Incyte Corporation INCY reported fourth-quarter 2024 adjusted earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.53. The company had recorded earnings of $1.06 per share in the year-ago quarter.
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Total revenues in the fourth quarter were $1.18 billion, which grew 16% year over year, driven by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.15 billion.
All percentages mentioned below are on a reported basis.
INCY's Q4 Results in Detail
Jakafi’s (a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease) revenues came in at $773.1 million, up 11% from the year-ago quarter, owing to a 14% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $746 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $161.6 million in sales, which rose 48% year over year and surpassed the Zacks Consensus Estimate of $150 million. The year-over-year rise in sales was driven by continued growth in new patient starts and refills in the United States and increased contribution from the EU.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $1.4 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma. Net product revenues of Iclusig were $27.4 million, up 1% year over year. However, the figure missed the Zacks Consensus Estimate of $29.7 million. Pemazyre generated $23.1 million in sales, reflecting a year-over-year increase of 12%. The figure beat the Zacks Consensus Estimate of $19.1 million.
Minjuvi's revenues totaled $32.8 million, surging 265% year over year, following the acquisition of the exclusive global rights to the drug in February 2024. The figure, however, missed the Zacks Consensus Estimate of $33.8 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in February.
Shares of Incyte have rallied 28.2% in the past year against the industry’s decline of 10.6%.
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Jakafi is marketed by Incyte in the United States and by Novartis NVS as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 10% to $114.2 million. Jakavi royalties missed the Zacks Consensus Estimate of $116 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, NVS, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6.3 million, up 34% year over year.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly LLY totaled $38.5 million, down 5% year over year. The figure also missed the Zacks Consensus Estimate of $39.6 million.
Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.
Adjusted research and development expenses totaled $420.3 million, up 3% year over year. This increase was primarily due to continued investment in the company’s late-stage development assets.
Adjusted selling, general and administrative expenses were $299.7 million, up 11% from the prior year quarter’s number, primarily due to the timing of consumer marketing activities and that of certain other expenses.
INCY’s cash, cash equivalents and marketable securities totaled $2.2 billion as of Dec. 31, 2024, compared with $1.8 billion as of Sept. 30, 2024.
INCY's Full-Year Results
For 2024, Incyte generated revenues of $4.24 billion, reflecting around 15% growth year over year.
For the same period, the company reported adjusted earnings of $1.08 per share, down from $3.52 year over year.
2025 Guidance
The company expects Jakafi revenues in the range of $2.93-$2.98 billion in 2025. Opzelura net product revenues are expected in the band of $630-$670 million in 2025.
Adjusted research and development expenses are expected in the band of $1.78-$1.81 billion while adjusted selling, general and administrative expenses are expected in the range of $1.16-$1.19 billion.
INCY's Recent Developments
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and is now commercially available in the United States.
Per management, 2025 is poised to be a transformational year for INCY with four potential launches and several clinical milestones expected.
Incyte Corporation Price, Consensus and EPS Surprise
Incyte Corporation Price, Consensus and EPS Surprise
A better-ranked stock in the biotech sector is Harmony Biosciences Holdings, Inc. HRMY, sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Harmony Biosciences’ earnings per share have increased from $2.64 to $3.22 for 2025. In the past year, shares of HRMY have surged 8.4%.
HRMY’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 147.24%.
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