Incyte reports second quarter earnings

(AP) _ Incyte Corp. (INCY) on Tuesday reported second-quarter net income of $52.4 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Wilmington, Delaware-based company said it had profit of 24 cents. Earnings, adjusted for one-time gains and costs, were 26 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The specialty drugmaker posted revenue of $521.5 million in the period, which topped Street forecasts. Twelve analysts surveyed by Zacks expected $464.8 million.

Incyte shares have declined 28 percent since the beginning of the year. The stock has dropped 49 percent in the last 12 months.