Core Insights - The development of new drugs for obesity treatment in China is gaining momentum, with the recent publication of the phase III clinical study results for the drug Masitide in a top medical journal, indicating a significant advancement in the country's drug development capabilities [1][3] - Masitide is the world's first and only GCG/GLP-1 dual receptor agonist approved for weight loss and glycemic control, highlighting its potential in addressing complex metabolic issues associated with obesity [1][2] Group 1: Drug Development and Clinical Research - The phase III clinical study (GLORY-1) of Masitide has been recognized as a milestone, showcasing China's ability to conduct clinical research at an international level [3] - The dual mechanism of action of Masitide, which combines appetite suppression and metabolic acceleration, is expected to provide a more comprehensive solution for obesity management compared to single-target therapies [1][3] Group 2: Challenges in Drug Development Ecosystem - There is a notable gap in the drug development ecosystem in China compared to international standards, particularly in the transition from basic research to clinical application [3] - The majority of new drug patents in the U.S. are held by companies, while in China, 70-80% are held by research institutions, indicating a need for better integration of research and industry [3] Group 3: Financial and Policy Support - The high failure rate of innovative drug development poses a significant challenge, as the costs of unsuccessful products are absorbed by successful ones, necessitating a robust financial return for companies [4] - The Chinese government is implementing a comprehensive support plan for innovative drug development, focusing on policy coordination across pricing, insurance, and investment to foster a conducive environment for drug innovation [4]

Core Viewpoint - Incyte's shares have increased by approximately 3.6% since the last earnings report, which is underperforming compared to the S&P 500 [1] Group 1: Earnings Report and Market Reaction - The recent earnings report is crucial for understanding the key drivers affecting Incyte's stock performance [1] - Estimates for Incyte have remained flat over the past month, indicating no significant changes in market expectations [2] Group 2: VGM Scores and Investment Strategy - Incyte has a strong Growth Score of A, a Momentum Score of B, and a Value Score of A, placing it in the top quintile for value investment strategy [3] - The overall aggregate VGM Score for Incyte is A, which is relevant for investors not focused on a single strategy [3] Group 3: Outlook - Incyte holds a Zacks Rank of 3 (Hold), suggesting an expectation of an in-line return from the stock in the upcoming months [4]

Core Viewpoint - Incyte's new drug Zynyz has received FDA approval for treating locally recurrent or metastatic squamous cell carcinoma of the anal canal, marking it as the first and only first-line treatment for advanced anal cancer in the United States [1][2]. Group 1: Drug Approval and Clinical Data - Zynyz is approved in combination with platinum-based chemotherapy for first-line treatment and as a monotherapy for patients intolerant to or whose disease progressed on platinum-based chemotherapy [1][2]. - The approval was based on data from two studies: the phase III POD1UM-303/InterAACT2 study and the phase II POD1UM-202 study [5]. - The POD1UM-303 study showed a 37% reduction in the risk of progression or death with Zynyz plus chemotherapy, while the POD1UM-202 study reported an objective response rate of 14% and a disease control rate of 49% for Zynyz monotherapy [6]. Group 2: Financial Impact and Market Position - Zynyz generated sales of $3 million in Q1 2025, and the approval is expected to enhance future sales [7]. - The approval diversifies Incyte's portfolio, reducing reliance on its lead drug Jakafi, which generated $709.4 million in Q1 2025, reflecting a 24% year-over-year increase [8]. Group 3: Competitive Landscape - Incyte currently holds a Zacks Rank of 3 (Hold), while competitors like Halozyme Therapeutics and Intellia Therapeutics have better rankings of 2 (Buy) [9].

