Item 5. Market for Registrant’s Common Equity
Item 5 . Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock, $.001 par value per share, is traded on The Nasdaq Global Select Market under the symbol “INCY.” As of December 31, 2020, our common stock was held by 122 stockholders of record. We have never declared or paid dividends on our capital stock and do not anticipate paying any dividends in the foreseeable future.
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Item 6. Selected Financial Data
Selected Consolidated Financial Data
(in thousands, except per share data)
The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 and the Consolidated Financial Statements and related Notes included in Item 8 of this Report.
Year Ended December 31,
2020
2019
2018
2017
2016
Consolidated Statements of Operations Data:
Revenues:
Product revenues, net (1)
$
2,068,736
$
1,774,922
$
1,466,900
$
1,200,312
$
882,404
Product royalty revenues (2)
392,966
306,337
234,780
160,791
110,711
Milestone and contract revenues (3)
205,000
77,500
180,000
175,000
112,512
Other revenues
—
—
203
113
92
Total revenues
2,666,702
2,158,759
1,881,883
1,536,216
1,105,719
Costs and expenses:
Cost of product revenues (including definite-lived intangible amortization)
131,328
114,249
94,123
79,479
58,187
Research and development (4)
2,215,942
1,154,111
1,197,957
1,326,134
581,861
Selling, general and administrative (4)
516,922
468,711
434,407
366,286
303,251
Change in fair value of acquisition-related contingent consideration
23,385
19,682
26,173
7,704
17,422
Collaboration loss sharing
42,801
—
—
—
—
Total costs and expenses
2,930,378
1,756,753
1,752,660
1,779,603
960,721
Income (loss) from operations
(263,676)
402,006
129,223
(243,387)
144,998
Other income (expense), net (4)
23,206
52,182
31,760
17,153
4,412
Interest expense
(2,174)
(1,855)
(1,543)
(6,900)
(38,745)
Unrealized gain (loss) on long term investment
10,426
34,458
(44,093)
(24,275)
(3,261)
Expense related to senior note conversions
—
—
—
(54,881)
—
Income (loss) before provision for income taxes
(232,218)
486,791
115,347
(312,290)
107,404
Provision for income taxes
63,479
39,885
5,854
852
3,182
Net income (loss)
$
(295,697)
$
446,906
$
109,493
$
(313,142)
$
104,222
Net income (loss) per share:
Basic
$
(1.36)
$
2.08
$
0.52
$
(1.53)
$
0.55
Diluted
$
(1.36)
$
2.05
$
0.51
$
(1.53)
$
0.54
Shares used in computing net income (loss) per share:
Basic
218,073
214,913
212,383
204,580
187,873
Diluted
218,073
217,657
215,635
204,580
194,125
(1) 2020 product revenues, net, include our product sales of JAKAFI, ICLUSIG and PEMAZYRE. 2019, 2018, 2017 and 2016 product revenues, net, relate to our product sales of JAKAFI and ICLUSIG from the date of acquisition on June 1, 2016.
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(2) 2020 product royalty revenues relate to Novartis net sales of TABRECTA worldwide, Novartis net sales of JAKAVI outside of the United States and Lilly net sales of OLUMIANT outside of the United States. 2019, 2018 and 2017 product royalty revenues relate to Novartis net sales of JAKAVI outside of the United States and Lilly net sales of OLUMIANT outside of the United States. 2016 product royalty revenues relate to Novartis net sales of JAKAVI outside the United States.
(3) 2020 milestone and contract revenues relate to our collaborative research and license agreements with Novartis, Lilly and Innovent. 2019 milestone and contract revenues relate to our collaborative research and license agreements with Innovent and Zai Lab. 2018, 2017 and 2016 milestone and contract revenues relate to our collaborative research and license agreements with Novartis and Lilly.
(4) Upon the retrospective adoption of ASU No. 2017-07 on January 1, 2018, the presentation of other components of net periodic benefit cost were reclassed out of operating income and into other income (expense), net for the periods presented, as applicable.
December 31,
2020
2019
2018
2017
2016
Consolidated Balance Sheets Data:
Cash, cash equivalents, and marketable securities
$
1,801,377
$
2,117,554
$
1,438,323
$
1,169,645
$
808,546
Working capital
1,728,699
1,968,148
1,406,977
1,129,458
720,677
Total assets (1)
3,560,918
3,426,750
2,645,762
2,302,582
1,638,597
Convertible senior notes
—
18,300
17,434
24,001
651,481
Stockholders’ equity
2,611,268
2,598,406
1,925,967
1,630,629
419,467
(1) On January 1, 2019, we adopted ASU No. 2016-02 which required us to recognize lease right-of-use assets and corresponding lease liabilities on the consolidated balance sheet. No prior periods were restated as further discussed in Note 1 of Notes to the Consolidated Financial Statements.