INCY - Incyte posts mixed Q1 results reaffirms guidance

Incyte (INCY) shares were choppy during premarket trading after the company posted mixed first-quarter results owing to lower sales for its blockbuster blood disorder treatment Jakafi, hit by seasonal effects and softer patient demand growth due to the ongoing pandemic.Jakafi, which brought in revenue of $466M in the quarter, makes up nearly 80% of the company's total revenue of $605M during the period. Analysts were expecting total revenue of  $660.72M.The drugmaker, however, highlighted that new patient starts were returning to pre-COVID levels, and reaffirmed its full year Jakafi  guidance of $2.125B-$2.20B.The company posted adjusted profit of $0.67 per share during the quarter, beating analysts' estimate by 3 cents.As of March 31 2021, cash, cash equivalents and marketable securities totaled $2B compared to $1.8B as of December 31 2020.Previously (May 4): Incyte EPS beats by $0.03, misses on revenue; reaffirms guidance.

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Incyte posts mixed Q1 results, reaffirms guidance