Incyte Corp reported sharply higher net income in the third quarter and first nine months of 2019. The pharmaceutical company is based near Wilmington.
On Tuesday, Incyte shares were up more than 4 percent to $83 on the news. Stock in the company has traded as high as $89 a share and as low as $57 in the past 52 weeks.
General Accounting Principles (GAPP) net income for the quarter was $128.3 million, compared to $29.2 million during the same period a year earlier.
GAPP net income for the first nine months of this year was $335.9 million, compared to $40.4 million during the same period a year ago.
Third-quarter revenues were $552 million compared to $449.7 million during the same period in 2018. Nine-month revenues were $1.6 billion, up from $1.4 billion, a year earlier.
“Revenue growth continues to be very strong, driven by robust demand for Jakafi (ruxolitinib) in all three approved indications and, as a result, we are raising guidance for full-year Jakafi net sales,” stated Hervé Hoppenot, CEO Incyte. “At the beginning of 2019, we laid out an ambitious set of development goals for our late-stage portfolio, and in the third quarter we have continued to execute against them.”
Revenues for its blockbuster blood disorder drug Jakafi were $433 million, up 25 percent from the same period a year earlier. The company issued new guidance for that puts Jakafi revenue at between $1.65 billion to $1.68 billion.
A cream version of the drug is also in trials for the treatment of skin conditions.
Incyte continues to grow its presence in Delaware. The company obtained approval from New Castle County for an expansion of its headquarters site near Wilmington, with nearby Wilmington Friends School announcing an agreement for Incyte to purchase a portion of its campus.
Incyte has leased space in the Wilmington area to accommodate a workforce of 700.
