Why Incyte (INCY) Shares Are Falling Today - Incyte (NASDAQ:INCY)

Incyte Corporation's INCY Q2 adjusted EPS reached $1.01, compared to $0.8067 posted a year ago. Analysts had estimated $0.75.
Sales increased 29% Y/Y to $911.39 million, beating the consensus of $815.17 million.
The company reported an operating income of $254.43 million, compared to $140.84 million posted a year ago.
Jakafi net product revenues increased 13% Y/Y to $597.67 million, primarily driven by volume growth.
The company said that 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.
Q2 revenues were temporarily impacted by the shift from free drug to paid prescription. Patient demand and satisfaction remain strong," said Hervé Hoppenot, Chief Executive Officer, Incyte.
The Olumiant royalty revenues fell 16% to $30.25 million.
Guidance: Incyte expects FY22 Jakafi net product revenues at $2.36 - $2.40 billion (versus prior guidance of $2.33 - $2.40 billion) and other Hematology/Oncology net product revenues unchanged at $210 million - $240 million.
Price Action: INCY shares are down 5.52% at $73.13 on the last check Tuesday.

Incyte Q2 Earnings Beat Estimates But Tightens FY22 Jakafi Sales Guidance