Incyte Corporation (NASDAQ:INCY) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET

Company Participants

Ben Strain - Associate Vice President, Investor Relations
Herve Hoppenot - Chief Executive Officer
Pablo Cagnoni - President, Head of Research & Development
Christiana Stamoulis - Chief Financial Officer
Barry Flannelly - General Manager, North America
Steven Stein - Chief Medical Officer
Matteo Trotta - Executive Vice President, General Manager, U.S. Dermatology

Conference Call Participants

Kripa Devarakonda - Truist Securities
Paul Jeng - Guggenheim Partners
Brian Abrahams - RBC Capital Markets
Vikram Purohit - Morgan Stanley
David Lebowitz - Citi
Eric Schmidt - Cantor Fitzgerald
James Shin - Deutsche Bank
Jessica Fye - JPMorgan Chase
Jay Olson - Oppenheimer & Company
Evan Seigerman - BMO Capital Markets
Reni Benjamin - Citizens JMP
Andrew Berens - Leerink Partners
Gavin Clark-Gartner - Evercore ISI
Salveen Richter - Goldman Sachs

Operator

Hello, and welcome to the Incyte Second Quarter 2024 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 conference over to Ben Strain, Associate Vice President, Investor Relations. Please go ahead, Ben.

Ben Strain

Thank you, Kevin. Good morning and welcome to Incyte's second quarter 2024 earnings conference call. Before we begin, I encourage everyone to go to the Investors section of our website to find the press release, related financial tables, and slides that follow today's call. On today's call, I'm joined by Herve, Pablo, Christiana, who will deliver our prepared remarks. Barry, Steven, and Matteo will also be available for Q&A.

I would like to point out that we'll 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 will now hand the call over to Herve.

Herve Hoppenot

Thank you, Ben, and good morning, everyone.

So during the second quarter of 2024, we made significant progress across the business with strong performance on the commercial side, driven by Jakafi and Opzelura, transformation of our pipeline, where we made important decisions on our clinical programs, and capital allocation, where we closed the Escient acquisition and completed the large share repurchase.

Looking at Q2 revenue, total revenue grew 9% year-over-year, exceeding $1 billion, while net product revenue grew 10%, driven by the continued success of Jakafi and Opzelura, which I will detail in the following slides. We continue to make strategic decisions that are transforming our clinical pipeline, and during the second quarter we closed the acquisition of Escient Pharmaceutical which added two first-in-class medicines to our IAI portfolio. Additionally, we are intensifying our focus on and concentrating resources on those high potential program, which have the largest impact for patients and for Incyte.