Incyte Q4 Earnings: EPS Miss, Strong Jakafi And Opzelura Sales, Says 2025 To Be Catalyst Rich Including 4 Launches

On Monday, Incyte Corporation INCY reported fourth-quarter revenue of $1.18 billion, up 16% year over year and beating the consensus of $1.14 billion.

The company reported an adjusted EPS of $1.43, which was up from $1.06 a year ago and missing the consensus estimate of $1.56.

Jakafi’s net product revenue increased 11% to $773.1 million, primarily due to a 14% increase in paid demand.

Also Read: Incyte At JPM25: Eyes Transformational 2025 With Multiple Drug Launches And Expanding Pipeline

Opzelura net product revenue increased 48% to $161.6 million, driven by continued growth in new patient starts and refills in the U.S. and increased contribution from Europe.

Minjuvi/Monjuvi net product revenue increased 265% to $32.81 million, as the company recognized all revenue from sales of Monjuvi in the United States following the acquisition of exclusive global rights for tafasitamab in February 2024.

“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, Incyte.

Guidance: Incyte forecasts 2025 Jakafi revenue of $2.925 billion-$2.975 billion, up 4.76%-6.55% from 2024.

Opzelura sales are expected to increase between 23.9%-31.81% to $630 million-$670 million.

“Looking ahead to 2025, we anticipate a year of continued strong revenue growth and diversification, as well as several defining milestones that will serve as an inflection point for Incyte. A year ago, we set the goal to achieve more than 10 impactful product launches by 2030. In 2025, a number of key catalysts across the entire portfolio will bring that goal closer to reality,” Hoppenot added.

Incyte says 2025 is expected to be a year of defining catalysts with four launches, four pivotal study readouts, at least three Phase 3 study initiations, and seven proof-of-concept study readouts.

William Blair writes, “We continue to see steady growth of Jakafi in approved indications and believe that ongoing studies for lifecycle management could provide upside to current peak sales and offer the potential to extend Jakafi franchise exclusivity. We believe that Opzelura should provide Incyte with an additional meaningful commercial opportunity in large immune dermatological indications. Povorcitinib remains underappreciated by investors and has the potential to be a major value driver by the end of this decade.”

The analyst Matt Phipps reiterates the Outperform rating.

In November, Incyte announced that it would pause enrollment in the ongoing Phase 2 study of MRGPRX2 (INCB000262) in chronic spontaneous urticaria (CSU).

The decision was made following the observation of certain in vivo preclinical toxicology findings.

Price Action: INCY stock is down 6.79% at $69.10 at the last check on Monday.

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