Incyte (INCY) Misses Q2 EPS by 3c, Sales Beat; Raises FY17 Jakafi Revenue Outlook

Incyte (NASDAQ: INCY) reported Q2 EPS of ($0.06), $0.03 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $326.44 million versus the consensus estimate of $315.4 million.

Raises Jakafi net product revenues guidance for 2017 to $1.09-$1.112B versus $1.02-$1.07 billion prior.

“Revenue growth from Jakafi and Iclusig continues to be very robust, driven by strong demand, and we have also made significant progress across our clinical portfolio. As we look forward to the second half of 2017, we anticipate the publication of important data from our development candidates, as well as the initiation of multiple additional pivotal combination studies with epacadostat,” stated Hervé Hoppenot, Chief Executive Officer, Incyte. “Investment in innovation has created significant value for Incyte, our stakeholders and for the patients that our products treat. With strong revenue growth, a broad clinical development portfolio, comprehensive drug discovery capabilities and an expanded geographic footprint which now includes the U.S., Europe and Japan, we believe that we are well positioned for long-term value creation.”

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