Summary of Incyte (INCY) 2025 Conference Call Company Overview - **Company**: Incyte Corporation (INCY) - **Event**: Bank of America Healthcare Conference - **Date**: May 13, 2025 Key Industry Insights - **Impact of Executive Order**: The recent executive order lacks details, making it difficult to assess its impact on Incyte. The company primarily commercializes Jakafi in the U.S., with Novartis handling pricing outside the U.S. [3][4] - **Pipeline Flexibility**: Incyte's pipeline is not yet commercialized, allowing flexibility in response to potential pricing frameworks [5] - **Tariffs**: Expected to have minimal impact on Incyte as Jakafi is manufactured in the U.S. and the company employs a dual sourcing strategy [8][9] Financial Performance - **Jakafi Performance**: - Grew 24% year-over-year, with a 10% increase driven by demand and a 7% reduction in destocking [16] - The impact of the Part D redesign resulted in a smaller participation in the initial and catastrophic phases, benefiting the company [15] - **Opsilura Growth**: - Achieved 38% year-over-year growth, with projected net sales for the year between $630 million to $670 million [21][22] - The product is differentiated by rapid itch reduction for atopic dermatitis (AD) and is the only therapy available for vitiligo [22][32] Product Development and Pipeline - **Jakafi XR**: Expected to file for approval by the end of 2025, with anticipated approval in mid-2026. This product aims to transition existing patients to a once-a-day regimen before the patent expiry [18][19] - **Opsilura in Other Indications**: Plans to proceed with pivotal trials for Opsilura in mild to moderate hidradenitis suppurativa (HS) [35] - **POVO Development**: Two positive pivotal phase three trials conducted, with a focus on pain management in HS. Expected to file for approval by late 2026 or early 2027 [48][44] Market Position and Strategy - **Jakafi's Role**: Continues to generate significant cash flow, allowing for investment in new growth drivers. The goal is to not only replace Jakafi but to achieve double-digit growth post-Jakafi [20][59] - **Market Potential**: There are over five million patients with AD in the U.S., indicating significant room for growth. The company aims to penetrate this market further, especially among pediatric patients [29][28] - **Competitive Landscape**: Incyte believes it has the best topical treatment for itch improvement in AD, positioning itself favorably in a crowded market [32] Additional Considerations - **Patient Adherence**: Improvement in patient adherence is crucial for long-term revenue growth, particularly in vitiligo [25][26] - **Future Programs**: The mutant cholera antibody program is highlighted as a key focus for the next 15-20 years, aiming to dominate the myeloproliferative neoplasm space [50][52] This summary encapsulates the critical points discussed during the Incyte conference call, highlighting the company's current performance, strategic direction, and market opportunities.

[Part I: Financial Information](index=3&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) In Q1 2025, Incyte reported total revenues of $1.05 billion, net income of $158.2 million, and maintained a strong balance sheet with $2.4 billion in cash and marketable securities Summary of Financial Performance | Financial Metric | March 31, 2025 (in thousands) | March 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $1,052,898 | $880,889 | | **Income from Operations** | $205,168 | $91,898 | | **Net Income** | $158,203 | $169,548 | | **Diluted EPS** | $0.80 | $0.75 | Summary of Balance Sheet | Balance Sheet Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Cash, Cash Equivalents & Marketable Securities** | $2,408,658 | $2,158,092 | | **Total Current Assets** | $3,507,421 | $3,239,030 | | **Total Assets** | $5,749,365 | $5,444,322 | | **Total Current Liabilities** | $1,720,290 | $1,641,847 | | **Total Liabilities** | $2,081,802 | $1,996,694 | | **Total Stockholders' Equity** | $3,667,563 | $3,447,628 | - Net cash provided by operating activities increased to **$266.1 million** for the three months ended March 31, 2025, compared to **$218.8 million** in the same period of 2024, primarily due to changes in working capital[19](index=19&type=chunk)[278](index=278&type=chunk) [Revenues Breakdown](index=9&type=section&id=Note%203.