Incyte reported third‑quarter 2025 results on October 28, 2025, showing total revenue of $1.37 billion, up 20% from the same period a year earlier.
Net product revenue rose 19% to $1.15 billion, driven by $791 million in Jakafi sales and $188 million in Opzelura sales. Jakafi sales increased 7% year‑over‑year, while Opzelura sales grew 35%. Other oncology products contributed $46 million from Niktimvo, $42 million from Minjuvi/Monjuvi, and $23 million from Zynyz.
GAAP net income was $424.2 million, with diluted EPS of $2.11. Adjusted (non‑GAAP) EPS was $2.26. Operating income increased 204% year‑over‑year to $443.5 million. Cash, cash equivalents and marketable securities totaled $2.9 billion at September 30.
Incyte raised its full‑year 2025 net product revenue guidance to $4.23‑$4.32 billion, including a higher Jakafi target of $3.050‑$3.075 billion and unchanged Opzelura guidance of $630‑$670 million.
Cost of product revenue was $99.0 million, representing 8.6% of net product revenue, up 15% year‑over‑year in absolute terms. Adjusted R&D expenses guidance for 2025 was $1.815‑$1.84 billion, and adjusted SG&A guidance was $1.16‑$1.185 billion.
The guidance lift reflects strong commercial momentum and positions Incyte to fund its pipeline of novel therapies. CEO emphasized a deliberate approach to pipeline prioritization, focusing on high‑value programs. Incyte also paused further development of certain programs and announced a partnership with Enable Injections for its mutCALR‑targeted therapy.
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