Incyte second-quarter total revenues increase to $49.8 million
April 19, 2016
Net income for the quarter ended June 30, 2010 was $3.0 million, or $0.03 and $0.02 per share on a basic and diluted basis, respectively, as compared to a net loss of $40.0 million, or $0.41 per basic and diluted share, for the same period in 2009. The net loss for the six months ended June 30, 2010 was $32.7 million, or $0.27 per basic and diluted share, as compared to $80.1 million, or $0.82 per basic and diluted share, for the same period in 2009. Included in the net loss for the six months ended June 30, 2010 was a non-cash charge of $4.0 million or $0.03 per basic and diluted share related to the redemption of the 3 1/2% Convertible Senior and Subordinated Notes.
Also included in net income for the quarter and net loss for the six months ended June 30, 2010 were $3.6 million and $6.7 million, respectively, of non-cash expense related to the impact of expensing employee stock options, as compared to $2.5 million and $5.9 million, respectively, for the same periods in 2009.
Operating Expenses
Research and development expenses for the quarter ended June 30, 2010 were $28.9 million as compared to $29.0 million for the same period last year. Research and development expenses for the six months ended June 30, 2010 were $60.3 million as compared to $58.6 million for the same period last year.
Included in research and development expenses for the quarter and the six months ended June 30, 2010 were $2.4 million and $4.7 million, respectively, of non-cash expense related to the impact of expensing employee stock options, as compared to $1.8 million and $4.2 million, respectively, for the same periods in 2009.
Selling, general and administrative expenses for the quarter and six months ended June 30, 2010 were $7.5 million and $13.3 million, respectively, as compared to $4.1 million and $8.9 million, respectively, for the same periods last year. Increased selling, general and administrative expenses for the quarter and six months ended June 30, 2010 reflected the Company's preparations for the potential commercialization of INCB18424 for myelofibrosis. Also included in selling, general and administrative expenses for the quarter and six months ended June 30, 2010 were $1.2 million and $2.0 million, respectively, of non-cash expense related to the impact of expensing employee stock options, as compared to $0.7 million and $1.7 million, respectively, for the same periods in 2009.
Interest Expense
Interest expense for the quarter and six months ended June 30, 2010 was $10.4 million and $22.2 million, respectively, as compared to $6.4 million and $12.7 million, respectively, for the comparable periods last year. Included in interest expense for the quarter and six months ended June 30, 2010 was $4.9 million and $9.7 million, respectively, of non-cash charges to amortize the discount on the Company's 4.75% Convertible Senior Notes. Included in interest expense for the six months ended June 30, 2010, was $0.5 million of non-cash charges to amortize the discount on the Company's 3 1/2% Convertible Senior Notes. Included in interest expense for the quarter and six months ended June 30, 2009, was $2.3 million and $4.6 million, respectively, of non-cash charges to amortize the discount on the Company's 3 1/2% Convertible Senior Notes.
2010 Financial Guidance Update
The Company is making the following changes to its 2010 financial guidance to reflect the variability in the timing of clinical development and sales and marketing activities:
gross cash use guidance is being reduced from the previous range of $165 to $175 million to a range of $160 to $165 million. This cash use guidance does not include actual or potential milestones from collaborative partners; research and development expense guidance is being reduced from the previous range of $138 to $145 million to a range of $135 to $142 million; and selling, general and administrative expense is being reduced from the previous range of $40 to $45 million to a range of $35 to $40 million.SOURCE Incyte Corporation