Incyte Corporation (INCY) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $187.08 million, or $ 0.96 a share in the quarter, against a net profit of $24.05 million, or $0.12 a share in the last year period. Revenue during the quarter surged 45.78 percent to $384.08 million from $263.46 million in the previous year period. Gross margin for the quarter contracted 158 basis points over the previous year period to 96.14 percent. Operating margin for the quarter stood at negative 34.71 percent as compared to a positive 13.68 percent for the previous year period.
Operating loss for the quarter was $133.30 million, compared with an operating income of $36.04 million in the previous year period.
"The strong growth of Jakafi is very exciting as we continue to see more patients benefiting from treatment in both approved indications," stated Hervé Hoppenot, chief executive officer, Incyte. "We believe that our clinical portfolio is progressing well, with epacadostat moving rapidly into multiple pivotal programs and numerous other programs in or planned to enter potentially registration-enabling studies."
Debt comes down significantly
Incyte Corporation has recorded a decline in total debt over the last one year. It stood at $41.60 million as on Mar. 31, 2017, down 93.37 percent or $586.04 million from $627.64 million on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
