Incyte Reports 2012 Third-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 June 30, 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						Nine Months Ended
		September 30,						September 30,
			2012			2011			2012			2011
Revenues:
Product revenues, net		$	43,695		$	-		$	92,700		$	-
Contract revenues			16,737			16,737			90,211			65,211
Other revenues			60			45			302			354
Total revenues			60,492			16,782			183,213			65,565
Costs and expenses:
Cost of product revenues			31			-			58			-
Research and development			50,079			44,604			150,627			126,830
Selling, general and administrative			20,520			14,282			61,634			37,067
Other expenses			-			-			-			712
Total costs and expenses			70,630			58,886			212,319			164,609
Loss from operations			(10,138)			(42,104)			(29,106)			(99,044)
Interest and other income, net			27			45			393			249
Interest expense			(11,573)			(11,019)			(34,293)			(32,666)
Loss before income taxes			(21,684)			(53,078)			(63,006)			(131,461)
Provision for income taxes			26			-			93			-
Net loss		$	(21,710)		$	(53,078)		$	(63,099)		$	(131,461)
Basic and diluted net loss per share		$	(0.17)		$	(0.42)		$	(0.49)		$	(1.05)
Shares used in computing basic and diluted net loss per share			130,851			126,260			129,093			125,019

INCYTE CORPORATION
Condensed Consolidated Balance Sheet Data
(in thousands)
		September 30,			December 31,
		2012			2011
Cash, cash equivalents, and short-term marketable securities		$	243,599		$	277,594
Accounts receivable, net			16,540			6,415
Deferred revenue – Product revenues			-			2,332
Total assets			296,535			328,962
Convertible senior notes			315,874			298,193
Convertible subordinated notes			18,725			17,960
Total stockholders’ deficit			(219,950)			(227,077)

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