Incyte reports Q3 EPS $1.10, consensus $1.02

Reports Q3 revenue $919M, consensus $966.9M. Jakafi or ruxolitinib net product revenues of $636M +3% Y/Y in Q3’23, $1.9 B , +8% Y/Y YTD 2023, driven by growth in total patients across all indications; tightening full year 2023 guidance to a new range of $2.59 – $2.62 billion “Our double-digit revenue growth during the quarter was driven by sustained performance of Jakafi(R) (ruxolitinib) and an increasing contribution from Opzelura(R) (ruxolitinib) with continued strong patient demand and enhanced payer coverage,” said Herve Hoppenot, Chief Executive Officer, Incyte. “We made significant progress with our early programs in myeloproliferative neoplasms (MPNs), including mCALR and JAK2V617F, which have the potential to be disease modifying therapies that represent a fundamentally new approach to the way patients with MPNs are treated. Additionally, we recently received positive top line results from the Phase 2 study of povorcitinib in prurigo nodularis (PN) and plans are underway to initiate a Phase 3 study in 2024. With approximately 100,000 treated PN patients in the U.S., povorcitinib has the potential to be an efficacious therapy for those patients who currently have limited treatment options.”