Incyte also took note of other promising drugs in its pipeline in the areas of immuno-oncology and targeted anti-cancer therapies.
Incyte also agreed to acquire the European operations of ARIAD Pharmaceuticals and the development and commercialization rights to Iclusig in Europe.
Inctye is growing rapidly and is relocating staff from its headquarters site near Wilmington to a locating in neighboring Pennsylvania. This will occur as the company moves forward on plans to expand its headquarters and R&D site off Augustine Cut-Off.
Local employment at Incyte has grown to 600, according to the company.
.“Incyte has a unique profile within the biopharmaceutical industry. Our revenue growth and the underlying demand for Jakafi are strong, and we also have the potential for a second important source of revenue should baricitinib be approved in 2017,” stated Hervé Hoppenot, Incyte’s CEO. “We have a fast-moving and rapidly expanding portfolio of exciting development projects, and we also look forward to the initiation of two new pivotal programs – epacadostat for the 1st line treatment of advanced melanoma and ruxolitinib for the treatment of graft versus host disease – during 2016.”
For the quarter ended March 31, net product revenues of Jakafi were $183 million as compared to $115 million for the same period in 2015, representing 59 percent growth.
For the quarter ended March 31 , product royalties from sales of Jakavi outside of the United States received from Novartis were $22 million as compared to $16 million for the same period in 2015. For the quarter ended March 31, 2016, contract revenues were $58 million as compared to $28 million for the same period in 2015.
Incyte earned $55 million in milestone payments from Lilly during the quarter ended March 31, 2016 and a $25 million milestone payment from Novartis during the quarter ended March 31, 2015. For the quarter ended March 31, 2016, total revenues were $263 million as compared to $159 million for the same period in 2015.
Net income for the quarter ended March 31, 2016 was $24 million, compared to net loss of $18 million for the same period in 2015.
Cash, cash equivalents and marketable securities position As of March 31 cash, cash equivalents and marketable securities totaled $811 million, as compared to $708 million as of December 31, 2015.
