Incyte Corporation (NASDAQ:INCY) shares closed more than 4% higher today following the company’s reported Q1 results, with total product revenue coming in at $728 million, below the consensus estimate of $768 million, largely due to the unfavorable impact of foreign exchange rates on royalty revenues.

According to the analysts at Oppenheimer, the quarter was highlighted by solid Jakafi sales and Opzelura script growth. Jakafi Q1 net sales of $544 million were in line with the analysts’ $548 million estimate, and the company subsequently raised the lower end of full-year Jakafi sales guidance to $2.33-2.40 billion.

The analysts said they were encouraged by the early launch of Opzelura with continued script growth and progress in payer access, and expect robust uptake to translate to revenue growth in the second half of the year.

Meanwhile, the analysts look forward to several clinical updates in H2 across the pipeline, with a focus on the LIMBER program, dermatology and oncology franchises.