Opzelura Topical Cream Drives Incyte's Record Growth in 2024 with 50% Revenue Surge

Incyte reported a strong 2024 in earnings, largely due to the performance of Opzelura (ruxolitinib) cream.

In the fourth quarter of 2024, Opzelura generated $162 million in revenue, a 48% increase compared to the same period in 2023. For the entire year, Opzelura brought in $508 million, reflecting a 50% growth from 2023, according to a press release.

Looking ahead, Incyte expects Opzelura to generate between $630 million and $670 million in 2025.

Opzelura is a treatment that targets JAK1 and JAK2 proteins. It’s approved for the treatment of nonsegmental vitiligo in patients 12 and older, making it the first and only cream in the U.S. that helps restore skin color for this condition.

It’s also approved to treat mild to moderate atopic dermatitis (AD) in patients 12 and older who are not immunocompromised, especially when other prescription creams don’t work well or aren’t suitable.

However, it should not be used with biologic therapies, other JAK inhibitors or strong immunosuppressants like azathioprine or cyclosporine.

In addition to Opzelura’s success, Incyte announced that the ruxolitinib extended-release (XR) formulation met the FDA's bioequivalence standards, and the company plans to submit this data to the FDA by the end of 2025.

The company’s overall financial performance was strong in 2024. Incyte saw a 15% increase in total revenues for the year, driven by growth from both Jakafi and Opzelura.

Jakafi is a treatment that blocks JAK1 and JAK2 proteins and is approved for the use of polycythemia vera (PV) in adults who didn’t respond well to or can’t tolerate hydroxyurea. I

It also treats adults with certain types of myelofibrosis (MF), including primary MF, MF that develops after polycythemia vera and MF that follows essential thrombocythemia.

In addition, Jakafi is approved for treating steroid-resistant acute graft-versus-host disease (GVHD) and chronic GVHD in patients 12 years and older when other treatments haven’t worked.

Hervé Hoppenot, chief executive officer of Incyte, described the year as a turning point for the company.

"Looking ahead to 2025, we anticipate a year of continued strong revenue growth and diversification, as well as several defining milestones that will serve as an inflection point for Incyte," said in the press release. "A year ago, we set the goal to achieve more than 10 impactful product launches by 2030. In 2025, a number of key catalysts across the entire portfolio will bring that goal closer to reality."

Looking forward to 2025, Incyte expects a transformative year with at least 18 significant milestones planned. These include four new product launches: Niktimvo for chronic graft-versus-host disease (GVHD), ruxolitinib cream for pediatric atopic dermatitis (AD), tafasitamab for relapsed/refractory follicular lymphoma (FL) and retifanlimab for squamous cell anal carcinoma (SCAC).

The company also plans to initiate three Phase 3 clinical studies, focusing on myelofibrosis, hidradenitis suppurativa and ovarian cancer.

Additionally, four pivotal study results are expected, including those for povorcitinib in hidradenitis suppurativa and ruxolitinib XR for several conditions, including myelofibrosis and GVHD.

Incyte is expecting more growth by focusing on innovation and product diversification, not to mention with Opzelura’s continued growth and several new product launches planned.

The company’s forward-looking strategy reflects its commitment to creating long-term shareholder value and its vision of leading the way in transformative medical solutions.