Analyst Conference Summary

biotechnology

conference date: July 29, 2025 @ 5:00 AM Pacific Time
for quarter ending: March 31, 2025 (Q1, first quarter 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $1.05 billion, and up % from $ million in the year-earlier period.

Net income was $ million, down % sequentially from $158 million, and down % from $ million year-earlier.

Diluted EPS was $, down % sequentially from $0.80, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Hervé Hoppenot, Incyte CEO, said ""

Povorcitinib in April 2025 announced positve Phase 2 reults for CSU (chronic spontaneous urticaria). In March 2025 reported positive Phase 3 results for two studies for Hidradenitis Suppurativa. Povorcitinib is in studies for hidradenitis suppurativa, vitiligo, prurigo nodularis, chronic spontaneous urticaria, and moderate/sever asthma, with some data readouts in 2025.

Incyte expects 18 key milestones in 2025. Four new product launches, three Phase 3 initiations, four pivotal readouts, and seven proof of concept data readouts. Expects 10 high-impact launches by 2030.

INCB000262 (MRGPRX2)is in Phase 2 trials for CSU, chronic inducible urticaria, and atopic dermatitis. Data for the trials is due in ?.

Jakafi patent protection now expected to expire towards the end of 2028. But Opzelura protected until 2040.

Product revenue was $0.92 billion; royalties $130 million; milestone and contract revenue $0 million.

Jakafi royalty revenue is from sales by Novartis outside the U.S.

Non-GAAP numbers: Net income $ million, down % sequentially from $229 million, and up % from $ million year-earlier. Diluted EPS $, down % sequentially from $1.16, and up % from $ year-earlier.

Cash and equivalents ended at $ billion, up sequentially from $2.4 billion. No debt.

Incyte has numerous other trials in multiple therapies and indications underway, plus preclinical agents.

See also Incyte pipeline.

GAAP operating expenses were: cost of product revenue $ million. $ million for research and development; $ million for selling, general and administrative expenses; $0 million collaboration profit sharing; and a $ million loss for change in value of a contingent consideration. Total costs $ billion. Leaving income from operations of $ million. Interest and other income was $ million. Unrealized loss on investment was $ million. Income taxes $ million.

Q&A Selective Summary:

Timeline on HS submission depends on talks with regulators.

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