Incyte Corporation (INCY)

[surf1944]

7:07AM Incyte beats by $0.11, beats on revs (INCY) 18.26 : Reports Q1 (Mar) loss of $0.21 per share, $0.11 better than the Thomson Reuters consensus of ($0.32); revenues rose 85.0% year/year to $32 mln vs the $19.5 mln consensus. Research and development expenses for the quarter ended March 31, 2011 were $36.3 mln, as compared to $31.4 mln for the same period in 2010. As of March 31, 2011, cash, cash equivalents and marketable securities totaled $383.6 mln compared to $424.2 mln as of December 31, 2010. These amounts exclude $15.0 mln to be received from Novartis for the INCB28060 milestone earned and $37.9 mln of restricted cash held in an escrow account reserved for interest payments through October 2012 on the 4.75% Convertible Senior Notes due 2015.