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Investing.com - Incyte Corporation (NASDAQ:INCY) reported strong third quarter financial results on Tuesday, with earnings and revenue exceeding analyst expectations, prompting the company to raise its full-year guidance.
Shares rose 2.5% following the announcement.
The biopharmaceutical company posted adjusted earnings of $2.26 per share for the third quarter, significantly beating the analyst consensus of $1.59. Total revenue reached $1.37 billion, up 20% YoY and surpassing the $1.25 billion consensus estimate.
Total net product revenue increased 19% to $1.15 billion, driven primarily by strong demand across the company’s portfolio.
Jakafi (ruxolitinib), Incyte’s leading product for myeloproliferative disorders and graft-versus-host disease, generated $791 million in net product revenue, a 7% increase compared to the same quarter last year.
Opzelura (ruxolitinib) cream saw revenue jump 35% to $188 million, while the company’s hematology-oncology portfolio contributed $171 million, including $46 million from recently launched Niktimvo.
"Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year, which highlights the momentum in our business and effective commercial execution," said Bill Meury, President and Chief Executive Officer of Incyte.
Based on the strong performance, Incyte raised its full-year 2025 net product revenue guidance to $4.23-$4.32 billion from the previous $4.13-$4.24 billion. The company increased its Jakafi revenue forecast to $3.05-$3.075 billion and other oncology product revenue guidance to $550-$575 million, while maintaining its Opzelura revenue outlook at $630-$670 million.
The company ended the quarter with a strong balance sheet, reporting $2.9 billion in cash, cash equivalents, and marketable securities as of September 30, up from $2.2 billion at the end of 2024.
Incyte continues to advance its pipeline, with plans to submit ruxolitinib extended-release bioequivalence data to the FDA in the fourth quarter and multiple clinical trials progressing across its oncology and inflammation portfolios.
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