7:05AM Incyte misses by $0.05, beats on revs (INCY) 11.06 : Reports Q4 (Dec) loss of $0.41 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of ($0.36); revenues of $6.9 mln vs the $2.5 mln consensus. Co expects 2010 revenues of $66-$68 million, including $66 million of amortization of deferred revenue related to the Company's collaborations with Novartis and Lilly, but excluding any potential milestones received from collaborations (consensus is for revs of $38.7 mln)The Company expects cash use in 2010 to range from $165 million to $175 million, not including any potential milestones from its collaborative partners. This increase as compared to 2009 is primarily a result of the Company's increased investments in its clinical pipeline, particularly INCB18424 in MF and two of the other myeloproliferative neoplasms, PV and ET, pre product launch manufacturing and marketing costs for INCB18424 and the Phase II development of INCB28050 for rheumatoid arthritis. This cash use guidance also includes approximately $7 million for net lease related costs for the Company's closed California facilities. Excluded from this guidance are $19 million of cash escrowed for interest payments on the Company's 4.75% Convertible Senior Notes and any amounts used to redeem its 3 1/2% Convertible Senior and Subordinated Notes. On January 28, 2010, Incyte announced that it will redeem all of the outstanding 3 1/2% Convertible Senior and Subordinated Notes on February 22, 2010. The Company will use approximately $175.6 million in cash to redeem these Notes, assuming none of these Notes are converted.
surf's up......crikey
