(Reuters) – Incyte reported a third-quarter profit on Tuesday that beat analysts’ estimates as lower costs helped offset weak sales of its blood cancer drug Jakafi.
The Delaware-based company has been diversifying and strengthening its pipeline and depending on skin disorder drug Opzelura for future growth as Incyte braces for a loss of exclusivity related to its biggest drug Jakafi later in the decade.
Jakafi generated sales of $636.3 million sales in the third quarter. Analysts had expected sales of $680.6 million, according to LSEG data.
Incyte also updated its annual forecast for Jakafi sales to between $2.59 billion and $2.62 billion, from its previous outlook of $2.58 billion to $2.63 billion.
The company posted total revenue of $919 million in the third quarter, below analysts’ estimates of $963.63 million. Incyte’s shares fell 1.5%
The drugmaker’s research and development expenses fell 2.2% in the quarter.
On an adjusted basis, Incyte earned $1.10 per share, compared with estimates of $1.02.
(Reporting by Leroy Leo in Bengaluru)