%20Revenues) Revenue Sources | Revenue Source (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Product Revenues, Net** | | | | JAKAFI | $709,412 | $571,839 | | OPZELURA | $118,705 | $85,724 | | ICLUSIG | $29,544 | $30,343 | | MINJUVI/MONJUVI | $29,551 | $23,874 | | NIKTIMVO | $13,613 | $0 | | **Total Product Revenues, Net** | **$922,274** | **$729,923** | | **Product Royalty Revenues** | | | | JAKAVI | $92,145 | $89,595 | | OLUMIANT | $30,800 | $30,589 | | **Total Product Royalty Revenues** | **$130,624** | **$125,966** | | **Milestone and Contract Revenues** | $0 | $25,000 | | **Total Revenues** | **$1,052,898** | **$880,889** | [Acquisitions](index=12&type=section&id=Note%206.%20Acquisitions) - In February 2024, Incyte acquired exclusive global rights to tafasitamab (MONJUVI/MINJUVI) from MorphoSys for a **$25.0 million** payment, terminating their previous collaboration agreement[44](index=44&type=chunk) - In May 2024, the company acquired Escient Pharmaceuticals, a clinical-stage drug development company, for **$782.5 million** in cash, accounted for as an asset acquisition with INCB000262 representing substantially all fair value[47](index=47&type=chunk)[48](index=48&type=chunk) [License Agreements](index=14&type=section&id=Note%208.%20License%20Agreements) - **Novartis:** Incyte receives tiered, double-digit royalties (upper-teens to mid-twenties) on JAKAVI net sales outside the U.S. and **12%-14%** on worldwide TABRECTA net sales, while paying Novartis low single-digit royalties on U.S. JAKAFI sales[54](index=54&type=chunk) - **Lilly:** Incyte is eligible for tiered, double-digit royalties up to the mid-twenties on global sales of OLUMIANT (baricitinib)[57](index=57&type=chunk) - **Syndax:** Incyte co-commercializes NIKTIMVO (axatilimab) in the U.S., sharing profits and losses equally, and has exclusive commercialization rights ex-U.S. with tiered royalties paid to Syndax[70](index=70&type=chunk) [Commitments and Contingencies](index=22&type=section&id=Note%2015.%20Commitments%20and%20Contingencies) - Incyte has accrued approximately **$145.4 million** for potential incremental rebates related to a lawsuit against CMS over OPZELURA's classification as a "line extension" of JAKAFI[103](index=103&type=chunk) - The company has an outstanding contractual dispute with Novartis regarding royalties allegedly owed on JAKAFI net sales within the United States, with a trial scheduled for May 2025[54](index=54&type=chunk)[104](index=104&type=chunk) - The company maintains a **$500.0 million** unsecured revolving credit facility, extended to June 2027, with no outstanding borrowings as of March 31, 2025[99](index=99&type=chunk)[100](index=100&type=chunk) [Management's Discussion and Analysis (MD&A)](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 financial performance was driven by strong revenue growth from JAKAFI and OPZELURA, with total revenues up 19.5% to $1.05 billion, supported by pipeline investments and a strong liquidity position [Overview of Business and Pipeline](index=30&type=section&id=Overview%20of%20Business%20and%20Pipeline) - Incyte is a global biopharmaceutical company focused on Hematology/Oncology and Inflammation and Autoimmunity (IAI), including its Dermatology franchise[122](index=122&type=chunk) - **Hematology/Oncology Pipeline Highlights:** sBLA submitted for Tafasitamab in FL, positive Phase 3 results for Retifanlimab in SCAC and NSCLC, and early clinical activity for INCB123667 (CDK2i) with a pivotal trial anticipated in 2025[148](index=148&type=chunk)[163](index=163&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) - **Inflammation & Autoimmunity (IAI) Pipeline Highlights:** Ruxolitinib cream (OPZELURA) Phase 3 met primary endpoint in pediatric atopic dermatitis, and Povorcitinib (oral JAK1) showed positive Phase 3 results in HS supporting planned regulatory submissions[198](index=198&type=chunk)[199](index=199&type=chunk)[206](index=206&type=chunk)[211](index=211&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Revenue Performance | Revenue Source (in millions) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | JAKAFI revenues, net | $709.4 | $571.8 | +24.1% | | OPZELURA revenues, net | $118.7 | $85.7 | +38.5% | | Total product revenues, net | $922.3 | $729.9 | +26.4% | | Total product royalty revenues | $130.6 | $126.0 | +3.7% | | **Total revenues** | **$1,052.9** | **$880.9** | **+19.5%** | - JAKAFI revenue growth was driven by a **10% increase** in paid demand, the positive impact of the Part D redesign under the Inflation Reduction Act, and a **7% favorable impact** from less de-stocking compared to Q1 2024[254](index=254&type=chunk) - OPZELURA revenue growth was driven by a **24% increase** in U.S. prescription paid demand and **$23.5 million** in net product revenues from outside the U.S., primarily from Germany and France[255](index=255&type=chunk) Operating Expenses | Operating Expenses (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cost of product revenues | $73.2 | $61.0 | | Research