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

The increases in research and development expenses for the quarter and nine months ended September 30, 2012, compared to the prior year periods were primarily a result of increased clinical development costs related to the advancement of the Company's pipeline and increased non-cash employee stock option expense. The Company expects its research and development expenses to vary from period to period, mainly due to the timing of its clinical development activities.

Selling, general and administrative expenses for the quarter and nine months ended September 30, 2012, were $20.5 million and $61.6 million, respectively, as compared to $14.3 million and $37.1 million, respectively, for the same periods in 2011. Included in selling, general and administrative expenses for the quarter and nine months ended September 30, 2012, were non-cash expenses of $3.1 million and $9.8 million, respectively, related to the impact of expensing employee stock options, as compared to $2.6 million and $7.5 million, respectively, for the same periods in 2011.

Increased selling, general and administrative expenses for the quarter and nine months ended September 30, 2012, compared to the prior year periods reflected the additional costs related to the Company's sales force and the commercialization efforts for the launch of Jakafi.

Interest Expense

Interest expense for the quarter and nine months ended September 30, 2012, was $11.6 million and $34.3 million, respectively, as compared to $11.0 million and $32.7 million, respectively, for the comparable periods in 2011. Included in interest expense for the quarter and nine months ended September 30, 2012, were $6.8 million and $20.0 million, respectively, of non-cash charges to amortize the discount on the Company's 4.75% Convertible Senior Notes due 2015, as compared to $6.3 million and $18.4 million, respectively, for the same periods in 2011.

Cash Position

As of September 30, 2012, cash, cash equivalents and marketable securities totaled $243.6 million compared to $277.6 million as of December 31, 2011. These amounts exclude $9.5 million and $19.0 million, as of September 30, 2012, and December 31, 2011, respectively, of restricted cash and investments held in an escrow account reserved for interest payments through October 2012 on the 4.75% Convertible Senior Notes.

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