Incyte is a global biopharmaceutical company headquartered in Wilmington, Delaware, with additional offices in Europe, Japan, and Canada . The company is dedicated to the discovery, development, and commercialization of proprietary therapeutics, primarily focusing on two therapeutic areas: Hematology/Oncology and Inflammation and Autoimmunity (IAI) . Incyte's product portfolio includes several approved therapeutics, with JAKAFI being a significant contributor to its revenue .
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Hematology/Oncology - Focuses on developing and commercializing treatments for blood disorders and cancers. This segment includes six approved products:
- JAKAFI (ruxolitinib) - A leading product marketed as JAKAVI outside the United States, contributing significantly to the company's revenue.
- MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) - Approved for use in specific cancer treatments.
- PEMAZYRE (pemigatinib) - Targets specific genetic mutations in cancer patients.
- ICLUSIG (ponatinib) - Used in the treatment of certain types of leukemia.
- ZYNYZ (retifanlimab-dlwr) - An immunotherapy product for cancer treatment.
- NIKTIMVO (axatilimab-csfr) - Approved for treating specific hematological conditions.
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Inflammation and Autoimmunity (IAI) - Develops treatments for inflammatory and autoimmune diseases, including a Dermatology commercial franchise. This segment includes:
- Opzelura - A key product showing significant growth, used in dermatological applications.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Hervé Hoppenot ExecutiveBoard | Chairman, President, and CEO | None | Joined Incyte in January 2014 as President and CEO; became Chairman in May 2015. Previously held senior roles at Novartis Oncology and Aventis. Holds a diploma from ESSEC International Business School. | View Report → |
Christiana Stamoulis Executive | EVP and CFO | None | Joined Incyte in February 2019. Previously CFO at Unum Therapeutics and held senior roles at Vertex Pharmaceuticals and Goldman Sachs. Holds two B.S. degrees and an M.B.A. from MIT. | |
Lee Heeson Executive | EVP, Incyte International | None | Joined Incyte in October 2024. Previously EVP, Commercial International at Seagen and held senior roles at Celgene and Vifor Pharma. | |
Matteo Trotta Executive | EVP and General Manager, Dermatology US | None | Joined Incyte in March 2024. Previously Head of Novartis U.S. Immunology and held leadership roles at McKinsey & Company. Holds an M.B.A. from Columbia Business School. | |
Michael Morrissey Executive | EVP, Head of Global Technical Operations | None | Joined Incyte in January 2016. Previously Corporate VP at Celgene and held roles at Roche. Holds a B.Sc. in Physics and Applied Mathematics from the University of London. | |
Mohamed Issa Executive | EVP, Head of US Oncology | None | Joined Incyte in January 2025. Previously SVP, US Immunology at Janssen Pharmaceuticals and held leadership roles at Johnson & Johnson. | |
Pablo J. Cagnoni Executive | President and Head of R&D | None | Joined Incyte in June 2023. Previously CEO of Rubius Therapeutics and Tizona Therapeutics, and held senior roles at Novartis Oncology and Onyx Pharmaceuticals. Holds an M.D. from the University of Buenos Aires. | |
Paula J. Swain Executive | EVP, Human Resources | None | Joined Incyte in January 2002. Previously SVP of HR at Bristol-Myers Squibb and DuPont Pharmaceuticals. Holds a B.A. in Psychology and Industrial Relations from Rockhurst University. | |
Sheila Denton Executive | EVP, General Counsel, and Corporate Secretary | None | Joined Incyte in October 2023. Previously held senior legal roles at Boehringer Ingelheim and was a partner at a New England-based law firm. Holds a J.D. from Western New England College. | |
Thomas Tray Executive | VP and Chief Accounting Officer | None | Serves as VP and Chief Accounting Officer. No additional details about his tenure or achievements are provided in the documents. | |
Vijay Iyengar Executive | EVP, Global Strategy and Corporate Development | None | Joined Incyte in May 2016. Previously held senior roles at Novartis, including President of Genoptix Corporation. | |
Edmund P. Harrigan Board | Independent Director | Board Member at ACADIA and PhaseBio | Joined Incyte's board in 2019. Former SVP at Pfizer with expertise in regulatory affairs and business development. | |
Jacqualyn A. Fouse Board | Independent Director | Chair of Agios Pharmaceuticals | Joined Incyte's board in 2017. Former CEO of Agios Pharmaceuticals and held leadership roles at Celgene and Bunge. Holds a Ph.D. in Economics. | |
