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Incyte Corporation (INCY) Shares Drop on Q2 Loss

Shares fell more than 3%

Incyte Corporation (NASDAQ:INCY) posted its quarterly earnings results today.

Incyte Corporation (INCY)The pharmaceutical company unveiled earnings at a loss of six cents per share, wider than analysts’ expectations of a loss of three cents per share.

Revenue came in at $326.44 million, while analysts expected revenue of $315.4 million. Net product revenues of Jakafi were higher at $276 million, marking a 33% increase year-over-year.

“Revenue growth from Jakafi and Iclusig continues to be very robust, driven by strong demand, and we have also made significant progress across our clinical portfolio,” said CEO Hervé Hoppenot.

He added that looking ahead to the second half of the year, there is plenty that Incyte has in the works that could boost revenue, including the start of two pivotal studies, including ruxolitinib for treatment-refractory chronic graft versus host disease (GVHD), and itacitinib for steroid-naive acute GVHD.

“With strong revenue growth, a broad clinical development portfolio, comprehensive drug discovery capabilities and an expanded geographic footprint which now includes the U.S., Europe and Japan, we believe that we are well positioned for long-term value creation,” Hoppenot continued.

Incyte updated its net product revenues guidance from $1.09 billion to $1.112 billion versus $1.02 billion to $1.07 billion previously.

The Phase 3 trial of itacitinib, Incyte’s selective JAK1 inhibitor began in July, while other treatments are also in the works as the company seeks to boost earnings.

INCY stock surged 3.6% Tuesday.

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