Incyte's Jakafi Demand Is Strong, Analyst Upgrades Stock

On Tuesday, Incyte Corporation INCY reported third-quarter revenue of $1.14 billion, up 24% year over year, beating the consensus of $1.08 billion. Jakafi (ruxolitinib) net product revenues increased to $741.18 million, up 16% year over year, primarily due to a 10% increase in total demand. Guidance: Incyte forecasts 2024 Jakafi revenue of $2.74 billion—$2.77 billion, up from prior guidance of $2.71 billion—$2.75 billion. BofA Securities analyst upgraded Incyte's stock, citing strong demand for Jakafi liſts ...