2013 Q4 Form 10-Q Financial Statement

#000110465913079662 Filed on October 31, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $97.07M $85.12M $113.8M
YoY Change -14.73% 40.72% 294.08%
Cost Of Revenue $200.0K $155.0K $100.0K
YoY Change 100.0% 400.0%
Gross Profit $96.90M $84.97M $113.7M
YoY Change -14.78% 40.53%
Gross Profit Margin 99.82% 99.82% 99.87%
Selling, General & Admin $38.00M $26.45M $23.70M
YoY Change 60.34% 28.88% 11.79%
% of Gross Profit 39.22% 31.13% 20.84%
Research & Development $75.00M $71.70M $59.80M
YoY Change 25.42% 43.18% 15.22%
% of Gross Profit 77.4% 84.39% 52.59%
Depreciation & Amortization $8.800M $4.600M $7.800M
YoY Change 12.82% -39.47% 9.86%
% of Gross Profit 9.08% 5.41% 6.86%
Operating Expenses $113.0M $98.15M $83.50M
YoY Change 35.33% 39.03% 14.38%
Operating Profit -$16.10M -$13.18M $30.20M
YoY Change -153.31% 30.04%
Interest Expense -$8.400M $7.699M -$11.40M
YoY Change -26.32% -33.47% 4.59%
% of Operating Profit -37.75%
Other Income/Expense, Net -$200.0K -$1.500M
YoY Change
Pretax Income -$42.70M -$21.99M $18.90M
YoY Change -325.93% 1.4% -134.3%
Income Tax $100.0K $49.00K $100.0K
% Of Pretax Income 0.53%
Net Earnings -$42.90M -$22.00M $18.80M
YoY Change -328.19% 1.38% -134.12%
Net Earnings / Revenue -44.19% -25.84% 16.51%
Basic Earnings Per Share $0.14
Diluted Earnings Per Share -$265.0K -$141.8K $0.14
COMMON SHARES
Basic Shares Outstanding 161.1M shares 153.1M shares 131.7M shares
Diluted Shares Outstanding 139.1M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $509.0M $291.2M $228.4M
YoY Change 122.85% 19.54% -17.72%
Cash & Equivalents $471.4M $272.1M $224.1M
Short-Term Investments $37.60M $19.10M $4.400M
Other Short-Term Assets $11.00M $9.000M $9.900M
YoY Change 11.11% -51.09% -63.06%
Inventory $406.0K $359.0K $278.0K
Prepaid Expenses
Receivables $35.40M $33.20M $71.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $555.8M $333.7M $309.5M
YoY Change 79.57% 19.74% -0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $26.85M $6.201M $6.348M
YoY Change 322.94% 0.52% -1.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.40M $14.90M $8.500M
YoY Change 245.88% 198.0% 142.86%
Total Long-Term Assets $73.77M $23.66M $20.91M
YoY Change 252.88% 32.85% 14.96%
TOTAL ASSETS
Total Short-Term Assets $555.8M $333.7M $309.5M
Total Long-Term Assets $73.77M $23.66M $20.91M
Total Assets $629.6M $357.4M $330.4M
YoY Change 90.54% 20.53% 0.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.10M $18.21M $13.96M
YoY Change 36.82% 42.68% -6.55%
Accrued Expenses $46.06M $41.74M $28.39M
YoY Change 62.28% 83.48% 14.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $108.0M $109.5M $136.1M
YoY Change -20.6% -20.45% 0.34%
LONG-TERM LIABILITIES
Long-Term Debt $681.5M $187.1M $331.1M
YoY Change 105.83% -42.4% 4.71%
Other Long-Term Liabilities $26.80M $3.392M $38.20M
YoY Change -29.84% -93.73% -63.37%
Total Long-Term Liabilities $26.80M $3.392M $369.3M
YoY Change -92.74% -99.1% -12.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $108.0M $109.5M $136.1M
Total Long-Term Liabilities $26.80M $3.392M $369.3M
Total Liabilities $822.7M $328.6M $505.4M
YoY Change 62.78% -36.38% -9.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.737B -$1.694B -$1.654B
YoY Change 5.03% 1.29% 2.75%
Common Stock $1.542B $1.721B $1.477B
YoY Change 4.39% 18.64% 6.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$193.1M $28.79M -$175.0M
YoY Change
Total Liabilities & Shareholders Equity $629.6M $357.4M $330.4M
YoY Change 90.54% 20.53% 0.44%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$42.90M -$22.00M $18.80M
YoY Change -328.19% 1.38% -134.12%
Depreciation, Depletion And Amortization $8.800M $4.600M $7.800M
YoY Change 12.82% -39.47% 9.86%
Cash From Operating Activities -$11.70M -$11.90M -$22.00M
YoY Change -46.82% -56.09% -44.72%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M -$800.0K -$900.0K
YoY Change 133.33% 100.0% -10.0%
Acquisitions
YoY Change
Other Investing Activities -$17.90M -$200.0K $500.0K
YoY Change -3680.0% -300.0% -600.0%
Cash From Investing Activities -$19.90M -$1.000M -$500.0K
YoY Change 3880.0% 233.33% -54.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 230.9M 26.90M 7.500M
YoY Change 2978.67% 202.25% 316.67%
NET CHANGE
Cash From Operating Activities -11.70M -11.90M -22.00M
Cash From Investing Activities -19.90M -1.000M -500.0K
Cash From Financing Activities 230.9M 26.90M 7.500M
Net Change In Cash 199.3M 14.00M -15.00M
YoY Change -1428.67% -175.68% -61.64%
FREE CASH FLOW
Cash From Operating Activities -$11.70M -$11.90M -$22.00M
Capital Expenditures -$2.100M -$800.0K -$900.0K
Free Cash Flow -$9.600M -$11.10M -$21.10M
YoY Change -54.5% -58.43% -45.62%

