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Vertex Pharmaceuticals Inc Comments On FY 2013 Charge Guidance; Lowers FY 2013 Revenue Guidance; Announces Reduction In Global Workforce

Tuesday, 29 Oct 2013 08:04am EDT 

Vertex Pharmaceuticals Inc announced that as part of a reduction in Vertex's global workforce and the resulting investment focus on future opportunities in cystic fibrosis and other high-potential research and development programs, The Company expects to incur total restructuring charges of approximately $35 million to $45 million in fiscal 2013, including a restructuring charge of approximately $11 million in the third quarter of 2013. The Company is eliminating 370 positions, primarily related to the support of INCIVEK, representing an approximately 15% reduction in the Company's global workforce. Approximately 175 positions are being eliminated in Massachusetts. For fiscal 2013, it expects net revenues in the range of $1.0 billion to $1.05 billion. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $1.16 billion for fiscal 2013. 

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0.22 +0.75%
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