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TheStreet Open House

Incyte Reports Second-Quarter 2013 Financial Results; Increases Revenue Guidance; Updates Shareholders On Key Clinical Programs

Stocks in this article: INCY

Incyte Corporation (Nasdaq: INCY) today reported second-quarter 2013 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 increased its 2013 net product revenue guidance to a range of $220 million to $230 million, a change from the previous range of $210 million to $225 million; highlighted additional positive data recently presented at key scientific meetings for its lead JAK1 and JAK2 inhibitors, Jakafi and baricitinib, and its novel immunotherapy, INCB24360, an oral IDO1 inhibitor; and described progress for several other clinical programs, including additional potential indications for Jakafi.

“The underlying demand for Jakafi was strong in the second quarter, leading to our decision to increase guidance for 2013,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer. “Looking forward, we expect the positive data recently presented at the European Hematology Association meeting regarding the overall survival advantage seen in COMFORT-II compared to best available therapy to continue to generate confidence in the therapeutic value of Jakafi.”

In the three-year follow-up analysis of COMFORT-II, a 52 percent reduction in risk of death was observed in the patients treated with Jakafi as compared to patients treated with best available therapy, and the estimated probability of overall survival at three years in patients with intermediate or high-risk myelofibrosis treated with Jakafi was 81 percent.

2013 Second-Quarter Financial Results and Guidance Updates

Cash Position

As of June 30, 2013, cash, cash equivalents and marketable securities totaled $277.5 million compared to $228.4 million as of December 31, 2012.

Revenues

Total revenues for the quarter ended June 30, 2013, were $101.7 million as compared to $86.5 million for the comparable period in 2012. Total revenues for the six months ended June 30, 2013, were $172.8 million as compared to $122.7 million for the comparable period in 2012.

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