INCY - Incyte down 5% following quarterly earnings as Street reacts to 2023 Jakafi estimates

• Incyte ( NASDAQ: INCY ) is down 5% in Tuesday morning after reporting Q4 2022 earnings results that some Street analysts were less than impressed with.
• Although the biopharma beat on the top and bottom lines , several analysts took issue with what they see as conservative 2023 sales projections for Jakafi (ruxolitinib), its best-selling treatment.
• The company issued fiscal 2023 Jakafi net revenues guidance range of $2.53B-$2.63B.
• William Blair analyst Matt Phipps, who has an outperform rating on the stock, said the sales guidance Incyte ( INCY ) offered for Jakafi "looks relatively conservative given room to grow in all approved indications" in light of the drug 22% year-over-year growth in 2022.
• Bloomberg Intelligence analyst Marc Engelsgjerd said that the guidance assumes slowing growth "but may be conservative."
• Read why Seeking Alpha contributor Robery Honeywill rates Incyte ( INCY ) a buy.

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