Incyte Corp., the Delaware-based company that won U.S. approval to sell the first treatment for patients with a rare bone-marrow disease, fell the most in four months after fourth-quarter earnings missed estimates.
The drugmaker dropped 5.5 percent to $17.26 at 4:30 p.m. New York time in the biggest single-day decline since Oct. 13.
Incyte reported a fourth-quarter net loss of $55.1 million, or 44 cents per share, compared to net income of $32.5 million, or 24 cents, a year earlier, when the results were boosted by $69 million in milestone payments, Incyte said. Revenue fell 66 percent to $28.9 million. The median estimate of analysts was for a loss of 42 cents a share and revenue of $25.6 million, according to data compiled by Bloomberg.
In November, Incyte won approval for the drug for the bone-marrow disorder myelofibrosis. The medicine, Jakafi, was approved after clinical trials showed it was more effective than a placebo or the best available therapy in easing symptoms of the disease, the U.S. Food and Drug Administration said.
Myelofibrosis causes scar tissue to replace bone marrow, leading to blood-cell production, and subsequent swelling, in organs such as the liver and the spleen, according to the National Institutes of Health in Bethesda, Maryland.