Deciphera Pharmaceuticals, Inc.

Fourth-quarter total revenue was $48.3 million, including $46.7 million of QINLOCK net product revenue and $1.6 million of collaboration revenue. Full-year 2023 total revenue increased 22% to $163.4 million, including $159.1 million of net product sales and $4.3 million of collaboration revenue. U.S. QINLOCK net product revenue was $121.5 million for 2023, up 25% year over year, and $35.3 million in Q4, up 38% year over year. International net product revenue was $37.5 million in 2023, up 33%, and $11.4 million in Q4, up 56% year over year. Cost of sales for Q4 was $1.8 million; R&D was $58.6 million and SG&A was $39.1 million. For the full year, cost of sales was $3.7 million, R&D was $234.1 million, and SG&A was $136.5 million. Management expects continued QINLOCK revenue growth in 2024, with quarterly revenues following a similar seasonal pattern to prior years, including Q1 seasonality; PAP is expected to stay around 20% to 30% and gross-to-net to remain in the 15% to 20% range. The company also reiterated its cash runway into the second half of 2026.

Steve Hoerter said 2023 was a year of meaningful progress toward becoming a self-sustaining company with multiple approved medicines. He emphasized QINLOCK’s global commercial momentum, the potential for vimseltinib to become a second approved medicine, and continued investment in earlier-stage programs to build a durable pipeline. His tone was confident and upbeat, with repeated references to record revenue, strong clinical data, and key 2024 milestones.

Tucker Kelly highlighted that Q4 revenue was $48.3 million and full-year revenue was $163.4 million, with $159.1 million of net product sales. He noted Q4 cost of sales of $1.8 million, R&D of $58.6 million, and SG&A of $39.1 million; for the full year, cost of sales was $3.7 million, R&D was $234.1 million, and SG&A was $136.5 million. He ended by saying cash, cash equivalents and marketable securities were approximately $352.9 million and that the cash runway guidance into the second half of 2026 remains unchanged.

Analysts focused on the drivers and durability of QINLOCK’s earlier-line unpromoted use, with management saying it appears to be a mix of existing and new prescribers, but is difficult to measure precisely because the data are imperfect. Management tied that trend to the NCCN listing for second-line use in Sutent-intolerant patients and to the Nature Medicine ctDNA data in KIT Exon 11 and 17/18 mutations. On vimseltinib, analysts asked about the launch ramp, filing readiness, REMS/black box risk, and review timing; management said the NDA and MAA remain on track, the safety profile looks clean from MOTION, and it sees no reason to expect a REMS or boxed warning, though FDA/EMA review timelines remain up to regulators.