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, 2024 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) Delaware 94-3136539 (Stat ...

Financial Data and Key Metrics Changes - Total revenues increased by 24% year-over-year to $1.1 billion, with net product revenues growing 23% driven by demand for Jakafi and Opzelura [6][34] - Jakafi net product revenues were $741 million for Q3, reflecting a 16% year-over-year increase, with total demand up 10% [11][35] - Opzelura net product revenues were $139 million, representing a 52% year-over-year increase [13][36] Business Line Data and Key Metrics Changes - Jakafi's growth was driven by patient growth across all indications, with significant contributions from polycythemia vera and graft-versus-host disease [12] - Opzelura's growth was attributed to new patient starts and refills across atopic dermatitis and vitiligo, with European sales contributing $20 million [14][37] Market Data and Key Metrics Changes - The company anticipates that Niktimvo for chronic graft-versus-host disease, tafasitamab for follicular lymphoma, and retifanlimab for SCAC could collectively generate over $800 million in incremental revenues by 2029 [15] - The myelofibrosis market saw a 4% increase in total patients, with Jakafi continuing to grow due to earlier treatment initiation [84] Company Strategy and Development Direction - The company is focused on executing a pipeline of potential first or best-in-class medicines, with plans for over 10 high-impact launches by 2030 [17] - The strategy includes expanding the opportunity for ruxolitinib cream with additional indications and advancing multiple programs in inflammation and immunity [21][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong commercial performance and pipeline progress, highlighting the FDA approval of Niktimvo and positive clinical trial results [5][7] - The company raised its full-year 2024 Jakafi net revenue guidance to a range of $2.74 billion to $2.77 billion based on strong demand [42] Other Important Information - Total GAAP R&D expenses for Q3 were $573 million, influenced by a $100 million milestone payment [38] - Total GAAP SG&A expenses were $309 million, reflecting a 15% year-over-year increase [41] Q&A Session Summary Question: Insights on povorcitinib's Phase 3 data in hidradenitis - Management indicated that replicating strong Phase 2 data would provide a favorable efficacy profile for povorcitinib [45][46] Question: Development strategy for the BET inhibitor - The company remains confident in its BET inhibitor's data and plans to advance into Phase 3 studies [50][52] Question: Commercial dynamics for Opzelura in pediatric AD - Management is optimistic about formulary access and reimbursement for Opzelura in the pediatric market [63] Question: Rationale for HiSCR75 as the primary endpoint in HS Phase 3 - The decision was made to control for placebo effects and address unmet needs in mild to moderate HS [66] Question: Updates on the CDK2 program and pivotal plans - The company is exploring both platinum-sensitive and platinum-refractory settings for ovarian cancer treatment [92][96]

On Tuesday, Incyte Corporation INCY reported third-quarter revenue of $1.14 billion, up 24% year over year and beating the consensus of $1.08 billion. The company reported adjusted EPS of $1.07, down from $1.10 a year ago and missing the consensus estimate of $1.09. Jakafi (ruxolitinib) net product revenues increased to $741.18 million, up 16% year over year, primarily due to a 10% increase in total demand. Channel inventory at the end of the third quarter of 2024 was within the normal range. For the quarte ...

Incyte (INCY) reported $1.14 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 23.8%. EPS of $1.07 for the same period compares to $1.10 a year ago.The reported revenue represents a surprise of +4.47% over the Zacks Consensus Estimate of $1.09 billion. With the consensus EPS estimate being $1.12, the EPS surprise was -4.46%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

Incyte (INCY) came out with quarterly earnings of $1.07 per share, missing the Zacks Consensus Estimate of $1.12 per share. This compares to earnings of $1.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.46%. A quarter ago, it was expected that this specialty drugmaker would post earnings of $0.78 per share when it actually produced a loss of $1.82, delivering a surprise of -333.33%.Over the last four quarters, the compa ...

