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Incyte Reports 2012 Second-Quarter Financial Results; Updates Shareholders On Launch Of Jakafi And Lead Clinical Programs

2012 Net Product Revenue Guidance

The Company anticipates that revenues from Jakafi net product sales will be in the range of $120 million to $135 million in 2012. This net product revenue guidance assumes the Company adopts the sell-in method for revenue recognition in the third or fourth quarter of 2012. Therefore, this guidance includes the recognition of net product deferred revenue as of the time of adoption of the sell-in method. As of June 30, 2012, net product deferred revenue was $9.0 million.

* Under the sell-through method, revenue is recognized when the specialty pharmacy sends product to the patient whereas under the sell-in method, revenue is recognized when product is received by the specialty pharmacy.

2012 Second-Quarter Financial Results

Product Revenues

For the quarter and six months ended June 30, 2012, the Company shipped $35.1 million and $60.3 million, respectively, of Jakafi to its specialty pharmacies.

The Company currently uses the sell-through method for product revenue recognition, which means revenue from shipments to specialty pharmacies is deferred until the specialty pharmacy sends product to the patient. For the quarter ended June 30, 2012, $35.1 million of product was shipped, and $31.9 million of product was sent to patients and recognized as gross revenue. The gross to net adjustment for this revenue was approximately $2.2 million, resulting in net product revenue of $29.7 million for the quarter ended June 30, 2012. Gross product deferred revenue increased by $3.2 million during the second quarter.

For the six months ended June 30, 2012, $60.3 million of product was shipped, and $53.1 million of product was sent to patients and recognized as gross revenue. The gross to net adjustment for this revenue was approximately $4.1 million, resulting in net product revenue of $49.0 million for the six months ended June 30, 2012. Gross product deferred revenue increased by $7.2 million during the six months ended June 30, 2012.

Stock quotes in this article: INCY 

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