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WILMINGTON, Del. - Incyte Corporation (NASDAQ:INCY) reported fourth quarter earnings that beat revenue expectations but missed on earnings per share, sending shares up 1.86% in early trading.
The biopharmaceutical company posted adjusted earnings of $1.43 per share, falling short of analyst estimates of $1.51. However, revenue came in at $1.18 billion, surpassing the consensus forecast of $1.14 billion.
Incyte’s top-selling drug Jakafi, used to treat blood disorders, saw net product revenues rise 11% YoY to $773 million in Q4. The company’s topical cream Opzelura also showed strong growth, with net product revenues jumping 48% YoY to $162 million.
"2024 was an important year for Incyte, with a 15% increase in total revenues, driven by strong growth from both Jakafi and Opzelura, as well as significant progress across our R&D pipeline," said Hervé Hoppenot, Chief Executive Officer of Incyte.
For the full year 2024, Incyte reported total revenues of $4.24 billion, up 15% from 2023. Jakafi net product revenues grew 8% to $2.79 billion, while Opzelura revenues surged 50% to $508 million.
Looking ahead to 2025, Incyte expects Jakafi net product revenues between $2.925 billion and $2.975 billion. The company forecasts Opzelura net product revenues in the range of $630 million to $670 million.
Incyte highlighted several potential catalysts for 2025, including four new product launches, at least three Phase 3 study initiations, and multiple data readouts across its pipeline.
The company’s shares were up 1.86% following the earnings release, as investors appeared to focus on the revenue beat and strong sales growth of key products.
(This article does not provide investment advice. All market and financial data are sourced from Incyte’s official earnings release and public filings.)
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