Vertex Pharma’s stock has dropped 6.5% since it reported fourth-quarter results on Thursday, marking the first time the company has lost a share of its stock value in more than a year.
Vertex Pharma said on Thursday that its stock price had fallen 8.8% since its first-quarter earnings announcement, the second-worst performance in the company’s history.
The stock fell 6.2% on Thursday to $17.78 per share.
Shares of Vertex fell 8.5%, according to FactSet data, while the S&P 500 Index declined 2.3%.
Verax Pharma reported revenues of $1.25 billion in the fourth quarter of 2017, up from $1 billion in 2017.
However, it said that the number of drug approvals for generics in the United States had declined over the past two years and that it had fewer approved generics for distribution than it did in 2016.
“Our guidance for 2018 reflects our expectation for continued continued lower rates of new product introductions, lower pricing for generals, and fewer generic-only orders,” the company said in a statement.
“The company expects to have more generic-related sales for the remainder of fiscal 2019, which is our plan going forward,” it added.
This is the first trading day since the stock had closed at $19.92, a record low for the company.
Read moreVertex Pharmaceutical’s stock had dropped 5.3% since the beginning of the year, while S&s 500 Index futures fell 0.4%.
Vermes shares have been in the red since the start of the trading day, after falling as much as 9% on Friday.
Virtus Pharmaceuticals reported revenue of $4.8 billion in 2018, up 1.4% from $4 billion in 2019.
Its shares have risen more than 100% since their low in the second quarter of 2016, according to data compiled by The Wall Street Journal.