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

2013 Financial Guidance

  • Product Revenues: The Company expects that Jakafi net product revenues will be in the range of $210 million to $225 million. This range excludes any product royalty revenues received from Novartis on sales of Jakavi.
  • Contract Revenues: The Company expects to receive a $60 million milestone payment under its collaboration with Novartis when European Union pricing approval for Jakavi in specific countries is received. Excluding any other potential milestones received under collaborations, the Company expects revenues of $66 million from the amortization of the upfront payments received under the Novartis and Lilly collaborative agreements.
  • Research and Development Expenses: The Company expects that research and development expenses will be in the range of $260 million to $270 million, including a non-cash expense of approximately $25 million to $28 million related to the impact of expensing employee stock options. The increase in research and development expense is primarily the result of co-development of baricitinib in Phase III studies in rheumatoid arthritis with Lilly and broad investment expected in our clinical pipeline to support multiple ongoing research and development activities.
  • Selling, General and Administrative Expenses: The Company expects selling, general and administrative expenses to be in the range of $100 million to $110 million, including a non-cash expense of approximately $14 million to $17 million related to the impact of expensing employee stock options. The increase in selling, general and administrative expenses is primarily the result of additional programs to support the ongoing commercialization of Jakafi.
  • Interest Expense: The Company expects interest expense to be approximately $47 million, including a non-cash expense of $28 million related primarily to the amortization of the discount on the 4.75% Convertible Senior Notes.

Recent Clinical Highlights

Jakafi ® (ruxolitinib) - a JAK1 and JAK2 Inhibitor

The use of Jakafi to treat patients with intermediate or high-risk myelofibrosis (MF) is further supported by presentations made at the American Society of Hematology annual meeting in December 2012, including updates from COMFORT-I and COMFORT-II. The long-term results from COMFORT-I, which compared Jakafi to placebo, showed that continued use of Jakafi provided durable reductions in spleen volume, durable improvements in quality of life measures and improved survival, suggesting an overall survival advantage. The COMFORT-II two-year follow-up showed a similar increase in survival for patients initially randomized to Jakafi compared to those randomized to best available therapy.

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