What to Expect From Incyte's Next Quarterly Earnings…

What to Expect From Incyte's Next Quarterly Earnings Report

Valued at $14.9 billion by market cap, Incyte Corporation (INCY) is a leading biopharma company that discovers, develops, and commercializes therapeutics for hematology/oncology, as well as inflammation and autoimmunity areas. company follows the science to find solutions for patients with unmet medical needs. The Delaware-headquartered company is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Tuesday, October 29.

Ahead of the event, analysts expect INCY to report a profit of $1.10 per share on a diluted basis, up 20.9% from $0.91 per share in the year-ago quarter. The company missed the consensus estimates in three of the last four quarters while surpassing the forecast on one occasion.

For the full year, analysts expect INCY to report EPS of $0.66, down 75.5% from $2.69 in fiscal 2023. Nevertheless, its EPS is projected to rise 674.2% annually to $5.11 in fiscal 2025.

INCY stock has underperformed the S&P 500’s ($SPX) 21.9% gains on a YTD basis, with shares up 5.6% during this period. It has also struggled to keep up with the Healthcare Select Sector SPDR Fund’s (XLV) 12.1% gains over the same time frame.

Incyte's performance has lagged over the past year amid investor worries about a substantial drop in sales from its leading drug, Jakafi, and the discontinuation of several cancer therapies.

As a result, the stock dropped over 1% on Jul. 30 after releasing its Q2 earnings report. Despite announcing better-than-expected Q2 revenue of $1 billion, it reported a loss per share of $1.82, leading to the decline.

Analysts’ consensus opinion on INCY stock is fairly bullish, with a “Moderate Buy” rating overall. Out of 23 analysts covering the stock, ten advise a “Strong Buy” rating, 12 give a “Hold” rating, and the remaining one recommends a “Strong Sell.”

The average analyst price target for INCY is $72.90, indicating a potential upside of 10% from the current price levels.

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On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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