Incyte Corporation (INCY) Q3 2022 Earnings Call Transcript

Incyte Corporation (NASDAQ:INCY) Q3 2022 Earnings Conference Call November 1, 2022 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

Tazeen Ahmad - Bank of America

Jessica Fye - JPMorgan

Vikram Purohit - Morgan Stanley

Mara Goldstein - Mizuho Securities

Leonid Timashev - RBC Capital Markets

Matt Phipps - William Blair

Kelsey Goodwin - Guggenheim

Eva Privitera - Cowen

Andrew Berens - SVB Securities

Gavin Clark-Gartner - Evercore

Kripa Devarakonda - Truist

Operator

Hello and welcome to the Incyte Third Quarter 2022 Financial and Corporate Update 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 Chiou

Thank you, Kevin. Good morning and welcome to Incyte’s third quarter 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. In the third quarter, our product revenues increased 20% year-over-year to $713 million benefiting from strong Jakafi sales growth as well as an increasing contribution from Opzelura net sales. Jakafi net sales grew 13% to $620 million driven by robust growth in chronic GVHD as well as new patient growth in MF and PV. Opzelura net sales more than doubled versus prior quarter to $38 million and we continue to execute on the successful launch in AD and vitiligo, driving increased demand while also significantly improving formulary access. The ex-U.S. launches of Pemazyre and Monjuvi, which are both still in early stages contributed to the 19% growth coming from other hematology and oncology products.