Incyte Q2 2021 Earnings Report
Key Takeaways
Incyte reported a strong second quarter with total product and royalty revenues reaching $696 million, a 17% increase compared to Q2 2020. Jakafi revenues grew by 12%, and there was encouraging uptake in Europe for Pemazyre. The company also saw clinical development success across its portfolio, including positive outcomes from ruxolitinib cream's pivotal trials in vitiligo and 52-week safety and efficacy data in atopic dermatitis.
Total product and royalty revenues increased by 17% to $696 million compared to Q2 2020.
Jakafi revenues grew by 12% to $529 million compared to Q2 2020.
A positive CHMP opinion was received for tafasitamab in combination with lenalidomide for DLBCL treatment.
Phase 3 trials for ruxolitinib cream in vitiligo met primary and key secondary endpoints.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Forward Guidance
Incyte is tightening its full year 2021 guidance for Jakafi net product revenues to reflect the impact of higher than anticipated government rebates and chargebacks and the new PDUFA date for ruxolitinib for the treatment of steroid-refractory chronic GVHD and is revising upward the range for other Hematology/Oncology net product revenues based on the performance of Pemazyre in the first half of 2021. In addition, the Company is reducing the range for selling, general and administrative expense to reflect lower expenses for ruxolitinib cream as a treatment for atopic dermatitis in the U.S. based on the PDUFA date extension to September 21, 2021.
Positive Outlook
- Jakafi net product revenues: $2,125 - $2,170 million
- Other Hematology/Oncology net product revenues: $155 - $170 million
- GAAP Cost of product revenues: 6 – 7% of net product revenues
- Non-GAAP Cost of product revenues: 5 – 6% of net product revenues
- GAAP Research and development expenses: $1,350 - $1,390 million
Challenges Ahead
- Non-GAAP Research and development expenses: $1,220 - $1,250 million
- GAAP Selling, general and administrative expenses: $725 - $755 million
- Non-GAAP Selling, general and administrative expenses: $655 - $680 million
- Impact of higher than anticipated government rebates and chargebacks on Jakafi net product revenues.
- Lower expenses for ruxolitinib cream as a treatment for atopic dermatitis in the U.S.
Revenue & Expenses
Visualization of income flow from segment revenue to net income