Incyte Corporation (INCY) reported revenues of $382.3 million during the first quarter, a marginal decline in YoY (year-over-year) revenues compared to $384.1 million during the first quarter of 2017. These revenues include the product revenues from sales of Jakafi and Iclusig, royalty revenues from Jakavi and Olumiant, and milestone and contract revenues. The chart below compares the revenues for Incyte since the first quarter of 2017.
Incyte’s product portfolio includes Jakafi and Iclusig. Incyte markets Jakafi in the United States. Incyte reported 25.0% YoY growth in product sales to $313.7 million during the first quarter, compared to the first quarter of 2017.
For the first quarter, Iclusig reported 51.0% YoY sales growth to $20.8 million, compared to the first quarter of 2017. Incyte acquired the commercialization rights for Iclusig from Ariad Pharmaceuticals in June 2016.
Novartis (NVS) holds the license for the development and commercialization of Jakafi outside the United States and markets it as Jakavi. Incyte receives royalties for the sales of Jakavi outside the United States and reported royalty revenues of $41.0 million during the first quarter.
Incyte and Eli Lilly (LLY) collaborated to commercialize Olumiant (baricitinib) worldwide, and Incyte receives royalties from the sales of Olumiant. Incyte received royalty revenues of $6.0 million from Eli Lilly during the first quarter. The total product royalty revenues rose 63.0% YoY to $47.7 million for the first quarter, compared to the first quarter of 2017.
Incyte (INCY) has several collaborative research and license agreements with Novartis and Eli Lilly. These contract revenues are related to milestone payments for drug development under these agreements. During the first quarter, Incyte didn’t receive any milestone payments.