WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) today reports 2023 fourth quarter financial results, provides 2024 financial guidance and provides a status update on the Company’s research and development portfolio. "We delivered a strong 2023 with total net product and royalty revenues of $3.7 billion, increasing 14% versus 2022. In the fourth quarter, we achieved for the first time, a new milestone of $1 billion in total quarterly revenues, driven by the continued growth of Jakafi® (ruxolitinib ...

Financial Performance - Total revenues for 2023 reached $3,695,649, an increase of 8.8% from $3,394,635 in 2022[441]. - Product revenues, net, increased to $3,165,168 in 2023, up 15.1% from $2,746,897 in 2022[441]. - Net income for 2023 was $597,599, representing a 75.5% increase compared to $340,660 in 2022[441]. - Total assets increased to $6,782,107 in 2023, up 16.1% from $5,840,984 in 2022[438]. - Total stockholders' equity grew to $5,189,837 in 2023, an increase of 18.7% from $4,370,119 in 2022[438]. - Cash and cash equivalents increased to $3,213,376 in 2023, up 8.9% from $2,951,422 in 2022[438]. - The company reported a basic net income per share of $2.67 for 2023, compared to $1.53 for 2022, reflecting a 74.5% increase[441]. - Net cash provided by operating activities decreased to $496,487 in 2023 from $969,941 in 2022, a decline of 48.9%[448]. - Income taxes paid in 2023 amounted to $378,206, significantly higher than $136,242 in 2022, an increase of 177.5%[448]. Research and Development - The company expects to continue incurring significant expenses in drug discovery and development, which may hinder sustained profitability in the future[313]. - Anticipated increases in drug discovery and development expenditures are linked to preclinical tests and clinical trials required for regulatory approval[314]. - Research and development expenses rose to $1,627,594 in 2023, a slight increase of 2.7% from $1,585,936 in 2022[441]. - The company plans to continue investing in research and development to drive future growth and innovation[441]. - Research and development costs are expensed as incurred, including salaries, stock-based compensation, and clinical trial costs[492]. Revenue Recognition and Product Sales - The company recognizes product revenues at a point in time once performance obligations are satisfied, including sales of JAKAFI, OPZELURA, PEMAZYRE, and ZYNYZ in the U.S.[474]. - Revenue recognition for product sales is net of allowances for customer credits, including estimated rebates, chargebacks, discounts, and returns[475]. - The company assesses collectability based on customer payment history and creditworthiness when recognizing revenue[473]. - Allowances for rebates are based on statutory discount rates and expected utilization, with accruals reflecting estimates of amounts owed after product dispensing[477]. - The company maintains an accrual for chargebacks based on estimated contractual discounts on inventory levels in the distribution channel[480]. Intellectual Property and Legal Risks - The company may face risks related to intellectual property, including potential litigation and challenges to patent validity, which could disrupt drug development efforts[326]. - The effectiveness of the company's patent portfolio may be impacted by changes in patent laws, potentially reducing the duration and value of patent protection[334]. - The Supreme Court ruling on patent settlements may create uncertainty and complicate future patent litigation settlements[336]. - International patent protection is uncertain and costly, with potential substantial costs associated with opposition proceedings in foreign countries[337]. Financial Liabilities and Capital Needs - Future capital needs may arise, and the company may face limitations on research and development efforts if unable to raise sufficient funds[317]. - The company may need to raise additional capital in the future, which could be dilutive to existing shareholders and may involve unfavorable terms[318]. - Total accrued and other current liabilities as of December 31, 2023, amounted to $935.6 million, an increase from $701.1 million in 2022[575]. Data Security and IT Risks - The company faces significant risks related to data security breaches, which could lead to loss of confidential information and reputational harm[340]. - The company is continuously enhancing its IT systems, which involves inherent costs and risks, including potential delays and errors in critical business information[339]. - The company’s business operations are increasingly dependent on complex IT systems, making them vulnerable to various risks including cyber-attacks and natural disasters[338]. - The company is subject to potential fines under the General Data Protection Regulation in the EU, which can reach up to €20 million or 4% of annual global revenue for noncompliance[342]. Investments and Marketable Securities - As of December 31, 2023, marketable securities totaled $442.7 million, primarily composed of U.S. government securities[424]. - The company made purchases of marketable securities totaling $456,020 in 2023, compared to $79,860 in 2022, an increase of 471.5%[448]. - The fair market value of the company's long-term investment in Agenus Inc. was $10.0 million and $29.0 million as of December 31, 2023, and 2022, respectively[537]. - The fair market value of the company's long-term investment in Merus was $110.1 million and $54.9 million as of December 31, 2023, and 2022, respectively[542]. Stock Compensation and Employee Benefits - The total stock compensation expense recorded for the years ended December 31, 2023, 2022, and 2021 was $215.9 million, $188.4 million, and $183.0 million, respectively[588]. - The company granted 3,576,242 RSUs and 300,512 PSUs in 2023, with a balance of 7,165,342 shares subject to outstanding awards as of December 31, 2023[586]. - The company recorded stock compensation expense of $126.7 million for research and development in 2023, compared to $112.5 million in 2022[588]. - The total compensation cost of RSUs granted but not yet vested as of December 31, 2023, was $235.4 million, expected to be recognized over 1.7 years[591].

