Incyte Corporation (Nasdaq: INCY) today reported third-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 described: positive top-line results of its Phase II trial (RECAP) of ruxolitinib in patients with refractory metastatic pancreatic cancer; positive Phase II proof-of-concept data recently presented at key scientific meetings for its lead JAK1 inhibitor, INCB39110; and progress for several of its other key clinical programs.
“The growth of Jakafi remains strong, and we’re encouraged by the sustained steady rate of new prescriptions for patients with myelofibrosis and continued evidence that physicians are successfully individualizing dosing,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer. “With potential approval of ruxolitinib for use in polycythemia vera in late 2014 and recent data from the RECAP trial that suggest potential benefit in pancreatic cancer and opportunities in other solid tumors, we see several drivers to further grow revenues for our first product, while we continue to deliver promising results for other compounds in our growing pipeline.”
2013 Third-Quarter Financial Results
Cash PositionAs of September 30, 2013, cash, cash equivalents and marketable securities totaled $291.2 million compared to $228.4 million as of December 31, 2012. Revenues Total revenues for the quarter ended September 30, 2013, were $85.1 million as compared to $60.5 million for the comparable period in 2012. Total revenues for the nine months ended September 30, 2013, were $257.9 million as compared to $183.2 million for the comparable period in 2012. Jakafi net product revenues were $60.2 million for the quarter ended September 30, 2013, as compared to $43.7 million for the comparable period in 2012. For the nine months ended September 30, 2013, Jakafi net product revenues were $162.6 million as compared to $92.7 million for the comparable period in 2012.