Vertex Pharmaceuticals Incorporated reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenues were $458,706,000 compared to $417,935,000 a year ago. Income from operations was $39,640,000 compared to loss from operations of $53,704,000 a year ago. Net income attributable to Vertex was $32,945,000 or $0.13 per diluted share compared to net loss attributable to Vertex of $73,731,000 or $0.30 per diluted share a year ago. Non-GAAP net income attributable to Vertex was $87,672,000 or $0.35 per diluted share compared to net loss attributable to Vertex of $43,644,000 or $0.18 per diluted share a year ago.

For the year, the company reported total revenues were $1,702,177,000 compared to $1,032,336,000 a year ago. Income from operations was $9,936,000 compared to loss from operations of $466,879,000 a year ago. Net income attributable to Vertex was $112,052,000 or $0.46 per diluted share compared to net loss attributable to Vertex of $556,334,000 or $2.31 per diluted share a year ago. Non-GAAP net income attributable to Vertex was $211,197,000 or $0.85 per diluted share compared to net loss attributable to Vertex of $267,349,000 or $1.11 per diluted share a year ago.

The company also reiterated guidance for its 2017. The company continues to expect total 2017 product revenues for ORKAMBI of $1.1 to $1.3 billion. This range includes an estimate of potential additional European revenues in 2017 that is largely dependent on which European countries complete reimbursement agreements in 2017 and when these agreements become effective. The company expects first-quarter 2017 ORKAMBI net product revenues to be similar to fourth-quarter 2016 ORKAMBI net product revenues. The company continues to expect total 2017 product revenues for KALYDECO of $690 to $710 million. Vertex expects that its 2017 combined GAAP R&D and SG&A expenses will be in the range of $1.55 to $1.70 billion and non-GAAP R&D and SG&A expenses will be in the range of $1.25 to $1.30 billion. The increase as compared to 2016 primarily reflects increased costs related to ongoing and planned CF development efforts and in the global infrastructure to support ORKAMBI and KALYDECO.