- Incyte Corporation's INCY Q4 adjusted EPS reached $0.62, compared to $0.10 posted a year ago. Analysts had estimated $0.58.
- Q4 total revenues increased by 7% Y/Y to $926.7 million, beating the consensus of $881.10 million.
- Product and royalty revenues for Q4 increased by 18% to $896.7 million, primarily driven by Jakafi and Opzelura's net product revenues.
- Jakavi and Olumiant royalties for the year were impacted by unfavorable changes in foreign currency exchange rates, while the decrease in net product sales of Olumiant for use as a treatment for COVID-19 also impacted the Olumiant royalties.
- The company reported an operating income of $152.5 million, compared to $166.01 million posted a year ago.
- "We are entering 2023 with significant momentum, following a year of strong commercial performance and progress of several important mid-to-late stage programs across our pipeline," said Hervé Hoppenot, Chief Executive Officer, Incyte.
- Guidance: Incyte expects FY23 Jakafi net product revenues at $2.53 - $2.63 billion and other Hematology/Oncology net product revenues of $215 - $225 million.
- William Blair says the guidance calls for 7% growth year-over-year at the midpoint but barely encompasses the current consensus at $2.62 billion. The guidance looks relatively conservative, given room to grow in all approved indications.
- In addition, 2023 should bring the first pivotal readout from the LIMBER program, with results for the parsaclisib plus Jakafi combination in patients with suboptimal response to Jakafi alone, which will be an essential first step in potentially extending the tail of the Jakafi franchise, despite the analyst's reservations.
- Price Action: INCY shares are down 4.16% at $80.85 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
