On Tuesday, Incyte Corporation (NASDAQ:INCY) reported second-quarter revenue of $1.04 billion, up from $954.6 million a year ago, beating the consensus of $1.03 billion.
The company reported an adjusted EPS loss of $(1.82), a turnaround from a profit of $0.99, missing the consensus estimate of $(1.55).
Jakafi (ruxolitinib) net product revenues increased $705.9 million, +3% year-over-year, driven by a 9% increase in paid demand.
Opzelura (ruxolitinib) net product revenues reached $121.7 million, up 52% on continued uptake in atopic dermatitis (AD) and vitiligo in the U.S. and the launch momentum and reimbursement expansion in vitiligo in Europe.
Guidance: Incyte forecasts 2024 Jakafi revenue of $2.71 billion-$2.75 billion versus prior guidance of $2.69 billion-$2.75 billion.
Pipeline Update: Incyte announces a strategic review of its pipeline:
Inflammation and Autoimmunity (IAI)/Dermatology: povorcitinib and MRGPRX2 and MRGPRX4, which were recently acquired from Escient Pharmaceuticals.
Myeloproliferative Neoplasms/Graft-Versus-Host Disease (MPNs/GVHD): mCALR, JAK2V617Fi, BETi, and ALK2i
Oncology: CDK2i, …