Incyte reports higher earnings, sales

Incyte reported higher earnings and sales in the second quarter. Incyte is based near Wilmington.

“The second quarter was strong with total revenues up 29% year-over-year, multiple approvals and the continued advancement of our pipeline. The launch of Opzelura in atopic dermatitis continues to progress well and in recent weeks, improvements in reimbursement have translated into an increase in covered claims. Revenues in the second quarter were temporarily impacted by the shift from free drug to paid prescription. Patient demand and satisfaction remain strong,” stated Hervé Hoppenot, CEO, Incyte. “In July, Opzelura was also approved by the FDA in nonsegmental vitiligo, creating a new growth opportunity as the first therapy approved for repigmentation of vitiligo.”

  • Total revenues increased 29% year-over-year to $911 million; total product revenues of $664 million.
  • Jakafi (ruxolitinib) net product revenues of $598 million in Q2’22 (+13% year over year driven by volume growth; raising the bottom end of full year guidance to new range of $2.36 to $2.40 billion
  • Opzelura (ruxolitinib) cream approved as first and only treatment for repigmentation of nonsegmental vitiligo in patients aged 12 and older.
  • Multiple approvals including Olumiant (baricitinib) as the first and only systemic treatment approved for alopecia areata in the US, Europe and Japan and Jakavi (ruxolitinib) approved as the first post-steroid treatment for acute and chronic graft-versus-host disease in Europe.

Income statement

2022 Financial Guidance

Incyte revised its full year 2022 guidance for Jakafi net product revenues.

Category Current Previous
Jakafi net product revenues $2.36 – $2.40 billion $2.33 – $2.40 billion
Other Hematology/Oncology net product revenues(1) $210 – $240 million Unchanged
GAAP Cost of product revenues 6 – 7% of net product revenues Unchanged
Non-GAAP Cost of product revenues(2) 5 – 6% of net product revenues Unchanged
GAAP Research and development expenses $1,550 – $1,590 million Unchanged
Non-GAAP Research and development expenses(3) $1,420 – $1,455 million Unchanged
GAAP Selling, general and administrative expenses $950 – $1,000 million Unchanged
Non-GAAP Selling, general and administrative expenses(3) $880 – $925 million Unchanged

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