Incyte Corporation

Incyte Corporation’s results were a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street. In the third quarter, Incyte sustained robust double-digit revenue growth, achieving noteworthy pricing, reimbursement, and pipeline advancement milestones. The quarter’s product and royalty revenues reached $914 million, reflecting an 11% year-over-year growth propelled by Jakafi and Opzelura. Opzelura maintained its growth momentum, generating a net product revenue of $92 million in the third quarter, attributed to both new patients and referrals in Atopic Dermatitis (AD) and Vitiligo. Povorcitinib, an oral JAK1 inhibitor, showed promising results in a Phase II study for prurigo nodularis, a condition affecting approximately 100,000 treated patients in the US. The company also presented compelling data at EADV, encompassing Opzelura’s effectiveness in pediatric atopic dermatitis and positive long-term extension data in Vitiligo. The management revealed key programs, including an oral PD-L1 program and a novel preclinical program targeting the JAK2V617F mutation, are anticipated to progress by year-end.