Wilmington, Delaware-based Incyte Corp. (INCY) Thursday said it reversed to profit in third quarter, compared with a loss last year. Both profit and revenues beat estimates. It further said it raised its annual revenue expectations.
Net profit amounted to $59.29 million or $0.33 per share, compared with a loss of $22.04 million or $0.14 per share a year ago.
On average, thirteen analysts polled by Thomson-Reuters estimated the company to break-even. Analysts' estimates typically exclude one-time items.
Net revenues more than doubled to $198.15 million from $85.12 million in the previous year. Analysts projected revenue to be $149.92 million.
Looking ahead, the company expects to generate annual revenues of $350 million to $360 million, compared with previous guidance of $330 million to $340 million, excluding product royalty revenues from Novartis on sale of Jakavi outside United States. Analysts see annual revenues of $500.33 million.
For comments and feedback contact: editorial@rttnews.com
Business News