Incyte Corporation, Wilmington, posted a loss in the second quarter, but offered upbeat news on its drug pipeline as sales of its blockbuster Jakafi are poisted to move past the $1 billion mark.
“Revenue growth from Jakafi and Iclusig continues to be very robust, driven by strong demand, and we have also made significant progress across our clinical portfolio. As we look forward to the second half of 2017, we anticipate the publication of important data from our development candidates, as well as the initiation of multiple additional pivotal combination studies with epacadostat,” stated Hervé Hoppenot, CEO. “Investment in innovation has created significant value forIncyte, our stakeholders and for the patients that our products treat. With strong revenue growth, a broad clinical development portfolio, comprehensive drug discovery capabilities and an expanded geographic footprint which now includes the U.S.,EuropeandJapan, we believe that we are well positioned for long-term value creation.”
For the quarter endedJune 30, net product revenues of Jakafi were$276 million, compared to$208 millionfor the same period in 2016, representing 33 percent growth.
For the six months endedJune 30, net product revenues of Jakafi were$527 million, compared to$391 millionfor the same period in 2016, representing 35 percent growth.
For the quarter endedJune 30, total revenues were$326 million, compared to$246 millionfor the same period in 2016. For the six months endedJune 30, 2017, total revenues were$711 million, compared to$510 millionfor the same period in 2016.
Net loss for the quarter endedJune 30 was$12 million, compared to net income of$34 million, for the same period in 2016. Net loss for the six months endedJune 30 was$200 million, compared to net income of$58 million for the same period in 2016.
The company reported higher expenses in many areas as it ramped up research efforts.
The company adjusted its guidance to include slightly lower sales estimates for Jakafi and a slightly lower range for R&D expenses. Incyte is expanding at its headquarters site at the former Wanamaker store near Wilmington. It has relocated some employees to office space in the Chadds Ford, PA area.
In Wednesday morning trading, Incyte shares stood at about $128 each, down slightly from a day earlier.