Incyte reports quarterly sales above estimates on strong demand for key drugs
Feb 10 (Reuters) - Drugmaker Incyte Corp (INCY.O), opens new tab reported fourth-quarter revenue above Wall Street estimates on Monday, boosted by strong demand for its key blood-cancer drug Jakafi and skin-disorder treatment Opzelura.
Shares of the Wilmington, Delaware-based company rose 1.9% to $75.50 in premarket trading after it also forecast 2025 Jakafi sales above analysts' expectations.
Jakafi is approved for use in patients with two types of cancers, myelofibrosis and polycythemia vera. It is also approved for treating a condition called acute graft-versus-host disease, in which the donor's bone marrow or stem cells attack the recipient's body.
Incyte forecast Jakafi sales in 2025 to be between $2.93 billion and $2.98 billion. Analysts expected annual sales of $2.93 billion for the drug, according to data compiled by LSEG.
Sales of Jakafi have strongly been driven by use among GvHD and PV patients. The company expects the drug to generate additional sales from polycythemia vera patients over time.
Sales of Jakafi rose 11% to $773.1 million in the fourth quarter, beating analysts' estimate of $744.9 million.
Total revenue for the quarter was $1.18 billion, beating an estimate of $1.14 billion.
The drugmaker is banking on Opzelura sales to drive growth as it braces for Jakafi to lose key patents in 2028. It also plans to launch four new products including two new cancer drugs in 2025.
Incyte expects sales of Opzelura to be between $630 million and $670 million in 2025. Analysts expected sales of $671 million for the drug this year.
Sales from Opzelura were $161.6 million in the reported quarter, beating analysts' estimate of $149.9 million.
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