INCY - Incyte beats on top line buoyed by increase in Jakafi revenues

Incyte's (NASDAQ:INCY) Q4 2021 revenue beat was helped in large part by a 15% year-over-year increase in sales of JAK inhibitor Jakafi (ruxolitinib). Shares are down 1.7% pre-market. Overall, reevenue rose ~9% YoY to $862.5M. Jakafi sales rose to $592M. Incyte also launched Opzelura (ruxolitinib) cream for atopic dermatitis in October 2021 and reported ~$4.7M in sales in the quarter. Due to a high GAAP benefit provision for income taxes in the quarter, GAAP net income was significantly higher in the quarter compared to Q4 2021, while non-GAAP net income was well down. GAAP net income rose 276% to ~563.9M. However, non-GAAP net income dropped ~89% to ~22.6M. The company ended the quarter with $2.3B Incyte also noted that a new drug application for once-daily Jakafi is on track for submission in the first half of this year. Read why Seeking Alpha contributor Biologics argues that Incyte still has room to grow.

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Incyte beats on top line buoyed by increase in Jakafi revenues