July 30 (Reuters) - Incyte Corp ( INCY ) on Tuesday

raised the lower end of the annual sales forecast range for its

blood disorder drug Jakafi, on the back of strong demand for the

treatment, and also reported better-than-expected quarterly

revenue of a newer drug.

Shares of the company rose 3.4% before the bell.

The company expects Jakafi sales in 2024 to be $2.71 billion

at the lower end, compared with its earlier estimate of $2.69

billion, while keeping the upper end at $2.75 billion. Analysts

on average expect the drug's sales for the period to be $2.70

billion, according to LSEG data.

Jakafi, used as a treatment for bone marrow related

illnesses, is Incyte's ( INCY ) top-selling drug. Sales from Jakafi were

$706 million for the quarter ended June 30, above estimates of

$676.9 million.

Total paid prescriptions for Jakafi increased 9% compared

with a year earlier.

Opzelura is approved by U.S. health regulator to treat

vitiligo and mild to moderate atopic dermatitis in patients 12

years of age and older. The drug's revenue rose 51.7% from a

year earlier to $121.7 million, beating estimates of $112.5

million.

Delaware-based Incyte ( INCY ) has been strengthening its

dermatological pipeline with the help of Opzelura as the company

braces for a loss of exclusivity related to its biggest drug

Jakafi in 2028.

However, the company said it will discontinue further

development of five cancer therapies as part of a strategic

review.

The company's total revenue for the second quarter stood at

$1.04 billion, above estimates of $1.03 billion.

On an adjusted basis, the U.S. drugmaker reported a loss of

$1.82 per share in the second quarter, compared with a profit of

99 cents a year earlier, primarily due to expenses related to

the $750 million acquisition of Escient Pharmaceuticals in May.