Incyte posts solid earnings performance in third quarter

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Photo courtesy WHYY Newsworks
Photo courtesy WHYY Newsworks
Photo courtesy WHYY Newsworks

Incyte Corporation, Wilmington,  reported strong revenue growth driven by increased sales of  its blockbuster blood cancer drug Jakafi  in the U.S., Iclusig  in Europe and royalties from ex-U.S. sales of Jakavi  by Novartis.

The company also reported a profit for the third quarter and the first nine months of 2016. Shares were up 3.5 percent at the close of trading on Tuesday.

In September, Jakafi was included as a recommended treatment for  some patients with myelofibrosis in the latest National Comprehensive Cancer Network Clinical Practice Guidelines in Oncology.

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“Incyte continues to deliver dynamic sales growth from Jakafi in the U.S. and now from Iclusig in Europe. With a potential additional future source of revenue from baricitinib, we are able to make significant investments in opportunities across our broad and diverse clinical portfolio,” stated Hervé Hoppenot, Incyte’s  CEO.  “Our commercial footprint has expanded to include Europe in addition to the U.S., and as our portfolio matures, we are in an excellent position to build Incyte into a world-class biopharmaceutical organization.” 

For the quarter ended September 30,   net product revenues of Jakafi were $224 million as compared to $161 million for the same period in 2015, representing 39 percent growth.

For the nine months ended September 30  net product revenues of Jakafi were $615 million,  compared to $419 million for the same period in 2015.

For the quarter and four month period ended September 30  net product revenues of Iclusig were $13 million and $17 million, respectively1.

For the quarter and nine months ended September 30, 2016, product royalties from sales of Jakavi outside of the United States received from Novartis were $30 million and $77 million, respectively, as compared to $18 million and $51 million, respectively, for the same periods in 2015. For the quarter ended September 30, 2016, total revenues were $269 million as compared to $188 million for the same period in 2015. For the nine months ended September 30, 2016, total revenues were $779 million, compared to $510 million for the same period in 2015.

  Net income for the quarter ended September 30,  was $37 million, compared to net loss of $40 million for the same period in 2015.

Net income for the nine months ended September 30 was $95 million,  compared to net loss of $49 million  for the same period in 2015.

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