Incyte reports third quarter earnings
(AP) _ Incyte Corp. (INCY) on Tuesday reported third-quarter earnings of $29.2 million.
On a per-share basis, the Wilmington, Delaware-based company said it had profit of 14 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 38 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The specialty drugmaker posted revenue of $449.7 million in the period. Its adjusted revenue was $429.7 million, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $443 million.
Incyte shares have declined 33 percent since the beginning of the year. The stock has declined 46 percent in the last 12 months.