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NEWSBRIEF: Incyte Genomics Posts Shrunken Q1 Revenue, Widened Loss

NEW YORK, May. 1 - Incyte Genomics today posted a wider first-quarter loss and blamed falling subscription and licensing revenue.

Revenue fell to $29 million from $51 million after the firm discontinued its custom genomic product lines last October, the company said.

 

R&D spending in the quarter ended March 31 fell to $33.6 million from almost $53 million one year ago, though net loss managed to inch higher to $13.4 million, or $.20 per diluted share, compared to $10.3 million, or $.16 a share, year over year.

 

Incyte said it had just under $100 million in cash and cash equivalents as of March 31.

 

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