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Incyte Declines on Fourth-Quarter Earnings: Wilmington Mover

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Feb. 15 (Bloomberg) -- 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.

To contact the reporter on this story: Sophia Pearson in Wilmington, Delaware at spearson3@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

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