What's Behind Incyte's Better-Than-Expected Q4 Earnings

Incyte (NASDAQ:INCY) hasn't exactly been a highflier in recent years. Over the last five years, the stock is up less than 30%. During that same period, the S&P 500 more than doubled.

The biotech reported its fourth-quarter results before the market opened on Tuesday. Did Incyte give any reasons for investors to raise their expectations? Here are highlights from the company's quarterly update.