Incyte reports first quarter 2025 results: revenue up 20 percent, strong growth from Jakafi, Opzelura, and Niktimvo, 2025 Jakafi guidance raised

Main points:

- Revenue:
- Total GAAP revenue was 1.053 billion dollars, up 20 percent compared to Q1 2024.
- Total product revenue reached 922 million dollars, up 26 percent.

- Key products:
- Jakafi net product revenue was 709 million dollars, up 24 percent, driven by higher paid demand and favorable changes related to the Inflation Reduction Act.
- Opzelura cream net product revenue was 119 million dollars, up 38 percent, with U.S. and ex-U.S. sales both contributing.
- Niktimvo generated 14 million dollars during its first two months post-launch, demonstrating strong initial uptake.

- Profitability:
- GAAP net income was 158 million dollars, with diluted GAAP EPS of 0.80 dollars.
- Non-GAAP net income was 229 million dollars, with diluted non-GAAP EPS of 1.16 dollars.
- GAAP operating income more than doubled year-over-year to 205 million dollars.

- Pipeline and clinical updates:
- Positive Phase 3 results for povorcitinib in hidradenitis suppurativa and positive Phase 2 topline results in chronic spontaneous urticaria.
- Planned Phase 3 trials for CDK2 inhibitor in ovarian cancer and ongoing pivotal studies for tafasitamab and KRASG12D/TGFßR2×PD-1 programs.
- Regulatory submission for povorcitinib in hidradenitis suppurativa planned based on encouraging 18-week data.

- Cash position:
- Cash, cash equivalents, and marketable securities stood at 2.4 billion dollars as of March 31, 2025, up from 2.2 billion dollars at year-end 2024.

- Outlook:
- Full-year 2025 Jakafi net product revenue guidance increased to 2.950 to 3.000 billion dollars.
- Full-year guidance for Opzelura and other oncology products remains unchanged.
- Research and development expenses and selling, general, and administrative expenses guidance also unchanged.