Incyte reports fourth quarter earnings

Incyte Corp. on Thursday reported fourth-quarter net income of $69.1 million, after reporting a loss in the same period a year earlier.

The Wilmington-based company said it had profit of 32 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 40 cents per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The specialty drugmaker posted revenue of $528.4 million in the period. Its adjusted revenue was $468.4 million, beating Street forecasts. Six analysts surveyed by Zacks expected $466.2 million.

For the year, the company reported net income of $109.5 million, or 51 cents per share, swinging to a profit in the period. Revenue was reported as $1.7 billion.

Incyte shares have climbed 27 percent since the beginning of the year. The stock has declined nearly 8 percent in the last 12 months.

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