Incyte Corporation has released its first-quarter earnings, showing a significant increase from the previous year, although it fell short of Wall Street's expectations.
The company's net income reached $169.548 million, equivalent to $0.75 per share. In contrast, last year's first quarter saw a total income of $21.703 million, or $0.10 per share.
After adjustments for certain items, the corporation reported a profit of $145.269 million, or $0.64 per share for this quarter. According to data gathered by Thomson Reuters, analysts had predicted the company would secure earnings of $0.84 per share. These forecasts usually don't consider exceptional items.
Revenue for the quarter rose by 8.9%, reaching $880.889 million, a significant increase from $808.673 million during the same period last year.
To summarise, the first quarter earnings of Incyte Corporation on a GAAP basis are as follows:
Earnings: $169.548 million, up from $21.703 million last year. Earnings per share: $0.75, up from $0.10 last year. Revenue: $880.889 million, up from $808.673 million last year.