$INCY
INCYTE CORP

2013 Q3 Form 10-Q Financial Statement

#000110465913058943 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2013 Q2 2012 Q2
Revenue $85.12M $101.7M $86.54M
YoY Change 40.72% 17.49% 414.79%
Cost Of Revenue $155.0K $157.0K $16.00K
YoY Change 400.0% 881.25%
Gross Profit $84.97M $101.5M $86.53M
YoY Change 40.53% 17.33%
Gross Profit Margin 99.82% 99.85% 99.98%
Selling, General & Admin $26.45M $23.25M $19.72M
YoY Change 28.88% 17.9% 65.71%
% of Gross Profit 31.13% 22.9% 22.79%
Research & Development $71.70M $60.95M $51.59M
YoY Change 43.18% 18.15% 12.15%
% of Gross Profit 84.39% 60.04% 59.62%
Depreciation & Amortization $4.600M $8.100M $7.400M
YoY Change -39.47% 9.46% 10.45%
% of Gross Profit 5.41% 7.98% 8.55%
Operating Expenses $98.15M $84.20M $71.31M
YoY Change 39.03% 18.08% 23.16%
Operating Profit -$13.18M $17.32M $15.22M
YoY Change 30.04% 13.8%
Interest Expense $7.699M $10.29M $11.43M
YoY Change -33.47% -9.95% -205.83%
% of Operating Profit 59.43% 75.1%
Other Income/Expense, Net -$1.500M -$9.800M
YoY Change
Pretax Income -$21.99M -$2.500M $4.104M
YoY Change 1.4% -160.92% -107.91%
Income Tax $49.00K $71.00K $67.00K
% Of Pretax Income 1.63%
Net Earnings -$22.00M -$2.600M $4.000M
YoY Change 1.38% -165.0% -107.71%
Net Earnings / Revenue -25.84% -2.56% 4.62%
Basic Earnings Per Share -$0.02 $0.03
Diluted Earnings Per Share -$141.8K -$0.02 $0.03
COMMON SHARES
Basic Shares Outstanding 153.1M shares 142.3M shares 129.2M shares
Diluted Shares Outstanding 142.3M shares 138.0M shares

Balance Sheet

Concept 2013 Q3 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.2M $277.5M $261.8M
YoY Change 19.54% 6.0% -28.1%
Cash & Equivalents $272.1M $258.2M $257.6M
Short-Term Investments $19.10M $19.30M $4.200M
Other Short-Term Assets $9.000M $8.300M $18.30M
YoY Change -51.09% -54.64% -27.95%
Inventory $359.0K $133.0K $200.0K
Prepaid Expenses
Receivables $33.20M $27.50M $13.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $333.7M $313.4M $294.2M
YoY Change 19.74% 6.53% -24.94%
LONG-TERM ASSETS
Property, Plant & Equipment $6.201M $6.236M $6.500M
YoY Change 0.52% -4.06% 18.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.90M $11.40M $4.100M
YoY Change 198.0% 178.05% -59.0%
Total Long-Term Assets $23.66M $20.85M $17.81M
YoY Change 32.85% 17.05% -28.17%
TOTAL ASSETS
Total Short-Term Assets $333.7M $313.4M $294.2M
Total Long-Term Assets $23.66M $20.85M $17.81M
Total Assets $357.4M $334.2M $312.0M
YoY Change 20.53% 7.13% -25.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.21M $13.47M $11.10M
YoY Change 42.68% 21.36% 26.14%
Accrued Expenses $41.74M $33.09M $43.00M
YoY Change 83.48% -23.05% 23.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $9.700M
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.5M $103.0M $139.7M
YoY Change -20.45% -26.32% 26.22%
LONG-TERM LIABILITIES
Long-Term Debt $187.1M $223.8M $318.6M
YoY Change -42.4% -29.76% 4.63%
Other Long-Term Liabilities $3.392M $3.433M $70.80M
YoY Change -93.73% -95.15% -48.58%
Total Long-Term Liabilities $3.392M $3.433M $389.4M
YoY Change -99.1% -99.12% -11.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.5M $103.0M $139.7M
Total Long-Term Liabilities $3.392M $3.433M $389.4M
Total Liabilities $328.6M $362.0M $529.2M
YoY Change -36.38% -31.59% -4.29%
SHAREHOLDERS EQUITY
Retained Earnings -$1.694B -$1.672B
YoY Change 1.29%
Common Stock $1.721B $1.642B
YoY Change 18.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.79M -$27.79M -$217.2M
YoY Change
Total Liabilities & Shareholders Equity $357.4M $334.2M $312.0M
YoY Change 20.53% 7.13% -25.13%

