Incyte Corporation reported strong revenue growth in the first quarter driven by sales and royalties for its Jakafi blood disease drug. The company is based near Wilmington.
Incyte posted a large loss, due to sharply higher research and development costs related to expanding its drug pipeline.
The company recently announced details of its expanded collaboration with drug giants Merck and Bristol-Myers Squibb.
“The strong growth of Jakafi is very exciting as we continue to see more patients benefiting from treatment in both approved indications,” stated Hervé Hoppenot, CEO. “We believe that our clinical portfolio is progressing well, with epacadostat moving rapidly into multiple pivotal programs and numerous other programs in or planned to enter potentially registration-enabling studies.”
First quarter total revenues were $384 million as compared to $263 million for the same period in 2016.
Research and development expenses for the first quarter were $408 million as compared to $157 million for the same period in 2016.
Selling, general and administrative expenses Selling, general and administrative expenses for the quarter ended March 31, were $87 million as compared to $65 million for the same period in 2016.
Net loss for the quarter ended March 31, was $187 million, compared to net income of $24 million for the same period in 2016.
The company’s financial guidance for 2017 was essentially unchanged, with the exception of lowering the range of research and development costs.
Shares of Incyte were up 1.6 percent on Thursday. Company shares have risen more 20 percent, thanks to optimism about its prospects and unconfirmed reports that HIV drug maker Gilead is interested in the Wilmington-area company.