and development | $437.3 | $429.3 | | Selling, general and administrative | $325.7 | $300.3 | [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the company had **$2.4 billion** in cash, cash equivalents, and marketable securities[277](index=277&type=chunk) Cash Flow Activity | Cash Flow Activity (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $266.1 | $218.8 | | Net cash provided by (used in) investing activities | $1.1 | $(73.1) | | Net cash used in financing activities | $(12.7) | $(12.4) | - The company believes its cash flow from operations, existing cash balances, and available credit will be adequate to satisfy its capital needs for the foreseeable future[283](index=283&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risks primarily involve interest rate fluctuations on its $466.9 million marketable securities portfolio and price volatility of strategic equity investments - The company's marketable securities of **$466.9 million**, primarily U.S. government debt, are subject to interest rate risk, but a **10% immediate rate increase** would not cause a material decline in fair value[285](index=285&type=chunk) - Strategic equity investments in publicly traded companies are subject to stock price volatility, which will cause fluctuations in reported gains and losses in future periods[286](index=286&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[288](index=288&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[289](index=289&type=chunk) [Part II: Other Information](index=53&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial risks including heavy reliance on JAKAFI/JAKAVI revenues, intense competition, generic challenges, pricing pressures, and inherent drug development uncertainties - **Product Concentration:** The business depends heavily on JAKAFI/JAKAVI, and any decrease in its revenues could materially harm the company[292](index=292&type=chunk) - **Competition and Generic Challenges:** The company faces competition from major pharmaceutical companies and potential generic products, with ANDAs filed challenging patents for JAKAFI (Apotex, Hikma) and OPZELURA (Padagis, Taro, Zydus)[320](index=320&type=chunk)[325](index=325&type=chunk) - **Pricing and Reimbursement:** Commercialization depends on adequate coverage and reimbursement from payors, with healthcare reform measures like the Inflation Reduction Act potentially impacting pricing and profitability[295](index=295&type=chunk)[339](index=339&type=chunk) - **Development and Regulatory Risk:** Drug discovery and development are expensive, uncertain, and time-consuming, with high risks of clinical trial failure and lengthy regulatory approval processes[329](index=329&type=chunk)[331](index=331&type=chunk) [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings, detailed in Note 15, include a lawsuit against CMS regarding OPZELURA classification and a contractual dispute with Novartis over JAKAFI royalties - Information regarding legal proceedings is incorporated by reference from Note 15 of the Condensed Consolidated Financial Statements[290](index=290&type=chunk) [Other Information](index=82&type=section&id=Item%205.%20Other%20Information) Thomas Tray, VP and Chief Accounting Officer, adopted a Rule 10b5-1 trading plan for the sale of up to 1,614 shares of common stock, effective until February 28, 2026 - On February 28, 2025, Thomas Tray, VP, Chief Accounting Officer, adopted a Rule 10b5-1 trading plan for the sale of up to **1,614 shares** of common stock[414](index=414&type=chunk)

Financial Data and Key Metrics Changes - In the first quarter of 2025, total revenues reached $1,050,000,000, reflecting a 20% year-over-year increase. Product revenues were $922,000,000, up 26% year-over-year, driven by strong demand for Jakafi and OPSELORA, along with initial contributions from Nictimvo [5][14][20] - The cash position at the end of the quarter was $2,400,000,000 [5] Business Line Data and Key Metrics Changes - Jakafi's net product revenue grew 24% year-over-year to $709,000,000, with total patients increasing by 10% compared to the same quarter in 2024 [6][14] - OPSELORA's total revenue was $119,000,000, representing a 38% increase year-over-year, driven by growth in the U.S. and contributions from Germany and France [7][14] - Nictimvo generated $14,000,000 in net product revenues in its first quarter, indicating strong initial market uptake [9][14] Market Data and Key Metrics Changes - The U.S. market for OPSELORA showed continued growth in both atopic dermatitis and vitiligo, with improved commercial coverage from 86% to 94% due to formulary changes [8] - The market for chronic spontaneous urticaria (CSU) is expected