Welcome to our dedicated page for Incyte Genomics news (Ticker: INCY), a resource for investors and traders seeking the latest updates and insights on Incyte Genomics stock.
Incyte Genomics Inc. (Symbol: INCY) is a leading biopharmaceutical company dedicated to the discovery, development, and commercialization of proprietary therapeutics, with a primary focus on oncology. Headquartered in Wilmington, Delaware, Incyte employs over 625 professionals across its management, discovery, clinical development, and commercial teams.
The company’s flagship product, Jakafi, is a groundbreaking treatment for rare blood cancers and graft versus host disease, developed in partnership with Novartis. Incyte has also made significant strides with its other marketed drugs, including Olumiant for rheumatoid arthritis (licensed to Eli Lilly), Iclusig for chronic myeloid leukemia, Pemazyre for cholangiocarcinoma, Tabrecta for lung cancer, and Monjuvi for diffuse large B-cell lymphoma. Additionally, Incyte's first dermatology product, Opzelura, received approval in 2021 for atopic dermatitis and in 2022 for vitiligo.
Incyte’s pipeline includes a wide array of innovative oncology and dermatology programs, demonstrating their commitment to addressing serious unmet medical needs. The company's strategic collaborations with major pharmaceutical firms further support the clinical development and global commercialization of its compounds.
Incyte’s financial health and robust portfolio position it strongly to continue improving patient lives while building sustainable value for its shareholders. For the latest updates on Incyte’s projects and developments, visit their corporate website at www.incyte.com.
Incyte (NASDAQ: INCY) reported its Q2 2024 financials, showing a 9% increase in total revenues year-over-year, reaching $1.044 billion.
Key drivers: Jakafi® (ruxolitinib) revenues grew 3% to $706 million, and Opzelura® revenues surged 52% to $122 million. The company completed a $2 billion share repurchase, reflecting confidence in its portfolio.
Incyte's strategic focus is on high-impact clinical programs, with positive Phase 3 results for retifanlimab in SCAC and NSCLC. The acquisition of Escient Pharmaceuticals added promising assets to its R&D pipeline.
However, the company faced a GAAP net loss of $444.6 million for Q2 2024, driven by high R&D expenses, including costs from the Escient acquisition.
Incyte raised the lower end of its full-year Jakafi revenue guidance to $2,710-2,750 million and adjusted R&D expense guidance to reflect ongoing investments.
Incyte (Nasdaq: INCY) will release its Q2 2024 financial results on July 30, 2024, at 7:00 a.m. ET. A conference call and webcast to discuss these results will follow at 8:00 a.m. ET. Domestic participants can dial in at 877-407-3042, while international participants can use 201-389-0864, with the conference ID 13747471. For those unable to attend, a replay will be available for thirty days by dialing 877-660-6853 (U.S.) or 201-612-7415 (international) and using the same conference ID. The live webcast and slides can be accessed at Investor.Incyte.com and will be available for replay for ninety days.
Incyte (Nasdaq: INCY) announced the issuance of restricted stock unit (RSU) awards and stock options to 27 new employees under the 2024 Inducement Stock Incentive Plan. The total RSUs granted represent 14,577 shares, and stock options represent 18,149 shares of the company's common stock. The grants were approved by the compensation committee and set to begin vesting on July 1, 2024. Each RSU will vest 25% annually over four years, contingent on continued employment. The stock options have a $60.87 exercise price, with a ten-year term, and will vest 25% after one year, with the remaining 75% vesting monthly over the next three years.
Incyte (Nasdaq: INCY) announced the final results of its Dutch auction tender offer, concluding on June 10, 2024. The company aimed to buy up to $1.672 billion in shares at $60.00 per share. A total of 29,821,563 shares were tendered, and Incyte accepted 27,866,666 shares, representing 12.4% of its total outstanding shares. Additionally, Incyte entered into a stock purchase agreement with Baker Entities to buy 5,459,183 shares at the same price, totaling $328 million. Overall, the company will repurchase 33,325,849 shares for approximately $2.0 billion, representing 14.8% of its outstanding shares.
