Incyte Corporation (Nasdaq: INCY) today reported third-quarter 2012 financial results, including revenue from its first commercial product, Jakafi ® (ruxolitinib), which was approved by the U.S. Food & Drug Administration (FDA) for the treatment of patients with intermediate or high-risk myelofibrosis (MF) in November 2011. Novartis, the Company’s collaboration partner, announced that Jakafi, marketed as Jakavi ® outside the United States, received approval from the European Commission for the treatment of disease-related splenomegaly or symptoms in adult patients with primary MF, post-polycythemia vera MF or post-essential thrombocythemia MF. Jakafi/Jakavi is the first medicine to receive FDA and European Commission approval to treat patients with myelofibrosis and the first JAK inhibitor to be approved for any indication.
“We’re encouraged by the underlying demand for Jakafi, and we are building a strong foundation for long-term growth. With continued efforts to expand the use of Jakafi among new and existing prescribers, extensive educational efforts around the optimal use of Jakafi, and additional data being presented at the upcoming American Society of Hematology annual meeting, we’re confident that we will continue to see steady, consistent growth,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer.
2012 Third-Quarter Financial Results
Product RevenuesFor the quarter and nine months ended September 30, 2012, net product revenues of Jakafi were $43.7 million and $92.7 million, respectively. As expected, in the third quarter, the Company transitioned to the sell-in revenue recognition method from the sell-through method. Under the sell-in method, revenue is recognized when product is received by the specialty pharmacy, whereas under the sell-through method, revenue is recognized when the specialty pharmacy sends product to the patient, which reflects clinical demand. As a result, the $43.7 million of net product revenues for the third quarter of 2012 included $9.0 million of previously deferred revenue, representing product held by the specialty pharmacies at June 30, 2012.