Incyte posted higher profits and sales in the second quarter. Incyte is based near Wilmington.
“The second quarter was strong with total revenue up 29% year-over-year, multiple approvals and the continued advancement of our pipeline. The launch of Opzelura in atopic dermatitis continues to progress well and in recent weeks, improved reimbursements have translated into higher covered claims. Second quarter revenue was temporarily impacted by the shift from free drugs to paid prescriptions. Demand and patient satisfaction remain strong.” “In July, Opzelura was also approved by the FDA for non-segmental vitiligo, creating a new growth opportunity as the first approved treatment for vitiligo repigmentation,” said Hervé Hoppenot, CEO of Incyte.
- Total revenue increased 29% year-over-year to $911 million; total product revenues of $664 million.
- Jakafi (ruxolitinib) product net sales of $598 million in 2Q 22 (+13% year-on-year driven by volume growth; lower end of full-year guidance raised to a new range of $2.36-2.40 billion)
- Opzelura Cream (ruxolitinib) approved as the first and only treatment for repigmentation of non-segmental vitiligo in patients 12 years of age and older.
- Several approvals including Olumiant (baricitinib) as the first and only systemic treatment approved for alopecia areata in the United States, Europe and Japan and Jakavi (ruxolitinib) approved as the first post-steroid therapy for acute and chronic graft-versus-host disease in Europe.
Financial orientation 2022
Incyte has revised its full-year 2022 guidance for net revenue from Jakafi products.
|Net income from Jakafi products||$2.36–2.40 billion||$2.33–2.40 billion|
|Other net income from hematology/oncology products(1)||$210-240 million||Unchanged|
|GAAP Cost of Product Revenues||6-7% of net product revenue||Unchanged|
|Revenue cost of non-GAAP products(2)||5-6% of net product revenue||Unchanged|
|GAAP Research and development expenses||$1,550–1,590 million||Unchanged|
|Non-GAAP research and development expenses(3)||$1,420–1,455 million||Unchanged|
|GAAP Selling, general and administrative expenses||950 to 1,000 million dollars||Unchanged|
|Non-GAAP selling, general and administrative expenses(3)||$880–925 million||Unchanged|