Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

Earnings call: Incyte reports double-digit revenue growth in Q3 2023, advances in clinical development

Published Nov 01, 2023 23:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
INCY
-0.53%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Incyte (NASDAQ:INCY) Corporation reported double-digit revenue growth in Q3 2023, with product and royalty revenues reaching $914 million, driven by strong performances from Jakafi and Opzelura. The company also shared positive results from its clinical development efforts and provided updates on its pipeline of high potential programs.

Key takeaways from the call include:

  • Jakafi's net sales were impacted by inventory variation, but Opzelura continued its growth trajectory, contributing $92 million in net product revenue.
  • Incyte secured Small Biotech Exception status for ruxolitinib, exempting Jakafi from negotiation until 2029.
  • Opzelura will be listed as a preferred brand on the CVS Caremark and Aetna formularies from 2024, improving access for patients.
  • The company reported positive results for povorcitinib in prurigo nodularis and vitiligo.
  • Incyte has initiated a Phase I study for its resident memory T cells treatment for vitiligo and dosed the first patient for a Phase I study of their anti-mutant CALR targeted monoclonal antibody.
  • The company plans to file an IND for a program targeting the JAK2V617F mutation by the end of 2023.
  • Incyte reported Q3 total product revenues of $783 million, a 10% YoY increase, and Jakafi net product revenues of $636 million for Q3.
  • The company tightened its guidance range for Jakafi to $2.59 billion to $2.62 billion for 2023.

During the call, Incyte executives highlighted the potential of their pipeline programs, including a novel preclinical program targeting the JAK2V617F mutation. They also discussed their efforts to develop compounds that target new areas of biology and mentioned the possibility of combination therapies with Jakafi.

The company reported positive Phase III results for axatilimab in graft-versus-host disease and highlighted the potential of ALK2 in addressing hepcidin inhibition and improving hemoglobin levels. They also provided updates on their ruxolitinib cream program for atopic dermatitis and vitiligo, as well as their Opzelura program for other dermatologic conditions.

In terms of financials, Incyte reported a 10% year-over-year increase in Q3 total product revenues, reaching $783 million. Jakafi net product revenues amounted to $636 million for the quarter.

Incyte is also developing a drug targeting mutant CALR and JAK2V617F mutations, which could potentially eliminate the clone and modify the disease. They are excited about the potential of these new treatments but acknowledge that it is still early in the development process.

Finally, Steven Stein of Incyte Corporation discussed the progress of their XR program, which is currently under review by the FDA. The company aims to obtain XR approval before the loss of exclusivity (LOE) for their drug RUX. They also plan to start registration studies for their BET and ALK programs by the end of this year or early next year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Earnings call: Incyte reports double-digit revenue growth in Q3 2023, advances in clinical development
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email