WILMINGTON, Del. (AP) _ Incyte Corp. (INCY) on Tuesday reported first-quarter net income of $53.5 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Wilmington, Delaware-based company said it had net income of 24 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 67 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The specialty drugmaker posted revenue of $604.7 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $655.7 million.

Incyte shares have dropped nearly 2% since the beginning of the year. The stock has fallen 12% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INCY at https://www.zacks.com/ap/INCY

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