Incyte's (INCY) CEO Hervé Hoppenot on Q1 2022 Results - Earnings Call Transcript

Incyte Corporation (NASDAQ:INCY) Q1 2022 Earnings Conference Call May 3, 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

Conference Call Participants

Vikram Purohit – Morgan Stanley

Kripa Devarakonda – Truist Securities

Matthew Phipps – William Blair

Mara Goldstein – Mizuho

Marc Frahm – Cowen and Company

Leon Wang – Bank of America

Operator

Hello and welcome to the Incyte First Quarter 2022 Earnings 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 first 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 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. Incyte’s strong momentum in 2021 continued into the first quarter with product and royalty revenues up 20%. Jakafi grew 17% year-over-year with patient demand driving growth in MF and PV as well as in GVHD following the successful launch in the chronic indication. Our hematology and oncology portfolio grew 24% year-over-year, driven by our new product uptake consisting of multiple new launches, including Pemazyre in Europe and Japan and Monjuvi in Europe.

The Opzelura launch continued to be very successful with strong uptake by dermatologists, high satisfaction reported by both patients and physicians and significant advancements with payers, which Barry will address in his remarks.

We made progress across all stages of our pipeline with important updates that include positive 52-week data for ruxolitinib cream in vitiligo, the prioritization of 280 and 318 in our oral PD-L1 program and the start of our CDK2 clinical program. Our royalty revenue remained strong, growing 23% year-over-year, contributing to our growth profile.