Incyte Corporation reported its third quarter and nine-month financial results and provided an update on the company’s development portfolio.
Earnings declined during the quarter, but rose for the first nine months of the year and were slightly below estimates. The report showed that the company’s blockbuster blood cancer drug Jakafi reached the $1 billion sales mark by the third quarter.
Shares of the company based near Wilmington fell about 3.6 percent.
“The total number of patients taking Jakafi continues to increase in both approved indications, and we have raised the lower end of our full year revenue guidance,” stated Hervé Hoppenot, CEO. “We see a remarkable set of opportunities in the coming months from our late-stage development portfolio, including both ruxolitinib and itacitinib as potential treatments for certain patients with GVHD. Recent data from pemigatinib and capmatinib, which are both Incyte-invented molecules, as well as from ruxolitinib cream, all serve to highlight the quality of Incyte’s drug discovery capabilities and the value created by our R&D efforts.”
For the quarter ended September 30, 2018, GAAP (generally accepted accounting principles) net product revenues of Jakafi were $348 million as compared to $304 million for the same period in 2017, representing 14 percent growth.
For the nine months ended September 30, 2018, GAAP net product revenues of Jakafi were $1 billion as compared to $831 million for the same period in 2017, representing 21 percent growth.
For the three months ended September 30, 2018, GAAP net product revenues of Iclusig were $20 million as compared to $18 million for the same period in 2017. For the nine months ended September 30, GAAP net product revenues of Iclusig were $61 million as compared to $47 million for the same period in 2017.
For the quarter and nine months ended September 30, 2018, total GAAP revenues were $450 million and $1.4 billion, respectively, as compared to $382 million and $1.1 billion, respectively, for the same periods in 2017.
GAAP net income for the quarter ended September 30 was $29 million as compared to a net income of $36 million,
GAAP net income for the nine months ended September 30 was $40 million, as compared to a net loss of $164 million.
Non-GAAP net income for the quarter ended September 30, was $83 million , compared to Non-GAAP net income of $41 million. Non-GAAP net income for the nine months ended September 30, 2018 was $137 million, compared to Non-GAAP net income of $127 million, for the same period in 2017.
