Incyte reports higher earnings in third quarter

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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.

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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
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