Incyte Corp. is on its way to becoming a business with $3 billion in annual revenue.
The pharmaceutical company based near Wilmington reported total revenues of $813 million in the third quarter, up 25 percent from the same period a year earlier. Revenue for first nine months of the year totaled $2.1 billion.
Net income in the third quarter was $181,739, compared to a loss of $15.2 million during the third quarter of last year
Third quarter revenues for its blockbuster blood cancer drug Jakafi were revenues $547 million.
The company took note of three regulatory approvals including Opzelura cream in the U.S. for the treatment of atopic dermatitis, Jakafi in the U.S. for the treatment of chronic graft-versus-host disease (GVHD) and Minjuviin Europe for the treatment of relapsed or refractory DLBCL.
“Incyte has transformed as a company over the last two years, as we deliver on our goal of diversifying and growing our revenue,” said Hervé Hoppenot, CEO. “Multiple product approvals and global launches have significantly expanded our portfolio; our robust development pipeline continues to mature and progress; and we expect several additional regulatory submissions to occur over the coming months. Our strong third quarter performance is the result of an increasingly diversified portfolio, driven by double-digit growth in patient demand for Jakafi (ruxolitinib), continued uptake of both Pemazyre (pemigatinib) and Monjuvi /Minjuvi (tafasitamab) as well as a significant and rapidly-growing royalty revenue stream.”
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INCYTE CORPORATION |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(unaudited, in thousands, except per share amounts) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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GAAP |
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GAAP |
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Revenues: |
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Product revenues, net |
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$ |
594,013 |
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$ |
522,252 |
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$ |
1,673,974 |
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$ |
1,509,269 |
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Product royalty revenues |
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183,974 |
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98,391 |
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404,440 |
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272,924 |
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Milestone and contract revenues |
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35,000 |
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— |
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45,000 |
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95,000 |
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Total revenues |
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812,987 |
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620,643 |
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2,123,414 |
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1,877,193 |
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Costs and expenses: |
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Cost of product revenues (including definite-lived |
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39,869 |
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34,322 |
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107,117 |
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95,005 |
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Research and development |
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334,945 |
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438,109 |
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985,352 |
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1,809,997 |
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Selling, general and administrative |
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190,704 |
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120,788 |
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513,358 |
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349,934 |
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Change in fair value of acquisition-related contingent |
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2,910 |
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7,109 |
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13,068 |
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19,790 |
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Collaboration loss sharing |
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9,149 |
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14,989 |
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29,476 |
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30,372 |
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Total costs and expenses |
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577,577 |
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615,317 |
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1,648,371 |
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2,305,098 |
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Income (loss) from operations |
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235,410 |
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5,326 |
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475,043 |
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(427,905 |
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Other income (expense), net |
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1,948 |
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4,917 |
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4,931 |
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18,396 |
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Interest expense |
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(439 |
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(544 |
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(1,156 |
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(1,746 |
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Unrealized gain (loss) on long term investments |
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(27,450 |
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(13,207 |
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(28,394 |
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10,935 |
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Income (loss) before provision for income taxes |
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209,469 |
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(3,508 |
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450,424 |
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(400,320 |
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Provision for income taxes |
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27,730 |
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11,695 |
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65,694 |
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45,227 |
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Net income (loss) |
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$ |
181,739 |
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$ |
(15,203 |
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$ |
384,730 |
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$ |
(445,547 |
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Click here for the full earnings release.
