Incyte is on its way to becoming a pharmaceutical company with $4 billion in annual revenues.
Zacks reported Incyte earnings were slightly above estimates, with revenue below estimates.
Third-quarter revenue totaled $919 million. Net income for the quarter was $171.3 million.
“Our double-digit revenue growth during the quarter was driven by sustained performance of Jakafi (ruxolitinib) and an increasing contribution from Opzelura (ruxolitinib) with continued strong patient demand and enhanced payer coverage,” said Hervé Hoppenot, CEO.
The company’s Jakafi blood disease drug posted revenues of $636 million, up 3%, with an 8% gain in the first nine months of 2023 compared to a comparable period a year ago. The company issued revenue guidance for 2023 of between $2.59 billion and $2.62 billion per year for the drug.
Click here for the full earnings report, including sales of other products and updates on the company’s pharma pipeline.
Incyte’s stock price is down more than 30% this year. Pharma company stocks have typically been down by double digits. Incyte shares rose more than 3% in Monday trading.
| Financial highlights | |||||||||||
| (unaudited, in thousands, except per share amounts) | |||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||
| Total GAAP revenues | $ | 919,025 | $ | 823,303 | $ | 2,682,308 | $ | 2,467,935 | |||
| Total GAAP operating income | 214,705 | 138,376 | 433,255 | 509,347 | |||||||
| Total Non-GAAP operating income | 273,294 | 167,271 | 625,081 | 649,042 | |||||||
| GAAP net income | 171,269 | 112,775 | 396,520 | 312,199 | |||||||
| Non-GAAP net income | 248,719 | 133,795 | 556,325 | 483,015 | |||||||
| GAAP basic EPS | $ | 0.76 | $ | 0.51 | $ | 1.77 | $ | 1.41 | |||
| Non-GAAP basic EPS | $ | 1.11 | $ | 0.60 | $ | 2.49 | $ | 2.18 | |||
| GAAP diluted EPS | $ | 0.76 | $ | 0.50 | $ | 1.76 | $ | 1.40 | |||
| Non-GAAP diluted EPS | $ | 1.10 | $ | 0.60 | $ | 2.46 | $ | 2.16 | |||
