Incyte Corp. reported a loss for the fourth quarter and 2017 as the company sharply increased research and development work on promising drug candidates.
The company, based near Wilmington, opened an expanded headquarters and research center last year.
Double-digit sales increases were reported for its blockbuster blood cancer drug Jakafi, which reached the $1 billion sales mark.
“2017 was another successful year for Incyte with a fast-growing revenue line and an expanded portfolio of later-stage development candidates that we expect to drive our future growth,” stated Hervé Hoppenot, Incyte’s CEO. “As we begin 2018, we look forward to key newsflow events in the first half of the year, including the initial results of the ECHO-301 trial of epacadostat in melanoma and the REACH1 trial of ruxolitinib in steroid-refractory acute GVHD, as well as FDA action on the resubmission of the baricitinib NDA for rheumatoid arthritis.”
Net product revenues of Jakafi for the fourth quarter were $302 million as compared to $238 million for the same period in 2016.
For the year ended December 31, 2017, net product revenues of Jakafi were $1.1 billion as compared to $853 million for the same period in 2016, representing 33 percent growth.
For the quarter ended December 31, 2017, net product revenues of Iclusig were $19 million as compared to $13 million for the same period in 2016. For the twelve months ended December 31, 2017, net product revenues of Iclusig were $67 million as compared to $30 million for the same period in 20161.
For the quarter and twelve months ended December 31, milestone and contract revenues were $70 million and $175 million, respectively, as compared to $43 million and $113 million for the same periods in 2016.
The company works with other pharmaceutical makers in its research and development pipeline.
For the quarter ended December 31, 2017, total revenues were $444 million as compared to $326 million for the same period in 2016. For the twelve months ended December 31, 2017, total revenues were $1.5 billion as compared to $1.1 billion for the same period in 2016.
Research and development expenses Research and development expenses for the quarter ended December 31, were $447 million, compared to $162 million for the same period in 2016.
The net loss for the quarter ended December 31, was $150 million compared to net income of $9 million for the same period in 2016. Net loss for the twelve months ended December 31, was $313 million, compared to net income of $104 million for the same period in 2016.
Shares of Incyte rose in after-hours trading. The current stock price of about $88 a share is down from the peak of $149 in March of last year.