Cashflow Statement

Concept 2013 Q3 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$22.00M -$2.600M $4.000M
YoY Change 1.38% -165.0% -107.71%
Depreciation, Depletion And Amortization $4.600M $8.100M $7.400M
YoY Change -39.47% 9.46% 10.45%
Cash From Operating Activities -$11.90M $8.100M $8.700M
YoY Change -56.09% -6.9% -128.25%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$500.0K -$1.000M
YoY Change 100.0% -50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$15.10M $100.0K
YoY Change -300.0% -15200.0% -80.0%
Cash From Investing Activities -$1.000M -$15.70M -$900.0K
YoY Change 233.33% 1644.44% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.90M 0.000 17.90M
YoY Change 202.25% -100.0% 43.2%
NET CHANGE
Cash From Operating Activities -11.90M 8.100M 8.700M
Cash From Investing Activities -1.000M -15.70M -900.0K
Cash From Financing Activities 26.90M 0.000 17.90M
Net Change In Cash 14.00M -7.600M 25.70M
YoY Change -175.68% -129.57% -236.7%
FREE CASH FLOW
Cash From Operating Activities -$11.90M $8.100M $8.700M
Capital Expenditures -$800.0K -$500.0K -$1.000M
Free Cash Flow -$11.10M $8.600M $9.700M
YoY Change -58.43% -11.34% -132.55%

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b> <b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Organization and business</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Incyte Corporation (&#8220;Incyte,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or the &#8220;Company&#8221;) is a biopharmaceutical company focused on developing and commercializing proprietary small molecule drugs for oncology and inflammation. Our pipeline includes compounds in various stages, ranging from preclinical to late stage development, and a commercialized product, JAKAFI</font><font style="POSITION: relative; FONT-SIZE: 6.5pt; TOP: -3pt;" size="1">&#174;</font><font style="FONT-SIZE: 10pt;" size="2">&#160;(ruxolitinib).</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> </div>
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FacilityLeaseTerm
P15Y
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138315000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142284000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8745000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138315000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142284000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2013Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
19251000 USD
CY2013Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
27522000 USD
CY2013Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8261000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6236000 USD
CY2013Q2 incy Intangible And Other Assets Net
IntangibleAndOtherAssetsNet
3204000 USD
CY2013Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
13471000 USD
CY2013Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14327000 USD
CY2013Q2 us-gaap Interest Payable Current
InterestPayableCurrent
3044000 USD
CY2013Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
33087000 USD
CY2013Q2 incy Deferred Collaborative Agreements Revenue Current
DeferredCollaborativeAgreementsRevenueCurrent
39029000 USD
CY2013Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
214530000 USD
CY2013Q2 us-gaap Convertible Subordinated Debt Noncurrent
ConvertibleSubordinatedDebtNoncurrent
9287000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3433000 USD
CY2013Q2 incy Deferred Collaborative Agreements Revenue Noncurrent
DeferredCollaborativeAgreementsRevenueNoncurrent
31797000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
102388000 USD
CY2013Q2 us-gaap Contracts Revenue
ContractsRevenue
41737000 USD
us-gaap Contracts Revenue
ContractsRevenue
58474000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
181000 USD
CY2013Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
39000 USD
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
157000 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
308000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
60950000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
113713000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
45509000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23249000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
13222000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17319000 USD
CY2013Q2 us-gaap Investment Income Net
InvestmentIncomeNet
245000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
444000 USD
CY2013Q2 us-gaap Interest Expense
InterestExpense
10293000 USD
us-gaap Interest Expense
InterestExpense
22022000 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
71000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
113000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
115000 USD
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
115000 USD
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-6000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15787000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
19130000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-43429000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3476000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2790000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-490000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3775000 USD
incy Increase Decrease Deferred Revenue Collaborative Agreements
IncreaseDecreaseDeferredRevenueCollaborativeAgreements
-33479000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1447000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
-3000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
27557000 USD
CY2013Q2 incy Square Footage Of Laboratory And Office On Lease
SquareFootageOfLaboratoryAndOfficeOnLease
190000

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