Incyte Q4 2022 Earnings Report
Key Takeaways
Incyte reported Q4 2022 total GAAP revenues of $926.7 million, a 7% increase compared to Q4 2021. Jakafi net revenues were $647.5 million, a 9% increase year-over-year. Opzelura net revenues reached $61.3 million, driven by strong demand in atopic dermatitis and vitiligo.
Total FY'22 net product revenues grew 18% to $2.75 billion; total FY'22 revenues of $3.4 billion (+14% Y/Y).
Jakafi net revenues of $647 million (+9% Y/Y) in Q4'22 and $2.41 billion (+13%) in FY'22.
Opzelura net revenues of $61 million in Q4'22 and $129 million in FY'22, driven by strong demand in atopic dermatitis, a successful launch in vitiligo and broadening formulary access.
Incyte granted pediatric exclusivity for Jakafi, extending patent expiry through December 2028.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Forward Guidance
Incyte provided financial guidance for 2023, which 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: $2.53 - $2.63 billion
- Other Hematology/Oncology net product revenues: $215 - $225 million
- GAAP Cost of product revenues: 7 – 8% of net product revenues
- Non-GAAP Cost of product revenues: 6 – 7% of net product revenues
- GAAP Research and development expenses: $1,610 - $1,650 million
Challenges Ahead
- Non-GAAP Research and development expenses: $1,485 - $1,520 million
- GAAP Selling, general and administrative expenses: $1,050 - $1,150 million
- Non-GAAP Selling, general and administrative expenses: $965 - $1,060 million
- Guidance does not include revenue from any potential new product launches
- Guidance does not include the impact of any potential future strategic transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income