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Incyte (INCY, Financials) reported a 15% increase in total revenues for 2024, reaching $4.2 billion, driven by strong performances from key products and advancements in its research and development pipeline. Incyte shares are down following the announcement, with the stock falling 6.3% to $69.44 as of 2:30 p.m. ET on Monday.
Rising 16% year over year, fourth-quarter income came to $1.2 billion. While full-year sales topped $2.8 billion, up 8%, Jakafi (ruxolitinib) produced $773 million in fourth-quarter net revenue, an 11% rise. Posting $162 million in fourth-quarter net sales, a 48% increase, and $508 million for the whole yeara 50% riseOpzelura (ruxolitinib) cream recorded.Incyte estimates Jakafi net income for 2025 is between $2.925 billion and $2.975 billion and Opzelura net income between $630 million and $670 million. Among the at least 18 important benchmarks the business anticipates are new product introductions, critical research results, Phase 3 trial starts, and proof-of-concept readouts. Among the new products are ruxolitinib cream for juvenile atopic dermatitis, Niktimvo for third-line-plus chronic graft-versus-host disease, tafasitamab for relapsed or refractory follicular lymphoma, and retifanlimab for squamous cell anal cancer. Results from studies on povorcitinib in moderate to severe hidradenitis suppurativa, ruxolitinib cream in prurigo nodularis, tafasitamab in first-line diffuse large B-cell lymphoma, and ruxolitinib extended-release for myelofibrosis, polycythemia vera, and graft-versus-host disease will be included in pivotal study readings. Phase 3 studies start with a BET inhibitor in second-line myelofibrosis, ruxolitinib cream for mild to moderate hidradenitis suppurativa, and a CDK2 inhibitor for ovarian cancer. Data on povorcitinib in chronic spontaneous urticaria and asthma, mutCALR in myelofibrosis and essential thrombocythemia, a JAK2V617F mutant-specific inhibitor in myelofibrosis, and both KRASG12D and TGF?R2xPD-1 in solid tumors will include proof-of-concept readouts.With data submission expected by year-end 2025, the business also noted that ruxolitinib extended-release satisfies FDA bioequivalency standards. Approved by the FDA in January 2025, Niktimvo (axatilimab-csfr) is currently commercially sold in the United States. With FDA clearance predicted in the second half of 2025, Tafasitamab exhibited good outcomes in Phase 3 inMIND study for relapsed or refractory follicular lymphoma.Chief executive officer of Incyte, Herve Hoppenot said that 2024 was a noteworthy year for the business with robust pipeline development and revenue growth. 2025 is supposed to be a year of significant events that will support Incyte's long-term expansion goals, he pointed out.Strong Jakafi and Opzelura sales helped Incyte's overall revenues rise by 15% in 2024. Supported by many product introductions and important trial results, the business forecasts ongoing revenue increase in 2025. Important advances include FDA approval of Niktimvo and favorable tafasitamab study outcomes.
This article first appeared on GuruFocus.