NEW YORK (AP) -- Incyte Corp.'s second-quarter results and its outlook for sales of its blood disorder drug Jakafi topped analyst expectations, but shares still slid more than 20 percent Thursday.
Still, the stock had nearly doubled in value since the Food and Drug Administration approved Jakafi on Nov. 16.
The Wilmington, Del., company said Thursday that it shipped $35.1 million worth of Jakafi in the second quarter. It expects to record $120 million to $135 million in net revenue from the drug in 2012. FactSet says analysts were forecasting $120.3 million.
Jakafi is Incyte's only approved drug. It's a treatment for myelofibrosis, which causes red blood cells to build up inside bone marrow and slows the production of healthy blood cells. The disease causes anemia, fatigue, pain and swelling of the spleen. It was the first drug approved by the FDA for the rare disorder.
Incyte reported $29.7 million revenue from Jakafi during the quarter and received a $40 million payment from Swiss drugmaker Novartis AG, one of its partners. Total revenue climbed more than fivefold to $86.5 million from $16.8 million.
Net income came to $4 million, or 3 cents per share. A year ago Incyte took a loss of $51.9 million, or 41 cents per share.
Analysts expected a profit of a penny per share and revenue of $84 million, according to FactSet.
However, the company's shares dropped $5.35, or 21.5 percent, to $19.57 on Thursday. Shares of Incyte were up 98 percent since Jakafi was approved, and the stock set an all-time high of $26.30 on July 13.
The company also said it was changing how it accounts for its sales. In the last few quarters Incyte has recorded revenue from Jakafi when pharmacies sell the drug to patients. Starting in the third quarter the company plans to count that revenue when the drug is received by the pharmacy.