Why did INCY's Q1 2024 earnings fall short of forecasts?

Incyte's Q1 2024 earnings fell short of forecasts due to higher costs related to its products such as skin disorder drug Opzelura and a forecast of weak sales for its lead product Jakafi for the year. The company's financial performance was also impacted by increased operating expenses, including a 5% rise in GAAP R&D expenses and an 11% increase in SG&A expenses, which were driven by late-stage development investments and Monjuvi-related sales and marketing expenses. Additionally, the company faced challenges related to its dermatology pipeline, with a patent cliff looming in the near future, which could impact its future revenue.