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Incyte Reports 2014 First-Quarter Financial Results And Updates Shareholders On Key Clinical Programs

Stocks in this article: INCY

Incyte Corporation (Nasdaq: INCY) today reported 2014 first-quarter 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 highlighted multiple achievements in its clinical programs, including positive top-line results from RESPONSE, a pivotal Phase III study of ruxolitinib in patients with uncontrolled polycythemia vera (PV); the initiation of its first of two Phase III trials of ruxolitinib in patients with advanced or metastatic pancreatic cancer; and the finalization of the protocol for the Phase I/II trial combining its investigational IDO1 inhibitor, INCB24360, with Merck’s investigational anti-PD-1 immunotherapy, MK-3475.

“Underlying demand for Jakafi in myelofibrosis continues to grow, and the positive results from the pivotal Phase III trial, RESPONSE, support our confidence in the potential value that ruxolitinib can bring to patients with uncontrolled polycythemia vera,” stated Hervé Hoppenot, Incyte’s President and Chief Executive Officer. “Additionally, we’re strengthening our existing programs in JAK inhibition with new indications and combinations, advancing our novel IDO1 inhibitor in the rapidly evolving field of immunotherapy, and progressing with clinical trials with our own PI3K-delta inhibitor.”

2014 First-Quarter Financial Results

Revenues

For the quarter ended March 31, 2014, net product revenues of Jakafi were $69.7 million as compared to $48.3 million for the same period in 2013, representing 44 percent growth.

For the quarter ended March 31, 2014, product royalties from sales of Jakavi ® (ruxolitinib) outside the United States received from the Company’s collaboration partner Novartis were $9.8 million as compared to $5.9 million for the same period in 2013.

For the quarter ended March 31, 2014, contract revenues were $10.2 million as compared to $16.7 million for the same period in 2013. Included in contract revenues for the quarter ended March 31, 2014, was a $7.0 million milestone earned related to c-MET inhibitor INC280 under the Company’s collaboration with Novartis. The decrease in 2014 contract revenues compared to the same period in 2013 relates to the Novartis upfront payment received under the collaboration being fully amortized at December 31, 2013, partially offset by the $7.0 million milestone earned related to INC280 under the collaboration with Novartis.

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