The Company’s net product deferred revenue as of June 30, 2012, was $9.0 million.

Total Revenues

Total revenues for the quarter and six months ended June 30, 2012, were $86.5 million and $122.7 million, as compared to $16.8 million and $48.8 million for the same periods in 2011. Included in total revenues for the quarter and six months ended June 30, 2012, were net product revenues of $29.7 million and $49.0 million, respectively. 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. Total revenues for the six months ended June 30, 2011, included a $15 million milestone payment received from Novartis for INCB28060.

Net Income (Loss)

Net income for the quarter ended June 30, 2012, was $4.0 million, or $0.03 per basic and diluted share, as compared to a net loss of $51.9 million, or $0.41 per basic and diluted share, for the same period in 2011. Net loss for the six months ended June 30, 2012, was $41.4 million, or $0.32 per basic and diluted share, as compared to a net loss of $78.4 million, or $0.63 per basic and diluted share, for the same period in 2011. 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. Included in net loss for the six months ended June 30, 2011, was a $15 million milestone payment received from Novartis for INCB28060.

Also included in net income for the quarter and net loss for the six months ended June 30, 2012, were $9.9 million and $19.8 million, respectively, of non-cash expenses related to the impact of expensing employee stock options, compared to $7.2 million and $14.1 million included in net loss for the same periods in 2011.

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