Incyte Reports 2012 Second-Quarter Financial Results; Updates Shareholders On Launch Of Jakafi And Lead Clinical Programs

Ninth graph, third sentence should read: Also included in total revenues for the quarter and six months ended June 30, 2012, was a $40 million European Union regulatory milestone payment received from Novartis for ruxolitinib (sted Also included in total revenues for the quarter and six months ended June 30, 2012, was a $40 million milestone payment received from Lilly for baricitinib (LY3009104)).

Tenth graph, third sentence should read: Included in net income for the quarter and net loss for the six months ended June 30, 2012, was a $40 million European Union regulatory milestone payment received from Novartis for ruxolitinib (sted Included in net income for the quarter and net loss for the six months ended June 30, 2012, was a $40 million milestone payment received from Lilly for baricitinib (LY3009104)).

The corrected release reads:

INCYTE REPORTS 2012 SECOND-QUARTER FINANCIAL RESULTS; UPDATES SHAREHOLDERS ON LAUNCH OF JAKAFI AND LEAD CLINICAL PROGRAMS
  • $35.1 million of Jakafi ® (ruxolitinib) shipped to specialty pharmacies during the second quarter; $29.7 million in second-quarter net product revenue based on the sell-through revenue recognition method *
  • Use of Jakafi to treat patients with intermediate or high-risk myelofibrosis further supported by multiple clinical presentations
  • Positive Phase IIb results of oral JAK1 and JAK2 inhibitor, baricitinib, in patients with active rheumatoid arthritis presented at EULAR

Conference Call Scheduled Today at 8:30 a.m. ET

Incyte Corporation (Nasdaq: INCY) today reported second-quarter 2012 financial results, including revenue from its first commercial product, Jakafi ® (ruxolitinib), which was approved by the US Food & Drug Administration (FDA) for the treatment of patients with intermediate or high-risk myelofibrosis (MF) in November 2011. The Company also provided updated information about several of its lead clinical programs, including data about Jakafi and baricitinib (LY3009104), presented at key medical meetings.

“The launch of Jakafi is going well. Interest in using this new therapy among hematologists and oncologists continues to grow as evidenced by shipments of Jakafi during the second quarter. We continue to believe that growth will be steady as physicians gradually expand use to those appropriate patients who are less severely ill. At this point in the launch, we’re now able to provide revenue guidance for 2012 net product sales in the range of $120 to $135 million,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer.

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