Incyte 1Q-2020 financial results and business updates

Incyte () Q1 2020 financial results, and status update on the Company’s development portfolio was released today. […]
“Our strong first quarter results highlight continued revenue momentum, led by robust demand across all three indications for Jakafi® (ruxolitinib),” stated Hervé Hoppenot, Chief Executive Officer, Incyte. “As we navigate this unprecedented and uncertain time, we have implemented numerous initiatives as we seek to ensure continuity of patient care. We are continuing to execute on our goals, and we were very pleased to announce the FDA approval of Pemazyre™ (pemigatinib), the first of three potential product approvals that we expect to announce in 2020. The FDA review of the capmatinib NDA and tafasitamab BLA are proceeding as expected and, following positive results from our Phase 3 TRuE-AD development program in atopic dermatitis, we are also on track to submit the NDA for ruxolitinib cream at the end of 2020, all of which positions us for what I expect to be a transformational year.”
  • Q1 2020 total product and royalty revenues of $569 million (+24% vs Q1 2019), of which Jakafi (ruxolitinib) revenues of $459 million (+22% vs Q1 2019).
  • Operating income (loss) GAAP and Non-GAAP operating income (loss) for Q1 2020 decreased compared to Q1 2019 primarily due to upfront consideration related to collaborative agreement with MorphoSys, partially offset by the growth in product and royalty revenues.
  • Cash, cash equivalents and marketable securities position as of March 31, 2020 and December 31, 2019, cash, cash equivalents and marketable securities totaled $1.3 billion and $2.1 billion, respectively. The decrease reflects the upfront payment and stock purchase related to collaborative agreement with MorphoSys.
  • The Company has reaffirmed its full year 2020 financial guidance, which includes Jakafi net product revenues between $1.88B – $1.95B, and Iclusig net product revenues between $100M – $105M, but excludes $805M of upfront consideration paid under the MorphoSys collaboration, and also the impact of any potential future strategic transactions. 
  • Pemazyre (pemigatinib) approved by FDA as first targeted treatment for adults with previously treated, unresectable locally advanced or metastatic cholangiocarcinoma
  • Data from successful Phase 3 TRuE-AD program for ruxolitinib cream presented at Revolutionizing Atopic Dermatitis (RAD) conference; NDA on track for end 2020
  • Ruxolitinib and baricitinib in clinical trials to treat patients suffering from the-virus.