Incyte issued an upbeat 2022 earnings report as its block-buster Jackafi blood cancer drug soared past $2 billion in sales.
The conmpany based near Wilmington has been working to add to its development pipeline. One promising product is Opzelura, a cream formulation of ruxolitinib (the drug family of Jakafi) for treatment of mild-to-moderate atopic dermatitis. Incyte plans to continue to expand its Wilmington campus that is expected to include a portion of the neighboring Alapocas neighborhood, pending land use approfvals.
The company’s performance beat concensus estimates from Zacks with the stock price bucking the downturn in pharma stocks. Despite the upbeat report, shares of Incyte were down 5% in Tuesday trading,
“We are entering 2023 with significant momentum, following a year of strong commercial performance and progress of several important mid-to-late stage programs across our pipeline. Opzelura has now become the market share leader among branded agents for new atopic dermatitis patients and the adoption in vitiligo has been strong,” said Hervé Hoppenot, CEO “We are well positioned for strong growth with our current product portfolio and we expect to deliver many important updates this year as we continue to execute on our growth and diversification strategy.”
The results below included GAAP (generally accepted accounting principals and non GAAP earnings. The company says the non-GAPP numbers may prove useful to invewtors.
Financial Highlights
| Earnings GAAP and non GAAP | |||||||||||||
| At left, 4th quarter, 2022 and 2021 and year end for same period | Twelve Months December 31, | ||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||
| Total GAAP revenues | $ | 926,700 | $ | 862,853 | $ | 3,394,635 | $ | 2,986,267 | |||||
| Total GAAP operating income | 70,093 | 110,734 | 579,440 | 585,777 | |||||||||
| Total Non-GAAP operating income | 152,503 | 166,013 | 801,545 | 825,032 | |||||||||
| GAAP provision (benefit) for income taxes | 52,154 | (443,831 | ) | 188,456 | (378,137 | ) | |||||||
| GAAP net income | 28,461 | 563,851 | 340,660 | 948,581 | |||||||||
| Non-GAAP net income | 139,661 | 22,565 | 622,676 | 611,978 | |||||||||
| GAAP basic EPS | $ | 0.13 | $ | 2.55 | $ | 1.53 | $ | 4.30 | |||||
| Non-GAAP basic EPS | $ | 0.63 | $ | 0.10 | $ | 2.80 | $ | 2.78 | |||||
| GAAP diluted EPS | $ | 0.13 | $ | 2.54 | $ | 1.52 | $ | 4.27 | |||||
| Non-GAAP diluted EPS | $ | 0.62 | $ | 0.10 | $ | 2.78 | $ | 2.76 |
2023 guidance
Guidance does not include revenue from any potential new product launches or the impact of any potential future strategic transactions.
| Current | |
| Jakafi net product revenues | $2.53 – $2.63 billion |
| Other Hematology/Oncology net product revenues(1) | $215 – $225 million |
| GAAP Cost of product revenues | 7 – 8% of net product revenues |
| Non-GAAP Cost of product revenues(2) | 6 – 7% of net product revenues |
| GAAP Research and development expenses | $1,610 – $1,650 million |
| Non-GAAP Research and development expenses(3) | $1,485 – $1,520 million |
| GAAP Selling, general and administrative expenses | $1,050 – $1,150 million |
| Non-GAAP Selling, general and administrative expenses(3) | $965 – $1,060 million |
