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    Incyte posts 4th-quarter loss as payments decrease

    Associated Press – Wed, Feb 15, 2012

    WILMINGTON, Del. (AP) — Incyte Corp. reported a fourth-quarter loss Wednesday on a decrease in payments from its partners, but recorded the first sales of Jakafi, its first approved drug.

    In November, the Food and Drug Administration approved Jakafi as a treatment for myelofibrosis, a condition that causes red blood cells to build up inside bone marrow and slows the production of healthy blood cells. Myelofibrosis causes anemia, fatigue, pain and swelling of the spleen. It is currently treated with chemotherapy or a bone marrow transplant, but some patients are not eligible for the procedures.

    Incyte said it shipped $4.9 million worth of Jakafi during the fourth quarter. It reported $2 million in net sales and another $2.3 million in net deferred revenue because Incyte does not count revenue from Jakafi until the specialty pharmacy ships the drug to the patient.

    For the quarter, the company lost $55.1 million, or 44 cents per share. In the fourth quarter of 2010 Incyte reported a profit of $32.5 million, or 24 cents per share.

    Revenue fell 66 percent, to $28.9 million from $85.8 million. Novartis AG paid Incyte $10 million after Jakafi was approved, but a year ago, the company got a total of $69 million in milestone payments from Novartis and Eli Lilly & Co. related to drug trials that started during that period.

    Analysts expected Incyte to report a loss of 40 cents per share and $25.4 million in revenue, according to FactSet.

    For all of 2011, Incyte lost $186.5 million, or $1.49 per share, after losing $31.9 million, or 26 cents per share in 2010. Revenue slid 44 percent, to $94.5 million from $169.9 million.

    Shares of Incyte lost 5.5 percent to close Wednesday trading at $17.26.

     

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