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Monday October 4, 9:48 am Eastern Time
Incyte sees full-year loss
PALO ALTO, Calif., Oct 4 (Reuters) - Incyte Pharmaceuticals Inc. said Monday it expects a net loss of $24 million
to $27 million for the full year 1999, on revenues of $154 million to $157 million.
The genomic technology company said it expects third-quarter revenues of $35.4 million, and expenses of $46 million
to $46.5 million.
Third quarter revenues will include $28.1 million in database revenues, $3.5 million in microarray revenues, and $2.2 million in reagent revenues.
''We are obviously disappointed with our expected results for the quarter, particularly with respect to database revenues and contract sequencing
revenues,'' said Roy Whitfield, chief executive officer, in a statement.
The company said sales cycles with new database agreements and renewal discussions with a partner have been longer than anticipated.
It said delays in finalizing two large government sequencing contracts caused revenues from those projects to slip to the fourth quarter.
''We nevertheless believe that we are poised for a much stronger fourth quarter, which should help to create momentum for the year 2000,'' Whitfield
said.
Incyte plans to release third-quarter results on Oct. 19.
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