Incyte Corporation is an American biopharmaceutical company best known for its drug JAKAFI. The drug treats a bone marrow ailment and is now being studied to treat a COVID symptom known as a cytokine storm. Incyte Corporation as also collaborated with Novartis International for the commercialization of JAKAFI outside the US.
Q32020 Earnings Look Encouraging
Incyte Corporation reported its Q32020 earnings in November of 2020. Revenues were up significantly from $551 million in the same quarter the prior year to $620 million in Q32020. Both, product revenues and product royalties, were up year on year. However, higher research and development costs and unrealized losses on long-term investments pulled net income down from $0.59 per share on a diluted basis in Q32019 to a loss of $0.07 per share.
Incyte Corporation CEO Herve Hoppenot said, “Incyte has deep expertise in immunology within our drug discovery team, and we have leveraged our cross-program knowledge of the JAK-STATpathway to develop innovative medicines to treat autoimmune disorders. We are now developing science-based therapeutics for the medical dermatology community and have multiple first-in-class candidates that we believe can deliver important benefits to patients.”
The year 2020 was a difficult one for most businesses. However, pharmaceutical companies enjoyed a bull run as demand for their products remained strong. There may be a possibility that the pharmaceutical sector will continue to perform in the near to medium term. Therefore, if you are an investor who is considering making investments in pharmaceutical stocks, then Incyte Corporation is certainly an option to consider. You may also want to look at larger names like Pfizer and AbbVie.
Incyte Corporation’s stock closed at $86 on 4th January 2021, up about 4% for the preceding 30 days. The stock has gained close to 12% over the year 2020. Pfizer’s stock closed at $36 on 4th January 2021, down a significant 11% in the preceding 30 days. However, Pfizer is flat on a year-to-date basis. AbbVie’s stock closed at $105 on 4th January 2021, almost flat for the preceding 30 days. However, the stock is up 17% over the year 2020.