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Incyte books Q2 loss despite increase in revenues

Incyte Corp. reported a second-quarter net loss of $12.5 million, or 6 cents per share, as opposed to a profit of $34.4 million, or 18 cents per share, in the same quarter of 2016.

The company booked a loss despite seeing its revenues jump 33% year over year to $326.4 million during the quarter. The company's sales were driven by Jakafi, a treatment for certain bone marrow disorders.

Incyte's second-quarter research and development expense went up to $201.8 million from $120.3 million given the expansion of the company's clinical portfolio as well as upfront and milestone payments made to Agenus, Calithera and Merus as part of a collaboration and license agreements with the companies.