These forward-looking statements are based on Incyte’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to the efficacy or safety of Jakafi, the acceptance of Jakafi in the marketplace, risks related to market competition, the results of further research and development, risks and uncertainties associated with sales, marketing and distribution requirements, risks that results of clinical trials may be unsuccessful or insufficient to meet applicable regulatory standards, the ability to enroll sufficient numbers of subjects in clinical trials, other market or economic factors and technological advances, unanticipated delays, the ability of Incyte to compete against parties with greater financial or other resources, risks associated with Incyte's dependence on its relationships with its collaboration partners, and other risks detailed from time to time in Incyte’s reports filed with the Securities and Exchange Commission, including our Form 10-Q for the quarter ended September 30, 2012.

Incyte disclaims any intent or obligation to update these forward-looking statements.
 
INCYTE CORPORATION
Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)
   
Three Months Ended Twelve Months Ended

December 31,

December 31,
2012   2011 2012   2011
Revenues:
Product revenues, net $ 43,301 $ 2,012 $ 136,001 $ 2,012
Product royalty revenues 3,652 3,652
Contract revenues 66,737 26,737 156,948 91,948
Other revenues   155     140     458     495  
 
Total revenues   113,845     28,889     297,059     94,455  
 
Costs and expenses:
Cost of product revenues 99 157
Research and development 59,763 51,877 210,391 178,707
Selling, general and administrative 23,729 21,152 85,363 58,219
Other expenses               712  
 
Total costs and expenses   83,591     73,029     295,911     237,638  
 
Income (loss) from operations 30,254 (44,140 ) 1,148 (143,183 )
Interest and other income, net 371 213 764 462
Interest expense   (11,765 )   (11,153 )   (46,058 )   (43,819 )
 
Income (loss) before income taxes 18,860 (55,080 ) (44,146 ) (186,540 )
 
Provision for income taxes   81         174      
 
Net income (loss) $ 18,779   $ (55,080 ) $ (44,320 ) $ (186,540 )
 
Net income (loss) per share
Basic $ 0.14 $ (0.44 ) $ (0.34 ) $ (1.49 )
Diluted $ 0.14 $ (0.44 ) $ (0.34 ) $ (1.49 )

Shares used in computing basic and diluted net income (loss) per share
Basic 131,711 126,388 129,747 125,362
Diluted 139,118 126,388 129,747 125,362
 
 
INCYTE CORPORATION
Condensed Consolidated Balance Sheet Data

(in thousands)
   
December 31, December 31,

2012

2011
 
Cash, cash equivalents, and short-term marketable securities $ 228,418 $ 277,594
Accounts receivable, net 70,951 6,415
Total assets 330,419 328,962
Convertible senior notes(1) 322,043 298,193
Convertible subordinated notes 9,033 17,960
Total stockholders’ deficit (174,957 ) (227,077 )
 

(1) Net of unamortized debt discount of $78.0 million and $101.8 million at December 31, 2012, and December 31, 2011, respectively.

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