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Jun 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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