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Wednesday April 8, 4:00 pm Eastern Time
Company Press Release
SOURCE: Incyte Pharmaceuticals Inc.
Incyte Reports First Quarter Results of $0.16 Per
Share Excluding Acquisition Related Charges
PALO ALTO, Calif., April 8 /PRNewswire/ -- Incyte Pharmaceuticals, Inc. (Nasdaq: INCY
- news) today announced that, excluding a charge of $1.1 million after tax, related to the
acquisition of Synteni, Inc., Incyte's net income was $4.6 million or $0.16 per share for
the quarter ended March 31, 1998. Reported results including the charge were net
income of $3.6 million or $0.12 per share for the quarter ended March 31, 1998,
compared to $0.5 million or $0.02 per share for the same period in 1997. The financial
statements for prior periods have been restated to reflect the acquisition of Synteni,
which was accounted for as a pooling of interests.
Revenues for the quarter ended March 31, 1998 increased 69% to $30.4 million from
$18.0 million for the same period in 1997. The increase in revenues can be primarily
attributed to new, as well as expanded, collaborative database agreements. Operating
expenses increased to $27.5 million, or $26.3 million excluding the acquisition charge,
for the quarter ended March 31, 1998, compared to $18.0 million for the same period in
1997. The increase in operating expenses was driven by growth in bioinformatics,
microarray production and technology development, and investment in the growth of
Incyte's intellectual property portfolio.
Incyte also announced today that it has extended and expanded its database
collaboration agreement with Novo Nordisk which was originally signed in August 1995
and scheduled to expire in August 1998. The new agreement includes access to the
LifeSeq FL(R) database of full-length genes as well as continued access to the
LifeSeq(R) gene sequence and expression database. Previously in the quarter, Incyte
announced it entered into an extended and expanded agreement with Pfizer. Thus,
Incyte's first four database collaborators have renewed their original agreements. In
addition, Incyte has entered into expanded agreements with Abbott, Johnson &
Johnson, Monsanto, and Novartis. Subsequent to the quarter, Incyte entered into an
agreement with Bayer Corporation to implement Incyte's LifeTools(TM) bioinformatics
software at Bayer's research facilities.
In January 1998, Incyte completed the acquisition of Synteni, Inc., a privately held gene
expression microarray company based in Fremont, California. Synteni provides
non-exclusive microarray services to the pharmaceutical, biotechnology and agricultural
industries. Incyte has initiated plans to use this technology to create microarrays
containing proprietary sequence-verified clones from Incyte's genomic databases. In
addition, Incyte entered into a collaboration with Oxford GlycoSciences to develop and
commercialize proteomics databases.
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's platform includes database products, genomic data management software
tools, and related reagents and services which Incyte provides to the pharmaceutical
and biotechnology industries to assist their drug discovery and development efforts.
Incyte employs over 650 people located at its headquarters in Palo Alto, California, and
operations in Fremont, California, St. Louis, Missouri and Cambridge, UK. 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, 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. For a discussion of factors that may cause results to differ,
see Incyte's SEC reports, including its Annual Report on Form 10-K for the year ended
December 31, 1997. These forward-looking statements speak only as of the date
hereof. Incyte disclaims any intent or obligation to update these forward-looking
statements.
INCYTE PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
March 31,
1998 1997(A)
(unaudited)
Revenue $30,379 $17,998
Costs and expenses:
Research and development 21,699 15,133
Selling, general and administrative 4,600 2,853
Acquisition-related charges 1,171 --
Total costs and expenses 27,470 17,986
Income from operations 2,909 12
Interest income and other expense, net 1,877 497
Losses from joint venture (640) --
Provision for income taxes (580) (52)
Net income $3,566 $457
Basic net income per share $0.13 $0.02
Diluted net income per share $0.12 $0.02
Shares used in computation of:
Basic net income per share 26,470 22,995
Diluted net income per share 28,916 25,247
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
1998 1997(A)
Assets (unaudited)
Cash, cash equivalents and
marketable securities $132,439 $113,373
Restricted cash 6,000 6,000
Other current assets 13,751 23,995
Total current assets 152,190 143,368
Property and equipment, net 43,369 37,817
Long-term investments 19,240 14,800
Other assets 4,298 3,286
Total assets $219,097 $199,271
Liabilities and
Stockholders' Equity
Current liabilities $66,740 $52,177
Noncurrent portion of lease
obligations and notes payable 1,008 1,112
Stockholders' equity 151,349 145,982
Total liabilities and
stockholders' equity $219,097 $199,271
(A) Restated to reflect the acquisition of Synteni, Inc., which was accounted for as a
pooling of interests.
SOURCE: Incyte Pharmaceuticals Inc.
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