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Sep 30, 2021
Incyte Q3 2021 Earnings Report
Incyte's third quarter results for 2021 were reported, demonstrating growth and diversification.
Key Takeaways
Incyte reported a strong third quarter performance with total product and royalty revenues of $778 million, a 25% increase compared to Q3 2020. The company's growth was driven by double-digit growth in patient demand for Jakafi, continued uptake of Pemazyre and Minjuvi, and a significant increase in royalty revenue.
Total product and royalty revenues reached $778 million, a 25% increase compared to Q3 2020.
Jakafi revenues increased by 12% to $547 million in Q3 2021.
Three regulatory approvals were obtained, including Opzelura in the U.S. for atopic dermatitis and Jakafi in the U.S. for chronic GVHD.
Pivotal TRuE-V data presentation at EADV highlighted significant improvements in facial and total body repigmentation in vitiligo patients treated with ruxolitinib cream.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Revenue by Segment
Jakafi Revenue
CapyFin.comIclusig Revenue
CapyFin.comPemazyre Revenue
CapyFin.comRevenue by Geographic Location
Jakavi Royalty Revenue
CapyFin.comOlumiant Royalty Revenue
CapyFin.comTabrecta Royalty Revenue
CapyFin.com Forward Guidance
Incyte reaffirmed its full year 2021 financial guidance, which does not include revenue from Opzelura in the U.S., Minjuvi in Europe, or the impact of potential future strategic transactions.
Positive Outlook
- Jakafi net product revenues are expected to be between $2,125 and $2,170 million.
- Other Hematology/Oncology net product revenues are projected to be between $155 and $170 million.
- GAAP Cost of product revenues is anticipated to be 6 – 7% of net product revenues.
- Non-GAAP Cost of product revenues are expected to be 5 – 6% of net product revenues.
- GAAP Research and development expenses are projected to be between $1,350 and $1,390 million.
Challenges Ahead
- Non-GAAP Research and development expenses are anticipated to be between $1,220 and $1,250 million.
- GAAP Selling, general and administrative expenses are projected to be between $725 and $755 million.
- Non-GAAP Selling, general and administrative expenses are expected to be between $655 and $680 million.
- Guidance does not include revenue from Opzelura in the U.S.
- Guidance does not include revenue from Minjuvi in Europe
Revenue & Expenses
Visualization of income flow from segment revenue to net income