INCY - Incyte Corporation (INCY) Q1 2024 Earnings Call Transcript
2024-04-30 11:43:02 ET
Incyte Corporation (INCY)
Q1 2024 Earnings Conference Call
April 30, 2024 8:00 AM ET
Company Participants
Ben Strain - Associate VP, IR
Hervé Hoppenot - CEO
Christiana Stamoulis - CFO
Pablo Cagnoni - President, Head of Research & Development
Matteo Trotta - EVP, General Manager, U.S. Dermatology
Steven Stein - CMO
Barry Flannelly - General Manager, North America
Conference Call Participants
Kelly Shi - Jefferies
David Lebowitz - Citi
Kripa Devarakonda - Truist Securities
Michael Schmidt - Guggenheim
Marc Frahm - TD Cowen
Brian Abrahams - RBC Capital Markets
Vikram Purohit - Morgan Stanley
Derek Archila - Wells Fargo
Jessica Fye - JPMorgan
Tazeen Ahmad - Bank of America
Salveen Richter - Goldman Sachs
Eric Schmidt - Cantor Fitzgerald
Jay Olson - Oppenheimer
Matt Phipps - William Blair
Evan Seigerman - BMO Capital Markets
Ren Benjamin - Citizens JMP
Gavin Clark-Gartner - Evercore ISI
Presentation
Operator
Hello and welcome to Incyte First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Ben Strain, Associate Vice President, Investor Relations. Please go ahead, Ben.
Ben Strain
Thank you, Kevin. Good morning and welcome to Incyte's First Quarter 2024 Earnings Conference Call. Before I begin, I encourage everyone to go to the Investors section of our website to find the press release, related financial tables, and slides that follow today's call. On today's call, I'm joined by Hervé, Pablo, Christiana, who will deliver our prepared remarks. Barry, Steven, and Matteo will also be available for Q&A.
I would like to point out that we'll be making forward-looking statements which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional detail.
I will now hand the call over to Hervé.
Hervé Hoppenot
Thank you Ben and good morning everyone. Before I get into the quarterly results, I'm pleased to share that Matteo Trotta has recently joined Incyte as General Manager of our US Dermatology Business Unit reporting to me. Matteo comes to us from Novartis where he was responsible for the immunology business in the US and he will be leading the US dermatology team at Incyte to continue to grow Opzelura, prepared for the launches of povorcitinib and other promising IAI pipeline products in the coming years.
Now turning to our Q1 results. Total revenue grew 9% in Q1 versus last year. And I will discuss in the next slide the details of the underlying demand growth for Jakafi and Opzelura to clarify the performance of both brands in Q1. Starting with Jakafi on Slide 6. In the first quarter, Jakafi net product revenue of $572 million does not fully reflect the demand growth as total patients increased 5% in the first quarter versus the same quarter last year, with growth driven by PV and GVHD. Sequential growth versus Q4 was also strong in all indications, as you see on the graph on the right....
Incyte Corporation (INCY) Q1 2024 Earnings Call Transcript