Wilmington-based Incyte Corporation today reported strong second-quarter revenue growth, driven by sales of Jakafi in the U.S. and royalties from Novartis’ Jakavi sales outside the U.S.
Net revenues from Jakafi sales were $208 million in the second quarter — 46 percent growth over last year. Jakafi is the trade name for Ruxolitinib.
Ruxolitinib was also granted Breakthrough Therapy Designation by the FDA for the treatment of patients with acute GVHD, a complication that can occur after a bone marrow transplant.
Baricitinibm, currently under regulatory review for the treatment of rheumatoid arthritis, may be another revenue source for Incyte. The first regulatory approval for it is anticipated in the first quarter of 2017.
Research and development expenses for the quarter and six months ended June 30, 2016 were $120 million and $277 million, respectively, as compared to $112 million and $231 million, respectively, for the same periods in 2015.
Selling, general and administrative expenses for the quarter and six months ended June 30 were $67 million and $131 million, respectively, as compared to $52 million and $97 million, respectively, for the same periods in 2015.
Included in selling, general and administrative expenses for the quarter and six months ended June 30 were non-cash expenses related to equity awards to employees of $8 million and $16 million, respectively. Increased selling, general and administrative expenses are driven primarily by additional costs related to the commercialization of Jakafi.
Net income for the quarter ended June 30 was $34 million, or $0.18 per basic and diluted share, as compared to net income of $9 million, or $0.05 per basic and diluted share for the same period in 2015. Net income for the six months ended June 30was $58 million, or $0.31 per basic and $0.30 per diluted share, as compared to net loss of $9 million, or $0.05 per basic and diluted share for the same period in 2015.
