Incyte Corporation (NASDAQ:INCY) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.70%.
Incyte Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.12 in the quarter versus EPS of $-0.36 in the year-earlier quarter.
Revenue: Rose 96.52% to $71.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Incyte Corporation reported adjusted EPS loss of $0.12 per share. By that measure, the company beat the mean analyst estimate of $-0.2. It beat the average revenue estimate of $68.16 million.
Quoting Management: “We continue to see solid growth for Jakafi, which means that more patients are experiencing the benefits of the first FDA-approved treatment for intermediate or high-risk myelofibrosis,” stated Paul A. Friedman, M.D., Incyte’s President and Chief Executive Officer. “Additionally, as we gain important visibility into several mid-stage trials, we continue to broaden the scope of our R&D efforts, as evidenced by the introduction of a second JAK1 inhibitor into clinical development.”
Key Stats (on next page)…
Revenue decreased 37.55% from $113.85 million in the previous quarter. EPS decreased to $-0.12 in the quarter versus EPS of $0.14 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.05 to a loss $0.01. For the current year, the average estimate has moved up from a loss of $0.4 to a loss of $0.35 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)