Incyte Corp (INCY) Reports 12% Y/Y Increase in Q3'23 Total Revenues
Incyte Corp (NASDAQ:INCY) reported Q3'23 total revenues of $919 million, a 12% increase year-over-year (Y/Y).
Jakafi (ruxolitinib) net product revenues were $636 million in Q3'23, marking a 3% Y/Y increase.
Opzelura (ruxolitinib) cream net product revenues surged by 141% Y/Y to $92 million in Q3'23.
Positive top line results were received from the Phase 2 study of povorcitinib in prurigo nodularis (PN).
On October 31, 2023, Incyte Corp (NASDAQ:INCY) released its third quarter financial results for 2023, reporting a 12% Y/Y increase in total revenues to $919 million. The growth was primarily driven by the sustained performance of Jakafi (ruxolitinib) and an increasing contribution from Opzelura (ruxolitinib).
Financial Performance
Jakafi net product revenues for Q3'23 were $636 million, marking a 3% Y/Y increase. This growth was driven by an increase in total patients across all indications. Opzelura cream net product revenues surged by 141% Y/Y to $92 million in Q3'23, driven by continued uptake in atopic dermatitis (AD) and vitiligo and enhanced payer coverage. The company is tightening its full year 2023 guidance for Jakafi net product revenues to a new range of $2.59 - $2.62 billion.
Key Clinical Programs
Incyte made significant progress with its early programs in myeloproliferative neoplasms (MPNs), including mCALR and JAK2V617F. The company also received positive top line results from the Phase 2 study of povorcitinib in prurigo nodularis (PN) and plans are underway to initiate a Phase 3 study in 2024.
Financial Tables
The company reported GAAP net income of $171 million and Non-GAAP net income of $248 million for Q3'23. GAAP basic EPS was $0.76 and Non-GAAP basic EPS was $1.11. As of September 30, 2023, cash, cash equivalents, and marketable securities totaled $3.5 billion.
Company Outlook
Incyte is tightening its full year 2023 guidance for Jakafi net product revenues. The company continues to focus on the development and commercialization of proprietary therapeutics to address serious unmet medical needs.
Explore the complete 8-K earnings release (here) from Incyte Corp for further details.
This article first appeared on GuruFocus.
