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Sep 30, 2022
Incyte Q3 2022 Earnings Report
Incyte's Q3 2022 performance was marked by revenue growth and pipeline advancements.
Key Takeaways
Incyte reported a 20% year-over-year increase in total net product revenues, driven by strong performance from Jakafi and Opzelura. The company is progressing its pipeline across Oncology and Dermatology, with multiple updates on key programs expected in the coming months. Incyte also updated its full year 2022 guidance for Jakafi net product revenues and other Hematology/Oncology net product revenues.
Total net product revenues increased by 20% year-over-year, driven by Jakafi and Opzelura.
Jakafi net product revenues grew by 13% year-over-year, leading to an updated full-year guidance range of $2.38 to $2.40 billion.
Opzelura net product revenues reached $38 million, fueled by strong demand and expanding payer access, with over 62,000 units shipped.
Pipeline advancements include positive povorcitinib data in hidradenitis suppurativa, an oral PD-L1 update, and the pending acquisition of Villaris Therapeutics.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Incyte is tightening its full year 2022 guidance for Jakafi net product revenues to reflect strong performance of Jakafi and is revising the guidance range for other Hematology/Oncology net product revenues to reflect unfavorable changes in foreign currency exchange rates. In addition, the Company is reaffirming its research and development guidance, which now also includes the upfront payment to Villaris, anticipated in the fourth quarter, and its selling, general and administrative expense guidance.
Positive Outlook
- Jakafi net product revenues are now expected to be between $2.38 and $2.40 billion.
- 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 $1,550 - $1,590 million
- Non-GAAP Research and development expenses $1,420 - $1,455 million
Challenges Ahead
- Other Hematology/Oncology net product revenues are now expected to be between $200 and $210 million.
- GAAP Selling, general and administrative expenses $950 - $1,000 million
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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