Incyte beats Q3 revenue estimates
Incyte Corp. (Nasdaq: INCY) shares are slightly up after the drug developer reported third-quarter revenue of $6.7 million, above analyst estimates of $6.4 million and compared with $7.3 million a year earlier.
“We made significant progress during the third quarter and have now demonstrated clinical proof-of-concept in four of our wholly owned, internally developed programs,” CEO Paul A. Friedman said in a statement. “Over the next six to twelve months, we have the potential to further strengthen the pipeline as we progress multiple compounds into Phase IIb trials and generate additional proof-of-concept data from compounds already in clinical development as well as from several new programs.”
The Wilmington, Del.-based company’s quarterly net loss widened to $24.5 million, or $0.29 per share, worse than Wall Street projections of losing $0.27 per share and compared with a net loss of $15.8 million, or $0.19 per share, during the same period of 2006.
In pre-market trading, INCY shares are up 2.08%, or $0.18, at $8.84. Over the last 52 weeks, shares have ranged from $4.50 to $8.91.
