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Incyte Gears Up to Report Q3 Earnings: Here's What You Should Know
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Incyte Corporation (INCY - Free Report) is scheduled to report third-quarter 2024 results on Oct. 29, before the opening bell.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Shares of Incyte have risen 3.9% in the year-to-date period against the industry’s decline of 1.8%.
Image Source: Zacks Investment Research
Let’s see how things might have shaped up prior to the announcement.
Factors to Note
Incyte primarily derives product revenues from the sales of its lead drug, Jakafi (ruxolitinib), in the United States and other marketed drugs.
Sales have likely maintained momentum on the back of Jakafi, a first-in-class JAK1/JAK2 inhibitor, in all approved indications (polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease [GvHD]).
However, competition from other approved drugs might have restricted its sales growth potential to some extent.
The Zacks Consensus Estimate for Jakafi's third-quarter sales is pegged at $717 million.
Incyte also earns product royalty revenues from Novartis AG (NVS - Free Report) for the commercialization of Jakafi in ex-U.S. markets.
While Incyte markets Jakafi in the United States, Novartis promotes the same drug as Jakavi in ex-U.S. markets.
Incyte also receives royalties from the sales of Tabrecta (capmatinib), which is approved for treating adult patients with metastatic non-small cell lung cancer. Novartis has exclusive worldwide development and commercialization rights to Tabrecta.
Sales of Opzelura boosted the top line in the second quarter. Growth in Opzelura sales is likely to have been driven by factors like increasing patient demand, refills and expansion in payer coverage (in both the indications of atopic dermatitis and vitiligo) in the to-be-reported quarter.
The Zacks Consensus Estimate for Opzelura’s third-quarter sales is pegged at $130 million.
While Jakafi’s sales and royalties are the key catalysts for INCY’s revenue growth, sales of other drugs like Minjuvi, Pemazyre, Iclusig and Olumiant’s royalties from Eli Lilly are also likely to have contributed to Incyte’s top line.
In February 2024, Incyte entered into an asset purchase agreement with MorphoSys AG. This gave Incyte exclusive global rights for tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed, in the United States (as Monjuvi) and outside the country (as Minjuvi).
The Zacks Consensus Estimate for Iclusig, Minjuvi and Pemazyre’s third-quarter sales is pegged at $28.1 million, $34.15 million and $22.15 million, respectively.
Incremental sales from Zynyz, too, are expected to have boosted Incyte’s revenues in the to-be-reported quarter.
Higher research and development expenses, as well as increased selling and general and administrative costs, are likely to have escalated operating expenses in the quarter to be reported.
Key Recent Developments
Incyte and partner Syndax Pharmaceuticals recently obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo.
Earnings Surprise History
Incyte has a disappointing history of earnings surprise. The company missed on earnings in three of the trailing four quarters and beat the same in one, delivering an average negative surprise of 93.02%. In the last reported quarter, INCY posted a negative earnings surprise of 333.33%.
Incyte Corporation Price, Consensus and EPS Surprise
Our proven model does not conclusively predict an earnings beat for INCY this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Incyte’s Earnings ESP is 0% as both the Most Accurate Estimate and Zacks Consensus Estimate currently stand at $1.34. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Here are some stocks worth considering from the healthcare space, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
Exelixis, Inc. (EXEL - Free Report) has an Earnings ESP of +15.66% and a Zacks Rank #2 at present.
Shares of EXEL have gained 19.5% in the year-to-date period. Earnings of EXEL beat estimates in two of the trailing four quarters and missed the same twice, delivering an average surprise of 13.25%.
CRISPR Therapeutics (CRSP - Free Report) has an Earnings ESP of +100% and a Zacks Rank #2 at present.
CRSP beat on earnings in three of the trailing four quarters and missed once, delivering an average surprise of 101.83%.
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Incyte Gears Up to Report Q3 Earnings: Here's What You Should Know
Incyte Corporation (INCY - Free Report) is scheduled to report third-quarter 2024 results on Oct. 29, before the opening bell.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Shares of Incyte have risen 3.9% in the year-to-date period against the industry’s decline of 1.8%.
Image Source: Zacks Investment Research
Let’s see how things might have shaped up prior to the announcement.
Factors to Note
Incyte primarily derives product revenues from the sales of its lead drug, Jakafi (ruxolitinib), in the United States and other marketed drugs.
Sales have likely maintained momentum on the back of Jakafi, a first-in-class JAK1/JAK2 inhibitor, in all approved indications (polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease [GvHD]).
However, competition from other approved drugs might have restricted its sales growth potential to some extent.
The Zacks Consensus Estimate for Jakafi's third-quarter sales is pegged at $717 million.
Incyte also earns product royalty revenues from Novartis AG (NVS - Free Report) for the commercialization of Jakafi in ex-U.S. markets.
While Incyte markets Jakafi in the United States, Novartis promotes the same drug as Jakavi in ex-U.S. markets.
Incyte also receives royalties from the sales of Tabrecta (capmatinib), which is approved for treating adult patients with metastatic non-small cell lung cancer. Novartis has exclusive worldwide development and commercialization rights to Tabrecta.
Sales of Opzelura boosted the top line in the second quarter. Growth in Opzelura sales is likely to have been driven by factors like increasing patient demand, refills and expansion in payer coverage (in both the indications of atopic dermatitis and vitiligo) in the to-be-reported quarter.
The Zacks Consensus Estimate for Opzelura’s third-quarter sales is pegged at $130 million.
While Jakafi’s sales and royalties are the key catalysts for INCY’s revenue growth, sales of other drugs like Minjuvi, Pemazyre, Iclusig and Olumiant’s royalties from Eli Lilly are also likely to have contributed to Incyte’s top line.
In February 2024, Incyte entered into an asset purchase agreement with MorphoSys AG. This gave Incyte exclusive global rights for tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed, in the United States (as Monjuvi) and outside the country (as Minjuvi).
The Zacks Consensus Estimate for Iclusig, Minjuvi and Pemazyre’s third-quarter sales is pegged at $28.1 million, $34.15 million and $22.15 million, respectively.
Incremental sales from Zynyz, too, are expected to have boosted Incyte’s revenues in the to-be-reported quarter.
Higher research and development expenses, as well as increased selling and general and administrative costs, are likely to have escalated operating expenses in the quarter to be reported.
Key Recent Developments
Incyte and partner Syndax Pharmaceuticals recently obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo.
Earnings Surprise History
Incyte has a disappointing history of earnings surprise. The company missed on earnings in three of the trailing four quarters and beat the same in one, delivering an average negative surprise of 93.02%. In the last reported quarter, INCY posted a negative earnings surprise of 333.33%.
Incyte Corporation Price, Consensus and EPS Surprise
Incyte Corporation price-consensus-eps-surprise-chart | Incyte Corporation Quote
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for INCY this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: Incyte’s Earnings ESP is 0% as both the Most Accurate Estimate and Zacks Consensus Estimate currently stand at $1.34. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Zacks Rank: INCY has a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are some stocks worth considering from the healthcare space, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
Exelixis, Inc. (EXEL - Free Report) has an Earnings ESP of +15.66% and a Zacks Rank #2 at present.
Shares of EXEL have gained 19.5% in the year-to-date period. Earnings of EXEL beat estimates in two of the trailing four quarters and missed the same twice, delivering an average surprise of 13.25%.
CRISPR Therapeutics (CRSP - Free Report) has an Earnings ESP of +100% and a Zacks Rank #2 at present.
CRSP beat on earnings in three of the trailing four quarters and missed once, delivering an average surprise of 101.83%.