.37. The company has a 50 day moving average price of $178.32 and a 200 day moving average price of $177.87. The company has a current ratio of 3.74, a quick ratio of 3.63 and a debt-to-equity ratio of 0.12.

Vertex Pharmaceuticals announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 31st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the pharmaceutical company to repurchase up to 1.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

In other news, CEO Jeffrey M. Leiden sold 56,030 shares of Vertex Pharmaceuticals stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $175.39, for a total transaction of $9,827,101.70. Following the transaction, the chief executive officer now owns 162,317 shares in the company, valued at $28,468,778.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stuart A. Arbuckle sold 2,125 shares of the company’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $181.89, for a total value of $386,516.25. Following the transaction, the executive vice president now directly owns 35,365 shares in the company, valued at $6,432,539.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 93,641 shares of company stock worth $16,705,255. Company insiders own 0.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Next Capital Management LLC increased its position in Vertex Pharmaceuticals by 84.4% in the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock worth $30,000 after purchasing an additional 76 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in Vertex Pharmaceuticals in the second quarter worth approximately $32,000. Patriot Financial Group Insurance Agency LLC increased its holdings in Vertex Pharmaceuticals by 118.5% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 177 shares of the pharmaceutical company’s stock worth $32,000 after buying an additional 96 shares during the last quarter. Pittenger & Anderson Inc. increased its holdings in Vertex Pharmaceuticals by 64.7% in the first quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 75 shares during the last quarter. Finally, HM Payson & Co. bought a new position in Vertex Pharmaceuticals during the second quarter valued at approximately $35,000. 95.03% of the stock is owned by hedge funds and other institutional investors.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.

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