Incyte Corp. · Q1 2021 earnings

Briefing

Incyte's Q1 2021 financial performance reflected growth and diversification strategy progress, with Jakafi sales impacted by seasonal effects and the pandemic, but confidence remained in the full-year outlook.

Incyte reported its Q1 2021 financial results, highlighting a 6% increase in product and royalty revenues compared to the previous year, driven by Jakafi net product revenues, Pemazyre launch, and higher product royalty revenues from Jakavi and Olumiant. The company is progressing with multiple regulatory filings and pivotal trials across key development programs.

• Jakafi net sales were affected by seasonal effects and softer patient demand growth due to the pandemic, but a return of new patient starts to pre-COVID levels is being observed.
• Monjuvi and Pemazyre launches continue to progress with good uptake by both academic and community physicians.
• Potential for multiple approvals expected, including ruxolitinib cream in atopic dermatitis, and several regulatory filings, notably parsaclisib in NHL and ruxolitinib cream in vitiligo.
• Pivotal trials are being initiated across key development programs for both tafasitamab and LIMBER this year.

Headline financials

Revenue & EPS history

The company has reaffirmed its full year 2021 financial guidance, as detailed below. Guidance does not include revenue from any potential new product launches. However, GAAP and Non-GAAP selling, general and administrative expense guidance for 2021 includes costs to support the potential launches of ruxolitinib cream as a treatment for atopic dermatitis in the U.S., pemigatinib as a treatment for cholangiocarcinoma in the EU and Japan, and tafasitamab as a treatment for DLBCL in the EU. The 2021 financial guidance does not include the impact of any potential future strategic transactions.