INCYTE (INCY) Company Report

On February 24, 2026, China’s NMPA accepted the NDA for ruxolitinib phosphate cream in mild to moderate atopic dermatitis and granted it Priority Review (review shortened from 200 to 130 days).
Phase III data in China showed strong efficacy at week 8: 63.0% of patients achieved IGA 0/1 versus 9.2% for placebo, and 78.0% achieved EASI 75 versus 15.4% (both P < 0.001).
The acceptance marks a key expansion beyond vitiligo for Dermavon’s dermatology portfolio, which also includes Comekibart Injection and CMS-D001 for moderate-to-severe AD.
Over 52.5 million mild-to-moderate AD patients in China stand to benefit from accelerated access if approval follows the Priority Review timeline.

4 days ago

Press Release

Knight Therapeutics submits NIKTIMVO® regulatory application in Brazil

INCY

Product Launch

Knight’s Brazilian affiliate submitted a marketing authorization application to ANVISA for NIKTIMVO® (axatilimab) in chronic graft-versus-host disease after failure of at least two prior lines of systemic therapy in patients ≥6 years old.
Under the amended August 2025 agreement, Knight holds exclusive Latin American distribution rights for axatilimab and retifanlimab, with Incyte responsible for development, manufacturing and supply.
NIKTIMVO® received FDA approval in August 2024 for chronic GVHD in adult and pediatric patients ≥40 kg after failure of two or more prior systemic therapies.

Feb 18, 2026, 12:30 PM

Press Release

Incyte reports Q4 and full-year 2025 financial results

INCY

Earnings

Guidance Update

New Projects/Investments

Incyte delivered Q4 revenues of $1.51 billion (up 28% YoY) and full-year 2025 revenues of $5.14 billion (up 21%), with Q4 net product revenues of $1.22 billion (+20%) and FY net product revenues of $4.35 billion (+20%).
Core product performance was strong: Jakafi sales of $828 million in Q4 (+7% YoY) and $3.093 billion for the year (+11%); Opzelura sales of $207 million in Q4 (+28%) and $678 million FY (+33%); and the hematology/oncology portfolio delivered $187 million in Q4 (+121%) and $583 million FY (+83%).
For 2026, Incyte forecasts total revenues of $4.77–4.94 billion (up 10%–13% YoY), including Jakafi $3.22–3.27 billion, Opzelura $750–790 million, and hematology/oncology $800–880 million; it expects GAAP R&D and SG&A expenses of $3.495–3.675 billion (+4% at midpoint).
The pipeline advances with 14 pivotal trials across seven assets in 2026 and regulatory submissions for Jakafi XR, Opzelura (moderate AD), and povorcitinib, targeting approvals in late 2026/early 2027.

Feb 10, 2026, 1:00 PM

Transcript

Incyte reports Q4 2025 earnings and 2026 guidance

INCY

Earnings

Guidance Update

Incyte delivered Q4 2025 total revenue of $1.51 billion (+28% y/y) and full-year revenue of $5.14 billion (+21% y/y); Q4 net sales were $1.22 billion (+20% y/y) and FY net sales $4.35 billion (+20% y/y).
Jakafi posted $828 million in Q4 (+7% y/y) and $3.093 billion for full-year 2025 (+11% y/y); core business ex-Jakafi sales rose 53% y/y in Q4 to $1.26 billion, with >30% growth expected in 2026.
Management set 2026 revenue guidance at $4.77 – $4.94 billion (10–13% growth), including Jakafi $3.22 – 3.27 billion, Opzelura $750 – 790 million, and hematology/oncology $800 – 880 million.
FY 2025 GAAP R&D expenses were $2.05 billion (ongoing R&D +8% y/y) and GAAP SG&A $1.38 billion (+11% y/y); 2026 combined R&D+SG&A is guided to $3.495 – 3.675 billion (≈+4% y/y).

Feb 10, 2026, 1:00 PM

Transcript

Incyte reports strong Q4 2025 results with revenue acceleration and FY 2026 guidance

INCY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Incyte delivered FY 2025 total revenue of $5.14 B (+21% YoY) and Q4 2025 net sales of $1.223 B (+20% YoY).
FY 2025 product net sales: Jakafi $3.093 B (+11% YoY), Opzelura $678 M (+33% YoY), and Hematology & Oncology $583 M (+83% YoY).
Core business ex-Jakafi net sales reached $1.26 B in FY 2025, up 53% YoY.
FY 2026 guidance: total net sales of $4.77–4.94 B, with Jakafi $3.22–3.27 B, Opzelura $750–790 M, and Hematology & Oncology $800–880 M.
YTD 2025 R&D expenses were $2.05 B (–21% YoY) with ongoing R&D up 8%; FY 2026 GAAP R&D & SG&A expense guidance is $3.495–3.675 B.

