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

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.

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