INCY - Incyte tops Q1 forecast; Jakafi revenue outlook lowered

Incyte (NASDAQ:INCY) reports Q2 2021 results and provides an update on its development portfolio. Total revenues rose marginally by 2.6% to $705.7M, surpassing analyst estimates of $686.95M. Jakafi and Iclusig net product revenues rose 12% and 24%, respectively to $529.1M and $28.2M. Pemazyre net product revenues surged 373% to $17.9M. GAAP net income of 149.5M; EPS fell 49% to $0.67. Non-GAAP net income declined 34.6% Y/Y to 178.8M with EPS of $0.80, ahead of consensus of $0.74. FY21 Outlook: Jakafi (ruxolitinib) revenues of $2,125M - $2,170M from prior uidance of $2,125M - $2,20M. The sNDA seeking approval of ruxolitinib for the treatment of steroid-refractory chronic GVHD is under review; the PDUFA date was extended to September 22, 2021. QD ruxolitinib is in stability testing with an NDA submission planned for early 2022. Clinical studies evaluating ruxolitinib in combination with parsaclisib, INCB57643 and INCB00928 (ALK2), are progressing as expected. In June,

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Incyte tops Q1 forecast; Jakafi revenue outlook lowered