Incyte beats first-quarter estimates on strong demand for cancer drugs

April 28 (Reuters) – Drugmaker Incyte beat analysts’ estimates for first-quarter profit and revenue on Tuesday, partly helped by strong demand for its cancer treatments, including Jakafi and Minjuvi.

The company reaffirmed its full-year forecast across all categories, a move analysts said could signal conservatism and point to slower growth in some key products.

• The company posted an adjusted profit of $1.81 per share, above analysts’ average estimate of $1.37 per share, according to data compiled by LSEG.

• Total quarterly revenue came in at $1.27 billion, also above expectations of $1.21 billion.

• Jakafi net sales rose 7% to $757.8 million, helped by stronger demand across all approved indications, topping estimates.

• Net sales of Opzelura, Incyte’s treatment for eczema and vitiligo, rose 20% to $143 million, but fell short of analysts’ estimate of $161.9 million.

• Incyte reaffirmed its full-year sales forecast of $4.77 billion to $4.94 billion.

• RBC Capital Markets analysts said they expect a flat stock reaction, citing slower Opzelura growth, the approaching Jakafi patent cliff and ongoing questions around pipeline competitiveness.

• Incyte also named Suketu Upadhyay as chief financial officer, effective May 4. He most recently was the executive vice president and CFO of Zimmer Biomet and previously held a senior finance role at Bristol-Myers Squibb.

(Reporting by Kunal Das; Editing by Shilpi Majumdar)