Incyte Q3 2023 Earnings Report
Key Takeaways
Incyte reported a 12% year-over-year increase in total revenues, reaching $919 million in Q3 2023. This growth was primarily driven by the sustained performance of Jakafi and the increasing contribution from Opzelura. The company also made significant progress in its early programs in myeloproliferative neoplasms (MPNs) and received positive top line results from the Phase 2 study of povorcitinib in prurigo nodularis (PN).
Total revenues reached $919 million in Q3 2023, a 12% increase year-over-year.
Jakafi net product revenues were $636 million in Q3 2023, a 3% increase year-over-year.
Opzelura net product revenues were $92 million in Q3 2023, a 141% increase year-over-year.
A Phase 3 study in PN is being planned following positive results from Phase 2 study of povorcitinib.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Forward Guidance
Incyte is tightening its full year 2023 guidance for Jakafi net product revenues to a new range of $2.59 - $2.62 billion. Guidance does not include revenue from any potential new product launches or the impact of any potential future strategic transactions.
Positive Outlook
- Jakafi net product revenues are expected to be between $2.59 and $2.62 billion.
- Other Hematology/Oncology net product revenues are expected to be between $215 and $225 million.
- GAAP Cost of product revenues are expected to be 7 – 8% of net product revenues.
- GAAP Research and development expenses are expected to be $1,610 - $1,650 million.
- GAAP Selling, general and administrative expenses are expected to be $1,050 - $1,150 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income