Incyte (INCY) Tops Q3 EPS by 17c, Revenues Beat; Raises FY19 Jakafi Revenue Outlook

Incyte (NASDAQ: INCY) reported Q3 EPS of $0.82, $0.17 better than the analyst estimate of $0.65. Revenue for the quarter came in at $551.58 million versus the consensus estimate of $534.88 million.

• Total product and royalty revenues of $534 million (+24% vs. Q3 2018) and Jakafi® (ruxolitinib) revenues of $433 million (+25% vs. Q3 2018) for the quarter ended September 30, 2019; raising full year 2019 Jakafi revenue guidance to a new range of $1.65-1.68 billion
• Multiple positive developments within late-stage clinical portfolio, including New Drug Application (NDA) submission for pemigatinib, successful outcome of ruxolitinib REACH2 trial and updated data from ruxolitinib cream showing continued improvement in repigmentation of vitiligo lesions

“Revenue growth continues to be very strong, driven by robust demand for Jakafi (ruxolitinib) in all three approved indications and, as a result, we are raising guidance for full year Jakafi net sales,” stated Hervé Hoppenot, Chief Executive Officer, Incyte. “At the beginning of 2019, we laid out an ambitious set of development goals for our late-stage portfolio, and in the third quarter we have continued to execute against them. The recent clinical success in the REACH2 trial of ruxolitinib in steroid-refractory acute GVHD; the updated data from pemigatinib in cholangiocarcinoma and subsequent NDA submission; and the recently-presented 52-week data from the randomized Phase 2 trial of ruxolitinib cream in vitiligo are all illustrative of the significant progress we have made this year.”For earnings history and earnings-related data on Incyte (INCY) click here.

You May Also Be Interested In

• Incyte (INCY) PT Raised to $105 at Truist Securities
• Comfort Systems USA names new COO and Chief Strategy Officer
• NVE Corp CEO to retire, successor named for August transition