NVS - Incyte Reports a Q1 Loss Due to MorphoSys Deal
Incyte (NASDAQ: INCY) delivered its first-quarter results before the market opened on Tuesday, reporting revenue up 14% year over year to $569 million, which topped the analysts' average estimate of $556 million. But the biotech recorded a GAAP net loss of $720.6 million, or $3.33 per share, and an adjusted net loss of $618.9 million, or $2.86 per share. The consensus Wall Street forecast had been for earnings of $0.61 per share.
Incyte's revenue growth was fueled largely by Jakafi, which generated sales of $459.5 million, a 22% year-over-year jump. The biotech also made $56.3 million in royalties from Novartis' (NYSE: NVS) international sales of the drug under the name Jakavi.
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