Incyte Corporation (INCY) Q2 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello and welcome to the Incyte Second Quarter Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Greg Shertzer, Investor Relations for Incyte. Please go ahead, Greg.

Greg Shertzer

Thank you, Kevin. Good morning and welcome to Incyte Second Quarter 2023 Earnings Conference Call and Webcast. The slides presented today are available for download on the Investors section of our website. Joining me on the call today are Herve, Pablo, Barry, Steven and Christiana, who will deliver our prepared remarks and participate in the Q&A.

Before we begin, I'd like to remind you that some of the statements made during the call today are forward-looking statements and are subject to a number of risks and uncertainties that may cause our actual results to differ materially including those described in our reports filed with the SEC.

We will now begin the call with Herve.

Herve Hoppenot

Thank you, Greg, and good morning, everyone. So, we had another quarter of strong performance with product revenues growing 25% year-over-year and driven by Jakafi, Opzelura and launches in Europe. Jakafi net product revenue grew 14% compared to the second-quarter of 2022. For Opzelura, the growth trajectory continues with net product revenues in the second quarter of $80 million, driven by new patient flow and growth in [indiscernible]. Additionally, the launch in Europe is underway and Opzelura is now available to patients in Germany and Austria. However, other hematology and oncology net product revenues were $64 million for the quarter, up 30% year-over-year, driven by the growth of Pemazyre and Minjuvi in ex-US market.

Now turning to Slide 5. We continue to execute on our development efforts. Recently, we announced positive top line results from two of our high potential programs. The TRuE-AD3 study evaluating ruxolitinib cream in pediatric atopic dermatitis and the AGAVE-201 study evaluating axatilimab in chronic GVHD met their respective primary end point. Steven will discuss these results in more detail during his prepared remarks, as well as provide updates on the important progress we made across many of our high-potential program as shown at the bottom of the slide.

We also strengthened our research and development organization by appointing Pablo Cagnoni as President and Head of R&D. And in this position and as member of the executive team, Pablo will lead Incyte’s R&D activities. This new role aligns chemistry, biology and early and late-stage clinical development with the goal of maximizing speed and productivity in our research and development efforts.