Incyte (INCY) reported revenue of $521.5 million in the second quarter, a 59.7% rise YoY (year-over-year) compared to $326.4 million in the second quarter of 2017.
Incyte’s revenue sources included revenue from the sales of Jakafi (ruxolitinib) in US markets and Iclusig (ponatinib) in European markets, royalties from Jakavi (ruxolitinib) and Olumiant (baricitinib) sales, and other milestone and contract revenues.
The graph above shows Incyte’s revenue breakup since the first quarter of 2017.
The company’s product portfolio includes two products: Jakafi and Iclusig. Incyte markets Jakafi in the United States. It reported a 25% rise in the drug’s YoY sales to $345.6 million in the second quarter compared to $276.0 million in the second quarter of 2017.
Iclusig saw a 27% rise in YoY sales to $19.9 million in the second quarter compared to $15.6 million in the second quarter of 2017.
Novartis (NVS) holds the license for the development and commercialization of Jakafi outside the United States and markets the drug as Jakavi. Incyte received royalties for the sales of Jakavi outside US markets and reported royalty revenue of $47.1 million in the second quarter, a 39% rise YoY compared to the second quarter of 2017.
Incyte and Eli Lilly and Company (LLY) collaborate for the commercialization of Olumiant (baricitinib) worldwide, and Incyte receives royalties for the sales of Olumiant. Incyte received royalty revenue of $8.8 million from Eli Lilly in the second quarter compared to $0.9 million in the second quarter of 2017.
Incyte has a few collaborative research and license agreements with Novartis and Eli Lilly and Company. Its contract revenue is related to milestone payments for the development of drugs under these agreements. In the second quarter, Incyte reported milestone revenue of $100 million.