Pharma company Incyte reports higher earnings in first quarter

0
Reading Time: 2 minutes

Incyte reported growing revenues as its blockbuster drug Jakafi on its way to more than $1.5 billion in annual revenue. Incyte is based near Wilmington.

Highlights

  • Total product and royalty revenues of $605 million in Q1 2021 (+6% vs. Q1 2020)
  • Jakafi(ruxolitinib) revenues of $466 million in Q12021 (+1% vs Q12020); reaffirming full year guidance of $2.125-$2.2 billion
  • Pemazyre (pemigatinib) now also approved in Europe and Japan, becoming the first internally discovered product to be globally commercialized by Incyte
  • Three regulatory submissions accepted by the FDA for Priority Review, including potential approval of ruxolitinib cream in the U.S. for atopic dermatitis in June

“In the first quarter, we continued to make significant progress in our strategy to drive growth and diversification. While Jakafi’s (ruxolitinib) net sales were affected by typical seasonal effects and softer patient demand growth due to the ongoing pandemic, we remain confident in our full-year outlook. We are already seeing a return of new patients starts to pre-Covid levels and are excited for the potential launch in steroid-refractory chronic graft-versus-host disease (GVHD) later this year. The launches of Monjuvi (tafasitamab) and Pemazyre (pemigatinib) continue to progress with good uptake by both academic and community physicians,” stated Hervé Hoppenot, CEO.. “We expect an exciting year ahead for Incyte with the potential for multiple approvals, including ruxolitinib cream in atopic dermatitis, and several regulatory filings, notably parsaclisib in NHL and ruxolitinib cream in vitiligo. We are also initiating pivotal trials across key development programs for both tafasitamab and LIMBER this year.”

GAAP (Generally Accepted Accounting Principals) and Non-GAAP operating income (loss) for the quarter ended March 31, increased compared to the same period in 2020 primarily due to the decrease in upfront consideration and milestones related to collaborative agreements and the growth in product and royalty revenues.

Net income in the second quarter was $53.5 million, compared to a loss of $720.6 million during the same period a year ago.

As of March 31, 2021, and December 31, 2020, cash, cash equivalents, and marketable securities totaled $2 billion and $1.8 billion, respectively.

The company has reaffirmed its full-year 2021 financial guidance. The guidance does not include revenue from any potential new product launches. However, GAAP and Non-GAAP selling, general and administrative expense guidance for 2021 include costs to support the potential launches of ruxolitinib cream as a treatment for atopic dermatitis in the U.S., pemigatinib as a treatment for cholangiocarcinoma in the EU and Japan, and tafasitamab as a treatment for DLBCL in the EU.

The 2021 financial guidance does not include the impact of any potential future strategic transactions.

Facebook Comments