Incyte Corporation (NASDAQ:INCY) closed the day at $83.74 on a volume of 1.2 Million shares. The stock has been trending upwards and here is the latest news from the company.
Incyte has announced strong Q4 FY2018 financial results with a record 25% increase in product related revenue. The company also gave an update on the progress of the development of its portfolio.
Q4 FY2018 earnings were $468 million with the company posting $1.7 billion year-over-year revenue which was largely a result of Jakafi sales. Other sources of revenue included Iclusig 19%, Jakavi royalties 28% as well as Olumiant which is a material contributor to the company’s top-line.
Incyte CEO, Herve Hoppenot stated that in the FY2018 Jakafi sales increased which shows that acknowledges its safety and efficacy profile. The company is currently working with the Food and Drug Administration to accelerate GVHD indication review. The company has managed to accelerate its revenue growth because of its late-stage product portfolio that presents the country with numerous opportunities.
The company has already submitted a marketing approval application to the FDA for pemigatinib in the treatment of patients with FGFR2 translocated cholangiocarcinoma that they expect to be approved this year. There is also submission by Norvatis seeking approval for capmatinib in the treatment of patients with MET exon 14 non-small cell lung cancer.
The company is expecting to have results of itacitinib in GVHD patients later this year including additional results from the ruxolitinib trials in patients with refractory GVHD and prove of concept results from the clinical trials of ruxolitinib cream in vitiligo patients. The FDA granted sNDA approval for ruxolitinib in the treatment of steroid-refractory acute GVHD supported by data from REACH1 study. Incyte expects to launch ruxolitinib in the U.S. once it gets approved for the new indication.
The company expects to continue the 2018 momentum, and they expect revenue from Jakafi to reach $1.58 to $1.65 billion whereas Iclusig will range between 90 million and 100 million. Incyte will earn approximately 20% royalty income in 2019 from Olumiant and Jakavi generates. Success in the company’s product candidate will help in diversifying Incyte’s revenue source, and it will reflect research and development productivity of the company.