Incyte Hits Stride in 2024 Q4, Eyes $1B Revenue Boost from New Product Launches
Incyte, a leading biopharmaceutical company, ended 2024 on a high note, delivering another strong year with total revenues growing 15% to reach $4.2 billion. The company's consistent performance in the fourth quarter was driven by the continued growth of Jakafi, as well as strong momentum from its non-Jakafi revenue streams.
According to Herve Hoppenot, Incyte's CEO, the company saw "strong growth" from Opzelura, which grew 50% in 2024 to reach $508 million. This growth was driven by both new patients and refills in AD and vitiligo in the U.S., as well as expanding reimbursement outside of the country.
Incyte's cash flow remained strong throughout the year, allowing the company to complete a $2 billion share repurchase while maintaining a robust balance sheet. The company ended 2024 with $2.2 billion in cash and no debt.
The company has an exciting pipeline of new products that are expected to launch in 2025, including Niktimvo, a medicine approved by the FDA to target inflammation and fibrosis associated with chronic GVHD. This therapy is now available in the U.S. and is expected to be a key contributor to growth in the coming year.
In addition to the launch of Niktimvo, Incyte has also filed an sNDA for ruxolitinib cream in pediatric atopic dermatitis with the FDA, which is expected to be approved in the second half of 2025. This product launch is expected to begin contributing to revenue in the near term and generate $1 billion in incremental revenues by 2029.
Incyte's CEO also highlighted the company's robust pipeline of products that are expected to launch in 2025, including tafasitamab in follicular lymphoma and retifanlimab in squamous cell anal carcinoma. These product launches are expected to begin contributing to revenue in the near term and generate significant incremental revenues by 2029.
Looking ahead to 2025, Incyte expects Jakafi to continue growing, with net sales projected to reach $2.925 billion to $2.975 billion for the full year. The company also expects continued growth across all indications, with particular strength in polycythemia vera, which is expected to become the largest contributor to Jakafi revenue over time.
