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Sep 30, 2024
Incyte Q3 2024 Earnings Report
Incyte reported strong Q3 2024 financial results, marked by revenue growth and pipeline advancements.
Key Takeaways
Incyte reported a 24% increase in total revenues to $1,138 million in Q3 2024. Key drivers were Jakafi and Opzelura, with Jakafi's net product revenues increasing by 16% and Opzelura's by 52%. The company is raising its full year 2024 Jakafi revenue guidance to $2,740 - $2,770 million. The FDA approved Niktimvo for chronic graft-versus-host disease.
Total revenues reached $1,138 million, a 24% increase year-over-year.
Jakafi net product revenues grew to $741 million, up 16% year-over-year.
Opzelura net product revenues increased to $139 million, a 52% increase year-over-year.
Niktimvo was approved by the FDA for chronic graft-versus-host disease.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Incyte is raising its full year 2024 Jakafi revenue guidance, as well as updating its full year 2024 Other Hematology/Oncology revenue guidance. In addition, Incyte is updating the full year research and development guidance to include the $100 million milestone payment to MacroGenics. The full year GAAP and Non-GAAP research and development guidance now includes $791 million in one-time expenses related to the $691 million of upfront consideration recorded for the acquisition of Escient Pharmaceuticals and the $100 million milestone payment to MacroGenics. Incyte is also maintaining its full year 2024 cost of product revenue and selling general and administrative guidance.
Positive Outlook
- Jakafi net product revenues: $2,740 - $2,770 million (previous: $2,710 - $2,750 million)
- Other Hematology/Oncology net product revenues: $310 - $320 million (previous: $325 - $360 million)
- GAAP Cost of product revenues: Unchanged 7 – 8% of net product revenues
- Non-GAAP Cost of product revenues: Unchanged 6 – 7% of net product revenues
- GAAP Selling, general and administrative expenses: Unchanged $1,210 - $1,240 million
Challenges Ahead
- GAAP Research and development expenses: $2,545 - $2,590 million (previous: $2,445 - $2,490 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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