Incyte Q1 2024 Earnings Report
Key Takeaways
Incyte reported total revenues of $881 million for Q1 2024, a 9% increase year-over-year. The growth was primarily driven by patient demand for Opzelura and Jakafi in the U.S., although offset by a Jakafi inventory drawdown. Incyte is acquiring Escient Pharmaceuticals to expand its pipeline.
Total revenues reached $881 million in Q1 2024, up 9% year-over-year.
Jakafi net product revenues were $572 million in Q1 2024, with a 5% increase in total paid patients year-over-year.
Opzelura net product revenues increased significantly to $86 million in Q1 2024, a 52% increase year-over-year.
Incyte is set to acquire Escient Pharmaceuticals to broaden its pipeline with first-in-class oral MRGPR antagonists.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Forward Guidance
Incyte is maintaining its full year 2024 revenue and expense guidance, which does not include revenue from potential new product launches or the Escient Pharmaceuticals acquisition.
Positive Outlook
- Jakafi net product revenues: $2,690 - $2,750 million
- Other Hematology/Oncology net product revenues: $325 - $360 million
- GAAP Cost of product revenues: 7 – 8% of net product revenues
- Non-GAAP Cost of product revenues: 6 – 7% of net product revenues
- GAAP Research and development expenses: $1,720 - $1,760 million
Challenges Ahead
- Non-GAAP Research and development expenses: $1,580 - $1,615 million
- GAAP Selling, general and administrative expenses: $1,210 - $1,240 million
- Non-GAAP Selling, general and administrative expenses: $1,115 - $1,140 million
- Guidance does not include revenue from any potential new product launches
- Guidance does not include the impact of the acquisition of Escient Pharmaceuticals or any other potential future strategic transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income