The upcoming report from Incyte (INCY) is expected to reveal quarterly earnings of $1.21 per share, indicating an increase of 95.2% compared to the year-ago period. Analysts forecast revenues of $1.02 billion, representing an increase of 10.2% year over year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Ahead of a company's earnings disclosu ...

WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) announced it has entered into an asset purchase agreement with MorphoSys AG (FSE: MOR; NASDAQ: MOR) which gives Incyte exclusive global rights for tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed in the U.S. as Monjuvi® (tafasitamab-cxix) and outside of the U.S. as Minjuvi® (tafasitamab). “This new agreement with MorphoSys provides Incyte with exclusive global rights to tafasitamab and full control over its development and ...

Incyte’s (INCY) performance in 2023 was tepid as pipeline setbacks and competition for lead drug Jakafi weighed on shares.Lead drug Jakafi (ruxolitinib) posted 8% growth in sales in the first three quarters of 2023.However, the FDA approval of GSK plc’s (GSK) momelotinib, under the brand name Ojjaara, for the treatment of intermediate or high-risk myelofibrosis, including primary myelofibrosis or secondary myelofibrosis (post-polycythemia vera and post-essential thrombocythaemia), in adults with anemia, pos ...

WILMINGTON, Del.--(BUSINESS WIRE)--Incyte (Nasdaq:INCY) announced today that it has scheduled its fourth quarter and year-end 2023 financial results conference call and webcast for 8:00 a.m. ET on Tuesday, February 13, 2024. The schedule for the press release and conference call/webcast is as follows: Q4 & YE 2023 Press Release: February 13, 2024 at 7:00 a.m. ET Q4 & YE 2023 Conference Call: February 13, 2024 at 8:00 a.m. ET Domestic Dial-In Number: 877-407-3042 International Dial-In Number: 201-38 ...

Financial Data and Key Metrics Changes - Total product revenues for Q3 2023 were $783 million, representing a 10% year-over-year increase, while total product revenues for the first nine months of 2023 were $2.3 billion, reflecting a 16% year-over-year increase [56] - Jakafi net product revenues were $636 million for Q3 and $1.9 billion for the first nine months of 2023, with an 8% growth compared to the same period last year [15][27] - Opzelura net product revenues for Q3 were $92 million, a 141% increase year-over-year, with total revenues for the first nine months reaching $229 million [57][27] Business Line Data and Key Metrics Changes - Jakafi experienced steady demand growth, with total patients growing 8% year-over-year across all indications [30] - Opzelura's growth was driven by new patient flow and refills, with total prescriptions growing 72% year-over-year and refills increasing by 19% compared to the prior quarter [46][13] - The gross-to-net for Opzelura in Q3 was 54%, down from 55% in Q2 and 60% in Q1, with expectations to remain around the 55% level [16] Market Data and Key Metrics Changes - Approximately 84% commercial coverage for Opzelura in atopic dermatitis, covering over 127 million lives, and significant progress in vitiligo coverage, improving by roughly 30% throughout 2023 [76] - The anticipated preferred brand status for Opzelura on CVS Caremark and Aetna formularies starting in 2024 is expected to benefit around 30 million commercial lives [28] Company Strategy and Development Direction - The company is focusing on eight high-potential programs to increase decision-making rigor, accelerate pipeline progression, and optimize resource allocation [48] - The introduction of a novel program targeting the JAK2V617F mutation is expected to solidify the company's leadership in myeloproliferative neoplasms [49][50] - The company plans to initiate a Phase III study for povorcitinib in 2024, following positive Phase II results [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of Opzelura, citing strong uptake and positive momentum [13] - The company expects Jakafi to continue being a leader in myelofibrosis, particularly with new data showing a 44% reduction in the risk of major thrombosis for patients switched to Jakafi [45] - Management highlighted the importance of early intervention for patients with polycythemia vera (PV) and the potential for increased market penetration [21] Other Important Information - Total R&D expenses for Q3 were $376 million, a 2% year-over-year decrease, while total SG&A expenses were $268 million, representing a 1% year-over-year growth [87] - The company reported a $14 million negative impact on reported net sales due to a decrease in inventory levels during Q3 [86] Q&A Session Summary Question: How is the company thinking about the competitive landscape regarding Jakafi and the new approval for momelotinib? - Management noted that Jakafi remains the only drug with superior overall survival in myelofibrosis patients, despite the presence of other JAK inhibitors [65] Question: Can you provide insight on Opzelura's gross-to-net trends and any pricing concessions? - Management indicated that while there are negotiations with payers, the goal is to increase volume and access for patients, with expected improvements in copays [68] Question: What is the expected rate of tubes per patient for atopic dermatitis and vitiligo? - The company expects around two tubes per patient for atopic dermatitis, while more data is needed for vitiligo [95] Question: Can you discuss the Medicaid penetration for Opzelura? - Medicaid patients account for about 14% of paid patients, with good coverage across all states [128]

Incyte . xx Key Highlights Hervé Hoppenot Chief Executive Officer R&D Update Steven Stein Chief Medical Officer 2 3 HERVÉ HOPPENOT - CEO (Incyte) 5 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|-------------------------------------|-------|-------|-------|-------|-------------------------------------------------------|-------|-------| | | Standard Benefit \nBeginning 2025 | 2025 | 2026 | 2027 | 2028 | Specified Small Manufacturer Phase-In Schedule \n2029 | 2030 | 2031 | | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12400 INCYTE CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-12400 INCYTE CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...