What are the key takeaways from INCY's 2024 earnings reports?

**Incyte's 2024 Earnings Outlook**:

1. **Expected Profit Increase**: Analysts anticipate that Incyte will report a profit of $1.10 per share for the fiscal quarter ending October 29, 2024, which is a 20.9% increase from the $0.91 per share reported in the same quarter of the previous year.
2. **Sales Dynamics**: The company's leading drug, Jakafi, is expected to see a significant sales drop, which, coupled with the discontinuation of several cancer therapies, has contributed to investor concerns. Despite this, Incyte has announced better-than-expected Q2 revenue of $1 billion.
3. **Financial Projections**: For the full year, analysts expect Incyte's EPS to be $0.66, which represents a 75.5% decrease from the $2.69 reported in 2023. However, the EPS is projected to surge by 674.2% annually to $5.11 in 2025.
4. **Stock Performance and Analyst Ratings**: INCY's stock has underperformed the S&P 500, gaining only 5.6% in the past year compared to the index's 21.9% gains. The stock has a "Hold" consensus rating from analysts, with an average price target of $72.90, indicating a potential upside of 10% from the current price. Recent insider transactions include a sale by Thomas Tray, who sold 1,093 shares for $64,388.63 on June 6, 2024.

Overall, Incyte is facing challenges with a significant expected drop in sales from its leading drug, but there are positive projections for future earnings growth, and analysts maintain a bullish outlook with a "Hold" rating and a higher average price target.