2013 Q4 Form 10-Q Financial Statement
#000110465913079662 Filed on October 31, 2013
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% |
Facts In Submission
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|
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EarningsPerShareBasicAndDiluted
|
-0.14 | |
us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.28 | ||
CY2013Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
155067 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
143899 | shares | |
CY2013Q3 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
8184000 | USD |
us-gaap |
Royalty Revenue
RoyaltyRevenue
|
19893000 | USD | |
CY2013Q3 | us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
1491000 | USD |
us-gaap |
Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
|
11262000 | USD | |
CY2012Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
429000 | USD |
us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
507000 | USD | |
CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
15000 | USD |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
130000 | USD | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
507000 | USD | |
CY2013Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-22022000 | USD |
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-40146000 | USD | |
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-62592000 | USD | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
22214000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
140000 | USD | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
29426000 | USD | |
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
10125000 | USD | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-8370000 | USD | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
1672000 | USD | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-2175000 | USD | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-3220000 | USD | |
us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-2332000 | USD | |
incy |
Increase Decrease Deferred Revenue Collaborative Agreements
IncreaseDecreaseDeferredRevenueCollaborativeAgreements
|
-50209000 | USD | |
us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1909000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-72822000 | USD | |
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
15024000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
20869000 | USD | |
us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
421000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-1488000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-17463000 | USD | |
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
40229000 | USD | |
us-gaap |
Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
|
11262000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
40229000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
44659000 | USD | |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
48065000 | USD | |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-34081000 | USD | |
CY2013Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
272122000 | USD |
CY2011Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
273164000 | USD |
CY2012Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
239083000 | USD |
us-gaap |
Interest Paid
InterestPaid
|
9500000 | USD | |
us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1000 | USD | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<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">             </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;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Incyte Corporation (“Incyte,” “we,” “us,” “our” or the “Company”) 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">®</font><font style="FONT-SIZE: 10pt;" size="2"> (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 |