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Incyte Q1 Results Miss Estimates

Incyte Corp. (INCY) on Tuesday reported a net income of $37.99 million or $0.17 per share for the first quarter, down from $53.54 million or $0.24 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $0.55 per share, compared to $0.67 per share in the year-ago quarter.

Total revenues for the quarter rose to $733.24 million from $604.72 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share on revenues of $749.98 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, Incyte now projects Jakafi net product revenue in a range of $2.33 billion to $2.40 billion. Other Hematology/Oncology net product revenues are projected between $210 million and $240 million.

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