Incyte (NASDAQ: INCY) reported Q1 EPS of $0.62, $0.22 better than the analyst estimate of $0.40. Revenue for the quarter came in at $498 million versus the consensus estimate of $489.03 million.

• Total revenues of $498 million (+30% vs Q1 2018) and total product-related revenues of $458 million (+20% vs Q1 2018) for the quarter ended March 31, 2019
• Jakafi® (ruxolitinib) revenues of $376 million in Q1 2019 (+20% vs Q1 2018), reaffirming full year 2019 revenue guidance range of $1.58-1.65 billion
• Primary endpoint met in Phase 2 trial of ruxolitinib cream for the treatment of vitiligo; preparations now underway for Phase 3 development
• Decision taken to no longer participate in the co-funding of the development of baricitinib

“Underlying demand for Jakafi is strong, and we look forward to the U.S. Food and Drug Administration’s (FDA) decision on ruxolitinib’s approval in steroid-refractory acute graft-versus-host disease (GVHD),” stated Hervé Hoppenot, Chief Executive Officer, Incyte. “We continue to make progress across multiple programs and towards our key strategic goals of further diversifying our revenue base and accelerating near-term growth. We expect to present data from ruxolitinib cream in patients with vitiligo later in the second quarter and to progress the program into Phase 3 development. In addition, we expect to file a New Drug Application (NDA) with the FDA for pemigatinib and to receive the results from three Phase 3 trials of JAK inhibition in GVHD by the end of this year.”

GUIDANCE:

Incyte sees FY2019 revenue of $1.58-1.65 billion, versus the consensus of $2.06 billion.

For earnings history and earnings-related data on Incyte (INCY) click here.