Incyte Q1 Loss Widens, Misses Street View - Quick Facts

(RTTNews) - Incyte Corp. (INCY), a biopharmaceutical company focused on developing drugs mainly for oncology and inflammation, Thursday reported a wider net loss for the first quarter, as increases in costs overshadowed growth in revenues. Both net loss and revenues missed consensus estimates.

For the first quarter, net loss widened to $33.96 million or $0.21 per share, from $15.67 million or $0.12 per share loss a year ago.

On average, 10 analysts polled by Thomson-Reuters estimated the company's loss to be $0.18 for the quarter. Analysts' estimates typically exclude one-time items.

Research and development expenses rose to $75.58 million from $52.76 million in the year-ago quarter. Selling, general and administrative expense increased to $36.97 million from $22.26 million a year earlier.

Revenues, however, advanced to $89.8 million from $71.1 million a year earlier. Analysts expected revenues of $97.19 million. Net product revenues of Jakafi rose by 44 percent to $69.7 million from $48.3 million in the same period last year.

The company received product royalties of $9.8 million from sales of Jakavi (ruxolitinib) in the first quarter, up from $5.9 million a year ago.