Incyte Corporation (NASDAQ: INCY) stock lost over 3.9% on August 1st, 2017 (as of 1:09PM EDT; Source: Google finance). The group reported a Net loss of $12 million, or $0.06 per basic and diluted share in three months ended on June 2017 from net income of $34 million, or $0.18 per basic in the prior corresponding period. Net loss reached $200 million, or $1.00 per basic and diluted share, for the six months ended June 30, 2017 against net income of $58 million, or $0.31 per basic and $0.30 per diluted share for the same period in 2016.
But the group reported a decent second quarter of 2017 Revenues with net product revenues of Jakafi increasing 33% to $276 million from $208 million in the prior corresponding period. Net product revenues of Jakafi rose 35% to $527 million for six months ended on 2017 from $391 million in pcp. Net product revenues of Iclusig rose to $16 million during the quarter from $4 million in the same period in 2016 while for the six months, net product revenues of Iclusig rose to $29 million from $4 million in the same period last year.
Moreover, the group enhanced their 2017 guidance to $1,090-$1,120 million as compared to $1,020-$1,070 million range of their earlier guidance. The group maintained their Iclusig net product revenues in the range of $60-$65 million. However, they increased their Research and development expense to the range of $1,050-$1,150 million as compared to their earlier guidance of $1,000-$1,100 million.
The group recently started two pivotal studies (ruxolitinib for treatment-refractory chronic graft versus host disease (GVHD); itacitinib for steroid-naïve acute GVHD), and the presentation of multiple data sets at ASCO 2017 supporting the expansion of the pivotal trial program for epacadostat. For the second half of 2017, they expect major data from their development candidates and the initiation of multiple additional pivotal combination studies with epacadostat. The group is expanding their penetration which currently includes the U.S., Europe and Japan.
During June, the group’s REACH3, a Phase 3 trial of ruxolitinib started for patients with steroid-refractory chronic GVHD and collaborated with Novartis. RESET-272, the double-blind, randomized pivotal trial of ruxolitinib opened for enrollment. GRAVITAS-301, the Phase 3 trial of itacitinib, started dosing in July. The group also started the Phase 1/2 dose-escalation trial of its FGFR4 inhibitor, INCB62079, in patients with hepatocellular carcinoma.
Incyte stock rallied over 27.8% in this year to date (As of 1:30PM EDT on August 1st, 2017; Source: Google finance)