Incyte's new CEO outlines growth plan as Jakafi patent cliff nears
The drugmaker's shares rose nearly 8%.
Speaking on his first earnings call since taking the helm in June, Meury said Incyte is preparing to transition to new growth drivers ahead of Jakafi's 2028 patent cliff.
"We intend to build a comprehensive plan for acceleration that goes beyond just filling a revenue gap," Meury told analysts, emphasizing the company would take "a fresh look at this business, including our R&D productivity, operating expenses and capital allocation."
Earlier in the day, Incyte raised its 2025 Jakafi sales forecast range to $3 billion to $3.05 billion, from $2.95 billion to $3 billion.
Sales of Jakafi climbed 8% to $763.8 million in the quarter ended June 30 from a year ago, above the $754.4 million analysts had expected.
The company is banking on Opzelura, its cream for vitiligo and mild-to-moderate atopic dermatitis, as a key growth driver.
Opzelura's sales surged 35% to $164.5 million in the quarter, beating estimates of $160.4 million.
Total revenue for the quarter rose to $1.22 billion, surpassing analysts' forecast of $1.15 billion.
On an adjusted basis, Incyte earned $1.57 per share, exceeding estimates of $1.47.
Despite the company's focus on capital discipline, it remained open to deal opportunities.
Meury said strategically sourced, appropriately priced and well executed deals could add value, and that the company would be on the lookout for "de-risked pre-revenue or revenue stage opportunities."
Cantor analyst Eric Schmidt described Meury as "a seasoned biotech leader with a commercial background and a sparkly track record of past M&A exits."
"It sounds like Bill is singing from the same song book that we have advocated."
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