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

Total Revenues

Total revenues for the quarter and nine months ended September 30, 2012, were $60.5 million and $183.2 million, respectively, as compared to $16.8 million and $65.6 million, respectively, for the same periods in 2011. Included in total revenues for the quarter and nine months ended September 30, 2012, were net product revenues of $43.7 million and $92.7 million, respectively.

Included in total revenues for the nine months ended September 30, 2012, was a $40 million European Union regulatory milestone payment received from Novartis related to Jakavi. Included in total revenues for the nine months ended September 30, 2011, was a $15 million milestone payment received from Novartis related to INCB28060.

Net Loss

Net loss for the quarter ended September 30, 2012, was $21.7 million, or $0.17 per basic and diluted share, as compared to $53.1 million, or $0.42 per basic and diluted share, for the same period in 2011. Net loss for the nine months ended September 30, 2012, was $63.1 million, or $0.49 per basic and diluted share, as compared to a net loss of $131.5 million, or $1.05 per basic and diluted share, for the same period in 2011. Included in net loss for the nine months ended September 30, 2012, was a $40 million European Union regulatory milestone payment received from Novartis related to Jakavi. Included in net loss for the nine months ended September 30, 2011, was a $15 million milestone payment received from Novartis related to INCB28060.

Also included in net loss for the quarter and nine months ended September 30, 2012, were $9.5 million and $29.4 million, respectively, of non-cash expenses related to the impact of expensing employee stock options, compared to $7.4 million and $21.5 million, respectively, for the same periods in 2011.

Operating Expenses

Research and development expenses for the quarter and nine months ended September 30, 2012, were $50.1 million and $150.6 million, respectively, as compared to $44.6 million and $126.8 million, respectively, for the same periods in 2011. Included in research and development expenses for the quarter and nine months ended September 30, 2012, were non-cash expenses of $6.4 million and $19.6 million, respectively, related to the impact of expensing employee stock options, as compared to $4.8 million and $14.0 million, respectively, for the same periods in 2011.

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