Incyte Stock Falls Despite Q3 Earnings Beat Street View

Incyte Corporation's INCY Q3 adjusted EPS reached $1.18, compared to $0.23 posted a year ago, beating the consensus of $0.73.
Sales increased 31% Y/Y to $812.99 million, ahead of the consensus of $738.77 million.
Related Link: Syndax Pharma, Incyte Ink Licensing Pact For Graft Vs. Host Disease Candidate.
The Company reported an operating income of $235.4 million, compared to $5.32 million posted a year ago.
Product and royalty revenues increased 25% Y/Y to $777.98 million, driven by Jakafi, Iclusig, and Pemazyre net product revenues and higher product royalty revenues from Jakavi, Olumiant, and Tabrecta.
The 202% growth in Olumiant royalty revenues reflects an increase in net product sales due to the use of Olumiant for COVID-19.
Cash, cash equivalents, and marketable securities totaled $2.3 billion.
Guidance: Incyte reaffirmed FY21 Jakafi net product revenues at $2.125 billion - $2.170 billion
Related: Incyte's Parsaclisib Application Under FDA Review For 3 Types Of Non-Hodgkin Lymphomas.
Price Action: INCY shares are down 8.39% at $63.50 during the market session on the last check Tuesday.

Momentum68.07

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