Wilmington, DE-based Incyte Corporation (INCY - Free Report) is a biopharmaceutical company focused on the discovery, development and commercialization of proprietary therapeutics.
Incyte’s lead drug, Jakafi (ruxolitinib), is a first-in-class JAK1/JAK2 inhibitor, approved for the treatment of patients with polycythemia vera (PV), patients with intermediate or high-risk myelofibrosis (MF), including primary MF, post-PV MF, and post-essential thrombocythemia MF. Incyte continues to gain traction by Jakafi’s performance. Jakafi sales are being driven by patient demand. The company is also working to expand the drug’s label.
While Jakafi sales and royalties are a key component of Incyte’s revenue growth, Iclusig sales and Olumiant royalties are also contributing to the top line. In February 2017, the European Commission approved Olumiant for patients with rheumatoid arthritis.
Incyte’s earnings track record has been mixed so far. Of the last four quarters, the company surpassed expectations in three and missed estimates in one. Overall, Incyte delivered an average positive surprise of 42.9%.
Currently, Incyte has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Our consensus called for a loss of 52 cents, while the company reported a loss of 71 cents.
Revenue: Incyte Pharma posted revenues of $444.2 million which beat our consensus estimate of $326.5 million.
Key Stats: Jakafi sales came in at $302 million, up 27% from a year ago. Iclusig revenues were $19 million, up from $13 million in the year-ago quarter.
Check back later for our full write up on this INCY earnings report later!
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