Exhibit 99.1
On January 26, 2000, Incyte Pharmaceuticals, Inc. (the "Company") reported
revenues of $46.0 million for the quarter ended December 31, 1999, compared to
$36.6 million for the quarter ended December 31, 1998. Revenues were $157.0
million for the year ended December 31, 1999, compared to $134.8 million for the
same period in 1998.
The Company reported a net loss of $6.4 million, or $0.22 per diluted share, for
the quarter ended December 31, 1999, compared to a net income of $1.5 million,
or $0.05 per diluted share, for the quarter ended December 31, 1998. For the
year ended December 31, 1999, the Company reported a net loss of $26.8 million,
or $0.95 per diluted share, compared to net income of $3.5 million, or $0.12 per
diluted share, for the same period in 1998.
For the quarter ended December 31, 1999, database and partnership program
revenues were $36.0 million. Microarray service revenues were $3.3 million,
reagent revenues generated by the Company's genomic services subsidiary were
$2.7 million, and other revenues were $4.0 million.
Operating expenses were $53.0 million for the quarter ended December 31, 1999,
compared to $35.9 million for the same period in 1998. For the year ended
December 31, 1999, operating expenses were $184.1 million compared to $134.8
million for the same period in 1998.
INCYTE PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Unaudited
Three months ended Twelve months ended
December 31, December 31,
1999 1998 1999 1998*
Revenue $46,024 $36,647 $156,962 $134,811
Costs and expenses:
Research and development 42,593 27,611 146,833 97,192
Selling, general
and administrative 10,370 8,242 37,235 25,438
Charge for purchase
of in-process R&D -- -- -- 10,978
Acquisition-related charges -- -- -- 1,171
Total costs and expenses 52,963 35,853 184,068 134,779
Income (loss)
from operations (6,939) 794 (27,106) 32
Interest income
and other income, net 918 1,766 5,169 7,266
Losses from
joint venture (1,184) (834) (5,631) (1,474)
Provision (benefit)
for income taxes (800) 241 (800) 2,352
Net income (loss) $(6,405) $1,485 $(26,768) $3,472
Basic net income
(loss) per share $(0.22) $0.05 $(0.95) $0.13
Diluted net income
(loss) per share $(0.22) $0.05 $(0.95) $0.12
Shares used in
computation of:
Basic net income
(loss) per share 28,520 27,782 28,138 26,921
Diluted net income
(loss) per share 28,520 29,338 28,138 28,899
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
1999 1998*
Assets
Cash and cash equivalents $32,220 $50,048
Marketable securities,
available-for-sale 34,717 61,185
Accounts receivable, net 26,608 14,318
Prepaid expenses and
other current assets 15,956 5,813
Total current assets 109,501 131,364
Property and equipment, net 67,293 54,429
Long-term investments 19,275 20,653
Goodwill and other intangible assets 14,564 16,955
Deposits and other assets 11,301 6,889
Total assets $221,934 $230,290
Liabilities and stockholders' equity
Accounts payable $6,501 $8,244
Accrued and other
current liabilities 18,498 12,629
Deferred revenue 26,459 29,054
Total current liabilities 51,458 49,927
Non-current liabilities 194 796
Total liabilities 51,652 50,723
Total stockholders' equity 170,282 179,567
Total liabilities and
stockholders' equity $221,934 $230,290
*Derived from audited financial statements.