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http://biz.yahoo.com/prnews/010719/sfth091.html

Incyte Reports Financial Results for Second Quarter of
Fiscal 2001 With Revenues Up 22%, Its Fifth
Consecutive Quarter of Double-Digit Sales Growth

PALO ALTO, Calif., July 19 /PRNewswire/ -- Incyte Genomics, Inc. (Nasdaq: INCY -
news), the leading genomics information company, today reported its consolidated financial
results for the second quarter ended June 30, 2001. Revenue for the quarter increased 22%
to $56.1 million versus $46.0 million for the comparable quarter in 2000. This brought the
first half revenues to $107.2 million, representing a 24% increase over the $86.8 million for
the same period in 2000.

Database and partnership program revenues increased 21% to $43.2 million for the quarter
compared with $35.6 million for the same quarter in 2000. Custom genomics revenues for
the quarter were $12.9 million, a 24% increase over the $10.4 million for the comparable
quarter in 2000.

The net loss for the quarter was $9.9 million, or $0.15 per diluted share, compared with
$6.6 million, or $0.10 per diluted share, for the same quarter in 2000. For 2001, Incyte
adopted SFAS 133, related to accounting for warrant activities. This resulted in a $1.8
million gain related to a change in the value of warrants held in other companies during the
quarter. The net loss for the first half of 2001 was $20.2 million, or $0.31 per diluted share
compared with $14.8 million, or $0.24 per diluted share for the same period in 2000. Per
share data have been adjusted to reflect the stock split, in the form of a 100% stock dividend
that was paid in August 2000.

``I am very pleased with the continuing strength of our business,' said Roy A. Whitfield,
Chief Executive Officer of Incyte. ``Additionally, our focus on improving the operating
efficiency of our company is paying off in our bottom line performance.'

Research and Development expenses for the quarter ended June 30, 2001 increased 16% to
$52.2 million over the comparable quarter of the prior year. For the six months ended June
30, 2001, Research and Development expenses increased 23% to $105.1 million compared
with $85.5 million for the same period in 2000.

Selling, General and Administrative expenses increased in the quarter by 24% to $18.6 million compared with $15.0 million for
the same period in 2000. For the first half of 2001 Selling, General and Administrative expenses increased 18% to $35.2
million compared with $29.8 million for the same period in 2000.

Q2 Highlights:

-- Incyte and Lexicon Genetics, Inc. entered into a strategic therapeuticdiscovery alliance for secreted proteins. In addition, the partiesannounced a collaboration for the co-promotion of the Lexicon
LexVision(TM) database and Lexicon's subscription to Incyte's LifeSeq(R) Gold database.
-- Incyte announced a collaboration with Odyssey Pharmaceuticals to
functionally characterize human proteins encoded by Incyte proprietary
gene transcripts.
-- Incyte announced multi-year subscriptions to LifeSeq Gold by Eisai, Co.
and Genomic Health, Inc.
-- Incyte entered into a strategic partnership with Secant Technologies through which Secant will license, further develop and co-market the Genomic Knowledge Platform.
-- Incyte announced a collaboration with Iconix Pharmaceuticals to develop and commercialize the next generation chemogenomic and multi-array gene expression information product.

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