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As Incyte Predicts Weaker Year, Stock Falls Sharply

NEW YORK, Sept. 4-Citing slowdowns in database subscriptions and licensing deals, Incyte Genomics today downgraded its financial outlook for the remainder of the fiscal year.

 

The company said today that it expects its net losses for the year to fall between $75 million to $98 million, considerably more than the $65 million to $85 million loss estimate that Incyte previously announced.

 

Incyte's revenue guidance for the fiscal year now falls between $100 million and $130 million, down from the $130 million to $150 million range.

 

Shares of the company were trading at $4.36 Wednesday morning, down more than 22 percent from yesterday's close of $5.63.

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