Incyte Corporation reported 38 percent year-on-year growth in product revenue in its third quarter earnings report.
The company said the gains were driven by increased sales of Jakafi (ruxolitinib) in the U.S. and Iclusig (ponatinib) in Europe, and royalties from ex-U.S. sales of Jakavi by Novartis and Olumiant by Lilly.
“We exit the third quarter of 2017 with excellent momentum across the whole business,” stated Hervé Hoppenot, Incyte’s CEO. “Jakafi and Iclusig continue to outperform our expectations, and we are now evaluating ten different indications across our five late-stage development candidates. We are also on track to initiate the next wave of pivotal trials planned for the epacadostat development program. We are striving to build Incyte into a world-class biopharmaceutical company, and we are very pleased to report another quarter of significant progress towards that goal.”
Net product revenues for the third quarter for Jakafi were $304 million as compared to $224 million for the same period in 2016, representing 36 percent growth. The blood cancer drug is on its way to become a billion dollar a year drug for Incyte. Sales outside the U.S. were $41 million.
Net income for the quarter ended September 30, 2017 was $36 million, compared to net income of $37 million for the same period in 2016. Net loss for the nine months ended September 30 was $164 million as compared to net income of $95 million, or $0.51 per basic and $0.49 per diluted share for the same period in 2016.
The loss came as Incyte doubled its research and development spending to $879 million in the first nine months of this year. The company is working to build its drug pipeline.
Incyte recently expanded its headquarters and research site near Wilmngton.