Wilmington-based pharmaceutical giant Incyte Corporation exceeded Wall Street expectations for its first-quarter financial results on Tuesday, powered by increased sales of its cancer treatment medications.
The Delaware company reported adjusted earnings of $1.81 per share, significantly higher than the $1.37 per share that analysts had predicted, according to LSEG data. Quarterly revenue reached $1.27 billion, surpassing the anticipated $1.21 billion.
Sales of Jakafi, one of Incyte’s flagship cancer drugs, climbed 7 percent to $757.8 million during the quarter, exceeding projections thanks to increased usage across all approved medical conditions.
However, Opzelura, the company’s skin condition treatment for eczema and vitiligo, generated $143 million in sales – a 20 percent increase from the previous year but below the $161.9 million that Wall Street had expected.
Despite the strong quarterly performance, Incyte maintained its previously announced full-year revenue projection of $4.77 billion to $4.94 billion, which some industry observers interpreted as a cautious approach that might indicate potential challenges ahead.
Analysts at RBC Capital Markets predicted a muted stock market response, pointing to concerns about Opzelura’s growth trajectory, upcoming patent expiration issues for Jakafi, and questions surrounding the company’s research pipeline competitiveness.
In leadership news, Incyte announced that Suketu Upadhyay will join as chief financial officer beginning May 4. Upadhyay previously served as executive vice president and CFO at Zimmer Biomet and held senior financial positions at Bristol-Myers Squibb.
