INCY - Incyte shares fall despite Jakafi powered Q3 earnings beat

Incyte shares fall more than (INCY -8.8%) despite posting third-quarter revenue and profit that beat Wall Street estimates, helped by the sales of its blood cancer drug Jakafi. Despite topping estimates for both revenue and profit, the company reaffirmed its full year 2021 financial guidance. Quarterly revenue increased 31% to $812.98M, beating analysts' estimate by $68.45M. Jakafi (ruxolitinib) revenue in the quarter increased 12% YOY to $547M in Q3 2021. The company's quarterly revenue numbers were helped by increases in Jakafi, Iclusig and Pemazyre net product revenues and higher product royalty revenues from Jakavi, Olumiant and Tabrecta. "Our strong third quarter performance is the result of an increasingly diversified portfolio, driven by double-digit growth in patient demand for Jakafi (ruxolitinib), continued uptake of both Pemazyre (pemigatinib) and Monjuvi/Minjuvi (tafasitamab) as well as a significant and rapidly-growing royalty revenue stream," CEO Hervé Hoppenot said. Cash, cash equivalents and marketable securities position as of September 30, 2021

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Incyte shares fall despite Jakafi powered Q3 earnings beat