On Tuesday, Incyte Corporation (NASDAQ:INCY) reported third-quarter revenue of $1.14 billion, up 24% year over year, beating the consensus of $1.08 billion.
Jakafi (ruxolitinib) net product revenues increased to $741.18 million, up 16% year over year, primarily due to a 10% increase in total demand.
Guidance: Incyte forecasts 2024 Jakafi revenue of $2.74 billion—$2.77 billion, up from prior guidance of $2.71 billion—$2.75 billion.
BofA Securities analyst upgraded Incyte’s stock, citing strong demand for Jakafi liſts overhang on competitive pressure in myelofibrosis and sees multiple shots on goal from the pipeline with several pivotal readouts expected in 2025.
The analyst upgraded from Neutral to Buy with a price target of 90, …
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