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Jun 30
Incyte Q2 2025 Earnings Report
Incyte reported strong performance in Q2 2025 with significant growth in product revenue and profitability.
Key Takeaways
Incyte delivered solid financial results in Q2 2025, driven by double-digit revenue growth and strong net income, supported by increased sales of Jakafi, Opzelura, and the new Niktimvo product.
GAAP net income reached $404.999 million compared to a loss in Q2 2024.
Total revenue grew to $1.215 billion in the quarter.
Strong commercial performance from Jakafi, Opzelura, and the launch of Niktimvo.
Raised full-year guidance for Jakafi and Other Oncology revenue.
Incyte
Incyte
Incyte Revenue by Segment
Incyte Revenue by Geographic Location
Revenue by Segment
Jakafi Revenue
CapyFin.comIclusig Revenue
CapyFin.comOpzelura Revenue
CapyFin.comPemazyre Revenue
CapyFin.comMinjuvi/Monjuvi Revenue
CapyFin.comNiktimvo Revenue
CapyFin.comZynyz Revenue
CapyFin.comRevenue by Geographic Location
Jakavi Royalty Revenue
CapyFin.comOlumiant Royalty Revenue
CapyFin.comTabrecta Royalty Revenue
CapyFin.comOther Royalties Revenue
CapyFin.com Forward Guidance
Incyte raised its 2025 revenue guidance for Jakafi and Other Oncology products due to strong demand and performance in the first half of the year.
Positive Outlook
- Jakafi full-year revenue guidance raised to $3.0B–$3.05B.
- Other Oncology revenue guidance increased to $500M–$520M.
- Stable gross margin outlook due to lower Jakafi royalty obligations.
- Opzelura guidance remains strong at $630M–$670M.
- Ongoing late-stage pipeline progress and regulatory milestones achieved.
Challenges Ahead
- Higher R&D expense forecast due to new collaborations.
- No change in SG&A expense guidance despite increased product launches.
- Guidance reflects dependency on continued strong uptake of Niktimvo and Zynyz.
- No updates to milestone revenue, possibly indicating slower licensing progress.
- Exposure to foreign currency impact remains unhedged in revenue outlook.