Jean-Jacques Bienaimé Board | Independent Director | Board Member at BioMarin and Immunome; Director at Biotechnology Innovation Organization | Joined Incyte's board in 2015. Former CEO of BioMarin and held leadership roles at Genzyme and SangStat. Holds an M.B.A. from Wharton. | |
Julian C. Baker Board | Lead Independent Director | Managing Member of Baker Bros. Advisors; Board Member at ACADIA, Madrigal, and Prelude Therapeutics | Co-founder of Baker Bros. Advisors. Has served as a director at Incyte since 2001. Extensive experience in biotechnology investing. | |
Katherine A. High Board | Independent Director | Board Member at CRISPR Therapeutics; Visiting Professor at Rockefeller University | Joined Incyte's board in 2020. Former President of Spark Therapeutics and leader in gene therapy development. | |
Otis W. Brawley Board | Independent Director | Board Member at Agilent, Lyell Immunopharma, and PDS Biotechnology | Joined Incyte's board in 2021. Bloomberg Distinguished Professor at Johns Hopkins. Former Chief Medical Officer of the American Cancer Society. | |
Paul J. Clancy Board | Independent Director | Board Member at Exact Sciences and Xilio Therapeutics | Joined Incyte's board in 2015. Former CFO at Alexion and Biogen. Extensive financial leadership experience in biopharma. | |
Susanne Schaffert Board | Independent Director | Board Member at Galapagos NV; Nominated for Merck KGaA Supervisory Board | Joined Incyte's board in 2022. Former President of Novartis Oncology with expertise in oncology and immuno-oncology. |
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With the discontinuation of multiple programs such as your oral PD-L1, LAG-3 monoclonal antibody, TIM-3 monoclonal antibody, and LAG-3 by PD-1 bispecific programs, can you elaborate on the specific data-driven factors that led to these decisions and how they impact your strategic position in oncology?
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Given the recent substantial share repurchase, can you explain how this affects your capacity for future business development and why you prioritized buybacks over potential acquisitions to bolster your pipeline?
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How confident are you that your current pipeline, including the assets acquired from Escient Pharmaceuticals, will adequately offset the eventual loss of exclusivity for Jakafi and sustain long-term growth beyond 2027?
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Regarding tafasitamab, what are your latest considerations for developing it in autoimmune diseases, and what factors are influencing your decision-making process in this potential expansion?
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As you prepare to present data on your CDK2 inhibitor at ESMO, what key benchmarks or data points should investors look for to assess its competitiveness in ovarian cancer and its potential applicability in other more competitive indications like breast cancer?
Research analysts who have asked questions during INCYTE earnings calls.
Jay Olson
Oppenheimer & Co. Inc.
5 questions for INCY
Jessica Fye
JPMorgan Chase & Co.
5 questions for INCY
James Shin
Analyst
4 questions for INCY
Marc Frahm
TD Cowen
4 questions for INCY
Salveen Richter
Goldman Sachs
4 questions for INCY
Tazeen Ahmad
Bank of America
4 questions for INCY
Brian Abrahams
RBC Capital Markets
3 questions for INCY
David Lebowitz
Citigroup Inc.
3 questions for INCY
Evan Seigerman
BMO Capital Markets
3 questions for INCY
Gavin Clark-Gartner
Evercore ISI
3 questions for INCY
Michael Schmidt
Guggenheim Securities
3 questions for INCY
Salim Syed
Mizuho Securities
3 questions for INCY
Srikripa Devarakonda
Truist Financial Corporation
3 questions for INCY
Vikram Purohit
Morgan Stanley
3 questions for INCY
Andrew Berens
Leerink Partners
2 questions for INCY
Andy Chen
Wolfe Research, LLC
2 questions for INCY
Ash Verma
UBS
2 questions for INCY
Derek Archila
Wells Fargo
2 questions for INCY
Eric Schmidt
Cantor Fitzgerald & Co.
2 questions for INCY
Matthew Phipps
William Blair
2 questions for INCY
Andrew Behrens
Lyrinx Partners
1 question for INCY
Ashwani Verma
UBS Group AG
1 question for INCY
Conor MacKay
BMO Capital Markets
1 question for INCY
Crypto Vericonda
True Securities
1 question for INCY
Dingding Shi
Jefferies
1 question for INCY
Eric Schmitt
Cantor Fitzgerald
1 question for INCY
Evan Seiderman
BMO Capital Markets
1 question for INCY
Kelly Hsieh
Jefferies
1 question for INCY
Kelly Shi
Jefferies
1 question for INCY
Kripa Devarakonda
Truist Securities
1 question for INCY
Matthew Dellatorre
Goldman Sachs Group Inc.
