Incyte Corporation (NASDAQ:INCY) Q3 2024 Results Conference Call October 29, 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
Steven Stein - Chief Medical Officer
Matteo Trotta - Executive Vice President, General Manager, U.S. Dermatology
Barry Flannelly - General Manager, North America
Conference Call Participants
Michael Schmidt - Guggenheim
Jessica Fye - JPMorgan
Salveen Richter - Goldman Sachs
Eric Schmidt - Cantor Fitzgerald
Kelly Shi - Jefferies
Matt Phipps - William Blair
James Shin - Deutsche Bank
Vikram Purohit - Morgan Stanley
Derek Archila - Wells Fargo
David Lebowitz - Citibank
Marc Frahm - TD Cowen
Brian Abrahams - RBC Capital Markets
Andy Chen - Wolfe Research
Jay Olson - Oppenheimer
Gavin Clark-Gartner - Evercore ISI
Evan Seigerman - BMO Capital Markets
Tazeen Ahmad - Bank of America
Srikripa Devarakonda - Truist Securities
Ren Benjamin - JMP Securities
Operator
Greetings, and welcome to the Incyte Third Quarter 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 Ben Strain, Associate Vice President, Investor Relations. Please go ahead, Ben.
Ben Strain
Thank you, Kevin. Good morning, and welcome to Incyte's third quarter 2024 earnings conference call. Before we begin, I encourage everyone to go to the Investor section of our website to find the press release, related financial tables and slides that follow today's discussion.
On today's call, I'm joined by Herve, Pablo, Christiana, who will deliver our prepared remarks. Barry, Matteo and Steven 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. The third quarter of 2024 was a very positive quarter for Incyte with a good commercial performance, FDA approval of Niktimvo and progress of our pipeline with several key data readouts for our clinical programs.
In Q3, total revenues increased by 24% year-over-year to $1.1 billion, with net product revenues growing 23%. This growth was driven by the ongoing demand growth for Jakafi and Opzelura, which I will highlight in the following slides.