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Incyte Corporation (INCY+1.51%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Incyte's financial performance, highlighting net income of $32.6 million for the year, a decrease from $597.6 million in the previous year. This decline is attributed to increased research and development expenses, including a $679.4 million charge related to the acquisition of Escient Pharmaceuticals, Inc.
Product revenues for 2024 totaled $3.62 billion, up from $3.17 billion in 2023. The increase was driven by higher sales of JAKAFI, OPZELURA, and MONJUVI/MINJUVI, with JAKAFI revenues alone contributing $2.79 billion.
Royalty revenues from collaborations with Novartis and Eli Lilly amounted to $579.3 million, an increase from $523.4 million in 2023. This includes royalties from sales of JAKAVI, OLUMIANT, and TABRECTA.
Research and development expenses rose significantly to $2.61 billion from $1.63 billion in 2023, reflecting increased investment in late-stage development assets and costs associated with the Escient acquisition.
Selling, general, and administrative expenses also increased to $1.24 billion from $1.16 billion in the previous year, due in part to the establishment of a dermatology commercial organization.
Incyte's cash, cash equivalents, and marketable securities totaled $2.16 billion as of December 31, 2024, down from $3.66 billion at the end of 2023, primarily due to share repurchases and acquisition-related payments.
The company continues to focus on its core therapeutic areas, including oncology, inflammation and autoimmunity, and myeloproliferative neoplasms and graft-versus-host disease, with a strong pipeline of products in various stages of development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Incyte Corporation annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.