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Jun 30, 2023
Incyte Q2 2023 Earnings Report
Incyte reported a strong second quarter with total net product revenues growing 25% year over year, driven by Jakafi growth and Opzelura momentum.
Key Takeaways
Incyte's Q2 2023 financial results showed strong growth, with total net product revenues increasing by 25% year-over-year to $827 million. This growth was primarily driven by Jakafi and Opzelura. The company is advancing its pipeline with positive results for ruxolitinib cream in pediatric atopic dermatitis and axatilimab in chronic graft-versus-host disease.
Total net product revenues reached $827 million, a 25% increase year-over-year.
Jakafi net product revenues were $682 million, up 14% year-over-year, leading to an updated full-year guidance range of $2.58 - $2.63 billion.
Opzelura net product revenues grew significantly to $80 million, a 384% increase year-over-year, driven by uptake in atopic dermatitis and vitiligo.
Two pivotal studies for ruxolitinib cream in pediatric atopic dermatitis and axatilimab in chronic GVHD met their primary endpoints.
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 second quarter performance. Incyte’s guidance is summarized below. Guidance does not include revenue from any potential new product launches or the impact of any potential future strategic transactions.
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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