Drug discovery company, Incyte Corp. raised guidance for sales of drug, reported second-quarter 2013 financial results, including revenue Jakafi (ruxolitinib) as it posted a loss in the second quarter.
Shares in the company based near Wilmington rose 10 percent in trading on Thursday as investors saw promising developments for the company.
Jakafi is used to fight a form of blood dancer. The company increased its 2013 net product revenue guidance to a range of $220 million to $230 million, a change from the previous range of $210 million to $225 million.
The Wilmington company also took note of positive data recently presented at key scientific meetings for other uses of Jakafi and for baricitinib.
“The underlying demand for Jakafi was strong in the second quarter, leading to our decision to increase guidance for 2013,” stated Paul A. Friedman, M.D., Incyte’s CEO. “Looking forward, we expect the positive data recently presented at the European Hematology Association meeting regarding the overall survival advantage seen in COMFORT-II compared to best available therapy to continue to generate confidence in the therapeutic value of Jakafi.”
In the three-year follow-up analysis, a 52 percent reduction in risk of death was seen in the patients treated with Jakafi as compared to patients treated with best available therapy, and the estimated probability of overall survival at three years in patients with intermediate or high-risk myelofibrosis treated with Jakafi was 81 percent.
Click here for financial highlights and other information.