Financial Performance - Total revenues for Q3 2024 reached $1,138 million, representing a 24% year-over-year increase[2]. - Total GAAP revenues for Q3 2024 reached $1,137,871, a 24% increase from $919,025 in Q3 2023[29]. - Total net product revenues increased by 23% in Q3 2024, totaling $962,992, compared to $783,197 in Q3 2023[30]. - Total revenues for the three months ended September 30, 2024, were $1,137,871, representing a 24% increase from $919,025 in the same period of 2023[61]. - Product revenues, net, reached $962,992 for the three months ended September 30, 2024, up from $783,197, marking a 23% increase year-over-year[61]. - GAAP net income for Q3 2024 was $106,456, down from $171,269 in Q3 2023[29]. - Net income for the three months ended September 30, 2024, was $106,456, compared to $171,269 in the same period of 2023, reflecting a decrease of 38%[61]. - Non-GAAP net income for the three months ended September 30, 2024, was $209,651, compared to $248,719 in the same period of 2023, indicating a decrease of 16%[65]. Product Revenues - Jakafi (ruxolitinib) net product revenues were $741 million in Q3 2024, up 16% year-over-year, with full year 2024 guidance raised to $2,740 - $2,770 million[2][9]. - Opzelura (ruxolitinib) cream net product revenues totaled $139 million in Q3 2024, reflecting a 52% year-over-year growth, driven by strong demand in the U.S. and reimbursement expansion in Europe[2][10]. - Jakafi net product revenue grew by 16% in Q3 2024, reaching $741,181, driven by a 10% increase in total demand[30]. - Opzelura net product revenue surged by 52% in Q3 2024, totaling $139,272, due to growth in new patient starts and refills[31]. Research and Development - Research and development expenses increased by 53% in Q3 2024, totaling $573,174, primarily due to a $100 million milestone payment[34]. - Research and development expenses for the three months ended September 30, 2024, were $573,174, a significant increase of 53% compared to $375,709 in the same period of 2023[61]. - The company is focused on developing new transformative therapies for myeloid disease and has a strong pipeline of products[59]. - Incyte plans to file a supplemental Biologics License Application (sBLA) for retifanlimab in squamous cell anal carcinoma by the end of 2024, with potential approval in 2025[5]. - The Phase 3 trial for tafasitamab in relapsed or refractory follicular lymphoma met its primary endpoint, with an sBLA expected to be filed by the end of 2024[8]. - Ongoing trials for ruxolitinib cream in prurigo nodularis and hidradenitis suppurativa are expected to yield data in the first half of 2025[19]. - Incyte is enrolling patients in multiple Phase 2 and Phase 3 trials for various indications, with initial data anticipated in 2025[22]. Financial Guidance - Incyte raised its full year 2024 Jakafi revenue guidance to $2,740 - $2,770 million, up from $2,710 - $2,750 million[42]. - The full year GAAP research and development expenses guidance is now $2,545 - $2,590 million, increased from $2,445 - $2,490 million[42]. - The company is maintaining its full year 2024 cost of product revenue guidance at 7-8% of net product revenues[42]. - Incyte's guidance does not include revenue from potential new product launches or the impact of one-time items[41]. - The company reported milestone revenues of $18,000 for the three months ended September 30, 2024, compared to $5,000 in the same period of 2023[65]. Cash and Assets - Cash, cash equivalents, and marketable securities decreased from $3.7 billion at the end of 2023 to $1.8 billion by September 30, 2024, largely due to a $2.0 billion share repurchase[40]. - Cash, cash equivalents, and marketable securities decreased to $1,771,344 as of September 30, 2024, down from $3,656,043 at the end of 2023[63]. - Total assets decreased to $5,012,434 as of September 30, 2024, compared to $6,782,107 at the end of 2023[63]. - Stockholders' equity declined to $3,171,220 as of September 30, 2024, from $5,189,837 at the end of 2023[63].

Shares of Incyte (INCY) have risen 12.7% in the past six months against the industry's decline of 0.5%. The stock has also outperformed the sector and the S&P 500 during this time frame. The outperformance can be attributed to positive data readouts and new drug approvals. Lead drug Jakafi (ruxolitinib) also maintains momentum. INCY Outperforms Industry, Sector and S&P 500 Image Source: Zacks Investment Research INCY's Lead Drug Jakafi Maintains Momentum Incyte's lead drug, Jakafi, is a JAK1/JAK2 inhibitor ...

– Trial met its primary endpoint across all dose cohorts with 74% of patients at the 0.3 mg/kg every 2 weeks dose achieving a complete or partial response within the first six months of treatment – – Niktimvo approved by U.S. FDA for the treatment of chronic graft-versus-host disease after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg – – Niktimvo added to latest NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for the treatme ...

Truist Securities has downgraded Incyte Corporation INCY, noting Jakafi's (ruxolitinib) patent loss approaching in 2028. Jakafi is Incyte's top-selling drug. It is indicated for polycythemia vera in adults, intermediate or high-risk myelofibrosis in adults, and steroid-refractory acute graft versus host disease in adult and pediatric patients. In second quarter 2024, the drug generated sales of $705.9 million, +3% year-over-year, driven by a 9% increase in paid demand. The analyst downgraded the stock from ...

Incyte (INCY) announced new data from a phase I study on pipeline candidate INCB123667 in patients with advanced solid tumors. INCB123667 is a highly selective, potential first-in-class CDK2 inhibitor. The new data was presented during a mini-oral presentation at the European Society of Medical Oncology. The updated data highlight the potential of the candidate as a differentiated treatment option for cancers with increased cyclin E1 activity, amplification and/or overexpression in cells predictive of CDK2 ...