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Incyte Posts 25 Percent Jump in Q1 Revenues; Net Losses Beat Expectations

NEW YORK, April 25 - Incyte Genomics earned revenues of $51 million for the first quarter of 2001, up 25 percent from the same period a year ago, the company reported Wednesday.

The increase in revenue represents the fourth consecutive quarter of greater than 20 percent quarter-on-quarter growth for the company. The growth, Incyte said, represents 24 percent growth in the company's database and partnership business, and 31 percent growth in its custom genomics business, compared to the first quarter of 2000. 

The company's operating losses increased $6 million from the year-ago quarter to $21.4 million.

Research and development expenses for the first quarter of 2001 also rose comparably, by 30 percent to $53 million, as the company continued adding to its databases and building its discovery program.

The company's selling, general, and administrative expenses increased to $16.6 million from $14.8 million in the comparable quarter a year ago, reflecting an expansion of marketing and sales activity.

The company posted wider first quarter net losses, but nevertheless managed to beat Wall Street expectations.

For the first quarter, net losses totaled $10.3 million, or 16 cents per diluted share, including extraordinary gains, compared with $8.2 million, or 13 cents per diluted share, in the year ago period. Excluding the gains from the repurchase of the company's convertible subordinated notes and an accounting change, the company's net loss for the quarter totaled $14.4 million, or 22 cents per diluted share.

Wall Street had expected Incyte to post net losses of 28 cents a share, according to a poll conducted by First Call/Thomson Financial.

"The first quarter was a solid beginning of the year for Incyte," John Vuko, Incyte's chief financial officer, said in a statement. "We are pleased with the strength of our revenues, and that both our top and bottom lines as well as our cash flow were better than we anticipated."

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