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Sep 30, 2025
Incyte Q3 2025 Earnings Report
Incyte reported strong Q3 2025 performance with 20% revenue growth and higher earnings driven by solid product sales and pipeline progress.
Key Takeaways
Incyte delivered robust revenue growth and significant improvement in operating income for Q3 2025, fueled by higher product demand across its portfolio, including Jakafi, Opzelura, and the newly launched Niktimvo.
Total revenue reached $1.37 billion, up 20% year-over-year.
Net product revenue rose 19% to $1.15 billion, with Opzelura up 35%.
GAAP net income was $424 million, nearly four times higher than last year.
The company raised full-year guidance, reflecting continued momentum in Jakafi and oncology therapies.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Incyte raised full-year 2025 net product revenue guidance due to stronger-than-expected demand for Jakafi and other oncology drugs, while maintaining cost and R&D guidance.
Positive Outlook
- Jakafi full-year guidance raised to $3.050–$3.075 billion.
- Other oncology products guidance raised to $550–$575 million.
- Opzelura guidance maintained at $630–$670 million.
- GAAP and non-GAAP cost and R&D guidance reaffirmed.
- Strong momentum supports continued product revenue growth.
Challenges Ahead
- No change in Opzelura guidance may suggest plateauing growth.
- R&D spending remains high due to late-stage investments.
- Uncertainty around European filings for new indications.
- Continued FX risk may affect international royalty streams.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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