INCY - Incyte Q1 net income drops 17% as operating expenses soar

Incyte's (NASDAQ:INCY) Q1 2022 net income fell ~17% year over year to ~$122.9M on a non-GAAP basis as the biotech was hampered in the quarter by significant increases in operating expenses. Revenue of $733.24M was a ~21.3% year over year increase but still missed Street estimates. Sales of Jakafi (ruxolitinib), the company's best-selling product, increased 17% to ~$544.5M. In operating expenses, non-GAAP R&D costs increased 18% to $327M; non-GAAP SG&A expenses rose 56% $192.7M; and non-GAAP; and cost of product revenues ballooned 55% to $36.6M The company ended the year with cash of ~$2.5B. Incyte (INCY) kept its 2022 guidance intact except for Jakafi full-year sales. That was changed to $2.33B-$2.4B from $2.3B-$2.4B. Read why Seeking Alpha contributor William Meyers argues that Incyte (INCY) is a buy.

For further details see:

Incyte Q1 net income drops 17% as operating expenses soar