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Incyte Reports 2012 Fourth-Quarter And Full-Year Financial Results; Provides 2013 Financial Guidance; Updates Shareholders On Key Clinical Programs

Stocks in this article: INCY

Incyte Corporation (Nasdaq: INCY) today reported fourth-quarter and full-year 2012 financial results, including revenue from Jakafi ® (ruxolitinib), which is approved by the U.S. Food & Drug Administration (FDA) for the treatment of patients with intermediate or high-risk myelofibrosis (MF). The Company also provided 2013 financial guidance and updated information about key clinical programs, including key Phase III data for Jakafi that was presented at the 2012 American Society of Hematology (ASH) Annual Meeting.

“The recent data from ASH highlighting long-term results from COMFORT-I and II show that continued use of Jakafi by appropriate patients with myelofibrosis not only provides durable benefits for spleen reduction and symptom improvement, but also improved survival, suggesting an overall survival benefit,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer. “I believe these data, over time, will lead to earlier use in the course of this progressive disease.”

“We are very pleased with our quarter over quarter growth in underlying demand, which was 17 percent,” stated Jim Daly, Incyte’s Executive Vice President and Chief Commercial Officer. “Given the solid foundation we’ve established for Jakafi, I’m confident that we’ll continue to see consistent growth over the next several years and have set net product revenue guidance for 2013 in the range of $210 million to $225 million.”

2012 Fourth-Quarter and Full-Year Financial Results

Cash Position

As of December 31, 2012, cash, cash equivalents and marketable securities totaled $228.4 million compared to $277.6 million as of December 31, 2011. The December 31, 2012, amount does not include the $50.0 million milestone payment from Lilly for the advancement of baricitinib into Phase III clinical trials, which was earned in the fourth-quarter of 2012 and received in January 2013.

Product Revenues and Royalties

For the quarter and full year ended December 31, 2012, net product revenues of Jakafi were $43.3 million and $136.0 million, respectively. For the same periods in 2011, net product revenues were $2.0 million, which represents product revenues from the launch of Jakafi on November 22, 2011, to December 31, 2011. Product royalties from sales of Jakavi ® outside the United States by our collaboration partner Novartis for the quarter and full year ended December 31, 2012, were $3.7 million; there were no product royalties earned in 2011.

Total Revenues

Total revenues for the quarter ended December 31, 2012, were $113.8 million as compared to $28.9 million for the same period in 2011. Total revenues for the full year ended December 31, 2012, were $297.1 million as compared to $94.5 million for the same period in 2011. The increase in total revenue from 2011 to 2012 was primarily related to a full year of Jakafi product revenue, $90.0 million in milestone payments earned under our collaborations with Eli Lilly and Novartis, and $3.7 million of Jakavi product royalties from Novartis. Total revenues for the full year ended December 31, 2011, included $25.0 million in milestone payments received under our collaboration with Novartis.

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