Incyte Corporation reported sharply higher earnings in the second quarter and first half. Incyte is based near Wilmington.
The stock price was down two percent on an update on Wall Street, despite beating earnings estimates.
The company took note of strong growth for its blockbuster blood disease-fighting drug Jakafi and the potential for other drugs to bolster future results.
Baricitinib, currently under global regulatory review for the treatment of patients with rheumatoid arthritis, may provide Incyte with another revenue stream in the future.
“Incyte is in an excellent position both financially and operationally as we enter the second half of the year,” stated Hervé Hoppenot, Incyte’s CEO.
“Jakafi continues to grow rapidly in the U.S., and we have successfully incorporated our expanded European team. The recent initiation of the first Phase 3 trial of epacadostat was a significant milestone for Incyte.”
For the quarter ended June 30, net product revenues of Jakafi were $208 million as compared to $142 million for the same period in 2015, representing 46 percent growth. For the six months ended June 30, net product revenues of Jakafi were $391 million as compared to $258 million for the same period in 2015, representing 52 percent growth.
For the quarter ended June 30, total revenues were $246 million as compared to $163 million for the same period in 2015. For the six months ended June 30, 2016, total revenues were $510 million as compared to $322 million for the same period in 2015.
Net income for the quarter ended June 30, was $34 million, compared to net income of $9 million, for the same period in 2015.
Net income for the six months ended June 30, 2016 was $58 million, compared to net loss of $9 million during the same period in 2015.
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