Incyte Q2 2024 Earnings Report
Key Takeaways
Incyte reported total revenues of $1,044 million for Q2 2024, a 9% increase year-over-year. The company completed a $2.0 billion share repurchase and is focusing R&D on high-impact clinical programs.
Total revenues reached $1,044 million, a 9% increase year-over-year.
Jakafi net product revenues increased to $706 million, up 3% year-over-year, with total patients increasing 7% year-over-year.
Opzelura net product revenues grew significantly to $122 million, a 52% increase year-over-year.
Completed a $2.0 billion share repurchase, reflecting confidence in the commercial portfolio and R&D pipeline.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Forward Guidance
Incyte updated its full year 2024 financial guidance, raising the low end of Jakafi revenue guidance and updating research and development guidance to reflect the Escient Pharmaceuticals acquisition.
Positive Outlook
- Jakafi net product revenues are now expected to be in the range of $2,710 - $2,750 million.
- Other Hematology/Oncology net product revenues are projected to be $325 - $360 million.
- GAAP Cost of product revenues is anticipated to be 7 – 8% of net product revenues.
- Non-GAAP Cost of product revenues is expected to be 6 – 7% of net product revenues.
- GAAP Selling, general and administrative expenses are projected to be $1,210 - $1,240 million.
Challenges Ahead
- GAAP Research and development expenses are expected to be $1,755 - $1,800 million.
- Non-GAAP Research and development expenses are projected to be $1,615 - $1,655 million.
- GAAP Selling, general and administrative expenses are projected to be $1,210 - $1,240 million.
- Non-GAAP Selling, general and administrative expenses are expected to be $1,115 - $1,140 million.
- 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