Incyte Q2 Earnings Beat Estimates But Tightens FY22 Jakafi Sales Guidance
- Incyte Corporation's 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.
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