Incyte Corp. (NASDAQ: INCY) reported its fourth-quarter financial results after the markets closed on Wednesday. The company had $0.29 in earnings per share (EPS) on $243.88 million in revenue, which compares to consensus estimates from Thomson Reuters of $0.09 in EPS on $225.92 million in revenue. The same period from the previous year had a net loss of $0.22in EPS on $1.23.97 million in revenue.
In this quarter, baricitinib was licensed to Eli Lilly by Incyte, and it met the primary endpoint in all four of its global Phase 3 studies. If approved, Eli Lilly expects to launch baricitinib in early 2017. In addition, epacadostat, Incyte’s first-in-class IDO1 inhibitor, is expected to enter Phase 3 during the first half of 2016 in first-line advanced or metastatic melanoma in combination with Merck’s pembrolizumab. Multiple Phase 2, tumor-specific, expansion cohorts of epacadostat in combination with anti-PD-1 and anti-PD-L1 checkpoint modulators are also underway.
As for guidance, Incyte expects to have revenues in the range of $800 million to $815 million for the 2016 full year. The consensus estimates call for $0.58 in EPS on $735.53 in revenue.
On the books, cash, equivalents and marketable securities totaled $707.79 million, compared to $600.26 million in the same period from last year.
Hervé Hoppenot, president and CEO of Incyte, commented on earnings:
The momentum of Jakafi, now into its fifth year of commercialization, continues to be strong, and, pending regulatory approval, we look forward to a second important source of revenue from baricitinib. Despite the outcome of the JANUS program, our development portfolio remains robust, comprised of 13 candidates against 10 molecular targets, demonstrating Incyte’s commitment to innovation and the productivity of our drug discovery and development engine.
Shares of Incyte closed Wednesday at $72.31, with a consensus analyst price target of $113.69 and a 52-week trading range of $64.51 to $133.62. Following the release of the earnings report, the stock was down nearly 16% at $60.87 in early trading indications Thursday.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
