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

These forward-looking statements are based on Incyte’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to the efficacy or safety of Jakafi, the acceptance of Jakafi in the marketplace, risks related to market competition, the results of further research and development, risks and uncertainties associated with sales, marketing and distribution requirements, risks that results of clinical trials may be unsuccessful or insufficient to meet applicable regulatory standards, the ability to enroll sufficient numbers of subjects in clinical trials, other market or economic factors and technological advances, unanticipated delays, the ability of Incyte to compete against parties with greater financial or other resources, risks associated with Incyte's dependence on its relationships with its collaboration partners, and other risks detailed from time to time in Incyte’s reports filed with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended March 31, 2012.

Incyte disclaims any intent or obligation to update these forward-looking statements.

 

INCYTE CORPORATION
Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)
   

Three Months Ended

June 30,

Six Months Ended

June 30,
  2012       2011     2012       2011  
Revenues:
Product revenues, net $ 29,727 $ - $ 49,006 $ -
Contract revenues 56,737 16,737 73,474 48,475
License and royalty revenues   78     74     242     309  
 
Total revenues   86,542     16,811     122,722     48,784  
 
Costs and expenses:
Cost of product revenues 16 - 27 -
Research and development 51,588 46,047 100,548 82,329
Selling, general and administrative 19,719 11,858 41,115 22,683
Other expenses   -     20     -     712  
 
Total costs and expenses   71,323     57,925     141,690     105,724  
 
Income (loss) from operations 15,219 (41,114 ) (18,968 ) (56,940 )
Interest and other income, net 315 132 366 204
Interest expense   (11,430 )   (10,888 )   (22,720 )   (21,647 )
 
Income (loss) before income taxes 4,104 (51,870 ) (41,322 ) (78,383 )
 
Provision for income taxes   67     -     67     -  
 
Net income (loss) $ 4,037   $ (51,870 ) $ (41,389 ) $ (78,383 )
 
Net income (loss) per share
 
Basic $ 0.03 $ (0.41 ) $ (0.32 ) $ (0.63 )
Diluted $ 0.03 $ (0.41 ) $ (0.32 ) $ (0.63 )
 
Shares used in computing basic and diluted net income (loss) per share
 
Basic 129,224 125,330 128,214 124,399
Diluted 137,969 125,330 128,214 124,399
 
 
INCYTE CORPORATION
Condensed Consolidated Balance Sheet Data

(in thousands)
   
June 30, December 31,

2012

2011
 

Cash, cash equivalents, and short-term marketable securities
$ 261,807 $ 277,594
Accounts receivable, net 13,841 6,415
Deferred revenue – Product revenues 8,993 2,332
Total assets 311,971 328,962
Convertible senior notes 309,844 298,193
Convertible subordinated notes 18,466 17,960
Total stockholders’ deficit (217,188 ) (227,077 )
 

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