(Reuters) -Incyte Corp on Tuesday raised its annual sales forecast for blood cancer treatment Jakafi after robust demand helped the company surpass Wall Street estimates for second-quarter revenue and profit.
Shares of the Wilmington, Delaware-based drugmaker rose 3.5% in premarket trading.
Chief Executive Officer Bill Meury, who succeeded Hervé Hoppenot in June, said the latest results position the company “well to deliver on … 2025 objectives.”
Incyte now anticipates Jakafi sales in 2025 to range between $3 billion and $3.05 billion, up from its prior forecast of $2.95 billion to $3 billion. Analysts on average were estimating sales of $3.01 billion for the drug.
Sales of Jakafi, the company’s flagship treatment for blood cancers such as myelofibrosis and polycythemia vera, climbed 8% to $763.8 million in the quarter ended June 30 from a year ago, above the $754.4 million analysts had expected.
In May, Incyte settled a royalty dispute with its licensing partner Novartis, agreeing to pay $280 million to resolve outstanding payments while securing a 50% reduction in future royalty rates on Jakafi sales starting January 1, 2025. The settlement is expected to ease costs for the company’s top-selling drug.
As Jakafi faces potential patent expirations in 2028, Incyte is banking on growth from Opzelura, its cream for vitiligo and mild-to-moderate atopic dermatitis.
Sales of Opzelura jumped 35% to $164.5 million in the quarter, also beating estimates of $160.4 million.
On an adjusted basis, Incyte earned $1.57 per share in the quarter, topping analysts’ forecast of $1.47 per share.
Total revenue for the quarter was $1.22 billion, above estimate of $1.15 billion.
During the quarter, Incyte received FDA approvals for Zynyz in advanced anal cancer and Monjuvi for follicular lymphoma.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Maju Samuel)
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