Incyte Climbs After Reporting a 'Solid Quarter and Guidance'

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Incyte reported non-GAAP diluted earnings of 65 cents per share for the fourth quarter of 2019 and revenue of $579.4 million. Sales of Jakafi, a blood-cancer treatment that is the company’s key product, were $466 million.

Incyte Climbs After Reporting a ‘Solid Quarter and Guidance’

The drug company Incyte reported earnings early Thursday that beat analyst expectations.

https://investor.incyte.com/node/21516/pdf mailto:josh.nathan-kazis@barrons.com Incyte Stock Is Rising After the Drug Company Reports a ‘Solid Quarter and Guidance’ By Josh Nathan-Kazis Analysts were positive on the growth in sales of Incyte’s blood-cancer drug Jakafi.

The drug company Incyte reported earnings early Thursday that beat analyst expectations, but the stock was climbing in premarket trading.

Incyte (ticker: INCY) reported non-GAAP diluted earnings of 65 cents per share for the fourth quarter of 2019, beating the S&P Capital IQ Consensus of 56 cents, and the FactSet consensus of 60 cents. The company reported revenue of $579.4 million. Sales of Jakafi, a blood-cancer treatment that is the company’s key product, were $466 million.

“As we enter 2020, we have multiple opportunities for additional growth,” CEO Hervé Hoppenot said in a statement.

Shares of Incyte were up 1.8% to $77.18 in premarket trading. Dow Jones Industrial Average futures were down 0.6%.

“Solid quarter and guidance demonstrating continued strong Jakafi growth, which we expect will sustain through 2020 and beyond,” RBC Capital Markets analyst Brian Abrahams wrote in a note out Thursday morning.

In its earnings release, the company included a handful of updates on its drug development programs. Abrahams wrote that the company was discontinuing “a few non-material pipeline program[s],” but that “key programs remain on track.”

Analysts were positive on the growth in Jakafi sales. “JAKAFI revenues rose 23% compared to the same period last year—higher than both our Mizuho and FactSet forecasts,” Mizuho analyst Mara Goldstein said in a note out Thursday.

In another Thursday note, Cowen analyst Marc Frahm wrote that the results bolstered his Outperform thesis on the stock. “We think in 2020 investors will seek confidence that Incyte’s broad oncology and inflammation pipeline contains growth asset(s). With multiple pipeline candidates…approaching the market we expect Incyte shares to outperform.”

A company conference call started at 8 a.m.

Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com