to benefit from the introduction of povarsitinib, which has shown positive proof of concept data [24][30] Company Strategy and Development Direction - The company plans to launch four new products in 2025 and initiate at least three Phase III studies, with a focus on expanding its commercial portfolio and pipeline [10][30] - The strategy includes dual sourcing for key products to mitigate risks associated with tariffs and supply chain disruptions [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of Nictimvo and the overall growth trajectory for the company, citing strong commercial execution and a robust pipeline [34] - The company anticipates minimal impact from potential tariffs on pharmaceuticals due to its established manufacturing capabilities in the U.S. and Europe [12][59] Other Important Information - The company is increasing its full-year guidance for Jakafi to a range of $2,950,000,000 to $3,000,000,000, reflecting confidence in continued product demand [21] - Ongoing operating expenses increased by 6% year-over-year, which is lower than the revenue growth rate, indicating improved operating leverage [20] Q&A Session Summary Question: Expectations for Jakafi's growth driven by new patients versus continued use - Management indicated that growth will be driven by both new patient starts and continued therapy adherence, emphasizing the importance of early treatment with Jakafi [37][40] Question: Positioning of povarsitinib for chronic spontaneous urticaria - Management believes povarsitinib will serve both patients who fail antihistamines and those who prefer an oral option before considering biologics [43][45] Question: Efficacy of povarsitinib in naive versus biologic-exposed patients - Management confirmed that efficacy was observed across both patient populations, with ongoing studies to further evaluate these effects [48][50] Question: Update on Kallar Compound and data expectations - Management confirmed that substantive data will be presented in 2025, including clinical endpoints and allele burden data [52][57] Question: Contribution of atopic dermatitis and vitiligo to OPSELURA's revenue - Management noted that both indications are growing at a similar pace, with efforts to improve access to atopic dermatitis treatments [61][63] Question: Capital allocation and business development strategy - Management stated that internal pipeline success will drive capital allocation decisions, with a focus on R&D and potential partnerships for early-stage products [66][68]

Core Viewpoint - Incyte Corporation reported strong first-quarter 2025 results, with adjusted earnings and revenues exceeding expectations, driven by the performance of its lead drug Jakafi and the launch of Opzelura [1][3][4]. Financial Performance - Adjusted earnings per share for Q1 2025 were $1.16, surpassing the Zacks Consensus Estimate of $1.01 and up from 58 cents in the same quarter last year [1]. - Total revenues reached $1.05 billion, a 20% increase year over year, exceeding the Zacks Consensus Estimate of $1 billion [1]. - Jakafi generated revenues of $709.4 million, a 24% increase from the previous year, driven by a 10% rise in paid demand, and also beating the Zacks Consensus Estimate of $661.1 million [3]. - Opzelura cream sales were $118.7 million, up 38% year over year, although it fell short of the Zacks Consensus Estimate of $127 million [4]. - Newly approved Zynyz generated $3 million in sales, significantly up from the previous year and exceeding the Zacks Consensus Estimate of $1.9 million [5]. Product Performance - Iclusig net product revenues were $29.5 million, down 3% year over year but above the Zacks Consensus Estimate of $28.7 million [5]. - Pemazyre sales were $18.4 million, reflecting a 4% year-over-year increase but missing the Zacks Consensus Estimate of $21.6 million [5]. - Minjuvi revenues totaled $29.6 million, a 24% increase year over year, but below the Zacks Consensus Estimate of $33.4 million [6]. - Axatilimab-csfr (Niktimvo) recorded $13.6 million in sales following its launch in Q1 2025 [7]. Guidance and Future Outlook - The company raised its 2025 Jakafi revenue guidance to a range of $2.95-$3 billion, up from the previous range of $2.93-$2.98 billion [15]. - Opzelura net product revenues are expected to be between $630-$670 million in 2025 [15]. - Adjusted research and development expenses are projected to be in the range of $1.78-$1.81 billion, while adjusted selling, general and administrative expenses are expected to be between $1.16-$1.19 billion [16]. Cash Position - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $2.4 billion, an increase from $2.2 billion as of December 31, 2024 [13].

