Incyte Corporation reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. Total revenues for the third quarter reached $1,137.9 million, a notable increase from $919.0 million in the same period of 2023. Product revenues also rose to $963.0 million, compared to $783.2 million a year earlier. For the nine months ended September 30, 2024, total revenues were $3,062.5 million, up from $2,682.3 million in 2023, driven primarily by increased sales of its key products, JAKAFI and OPZELURA.
JAKAFI revenues for Q3 2024 were $741.2 million, reflecting a volume increase of $78.2 million and a price increase of $26.7 million compared to the previous year. For the nine-month period, JAKAFI generated $2,019.0 million, up from $1,898.6 million. OPZELURA also saw substantial growth, with Q3 revenues of $139.3 million, up from $91.8 million, and nine-month revenues of $346.7 million, compared to $228.6 million in 2023.
Despite the revenue growth, Incyte reported a net income of $106.5 million for Q3 2024, down from $171.3 million in Q3 2023. The nine-month net loss was $(168.6) million, a stark contrast to the net income of $396.5 million for the same period in 2023. This decline in profitability was attributed to increased costs, particularly in research and development, which surged to $573.2 million for Q3 2024, compared to $375.7 million in the prior year. The nine-month R&D expenses totaled $2,140.8 million, significantly higher than $1,183.1 million in 2023.
Incyte's total current assets decreased to $2,808.7 million as of September 30, 2024, from $4,645.4 million at the end of 2023. Total liabilities increased to $1,841.2 million, up from $1,592.3 million, while total stockholders’ equity fell to $3,171.2 million from $5,189.8 million.
Strategically, Incyte made significant acquisitions, including the purchase of Escient Pharmaceuticals for $782.5 million, aimed at enhancing its pipeline in immune disorders. The company also entered into a purchase agreement with MorphoSys AG for exclusive global rights to tafasitamab, further expanding its therapeutic offerings. Additionally, Incyte initiated a share repurchase program, completing a tender offer that repurchased approximately $2.0 billion in shares.
Overall, while Incyte experienced revenue growth, the increase in costs and strategic investments impacted its profitability, reflecting a period of transition and expansion for the company.
About INCYTE CORP
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