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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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