Incyte Corporation (INCY) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $36.88 million, or $ 0.19 a share in the quarter, against a net loss of $39.58 million, or $0.22 a share in the last year period.
Revenue during the quarter surged 43.63 percent to $269.47 million from $187.61 million in the previous year period. Gross margin for the quarter contracted 321 basis points over the previous year period to 92.50 percent. Operating margin for the quarter period stood at positive 8.27 percent as compared to a negative 0.05 percent for the previous year period.
Operating income for the quarter was $22.29 million, compared with an operating loss of $0.10 million in the previous year period.
“Incyte continues to deliver dynamic sales growth from Jakafi in the U.S. and now from Iclusig in Europe. With a potential additional future source of revenue from baricitinib, we are able to make significant investments in opportunities across our broad and diverse clinical portfolio,” stated Hervé Hoppenot, Incyte’s chief executive officer. “Our commercial footprint has expanded to include Europe in addition to the U.S., and as our portfolio matures, we are in an excellent position to build Incyte into a world-class biopharmaceutical organization.”
Debt moves up marginally
Incyte Corporation has witnessed an increase in total debt over the last one year. It stood at $643.43 million as on Sep. 30, 2016, up 3.13 percent or $19.50 million from $623.93 million on Sep. 30, 2015. Total debt was 41.67 percent of total assets as on Sep. 30, 2016, compared with 66.95 percent on Sep. 30, 2015. Debt to equity ratio was at 1.74 as on Sep. 30, 2016, down from 7.03 as on Sep. 30, 2015.
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