Incyte down, despite posting strong sales and income growth for 2nd-qtr

Shares of US biotech Incyte (Nasdaq: INCY) were down 3.5% at $ 98.25 by early afternoon today, after it reported 2020 second quarter financial results.

Total product and royalty revenues for the three months came in at $593 million, an increase of 16% versus the like 2019 period. Net income for the quarter, on a generally accepted accounting principles (GAAP) basis, was $290.3 million, compared with $105.3 million.

“We continue to execute successfully across all aspects of our business,” stated Hervé Hoppenot, chief executive of Incyte. “Demand for Jakafi (ruxolitinib) is robust and the recent approval of Pemazyre (pemigatinib), as well as those of Monjuvi (tafasitamab-cxix) with MorphoSys and Tabrecta (capmatinib) with Novartis, add to our momentum. In addition, clinical updates from the tafasitamab and LIMBER programs at the recent EHA congress, the successful outcome of REACH3, and our plan to submit an NDA seeking approval for ruxolitinib cream at the end of this year, further illustrate the opportunities within our portfolio to drive additional diversification and growth,” he explained