Incyte(US:INCY)2024-04-30 11:10Financial Performance - Total revenues for Q1 2024 reached $881 million, representing a 9% year-over-year growth[6] - Total GAAP revenues for Q1 2024 were $880,889,000, representing a 9% increase from $808,673,000 in Q1 2023[25] - Total revenues for Q1 2024 reached $880.9 million, a 8.9% increase from $808.7 million in Q1 2023[65] - Total net product revenues increased by 5% to $729,923,000 compared to $693,237,000 in the prior year[27] - Net income for Q1 2024 was $169.5 million, significantly higher than $21.7 million in Q1 2023, representing a year-over-year increase of 680.2%[65] - GAAP net income for Q1 2024 was $169,548,000, significantly up from $21,703,000 in Q1 2023[25] - Non-GAAP net income for Q1 2024 was $145.3 million, compared to $84.6 million in Q1 2023, indicating a growth of 71.6%[68] - Non-GAAP operating income for Q1 2024 was $161,183,000, an 80% increase from $89,729,000 in Q1 2023[25][34] - Total GAAP operating income increased to $91,898,000 in Q1 2024 from $24,770,000 in Q1 2023, a growth of 271%[34] Product Revenues - Jakafi (ruxolitinib) net product revenues were $572 million in Q1 2024, with total paid patients increasing by 5% year-over-year; the full year 2024 guidance remains at $2,690 - $2,750 million[6] - Opzelura (ruxolitinib) net product revenues were $86 million in Q1 2024, reflecting a 52% year-over-year increase, driven by uptake in atopic dermatitis and vitiligo[6] - Net product revenues for Opzelura grew by 52% year-over-year, reaching $85,724,000, driven by new patient starts and refills[27][28] - Product revenues, net, were $729.9 million, up from $693.2 million year-over-year, reflecting a growth of 5.3%[65] Research and Development - Research and development expenses increased by 6% to $429,260,000 in Q1 2024 compared to $406,641,000 in Q1 2023[29][31] - Research and development expenses for Q1 2024 were $429.3 million, up from $406.6 million in Q1 2023, reflecting a 5.5% increase[65] - Ruxolitinib cream (Opzelura) showed significant efficacy in a Phase 2 study for hidradenitis suppurativa, with a Phase 3 study currently being evaluated[17] - The ongoing Phase 1 studies for INCA033989 and INCB100658 are enrolling patients, focusing on myeloproliferative neoplasms and JAK2V617F mutations[10] - Incyte presented promising early clinical data for its CDK2 inhibitor (INCB123667) in late-stage cancers, with additional data expected in 2024[13] - Incyte is actively pursuing ongoing clinical trials, including a phase 3 study for BETi and a clinical proof-of-concept for zilurgisertib[61] Acquisitions and Collaborations - Incyte announced the acquisition of Escient Pharmaceuticals for $750 million, pending regulatory review, to enhance its pipeline of first-in-class oral MRGPR antagonists[4][10] - The FDA accepted the BLA for axatilimab for chronic graft-versus-host disease, which is currently under Priority Review[7] - Incyte's collaboration with China Medical System Holdings for povorcitinib aims to develop and commercialize the drug across multiple regions, including Southeast Asia[10] Inventory and Assets - The company reported a decrease in channel inventory by approximately $55 million at the end of Q1 2024 compared to Q4 2023[10] - Cash, cash equivalents, and marketable securities totaled $3.9 billion as of March 31, 2024, up from $3.7 billion at the end of 2023[34] - The company’s total assets increased to $7.14 billion as of March 31, 2024, compared to $6.78 billion at the end of 2023[66] - Cash, cash equivalents, and marketable securities totaled $3.85 billion as of March 31, 2024, an increase from $3.66 billion at the end of 2023[66] Other Revenues - The company reported milestone and contract revenues of $25 million in Q1 2024, compared to none in Q1 2023[68] - The company reported a 9% increase in total royalty revenues, amounting to $125,966,000 in Q1 2024[27]