Feb 10, 2026, 1:00 PM

Presentation

Incyte reports Q4 2025 results

INCY

Earnings

Guidance Update

Incyte reported Q4 2025 total revenues of $1.51 billion (+28% YoY) and full-year 2025 revenues of $5.14 billion (+21%), with net product sales of $1.22 billion in Q4 (+20%) and $4.35 billion for the year (+20%).
Jakafi sales reached $828 million in Q4 (+7%) and $3.093 billion for FY 2025 (+11%), while OPZELURA sales were $207 million in Q4 (+28%) and $678 million for FY (+33%), and hematology/oncology net sales hit $187 million in Q4 (+121%) and $583 million for FY (+83%).
For 2026, management set full-year revenue guidance of $4.77 billion–$4.94 billion (10%–13% growth), including Jakafi of $3.22 billion–$3.27 billion, OPZELURA of $750 million–$790 million, hematology/oncology of $800 million–$880 million, and core business ex-Jakafi growth of ~30%.
The company emphasized a broad late-stage pipeline, with 14 pivotal trials across seven assets, pending approvals for Jakafi XR (mid-2026) and povorcitinib in HS, and an sBLA submission for MONJUVI in first-line DLBCL in H1 2026.

Feb 10, 2026, 1:00 PM

Transcript

Incyte posts mixed Q4 results and weak 2026 outlook

INCY

Earnings

Guidance Update

Incyte posted Q4 2025 revenue of $1.51 billion and non-GAAP EPS of $1.80, driven by Jakafi (+7% to $828 million) and Opzelura (+28% to $207 million), though rising R&D and U.S. oncology launch costs weighed on profitability.
The company issued 2026 revenue guidance of $4.77 billion to $4.94 billion, well below the roughly $5.53 billion consensus.
Year-end cash and marketable securities totaled $3.6 billion, up from about $2.2 billion at the end of 2024.
Shares tumbled about 5.7% to $102.85 in early trading as investors reacted to the weaker outlook.

Feb 10, 2026, 12:11 PM

Morningstar

Incyte reports Q4 and full-year 2025 financial results

INCY

Earnings

Guidance Update

Total revenue of $1.51 billion in Q4 2025 (+28% Y/Y) and $5.14 billion for full-year 2025 (+21% Y/Y).
Total net product revenue of $1.22 billion in Q4 2025 (+20% Y/Y) and $4.35 billion for full-year 2025 (+20% Y/Y), exceeding prior guidance of $4.23–$4.32 billion.
GAAP net income of $299 million in Q4 2025 (diluted EPS $1.46) and $1.287 billion for the full year (diluted EPS $6.41).
2026 total net product revenue guidance set at $4.77–$4.94 billion.
Cash, cash equivalents and marketable securities of $3.6 billion as of December 31, 2025.

Feb 10, 2026, 12:06 PM

8-K

Incyte reports Q4 and full year 2025 results

INCY

Earnings

Guidance Update

Incyte delivered Q4 total revenue of $1.51 billion (+28% Y/Y) and FY 2025 total revenue of $5.14 billion (+21%).
Total net product revenue was $1.22 billion in Q4 (+20%) and $4.35 billion for FY 2025 (+20%), above the full-year guidance range of $4.23–$4.32 billion.
As of December 31, 2025, Incyte held $3.6 billion in cash, cash equivalents and marketable securities, up from $2.2 billion a year earlier.
For 2026, the company expects total net product revenue of $4.77–$4.94 billion and GAAP R&D plus SG&A expenses of $3.495–$3.675 billion.

Feb 10, 2026, 12:00 PM

Press Release

Incyte receives positive CHMP opinion for Zynyz in first-line SCAC treatment

INCY

Incyte announced a positive CHMP opinion for Zynyz® (Retifanlimab) plus carboplatin and paclitaxel as first-line therapy in adults with advanced squamous cell carcinoma of the anal canal (SCAC) in Europe.
The recommendation is based on Phase 3 POD1UM-303/InterAACT2 results showing a 37 % reduction in risk of progression or death (p=0.0006) and median progression-free survival of 9.3 vs. 7.4 months versus placebo plus chemotherapy.
Upon European Commission approval, Zynyz would be the first PD-1 immunotherapy option for advanced SCAC in Europe.
SCAC is rare, with a global prevalence of about 1–2 cases per 100,000 people, and higher incidence in women.

Jan 30, 2026, 8:55 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for INCYTE.

Q4 2025

Feb 10, 2026

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Q3 2025

Oct 28, 2025

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Q2 2025

Jul 29, 2025

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View All Transcripts

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INCYTE (INCY)

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Executives

Hervé Hoppenot

Pablo Cagnoni

Sheila Denton

Steven Stein

Thomas Tray

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Edmund Harrigan

Jacqualyn Fouse

Jean-Jacques Bienaimé

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Katherine High

Otis Brawley

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Rosemary Li

Andrew Behrens

Ashwani Verma

Conor MacKay

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Dingding Shi

Eric Schmitt

Kelly Hsieh

Kelly Shi

Matthew Dellatorre

Paul Jeng

Peter Lawson

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