Incyte reports Q1 EPS 64c, consensus 84c

Reports Q1 revenue $880.9M, consensus $926.5M.”In the first quarter of 2024, total revenues grew 9% year-over-year driven by patient demand growth in the U.S. for Opzelura cream and Jakafi. As anticipated, the revenue growth during the quarter was offset by an inventory drawdown for Jakafi and the typical first-quarter net pricing dynamics,” said Herve Hoppenot, Chief Executive Officer, Incyte. “We made important progress with our clinical pipeline including the initiation of two Phase 1 studies evaluating our JAK2V617F inhibitor and KRASG12D inhibitor. We also recently announced an agreement to acquire Escient Pharmaceuticals, pending the appropriate regulatory review process. Escient’s lead compound EP262, is a first-in-class, potent, highly selective, once-daily small molecule designed to block mast cell activation, independent from IgE. We believe this novel mechanism has broad clinical utility in a number of conditions including chronic spontaneous urticaria chronic inducible urticaria, CIndU, and other diseases.”