Incyte Q2 Profit, Revenue Up, Above Estimates

(RTTNews) - Biopharmaceutical company Incyte Corporation (INCY) Tuesday reported a profit of $203.55 million or $0.90 per share for the second quarter, up from $161.43 million or $0.72 per share in the same quarter a year ago, driven by growth in revenues.

Excluding one-time items, earnings were $223.03 million or $0.99 per share.

Revenue for the quarter increased to $954.61 million from $911.4 million in the previous year.

Analysts expected the company to report earnings of $0.83 per share on revenue of $910.25 million for the quarter. Analysts' estimates typically exclude special items.

Revenue from the company's highest revenue contributor Jakafi was $682.38 million, up from $597.67 million last year.

Looking forward, Incyte has raised Jakafi's net product revenue outlook to $2.58 billion- $2.63 billion from $2.55 billion - $2.63 billion as guided earlier.