Press release
Incyte Reports 2024 First Quarter Financial Results and Provides Updates on Key Clinical Programs
– Total revenues of $881 million in the first quarter (Q1'24) (+9% Y/Y) – Jakafi® (ruxolitinib) net product revenues of $572 million in Q1'24, total paid
About this update from Incyte Corporation
[{"type":"text","content":"\n– Total revenues of $881 million in the first quarter (Q1'24) (+9% Y/Y)\n\n\n– Jakafi® (ruxolitinib) net product revenues of $572 million in Q1'24, total paid patients increased +5% Y/Y; reiterating full year 2024 guidance of $2,690 - $2,750 million\n\n\n– Opzelura® (ruxolitinib) net product revenues of $86 million (+52% Y/Y) in Q1'24; continued uptake in atopic dermatitis (AD) and vitiligo\n\n\n– Incyte to acquire Escient Pharmaceuticals and its pipeline of first-in-class oral MRGPR antagonists with the potential to treat multiple mast cell-mediated diseases\n\n\nConference Call and Webcast Scheduled Today at 8:00 a.m. ET\n\n\n WILMINGTON, Del.--(BUSINESS WIRE)--\nIncyte (Nasdaq:INCY) today reports 2024 first quarter financial results, and provides a status update on the Company’s clinical development portfolio.\n\n\n\"In the first quarter of 2024, total revenues grew 9% year-over-year driven by patient demand growth in the U.S. for Opzelura® (ruxolitinib) cream and Jakafi® (ruxolitinib). As anticipated, the revenue growth during the quarter was offset by an inventory drawdown for Jakafi and the typical first quarter net pricing dynamics,\" said Hervé Hoppenot, Chief Executive Officer, Incyte. \"We made important progress with our clinical pipeline including the initiation of two Phase 1 studies evaluating our JAK2V617F inhibitor and KRASG12D inhibitor. We also recently announced an agreement to acquire Escient Pharmaceuticals, pending the appropriate regulatory review process. Escient's lead compound EP262, is a first-in-class, potent, highly selective, once-daily small molecule designed to block mast cell activation, independent from IgE. We believe this novel mechanism has broad clinical utility in a number of conditions including chronic spontaneous urticaria (CSU), chronic inducible urticaria (CIndU) and other diseases.\"\n\n\nKey First Quarter 2024 Company Updates\n\n\n\nIn February 2024, Incyte announced that the U.S. Food and Drug Administration (FDA) accepted for Priority Review the Biologics License Application (BLA) for axatilimab, an anti-CSF-1R antibody, for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy.\n\n\n\nIn February 2024, Incyte entered into an asset purchase agreement with MorphoSys AG which gave Incyte exclusive global rights for t...