Incyte Corp. reported a profit in the second quarter as revenue streamed in from its first commercial product, Jakafi, a bone marrow disease treatment drug. But investors, worried about future revenue, send shares tumbling, with a decline of 21.5 percent on Thursday. CBS reported that the decline was the second largest on NASDAQ.
“The launch of Jakafi is going well. Interest in using this new therapy among hematologists and oncologists continues to grow as evidenced by shipments of Jakafi during the second quarter. We continue to believe that growth will be steady as physicians gradually expand use to those appropriate patients who are less severely ill. At this point in the launch, we’re now able to provide revenue guidance for 2012 net product sales in the range of $120 to $135 million,” said Paul A. Friedman, M.D. CEO.
Total revenues for the quarter and six months ended June 30, 2012, were $86.5 million and $122.7 million, as compared to $16.8 million and $48.8 million for the same periods in 2011.
Net income for the quarter was $4 million, compared to a net loss of $51.9 million, or $0.41 per basic and diluted share, for the same period in 2011. Net loss for the six months ended June 30, 2012, was $41.4 million, compared to a net loss of $78.4 million for the same period in 2011.
The share price for Incyte has ranged from under $12 to $26 during the past year. It closed at $19.57 on Thursday. Market capitalization for the stock is $2.5 billion.
Incyte, a drug development company, is based near Wilmington, Del.
