5 Revealing Analyst Questions From Incyte’s Q1 Earnings Call

Incyte’s first quarter was marked by significant commercial momentum and robust top-line growth, leading to a positive market reaction. Management attributed the results to strong demand for Jakafi and Opselura, the initial sales contribution from recently launched Niktimvo, and continued expansion in dermatology and hematology-oncology portfolios. CEO Herve Hoppenot emphasized that “Q1 2025 puts us on a great trajectory for long-term growth with the continuous expansion of Apteloa, successful launch of NixTimo, and the successes of the pivotal studies in HS and proof of concept study in CSU.”

Is now the time to buy INCY? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Incyte’s Q1 Earnings Call

• Michael Schmidt (Guggenheim): Asked about Jakafi’s growth in PV and the impact of new competitors. Management responded that growth is expected from both new patient starts and continued use, and believes Jakafi retains a unique profile despite emerging therapies.
• David Lebowitz (Citi): Inquired where povarsitinib will fit in CSU treatment sequencing. Dr. Pablo Cagnoni explained it may be used before or after biologics, depending on patient preference and prior therapy response.
• Andrew Barrons (Leerink Partners): Questioned the durability of HS trial results and follow-up plans. Management confirmed ongoing long-term follow-up to track efficacy and safety out to 52 weeks, with further updates planned.
• Tazeen Ahmad (Bank of America): Sought an update on the timeline and scope of data expected for Incyte’s Kellogg monoclonal antibody program. Management confirmed substantive data would be presented this year, covering multiple dose levels and clinical endpoints.
• Salveen Richter (Goldman Sachs): Asked about capital allocation and share repurchase strategy. CEO Hoppenot said R&D investment is the top priority, with external partnerships focused on early-stage science, and declined to comment on additional buybacks.

Catalysts in Upcoming Quarters

In the coming quarters, our team will closely monitor (1) the pace of adoption and market penetration for new launches like Niktimvo, (2) pivotal trial results and regulatory progress across late-stage pipeline assets such as povarsitinib and CDK2 inhibitors, and (3) the impact of expanded formulary access for Opselura on prescription trends. Execution against these milestones will be critical for sustaining revenue growth and validating Incyte’s investment in R&D.

Incyte currently trades at $68.45, up from $59.48 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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