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Investing.com -- Incyte Corporation (NASDAQ:INCY) on Tuesday reported second-quarter earnings that fell significantly short of analyst expectations, though the company raised its full-year guidance for its flagship drug Jakafi.
The biotech company’s shares edged up 0.3% following the announcement.
Incyte reported breakeven earnings per share for the second quarter, missing analyst estimates of $1.40 by a substantial margin.
Revenue came in at $1.06 billion, below the consensus estimate of $1.15 billion, despite representing a 17% increase YoY in product revenues.
The company’s performance was led by its primary revenue driver Jakafi (ruxolitinib), which generated net product revenues of $764 million, up 8% YoY.
Based on this performance, Incyte raised its full-year 2025 guidance for Jakafi to $3.00-$3.05 billion from the previous range of $2.95-$3.00 billion.
"Our second quarter results reflect strong growth for Jakafi, Opzelura and Niktimvo, positioning us well to deliver on our 2025 objectives," said Bill Meury, Chief Executive Officer, who recently took the helm on June 26 following Hervé Hoppenot’s retirement.
Opzelura (ruxolitinib) cream showed robust growth with net product revenues of $164 million, a 35% increase YoY, driven by increased patient demand in both atopic dermatitis and vitiligo treatments.
The company’s newer product Niktimvo (axatilimab-csfr) generated $36 million in the quarter, prompting Incyte to raise its full-year guidance for Other Oncology products to $500-$520 million from $415-$455 million previously.
During the quarter, Incyte received FDA approvals for Zynyz (retifanlimab-dlwr) for advanced squamous cell carcinoma of the anal canal and Monjuvi (tafasitamab-cxix) for relapsed or refractory follicular lymphoma, further expanding its product portfolio.
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