Free Post Earnings Research Report: Incyte’s Quarterly Sales 36% Surged
Stock Monitor: ContraFect Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 27, 2018 / Active-Investors.com has just released a free earnings report on Incyte Corp. (NASDAQ: INCY). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=INCY. Incyte reported its fourth quarter and fiscal 2017 operating and financial results on February 15, 2018. The specialty drug maker outperformed top- and bottom-line expectations and provided guidance for full year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Incyte most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the quarter ended December 31, 2017, Incyte's total revenues were $444 million, up 36% compared to $326 million for Q4 2016. The Company's reported numbers beat analysts' estimates of $418.4 million.
For the twelve months ended December 31, 2017, Incyte's total revenues surged 39% to $1.54 billion compared to $1.11 billion for FY16.
During Q4 2017, Incyte's research and development (R&D) expenses were $447 million as compared to $162 million for Q4 2016. The Company's reported quarter R&D expenses were comprised of $150 million related to its collaboration and license agreement with MacroGenics and $297 million of ongoing expenses.
Incyte's selling, general, and administrative (SG&A) expenses for Q4 2017 and FY17 were $98 million and $366 million, respectively, compared to $96 million and $303 million for Q4 2016 and FY16. Increased SG&A expenses were driven primarily by additional costs related to the commercialization of Jakafi and the geographic expansion in Europe.
Incyte reported net loss of $150 million, or $0.71 per basic and diluted share, for Q4 2017 compared to net income of $9 million, or $0.05 per basic and diluted share, for Q4 2016.
Incyte's net loss was $313 million, or $1.53 per diluted share, for FY17 compared to net income of $104 million, or $0.54 per diluted share, for FY16.
Incyte's non-GAAP net income for Q4 2017 and FY17 was $4.13 million, or $0.02 per diluted share, and $131.33 million, or $0.68 per diluted share, for FY16. The Company's reported quarter earnings were ahead of Wall Street's estimates for a loss of $0.52 per share.
Revenue Details
During Q4 2017, Incyte's net product revenues of Jakafi were $302 million compared to $238 million for Q4 2016, representing 27% growth on a y-o-y basis. For the reported quarter, the Company's net product revenues of Iclusig were $19 million compared to $13 million for the prior year's comparable quarter.
For the quarter and twelve months ended December 31, 2017, Incyte's product royalties from sales of Jakavi, which has been out-licensed to Novartis outside of the United States, were $48 million and $152 million, respectively, compared to $33 million and $111 million for the same periods in 2016. For the quarter and twelve months ended December 31, 2017, product royalties from sales of Olumiant outside of the United States from Lilly were $5 million and $9 million, respectively.
For the quarter and twelve months ended December 31, 2017, milestone and contract revenues were $70 million and $175 million, respectively, compared to $43 million and $113 million for the same periods in FY16.
Cash Matters
As of December 31, 2017, Incyte's cash, cash equivalents, and marketable securities totaled $1.2 billion compared to $809 million as of December 31, 2016. The increase in cash, cash equivalents, and marketable securities was primarily due to the public offering of 4,945,000 shares of the Company's common stock resulting in net proceeds of $649 million.
Outlook
For full year 2018, Incyte is forecasting GAAP and non-GAAP Jakafi net product revenues in the range of $1.35 billion to $1.40 billion. The Company is estimating GAAP and non-GAAP Iclusig net product revenues in the band of $80 million to $85 million. Incyte is projecting GAAP R&D expenses for FY18 to be between $1.20 billion to $1.30 billion and GAAP SG&A expenses in the range of $515 million to $535 million.
Stock Performance Snapshot
March 26, 2018 - At Monday's closing bell, Incyte's stock advanced 3.99%, ending the trading session at $86.37.
Volume traded for the day: 1.13 million shares.
After yesterday's close, Incyte's market cap was at $18.71 billion.
The stock is part of the Healthcare sector, categorized under the Biotechnology industry. This sector was up 1.9% at the end of the session.
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