Vertex Pharmaceuticals (VRTX) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $247.76 million, or $ 0.99 a share in the quarter, against a net loss of $41.63 million, or $0.17 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $101 million, or $0.41 a share compared with $22 million or $0.09 a share, a year ago.

Revenue during the quarter surged 79.54 percent to $714.72 million from $398.08 million in the previous year period. Gross margin for the quarter expanded 615 basis points over the previous year period to 93.43 percent. Operating margin for the quarter period stood at positive 37.89 percent as compared to a negative 3.60 percent for the previous year period.

Operating income for the quarter was $270.84 million, compared with an operating loss of $14.33 million in the previous year period.

"During the quarter, our progress toward treating more people with CF was marked by several important milestones, including expanding the number of people being treated with our approved medicines and developing potential new medicines to treat all people with CF in the future," said Jeffrey Leiden, M.D., Ph.D., chairman, president and chief executive officer of Vertex. "We saw continued uptake of ORKAMBI in eligible children ages 6 to 11 in the U.S. and completed an MAA submission for the same group of patients in Europe. Additionally, we reported positive data from two Phase 3 studies of the tezacaftor/ivacaftor combination, which we believe will bring us closer to treating more people with the disease. We remain focused on advancing key CF programs, including our triple combination regimens, to support our goal of providing treatments for all people with CF."