Incyte lifts annual sales forecast for blood cancer drug after solid quarter

July 29 (Reuters) - Incyte Corp INCY.O on Tuesday raised its annual sales forecast for blood cancer treatment Jakafi after robust demand helped the company surpass Wall Street estimates for second-quarter revenue and profit.

Shares of the Wilmington, Delaware-based drugmaker rose 3.5% in premarket trading.

Chief Executive Officer Bill Meury, who succeeded Hervé Hoppenot in June, said the latest results position the company "well to deliver on ... 2025 objectives."

Incyte now anticipates Jakafi sales in 2025 to range between $3 billion and $3.05 billion, up from its prior forecast of $2.95 billion to $3 billion. Analysts on average were estimating sales of $3.01 billion for the drug.

Sales of Jakafi, the company's flagship treatment for blood cancers such as myelofibrosis and polycythemia vera, climbed 8% to $763.8 million in the quarter ended June 30 from a year ago, above the $754.4 million analysts had expected.

In May, Incyte settled a royalty dispute with its licensing partner Novartis NOVN.S, agreeing to pay $280 million to resolve outstanding payments while securing a 50% reduction in future royalty rates on Jakafi sales starting January 1, 2025. The settlement is expected to ease costs for the company's top-selling drug.

As Jakafi faces potential patent expirations in 2028, Incyte is banking on growth from Opzelura, its cream for vitiligo and mild-to-moderate atopic dermatitis.

Sales of Opzelura jumped 35% to $164.5 million in the quarter, also beating estimates of $160.4 million.

On an adjusted basis, Incyte earned $1.57 per share in the quarter, topping analysts' forecast of $1.47 per share.

Total revenue for the quarter was $1.22 billion, above estimate of $1.15 billion.

During the quarter, Incyte received FDA approvals for Zynyz in advanced anal cancer and Monjuvi for follicular lymphoma.