Incyte (NASDAQ:INCY) saw its stock drop more than 5% intra-day today after fourth-quarter EPS fell short of expectations, while revenues exceeded Street estimates. Investors appeared to focus on the company’s strong sales momentum and promising pipeline developments.
The biopharmaceutical firm posted adjusted earnings per share of $1.43, missing analyst estimates of $1.51. However, revenue came in at $1.18 billion, comfortably surpassing the $1.14 billion consensus forecast.
Jakafi, Incyte’s top-selling treatment for blood disorders, continued its upward trajectory with an 11% year-over-year revenue increase to $773 million in Q4. Meanwhile, the company’s dermatology drug Opzelura posted a 48% jump in net product revenue to $162 million, reinforcing its growth potential in the market.
For the full year 2024, total revenue climbed 15% to $4.24 billion, driven by Jakafi’s 8% increase to $2.79 billion and Opzelura’s impressive 50% surge to $508 million.
Looking ahead, Incyte provided an upbeat forecast for 2025. Jakafi revenue is expected to range between $2.925 billion and $2.975 billion, while Opzelura sales are projected to reach between $630 million and $670 million. The company also outlined several pipeline catalysts, including four planned product launches, at least three new Phase 3 trials, and multiple key data readouts throughout the year.