Benzinga | May 4, 2021 12:17PM EDT

Incyte's Q1 Jakafi Sales Hit By Pandemic; Reaffirms 2021 Guidance

* Incyte Corporation (NASDAQ: INCY) reported Q1 earnings of $0.67, better than the consensus of $0.64, but sales of $604.7 million fell short of expectations of $659.2 million.

* Overall product and royalty revenues increased 6% Y/Y stemming from a 1% increase in Jakafi's (ruxolitinib) net product revenues of $465.7 million, the launch of Pemazyre, and higher product royalty revenues from Jakavi and Olumiant.

* A decline in new patient starts impacted the growth rate of Jakafi due to the COVID-19 pandemic and typical seasonal effects.

* Cash and equivalents totaled $2.0 billion.

* Guidance: Incyte reaffirmed FY21 Jakafi Net Product Revenues $2.125 - $2.2 billion.

* Price Action: INCY shares are down 4.47% at $81.7 during the market trading session on the last check Tuesday.