1 question for INCY
Matt Phipps
William Blair
1 question for INCY
Paul Jeng
Guggenheim Partners
1 question for INCY
Peter Lawson
Barclays PLC
1 question for INCY
Ren Benjamin
Citizen at JPM
1 question for INCY
Reni Benjamin
Citizens JMP Securities
1 question for INCY
Stephen Willey
Stifel Financial Corp.
1 question for INCY
Stephen Willey
Stifel
1 question for INCY
Tazim Ahmed
Bank of America
1 question for INCY
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer A | Major specialty pharmacy or wholesaler | All | Contributed 15% of total net product revenues in 2024 , 17% in 2023 , and 19% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Customer B | Major specialty pharmacy or wholesaler | All | Contributed 10% of total net product revenues in 2024 , 10% in 2023 , and 11% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Customer C | Major specialty pharmacy or wholesaler | All | Contributed 19% of total net product revenues in 2024 , 18% in 2023 , and 18% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Customer D | Major specialty pharmacy or wholesaler | All | Contributed 8% of total net product revenues in 2024 , 10% in 2023 , and 10% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Customer E | Major specialty pharmacy or wholesaler | All | Contributed 13% of total net product revenues in 2024 , 8% in 2023 , and 14% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Customer F | Major specialty pharmacy or wholesaler | All | Contributed 10% of total net product revenues in 2024 , 10% in 2023 , and 1% in 2022. Part of the combined 52% of total accounts receivable in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Escient Pharmaceuticals, Inc. | 2024 | Incyte acquired Escient Pharmaceuticals for a total cash consideration of $782.5 million (plus $2.5 million in transaction costs and a $31.5 million compensation expense), with the deal structured as an asset acquisition under U.S. GAAP due to the high value of its lead molecule EP262 and accompanying asset EP547. This acquisition is strategically aimed to enhance Incyte’s inflammation and autoimmune portfolio while meeting regulatory conditions. |
MorphoSys AG's Global Rights to Tafasitamab | 2024 | Incyte secured exclusive global development and commercialization rights to tafasitamab (including MONJUVI inventory) through a $25.0 million payment, terminating a prior collaboration; the asset acquisition was structured with future contingent milestones and royalty obligations under the Xencor collaboration, aligning with its global commercialization strategy. |
Villaris Therapeutics, Inc. | 2022 | Incyte’s acquisition of Villaris Therapeutics involved an upfront payment of $70 million with additional development and commercial milestone payments (up to $310 million and $1.05 billion, respectively) for its lead asset auremolimab (VM6), a novel anti-IL-15Rβ antibody designed to treat vitiligo. This deal strategically expands Incyte’s dermatology pipeline and autoimmune/inflammatory disease portfolio, subject to U.S. antitrust clearance. |
Recent press releases and 8-K filings for INCY.
- Knight Therapeutics’ Argentine affiliate Laboratorio LKM S.A. received regulatory approval from ANMAT and launched MINJUVI® (tafasitamab) for adult patients with relapsed or refractory DLBCL ineligible for ASCT.
- Approval was based on L-MIND Phase 2 trial results showing an objective response rate of 60%, complete response rate of 43%, and disease control rate of 74%.
- This launch represents the third country rollout in Latin America under Incyte’s exclusive supply and distribution agreement with Knight.
- Incyte reported Q3 total revenues of $1.37 billion (+20% YoY) and product sales of $1.15 billion (+19% YoY) in Q3 2025.
- Jakafi Q3 sales reached $791 million (+7% YoY; +10% demand growth), and full-year Jakafi guidance was raised to $3.05 billion–$3.075 billion.
- Opzelura delivered $188 million in Q3 sales (+35% YoY), including $144 million in U.S. net sales (+21% YoY).
- Niktimvo launch progressed with Q3 sales of $46 million (+27% QoQ); 90% of U.S. BMT centers have adopted the product and 80% of patients initiating therapy in Q1 remain on treatment.
- Pipeline priorities include Ruxolitinib XR (once-daily) targeted for mid-2026 launch, EU filing for Opzelura in moderate AD by year-end, and povorcitinib in HS, alongside a streamlined R&D focus on core high-value programs.
- Incyte delivered total revenues of $1.37 billion (+20% YoY) and product sales of $1.15 billion (+19%), with Jakafi sales of $791 million (+7%), and raised 2025 Jakafi guidance to $3.05–3.075 billion.
