Incyte Corporation ended up exceeding $1 billion in annual revenue in 2017.
Revenues were driven by increased sales of Jakafi in the U.S. and Iclusig (ponatinib) in Europe, and royalties from Jakafi outside the U.S. by Novartis.
“We have had a very productive year at Incyte, during which we expanded our geographic footprint to include Europe and further advanced our clinical portfolio, including the recently announced expansion of the epacadostat development program,” stated Hervé Hoppenot, Incyte’s CEO.. “Having now surpassed $1 billion in total annual revenue for the first time, we believe we are in a strong position to execute on our discovery and development objectives and build a global biopharmaceutical company bringing medicines to patients in need.”
Baricitinib, a potential new oral treatment for patients with rheumatoid arthritis, is licensed to Eli Lilly and Company (Lilly), is now approved in Europe as Olumiant® and is under regulatory review globally.
The European approval of Olumiant triggers a $65 million payment to Incyte from Lilly, and Incyte is eligible to receive additional potential milestone payments, as well as royalties on sales of Olumiant. Incyte has recently opted into co-development of multiple new indications for baricitinib.
For the quarter ended December 31, 2016, total revenues were $326 million as compared to $244 million for the same period in 2015. For the full year ended December 31, 2016, total revenues were $1,106 million as compared to $754 million for the same period in 2015.
Net income for the quarter ended December 31, 2016, was $9 million compared to net income of $55 million. Net income for the full year ended December 31 was $104 million, compared to net income of $7 million in 2015.
In looking at 2017, Incyte forecast revenue of more than $1 billion for Jakafii, a drug used to treat blood cancers, with Iclusig generating $60 million to $65 million in revenue.
