Incyte Corporation (NASDAQ:INCY) reported second-quarter results on Tuesday that fell well short of analyst earnings expectations, though the company boosted its full-year revenue outlook for its leading drug Jakafi.
Following the announcement, shares in the biotech firm edged up 0.3%.
Incyte posted breakeven earnings per share for the quarter, missing consensus estimates of $1.40 by a wide margin.
Revenue totaled $1.06 billion, below the $1.15 billion forecast, yet product revenues grew 17% year-over-year.
Jakafi (ruxolitinib) remained the primary revenue driver, generating $764 million in net product sales, up 8% from the prior year.
Reflecting this strong performance, Incyte raised its 2025 full-year Jakafi sales guidance to a range of $3.00 billion to $3.05 billion, up from $2.95 billion to $3.00 billion.
“Our second-quarter results demonstrate solid growth for Jakafi, Opzelura, and Niktimvo, positioning us well to achieve our 2025 goals,” said Bill Meury, CEO, who assumed leadership on June 26 after Hervé Hoppenot’s retirement.
Opzelura (ruxolitinib cream) showed robust momentum with net product revenues of $164 million, a 35% increase year-over-year, fueled by rising patient demand for atopic dermatitis and vitiligo treatments.
The newer drug Niktimvo (axatilimab-csfr) generated $36 million in sales this quarter, leading Incyte to raise its full-year guidance for Other Oncology products to $500 million–$520 million from the prior $415 million–$455 million range.
Additionally, Incyte expanded its portfolio during the quarter with FDA approvals for Zynyz (retifanlimab-dlwr) for advanced anal canal squamous cell carcinoma and Monjuvi (tafasitamab-cxix) for relapsed or refractory follicular lymphoma.
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