Incyte (Nasdaq: INCY) announced the preliminary results of its $1.672 billion modified 'Dutch auction' tender offer for common stock, which ended on June 10, 2024. Approximately 29.8 million shares were tendered at or below $60 per share, with a preliminary proration factor of 93.4%. Incyte expects to buy around 27.9 million shares, representing 12.4% of its total outstanding shares. Additionally, a separate agreement with Baker Entities will see Incyte repurchasing 33.3 million shares at $60 per share, totaling about $2.0 billion. This accounts for approximately 14.8% of the company's total shares. Final figures will be confirmed post the guaranteed delivery period.
Incyte (Nasdaq: INCY) announced the grant of restricted stock unit awards (RSUs) and stock options to 17 new employees under its 2024 Inducement Stock Incentive Plan. The awards include 14,090 RSUs and options to purchase 9,238 shares, with a grant date and vesting commencement date of June 3, 2024. Each RSU vests 25% annually over four years, while the stock options have an exercise price of $58.80 per share, a ten-year term, and vest 25% after one year with the remainder vesting in 36 equal monthly installments. These inducements were approved by Incyte's compensation committee under Nasdaq Listing Rule 5635(c)(4).
Incyte (Nasdaq: INCY) has completed its acquisition of Escient Pharmaceuticals, a clinical-stage company specializing in novel small molecule therapeutics for systemic immune and neuro-immune disorders. This $750 million deal, plus Escient's remaining net cash, enhances Incyte's Inflammation and Autoimmunity (IAI) pipeline. Key assets acquired include EP262, aimed at treating mast cell-mediated diseases, and EP547, targeting cholestatic pruritus. This acquisition underscores Incyte's commitment to innovative therapies for severe inflammatory diseases and leverages Escient’s pioneering work in MRGPR biology.
Incyte (Nasdaq: INCY) has announced the acquisition of two office buildings in downtown Wilmington, Delaware, at 1100 North King Street and 1100 North French Street. This marks the company's fourth expansion in Delaware since 2014. The new premises will consolidate its U.S. teams and provide room for future growth. The King Street building, set to open in 2026, will initially house over 400 employees, including U.S. Oncology and Dermatology teams and global corporate staff. The North French Street building is intended for future expansion. CEO Hervé Hoppenot highlighted the company's commitment to Delaware and its role in supporting innovation and collaboration. Local government officials, including Governor Carney and Mayor Purzycki, praised the move for its positive economic impact and job creation.
Incyte (Nasdaq: INCY) announced its participation in the Goldman Sachs 45th Annual Global Healthcare Conference scheduled for Monday, June 10, 2024, at 8:00 a.m. (EDT) in Miami. The event will be webcast live and can be accessed via Investor.Incyte.com, with a replay available for 30 days.
Incyte (Nasdaq: INCY) will present multiple abstracts from its oncology portfolio at the 2024 ASCO Annual Meeting (May 31 – June 4) and EHA2024 Congress (June 13-16). Key studies include:
ASCO: INCB099280 - Phase 1 Small-Molecule PD-L1 inhibitor study, INCB057643 - Phase 1 BET inhibitor study.
EHA: Ruxolitinib - Multiple studies on Polycythemia Vera and Myelofibrosis, Zilurgisertib - ALK2 inhibitor studies, INCB160058 - Novel therapy for JAK2V617F mutant Myeloproliferative Neoplasms, Axatilimab - Graft-Versus-Host Disease study, Pemigatinib - Phase 2 study on Myeloid/Lymphoid Neoplasms, Tafasitamab - CD19 expression in Diffuse Large B-Cell Lymphoma.
These presentations highlight Incyte's commitment to developing new cancer treatments.
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