INCY's Q4 Earnings Miss Mark, Revenues Beat on Higher Product Sales

Core Viewpoint - Incyte Corporation reported mixed financial results for Q4 2024, with adjusted earnings per share falling short of estimates, while total revenues exceeded expectations, driven by strong performance from its key drugs Jakafi and Opzelura [1][2][3]. Financial Performance - Adjusted earnings for Q4 2024 were $1.43 per share, missing the Zacks Consensus Estimate of$1.53, compared to $1.06 per share in the same quarter last year [1]. - Total revenues for Q4 2024 reached$1.18 billion, reflecting a 16% year-over-year growth, surpassing the Zacks Consensus Estimate of $1.15 billion [2]. - For the full year 2024, Incyte generated revenues of$4.24 billion, indicating approximately 15% growth year over year, while adjusted earnings per share decreased to $1.08 from$3.52 in the previous year [12]. Drug Performance - Jakafi generated revenues of $773.1 million in Q4 2024, an 11$746 million [3]. - Opzelura cream sales reached $161.6 million, a 48$150 million, attributed to growth in new patient starts and refills [4]. - Newly approved Zynyz generated $1.4 million in sales, while Iclusig and Pemazyre reported revenues of$27.4 million and $23.1 million, respectively, with Pemazyre beating its estimate [5]. Expense Overview - Adjusted research and development expenses totaled$420.3 million, up 3% year over year, primarily due to investments in late-stage development assets [10]. - Adjusted selling, general and administrative expenses were $299.7 million, reflecting an 11$2.2 billion, up from $1.8 billion as of September 30, 2024 [11]. 2025 Guidance - The company anticipates Jakafi revenues between$2.93 billion and $2.98 billion for 2025, with Opzelura net product revenues expected to be in the range of$630 million to $670 million [15]. - Adjusted research and development expenses are projected to be between$1.78 billion and $1.81 billion, while adjusted selling, general and administrative expenses are expected to range from$1.16 billion to $1.19 billion [15]. Recent Developments - Incyte and Syndax Pharmaceuticals received FDA approval for axatilimab-csfr, branded as Niktimvo, for treating GVHD, marking Incyte's second approved treatment for chronic GVHD [16]. - Management indicated that 2025 is expected to be a transformational year with four potential launches and several clinical milestones anticipated [17].