Incyte Q2 results beat on top and bottom lines as net income soars 27%; shares down 6%

Aug. 02, 2022 10:36 AM ETIncyte Corporation (INCY)By: Jonathan Block, SA News Editor

Rolled newspaper with the headline Quarterly Results

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  • Incyte (NASDAQ:INCY) saw its Q2 net income rise ~27% year over year to ~$226.4M as it beat on the top and bottom lines.
  • Non-GAAP basic EPS of $1.02 compared to $0.81 in Q2 2021.
  • Revenue of $911.4M was ~29% year-over-year increase. This was driven by a 13% increase in Jakafi (ruxolitinib) sales to ~$597.7M. Pemazyre (pemigatinib) revenue also increased ~6% to ~$19M.
  • Non-GAAP SG&A expenses rose 54% $235.6M.
  • Incyte ended the quarter with $2.7B in cash and cash equivalents. That compares to $2.3B on Dec. 31, 2022.
  • Check out this technical analysis of Incyte (INCY) from Seeking Alpha contributor Walter Zelezniak Jr., who has a buy rating.

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