Incyte Corporation (NASDAQ:INCY) Q3 2023 Earnings Call Transcript October 31, 2023 8:00 AM ET
Company Participants
Ben Strain - Head of Investor Relations
Herve Hoppenot - President and Chief Executive Officer
Barry Flannelly - Executive Vice President and General Manager, North America
Pablo Cagnoni - President and Head of Research and Development
Steven Stein - Executive Vice President and Chief Medical Officer
Christiana Stamoulis - Executive Vice President and Chief Financial Officer
Conference Call Participants
Tazeen Ahmad - Bank of America Merrill Lynch
Leonid Timashev - RBC Capital Markets
David Lebowitz - Citigroup Inc.
Jessica Fye - JPMorgan Chase & Co.
Marc Frahm - TD Cowen
Gospel Enyindah-Asonye - Morgan Stanley
Matthew Phipps - William Blair & Co.
Paul Jeng - Guggenheim Securities, LLC
Mara Goldstein - Mizuho Securities
Andrew Berens - SVB Securities
Reni Benjamin - JMP Securities
Operator
Hello, and welcome to the Incyte Third Quarter Earnings Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Ben Strain, Associate Vice President, Investor Relations. Please go ahead.
Ben Strain
Thank you, Kevin. Good morning, and welcome to Incyte's third quarter 2023 earnings conference call. Before we begin, I encourage everyone to go to the investor section of our website to find the press release related financial tables and slides that follow the discussion related to today's call.
On today's call, I'm joined by Herve, Pablo, Barry, Steven, Christiana, who will deliver our prepared remarks and will participate in the Q&A.
I'd like to point out that we will be making forward-looking statements which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties and our actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional detail.
I'll now hand the call over to Herve.
Herve Hoppenot
Thank you, Ben, and good morning, everyone. In the third quarter, we continued to deliver our double-digit revenue growth, important successes in pricing and reimbursement and continued progress of the pipeline. Product and royalty revenues were $914 million in the quarter with an 11% growth year-over-year, driven by Jakafi and Opzelura. Jakafi net sales in the quarter were impacted by inventory variation, which Christiana will detail in her prepared remarks.
As you see in the first nine months, Jakafi growth continues at a rate of around 8% this year. The growth trajectory of Opzelura continued in the third quarter with net product revenue of $92 million driven by both new patients and refills in AD and vitiligo. In the first nine months of 2023, Opzelura revenues contributed $229 million, and we expect Opzelura to continue to be a key contributor to the growth of Incyte in the next years.