In a research report published earlier today by Collins Stewart, Incyte Corporation's INCY 4Q11 total revenue of $28.9M was above consensus of $25.7M and CSe of $26.8M.
Collins Stewart attributed much of the success to Jakafi: “Gross Jakafi revenue shipped to patients (INCY uses the sell-through method for revenue recognition) was $2.3M ($0.3M in gross-to-net adjustments) while gross revenue from Jakafi sent to specialty pharmacies was $4.9M (resulting in $2.6M in gross deferred revenue and $2.3M net). INCY also provided FY12 financial guidance, expecting amortization revenue of $67M (excludes Jakafi revenue and potential milestones), R&D expense of $215M-$225M (includes $25M-$28M in stock-based comp), SG&A expense of $82M-$88M (including stock-based comp of $13M-$15M) and interest expense of ~$46M (includes non-cash expense of ~$27M related to amortization of the 4.75% Convertible Note). We expect INCY shares to trade higher on today's Jakafi sales numbers and a positive launch outlook.”
Collins Stewart reiterates its Buy rating and $22 PT on Incyte, which closed yesterday at $18.27.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in