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Why Incyte (INCY) Is Up Today

NEW YORK (TheStreet) -- Incyte (INCY - Get Report) rose to a nearly 14-year high of $69.98 as of 12:15 p.m. on Wednesday after the pharmaceutical company announced its fourth-quarter and full-year results.

For the quarter and full year, both of which ended on Dec. 31, 2013, net product revenue of its drug Jakafi totaled $72.9 million and $235.4 million, respectively, up from $43.3 million and $136.0 million, respectively, for the same periods one year earlier.

Net loss for the quarter was $42.9 million, or 26 cents per share, up from $18.8 million, or 14 cents per share, in the same period one year earlier. The net loss for the quarter, which ended Dec. 31, 2013, included a one-time charge of $17.9 million, or 11 cents per share, from the buyback of the $117.3 million face amount of the company's 4.75% convertible senior notes due in 2015. Excluding the one-time charge, the net loss was 15 cents per share. 

"I have great confidence that Incyte is well-positioned to continue to grow as a successful biopharmaceutical company focused on oncology," said President and CEO Herve Hoppenot in the company's statement. "Jakafi continues to perform well in myelofibrosis, and we believe it will offer substantial growth in a second blood cancer, polycythemia vera. Additionally, we're encouraged by data from the RECAP Phase II trial suggesting that JAK inhibition may extend and improve patient outcomes in pancreatic cancer and possibly in other solid tumors."

Must Read: Why Owens Corning (OC) is Soaring

Must ReadIncyte Reports 2013 Fourth-Quarter And Year-End Financial Results; Provides 2014 Financial Guidance; Updates Shareholders On Key Clinical Programs

INCY Chart

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