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Mar 31, 2023
Incyte Q1 2023 Earnings Report
Incyte experienced double-digit revenue growth driven by Jakafi and Opzelura, and optimized resource allocation by focusing on eight high-potential programs.
Key Takeaways
Incyte reported strong Q1 2023 results, with total net product revenues of $693 million, a 14% increase year-over-year. Jakafi revenues grew across all indications, and Opzelura is on track to become one of the most successful dermatology launches in recent years. The company also expanded its commercial portfolio with several regulatory approvals.
Total net product revenues reached $693 million in Q1 2023, a 14% increase year-over-year.
Jakafi net product revenues were $580 million in Q1 2023, representing a 7% increase year-over-year, and the bottom end of full year guidance was raised to a new range of $2.55 - $2.63 billion for FY 2023.
Opzelura was approved for vitiligo in Europe and continued its strong U.S. launch in atopic dermatitis and vitiligo.
The company discontinued six development programs to focus on eight programs with high potential value.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Incyte is tightening its full year 2023 guidance for Jakafi net product revenues as a result of its strong first quarter performance. Guidance does not include revenue from any potential new product launches or the impact of any potential future strategic transactions.
Positive Outlook
- Jakafi net product revenues are expected to be in the range of $2.55 - $2.63 billion.
- Other Hematology/Oncology net product revenues are projected to be $215 - $225 million.
- GAAP Cost of product revenues is expected to be 7 – 8% of net product revenues.
- Non-GAAP Cost of product revenues are expected to be 6 – 7% of net product revenues.
- GAAP Research and development expenses are projected to be $1,610 - $1,650 million.
Challenges Ahead
- Non-GAAP Research and development expenses are projected to be $1,485 - $1,520 million.
- GAAP Selling, general and administrative expenses are projected to be $1,050 - $1,150 million.
- Non-GAAP Selling, general and administrative expenses are projected to be $965 - $1,060 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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