Financial Performance - Total revenues reached $1.053 billion, a 20% year-over-year increase[10, 44] - Product revenues amounted to $922 million, reflecting a 26% year-over-year growth[10, 44] - Jakafi net sales were $709 million, up 24% year-over-year, driven by strong patient demand[23, 46] - Opzelura net sales reached $119 million, a 38% year-over-year increase, fueled by U.S prescription growth and European launches[34, 48] - Niktimvo achieved $14 million in net sales during its initial U.S launch[36] Product & Pipeline Development - Jakafi's FY25 guidance raised to $2.95 - $3.0 billion[26] - Opzelura's FY25 guidance is $630 - $670 million[34] - Povorcitinib demonstrated positive Phase 2 results in CSU, with a planned discussion with the FDA to finalize Phase 3 design[15, 68] - The company anticipates having more than 10 high impact launches by 2030[5, 63] Financial Outlook - The company has $2.4 billion in cash[11] - GAAP Cost of product revenues is unchanged at 8.5 – 9% of net product revenues[60] - GAAP Research and development expenses is unchanged at $1.930 - $1.960 million[60]

Core Insights - Incyte reported $1.05 billion in revenue for Q1 2025, a 19.5% year-over-year increase, with an EPS of $1.16 compared to $0.64 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.01 billion by 4.66%, and the EPS also surpassed the consensus estimate of $1.01 by 14.85% [1] Revenue Performance - Net product revenues for Pemazyre were $18.44 million, below the average estimate of $21.62 million, representing a 4.3% year-over-year increase [4] - Total product revenues reached $922.27 million, exceeding the average estimate of $876.70 million, with a year-over-year change of 26.4% [4] - Iclusig generated $29.54 million in net product revenues, slightly above the average estimate of $28.67 million, but a 2.6% decrease year-over-year [4] - Minjuvi/Monjuvi reported $29.55 million, below the average estimate of $33.43 million, with a year-over-year increase of 23.8% [4] - Opzelura's net product revenues were $118.71 million, below the average estimate of $126.95 million, reflecting a 38.5% year-over-year increase [4] - Jakafi generated $709.41 million, surpassing the average estimate of $661.10 million, with a 24.1% year-over-year increase [4] - Zynyz reported $3.01 million, exceeding the average estimate of $1.92 million [4] Royalty Revenues - Jakavi's royalty revenues were $92.15 million, below the average estimate of $97.41 million, with a 2.9% year-over-year increase [4] - Total product royalty revenues reached $130.62 million, below the average estimate of $139.49 million, reflecting a 3.7% year-over-year increase [4] - Olumiant's royalty revenues were $30.80 million, below the average estimate of $34.90 million, with a 0.7% year-over-year change [4] - Tabrecta generated $6.41 million, exceeding the average estimate of $5.93 million, with a 22.5% year-over-year increase [4] Stock Performance - Incyte's shares returned -1.7% over the past month, compared to the S&P 500 composite's -0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - Incyte reported quarterly earnings of $1.16 per share, exceeding the Zacks Consensus Estimate of $1.01 per share, and showing an increase from $0.64 per share a year ago, resulting in an earnings surprise of 14.85% [1] - The company achieved revenues of $1.05 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.66%, and up from $880.89 million year-over-year [2] - Incyte has surpassed consensus revenue estimates four times over the last four quarters, indicating a positive trend in revenue performance [2] 分组2 - The stock has underperformed, losing about 13.8% since the beginning of the year, compared to a decline of 6% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.42 on revenues of $1.14 billion, and for the current fiscal year, it is $5.81 on revenues of $4.68 billion [7] - The Medical - Biomedical and Genetics industry, to which Incyte belongs, is currently ranked in the top 31% of Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]