Pharma developer reports loss for quarter, 9 months
Incyte Inc. reported loss for the third quarter and first nine months of 2012 as it reported growing sales for its new drug.
The company updated its 2012 guidance and now anticipates that Jakafi revenues will be in the range of $130 million to $135 million, a change from the previous range of $120 million to $135 million.
Incyte is based at the DuPont Experimental Station near Wilmington. A drug discovery company, it is now posting revenue from Jakafi, a drug that treats advanced cases of myelofibrosis, a type of bone marrow cancer
Studies are now under way on the effectiveness of the drug on other types of cancers and less advanced cases of myelofibrosis. The company also has other drugs in the research and development pipeline.
Total revenues for the quarter and nine months ended September 30, 2012, were$60.5 million and $183.2 million, respectively, as compared to $16.8 million and$65.6 million respectively for the same periods in 2011. Included in total revenues for the quarter and nine months ending Sept. 30, were net product revenues of $43.7 million and $92.7 million, respectively.
The loss for the quarter ended was $21.7 million, compared to $53.1 million for the same period in 2011. Net loss for the nine months ended September 30, 2012, was $63.1 million, compared to a net loss of $131.5 million, for the same period in 2011.
Also included in net loss for the quarter and nine months ended Sep. 30 were $9.5 million and $29.4 million, respectively, of non-cash expenses related to the impact of employee stock options, compared to $7.4 million and $21.5 million, respectively, for the same periods in 2011.