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us-gaap Nature Of Operations
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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> </div>
CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
429000 USD
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-21281000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
162000 USD
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
15000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
130000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20355000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
28577000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-37754000 USD
CY2013Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
19052000 USD
CY2013Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
33197000 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9013000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6201000 USD
CY2013Q3 incy Intangible And Other Assets Net
IntangibleAndOtherAssetsNet
2508000 USD
CY2013Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
18212000 USD
CY2013Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17957000 USD
CY2013Q3 us-gaap Interest Payable Current
InterestPayableCurrent
6087000 USD
CY2013Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
41739000 USD
CY2013Q3 incy Deferred Collaborative Agreements Revenue Current
DeferredCollaborativeAgreementsRevenueCurrent
25503000 USD
CY2013Q3 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
187136000 USD
CY2013Q3 incy Deferred Collaborative Agreements Revenue Noncurrent
DeferredCollaborativeAgreementsRevenueNoncurrent
28583000 USD
CY2013Q3 us-gaap Common Stock Value
CommonStockValue
161000 USD
CY2013Q3 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
1720788000 USD
CY2013Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
2008000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1694166000 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
60201000 USD
CY2013Q3 us-gaap Contracts Revenue
ContractsRevenue
16737000 USD
CY2013Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1000 USD
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
155000 USD
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
71704000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26447000 USD
CY2013Q3 us-gaap Investment Income Net
InvestmentIncomeNet
385000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
7699000 USD
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
162589000 USD
us-gaap Contracts Revenue
ContractsRevenue
75211000 USD
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
182000 USD
us-gaap Cost Of Goods Sold
CostOfGoodsSold
463000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
185417000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
829000 USD
us-gaap Interest Expense
InterestExpense
29720000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2644000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6554000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4251000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
13075000 USD
incy Increase Decrease Deferred Revenue Collaborative Agreements
IncreaseDecreaseDeferredRevenueCollaborativeAgreements
-50219000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2236000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
-203000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
55921000 USD
us-gaap Interest Paid
InterestPaid
9500000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
80000000 USD
incy Improvements Cost Payable
ImprovementsCostPayable
10000000 USD
incy Letter Of Credit For Issued For Lease Facility
LetterOfCreditForIssuedForLeaseFacility
15000000 USD

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