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Dec 31, 2023
Incyte Q4 2023 Earnings Report
Incyte reported strong Q4 2023 results, achieving a milestone of $1 billion in total quarterly revenues, driven by Jakafi and Opzelura growth.
Key Takeaways
Incyte reported a strong Q4 2023, marked by total revenues of $1.013 billion. The company's performance was driven by the continued growth of Jakafi and the successful launch of Opzelura. Incyte is focused on advancing its high potential pipeline, with plans for over 10 new launches by 2030.
Total GAAP revenues reached $1.013 billion, a 9% increase year-over-year.
Jakafi net product revenues were $695.127 million, up 7% compared to Q4 2022.
Opzelura net product revenues reached $109.243 million, a 78% increase compared to Q4 2022.
GAAP net income was $201.079 million, or $0.89 per diluted share.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Revenue by Segment
Jakafi Revenue
CapyFin.comIclusig Revenue
CapyFin.comOpzelura Revenue
CapyFin.comPemazyre Revenue
CapyFin.comZynyz Revenue
CapyFin.comRevenue by Geographic Location
Jakavi Royalty Revenue
CapyFin.comOlumiant Royalty Revenue
CapyFin.comTabrecta Royalty Revenue
CapyFin.com Forward Guidance
Incyte provided its financial guidance for 2024, which includes revenues and expenses related to the acquisition of tafasitamab and excludes potential new product launches or future strategic transactions.
Positive Outlook
- Jakafi net product revenues are expected to be in the range of $2,690 - $2,750 million.
- Other Hematology/Oncology net product revenues are projected to be $325 - $360 million.
- GAAP Cost of product revenues is estimated to be 7 – 8% of net product revenues.
- Non-GAAP Cost of product revenues is expected to be 6 – 7% of net product revenues.
- Incyte anticipates initiating a Phase 3 study for BETi in the second half of 2024 and achieving clinical proof-of-concept for zilurgisertib by mid-2024.
Challenges Ahead
- GAAP Research and development expenses are projected to be $1,720 - $1,760 million.
- Non-GAAP Research and development expenses are expected to be $1,580 - $1,615 million.
- GAAP Selling, general and administrative expenses are projected to be $1,210 - $1,240 million.
- Non-GAAP Selling, general and administrative expenses are expected to be $1,115 - $1,140 million.
- Guidance excludes revenue from any potential new product launches or the impact of any potential future strategic transactions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income