Incyte Corporation reported 2018 second quarter financial results and highlighted growth in total product-related revenue.
Driving the growth was the blockbuster drug cancer drug Jakafi. Incyte is based near Wilmington.
“With four sources of revenue driving our fast-growing top-line, and multiple opportunities in our later-stage development portfolio that may accelerate this growth in the near-term, we believe we are well-positioned for long-term success,” stated Hervé Hoppenot, CEO. “At Incyte, we aim to build value through developing innovative medicines, and over the next six months we expect to provide multiple updates from our later-stage portfolio. These include sharing data from, and submitting the supplemental New Drug Application (sNDA) for, Jakafi in steroid-refractory acute graft-versus-host disease (GVHD), as well as presenting data for ruxolitinib cream in atopic dermatitis and updated data from our FGFR program in cholangiocarcinoma. Later this year, we also plan to present data for ruxolitinib in combination with our PI3Kδ inhibitor, which is part of our initiative to maintain and expand our leadership position in the treatment of patients with myeloproliferative neoplasms.”
For the quarter ended June 30, 2018, GAAP (Generally accepted accounting principles) net product revenues of Jakafi were $346 million as compared to $276 million for the same period in 2017, representing 25 percent growth.
For the six months ended June 30, 2018, GAAP net product revenues of Jakafi were $659 million as compared to $527 million for the same period in 2017, representing 25 percent growth.
GAAP net income for the quarter ended June 30, was $52 million, compared to a net loss of $12 million, or $0.06 per basic and diluted share for the same period in 2017. GAAP net income for the six months ended June 30, was $11 million, or $0.05 per basic and diluted share, as compared to a net loss of $200 million, or $1.00 per basic and diluted share for the same period in 2017.
Inctye’s share price dropped three percent on the earnings news on a day when the stock market posted a modest gain.
Shares have dropped about 50 percent over the past year, following disappointing news regarding some of the work in its drug development pipeline.