Incyte Corporation (INCY) Q1 2023 Earnings Call Transcript

Incyte Corporation (NASDAQ:INCY) Q1 2023 Earnings Conference Call May 2, 2023 8:00 AM ET

Company Participants

Christine Chiou - Head of Investor Relations

Herve Hoppenot - President and Chief Executive Officer

Barry Flannelly - Executive Vice President and General Manager, North America

Steven Stein - Executive Vice President and Chief Medical Officer

Christiana Stamoulis - Executive Vice President and Chief Financial Officer

Conference Call Participants

Salveen Richter - Goldman Sachs

Eva Privitera - TD Cowen

Vikram Purohit - Morgan Stanley

Kripa Devarakonda - Truist

Jessica Fye - JPMorgan

Brian Abrahams - RBC

Tazeen Ahmad - Bank of America

Reni Benjamin - JMP Securities

Conor MacKay - BMO Capital Markets

Jay Olson - Oppenheimer

Michael Schmidt - Guggenheim Securities

Mara Goldstein - Mizuho Securities

Gavin Clark-Gartner - Evercore ISI

Operator

Hello and welcome to the Incyte First Quarter 2023 Earnings Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Christine Chiou, Head of Investor Relations. Please go ahead, Christine.

Christine Chiou

Thank you, Kevin. Good morning and welcome to Incyte's First Quarter 2023 Earnings Conference Call and Webcast. The slides presented today are available for download on the Investor section of our website.

Joining me on the call today are Herve, Barry, Steven and Christiana, who will deliver our prepared remarks and Dash who will join us for 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, Christine, and good morning, everyone. So we'll be moving to slide four. And so in the first quarter, product revenue grew 14% year-over-year. The growth for the quarter does not fully reflect the strength of the underlying patient demand for Jakafi and Opzelura, which I will discuss in the next slide.

In hematology and oncology, the ongoing launches of Pemazyre and Minjuvi ex-US drove the 17% year-over-year growth. We also received additional approval, including our first indication for Zynyz in Merkel cell carcinoma in the US. And more importantly, the approval of Opzelura for vitiligo in Europe with an excellent level.