Incyte Corporation (NASDAQ: INCY) stock lost over 19.2% on April 6th, 2018 (as of 6 Apr, 1:08 PM GMT-4; Source: Google finance).
The group along with Merck (NYSE:MRK), known as MSD outside the United States and Canada, is making an external Data Monitoring Committee (eDMC) review of the pivotal Phase 3 ECHO-301/KEYNOTE-252 study. These results evaluating the epacadostat in combination with Merck’s KEYTRUDA® in patients with unresectable or metastatic melanoma did not meet the primary endpoint of improving progression-free survival in the overall population as compared to KEYTRUDA monotherapy. The study’s second primary endpoint of overall survival also is not expected to reach statistical significance. Therefore as per the eDMC recommendation, the study would be stopped.
On the other hand, the group is announcing the 15 abstracts from its research and development portfolio which would be presented at the upcoming 2018 American Association for Cancer Research (AACR) annual meeting in Chicago, on April 14-18, 2018. These abstracts include the first pre-clinical data from the Company’s recently announced AXL/MER, TIM-3 and LAG-3 antibody programs in patients with advanced solid tumors.
Meanwhile, for the quarter ended December 31, 2017, net product revenues of Jakafi rose 27% yoy to $302 million from $238 million for the same period in 2016. Net product revenues of Jakafi rose 33% yoy to $1.1 billion during the year from $853 million for the same period in 2016. For the quarter ended December 31, 2017, the net product revenues of Iclusig surged to $19 million from $13 million for the same period in 2016. Net product revenues of Iclusig increased to $67 million during the year from $30 million for the same period in 2016.
Product royalties from sales of Jakavi, reached $48 million and $152 million, respectively, for the quarter and twelve months ended December 31, 2017, from $33 million and $111 million for the same periods in 2016. Milestone and contract revenues were $70 million and $175 million, respectively, for the quarter and twelve months ended December 31, 2017, against $43 million and $113 million for the same periods in 2016.