OUCH:
Monday October 4, 8:31 am Eastern Time
Company Press Release
SOURCE: Incyte Pharmaceuticals, Inc.
Incyte Announces Preliminary Third Quarter Results
PALO ALTO, Calif., Oct. 4 /PRNewswire/ -- Incyte Pharmaceuticals, Inc. (Nasdaq: INCY - news) announced today that it expects revenues for the
third quarter ended September 30, 1999, to be approximately $35.4 million. This includes approximately $28.1 million in database revenues, $3.5 million in
microarray revenues, and $2.2 million in reagent revenues. Incyte expects total net expenses to be in the range of approximately $46.0 million to $46.5
million for the quarter. Incyte plans to release actual third quarter results on October 19, 1999.
''We are obviously disappointed with our expected results for the quarter, particularly with respect to database revenues and contract sequencing
revenues,'' said Roy A. Whitfield, Chief Executive Officer of Incyte. ''We have experienced longer than anticipated sales cycles with new database
agreements and in renewal discussions with one partner, which caused database revenues to fall below our expectations. In addition, delays in finalizing
two large government contract 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.''
Based on anticipated results for the first three quarters of 1999, Incyte expects 1999 revenues in the range of approximately $154 million to $157 million
and a net loss in the range of approximately $24 million to $27 million.
Incyte Pharmaceuticals, Inc. is a leading provider of an integrated platform of genomic technologies designed to aid in the understanding of the molecular
basis of disease. Incyte develops and markets genomic databases, genomic data management software, microarray-based gene expression services,
related reagents and services. These products and services assist pharmaceutical and biotechnology researchers with all phases of drug discovery and
development including gene discovery, understanding disease pathways, identifying new disease targets and the discovery and correlation of gene
sequence variation to disease. For more information, visit Incyte's web site at www.incyte.com.
Except for the historical information contained herein, the matters set forth in this press release, including statements as to anticipated financial results for
the third quarter of 1999 and for all of 1999 and the anticipated strength of the fourth quarter of 1999, are forward-looking statements within the meaning
of the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially; including the extent to which customers and potential customers utilize the Company's
microarray products and services, the ability of the Company to retain customers and obtain new customers, the timing of any new or renewed customer
contracts; and other risks detailed from time to time in Incyte's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended June 30,
1999. Incyte disclaims any intent or obligation to update these forward-looking statements.
SOURCE: Incyte Pharmaceuticals, Inc.
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