- Opzelura net sales reached $188 million (+35%), including $144 million in the U.S. (+21%), and international revenues grew 117% to $44 million; Naktinvo sales were $46 million (+27% QoQ).
- R&D pipeline was streamlined by pausing several early-stage programs and advancing key assets: pivotal trials for the mutant CALR antibody 989 slated to start in 2026, alongside planned launches of Ruxolitinib XR (mid-2026), Opzelura AD in Europe, and povorcitinib in HS next year.
- In Q3 2025, net product revenues were $1,150 M (+19% YoY) and total revenues reached $1,366 M (+20% YoY).
- Jakafi net sales were $791 M (+7% YoY) and Opzelura net sales were $188 M (+35% YoY).
- Other hematology/oncology products delivered $171 M in net product revenues, up 107% YoY.
- Company raised FY 2025 revenue guidance to $4.23–$4.32 B.
- Total revenues were $1.37 billion, up 20% year-over-year; net product revenues were $1.15 billion, up 19%.
- Jakafi® net product revenue reached $791 million (+7%) and Opzelura® cream net revenue was $188 million (+35%).
- Raised 2025 full-year net product revenue guidance to $4.23–4.32 billion, including Jakafi guidance of $3.050–3.075 billion.
- Cash, cash equivalents and marketable securities totaled $2.93 billion as of September 30, 2025.
- Advancing pipeline with planned FDA submission of ruxolitinib XR bioequivalence data in Q4 and expected Phase 1 data readout for INCA033989 in H2 2025.
- Phase 3b TRuE-AD4 trial: after 8 weeks, 70% of treated patients achieved EASI75 and 61.3% reached Investigator’s Global Assessment Treatment Success (IGA-TS) with Opzelura® (ruxolitinib crème) in moderate atopic dermatitis
- Itch relief noted from day 2 and treatment was well tolerated in adults unresponsive to or intolerant of topical corticosteroids (TCS) and calcineurin inhibitors (TCI)
- Incyte expects to submit a Type II variation application in the EU for ruxolitinib crème 1.5% by year-end
- Incyte and Enable Injections form a strategic partnership to develop and commercialize Incyte’s investigational, first-in-class mutCALR-selective monoclonal antibody using Enable’s enFuse® On-Body Delivery System.
- Under the agreement, Incyte secures a worldwide exclusive license for enFuse with INCA033989 in essential thrombocythemia and myelofibrosis, paying upfront fees and potential R&D and commercial milestones plus device supply transfer pricing.
- The wearable enFuse system facilitates large-volume subcutaneous drug delivery, enabling flexible, at-home administration of therapies.
- Incyte announced that at week 8 of the TRuE-AD4 phase IIIb trial, 70% of adults with moderate atopic dermatitis treated with Opzelura achieved ≥ 75% improvement in EASI (EASI75) and 61.3% achieved treatment success per IGA-TS.
- Opzelura was well tolerated in patients with inadequate response, intolerance or contraindications to topical corticosteroids and calcineurin inhibitors.
- Incyte plans to file a Type II variation application in the EU for Opzelura 1.5% cream for adult moderate atopic dermatitis by year-end.
- At Week 8, 70% of patients achieved EASI-75 and 61.3% achieved IGA-TS, meeting the trial’s co-primary endpoints
- Demonstrated itch improvement from Day 2 and was well tolerated in adults with inadequate response, intolerance or contraindication to topical corticosteroids or calcineurin inhibitors
- Based on these results, Incyte plans to file an EU Type II variation for ruxolitinib cream 1.5% by year-end
- In the Phase 3b TRuE-AD4 trial, 70.0% of adults with moderate atopic dermatitis achieved ≥75% improvement in EASI (EASI75) and 61.3% achieved IGA Treatment Success at Week 8 with Opzelura versus 18.5% and 13.6% on vehicle (P<0.0001).
- Rapid itch relief was observed, with 29.1% of Opzelura-treated patients reaching a ≥4-point improvement in Itch NRS by Day 2 vs. 14.3% for vehicle (P=0.0072).
- Opzelura was well tolerated over 8 weeks; no serious infections, major cardiovascular events, malignancies or thromboses were reported, and the most common treatment-related adverse event was application site acne (4.4%).
- Based on these results, Incyte expects to submit a Type-II variation application for ruxolitinib cream 1.5% in the EU for adult moderate AD by year-end 2025.