Incyte Corporation has reported robust financial results for 2024, demonstrating significant growth across its product portfolio and advancing multiple pipeline candidates toward key milestones.
The biopharmaceutical company posted total revenues of $4.2 billion for the full year 2024, representing a 15% increase from the previous year. This growth was primarily driven by strong performance from two key products: Jakafi® (ruxolitinib) and Opzelura® (ruxolitinib) cream.
Strong Commercial Performance
Jakafi, the company's flagship product, generated net revenues of $2.8 billion in 2024, an 8% increase year-over-year. The growth was driven by a 9% increase in paid demand across all indications. Opzelura demonstrated exceptional growth with net revenues reaching $508 million, a 50% increase from 2023, supported by strong patient demand in both atopic dermatitis and vitiligo indications.
"2024 was an important year for Incyte, with a 15% increase in total revenues, driven by strong growth from both Jakafi and Opzelura, as well as significant progress across our R&D pipeline," said Hervé Hoppenot, Chief Executive Officer of Incyte.
2025 Strategic Initiatives
The company has outlined an ambitious agenda for 2025, which includes:
New Product Launches
- Niktimvo™ for third-line chronic graft-versus-host disease
- Ruxolitinib cream for pediatric atopic dermatitis
- Tafasitamab for relapsed/refractory follicular lymphoma
- Retifanlimab for squamous cell anal carcinoma
Clinical Development Progress
The company plans to initiate at least three Phase 3 studies in 2025:
- BET inhibitor in second-line myelofibrosis
- Ruxolitinib cream in mild to moderate hidradenitis suppurativa
- CDK2 inhibitor in ovarian cancer
Pipeline Advancement
Significant progress has been made across multiple programs:
- Ruxolitinib extended-release (XR) has met FDA bioequivalence criteria, with submission planned for year-end 2025
- The Phase 3 inMIND trial for tafasitamab showed statistically significant improvement in progression-free survival for follicular lymphoma patients
- Two Phase 3 trials evaluating povorcitinib in hidradenitis suppurativa are fully enrolled, with data expected in first half 2025
Financial Position
As of December 31, 2024, Incyte maintained a strong financial position with $2.2 billion in cash, cash equivalents, and marketable securities. The company completed a $2.0 billion share repurchase program in June 2024 and made strategic investments, including the Escient acquisition.
"Looking ahead to 2025, we anticipate a year of continued strong revenue growth and diversification, as well as several defining milestones that will serve as an inflection point for Incyte," added Hoppenot. The company has set an ambitious goal to achieve more than 10 impactful product launches by 2030.
Research & Development Focus
The company continues to advance its research programs across multiple therapeutic areas:
- Myeloproliferative Neoplasms (MPNs) and Graft-Versus-Host Disease (GVHD) programs are progressing with multiple Phase 1 studies
- Inflammation and Autoimmunity pipeline shows promise with multiple Phase 3 trials ongoing
- Novel targeted therapies, including KRASG12D and TGFβR2×PD-1 inhibitors, are advancing in solid tumor indications
