Here's Why Incyte Corporation Jumped 13.0% in October
Shares of Incyte (NASDAQ: INCY) leapt 13% last month, according to data provided by S&P Global Market Intelligence. The pharmaceutical company reported strong third-quarter 2019 operating results powered by sales of Jakafi, a drug used to treat a rare type of bone marrow cancer called myelofibrosis. As a result, the company increased full-year 2019 revenue guidance for the drug to a new range of $1.65 billion to $1.68 billion. That's up from a previous expectation for at least $1.61 billion in annual product revenue.
More important, a 21% year-over-year increase in Jakafi revenue through the first nine months of 2019 allowed the business to generate an operating profit of $307 million in that span. That should solidify the idea that Incyte can comfortably fund ongoing research and development (R&D) from operations alone, although investors will still be closely monitoring major pipeline programs to determine the trajectory of the pharma stock.
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Source Fool.com
