Incyte Corporation 2014 second-quarter financial results with a the drug discovery company reporting a widened loss while raising its outlook for the year.
The drug discovery company highlighted its financial position, driven by growing Jakafi sales in the U.S. and Jakavi royalties outside the U.S., as well as the submission of the ruxolitinib supplemental New Drug Application (sNDA) in the U.S. for patients with uncontrolled polycythemia vera (PV).
Incyte is moving into a new headquarters and research center just outside Wilmington from the DuPont Experimental Station. Drug discovery companies typically run at losses and plow resources into research.
Incyte also took note of its clinical drug pipeline and additional clinical trial agreements with Bristol-Myers Squibb, AstraZeneca/MedImmune and Genentech.
“We continue the successful commercialization of Jakafi in myelofibrosis, and I am encouraged by the rapid regulatory and clinical advances we are making across the breadth of our development pipeline,” stated Hervé Hoppenot, Incyte’s President and Chief Executive Officer. “The field of oncology is evolving at an unprecedented pace, and Incyte’s scientific and commercial progress serves to highlight our central position in the ongoing transformation in how cancer patients are treated.”
The company now expects that 2014 net product revenues from Jakafi will be in the range of $330 million to $340 million, an increase from the previous range of $315 million to $335 million.
For the quarter ended June 30, 2014, total revenues were $99.6 million as compared to $101.7 million for the same period in 2013. For the six months ended June 30, 2014, total revenues were $189.4 million as compared to $172.8 million for the same period in 2013.
The net loss for the quarter ended June 30, 2014, was $36.9 million, compared to a net loss of $2.6 million, or $0.02 per basic and diluted share, for the same period in 2013. Net loss for the six months ended June 30, 2014, was $70.8 million, or $0.43 per basic and diluted share, as compared to a net loss of $18.2 million, or $0.13 per basic and diluted share, for the same period in 2013.
