Incyte Corporation (INCY) Q4 2022 Earnings Call Transcript

Incyte Corporation (NASDAQ:INCY) Q4 2022 Earnings Conference Call February 7, 2023 8:00 AM ET

Company Participants

Christine Chiou - Head, Investor Relations

Hervé Hoppenot - Chairman, 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

Dash Dhanak - Executive Vice President and Chief Scientific Officer

Conference Call Participants

Salveen Richter - Goldman Sachs

Brian Abrahams - RBC

Jessica Fye - JPMorgan

Tazeen Ahmad - Bank of America

Vikram Purohit - Morgan Stanley

Kripa Devarakonda - Truist Securities

Eva Privitera - Cowen and Company

Evan Seigerman - BMO Capital Markets

Jay Olson - Oppenheimer

Mara Goldstein - Mizuho Securities

Reni Benjamin - JMP Securities

Allison Bratzel - Piper Sandler

Matt Phipps - William Blair

Operator

Hello, and welcome to the Incyte Fourth Quarter and Full Year Financial Results 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 Christine Chiou, Head of Investor Relations. Please go ahead, Christine.

Christine Chiou

Thank you, Kevin. Good morning, and welcome to Incyte's Fourth Quarter and Full Year 2022 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 Hervé, 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 Hervé.

Hervé Hoppenot

Thank you, Christine, and good morning, everyone. 2022 was another successful year in which we delivered strong commercial performance and made significant advancements across all stages of our oncology and dermatology pipeline.

Revenues from our current portfolio of commercialized products grew 18% year-over-year, both in the fourth quarter and for the full year to $764 million and $2.7 billion, respectively. Total revenues for the year, which include our royalty, grew 14% to $3.4 billion.

As we look across our portfolio, the drivers of this double-digit growth are the continued commercial execution for Jakafi, net sales of which increased $275 million in the year to reach $2.4 billion and initial contributions from recently launched products and indications, including Minjuvi and Pemazyre in Europe and Japan and Opzelura in the U.S.