Incyte (INCY) Q4 2025 earnings summary

Executive summary

• 2025 performance exceeded expectations with total revenue up 21% YoY to $5.14B, net sales up 20% to $4.35B, and core business ex-Jakafi up 53%, driven by strong commercial execution and pipeline advancement.

• Advanced multiple assets from early to late-stage development, with regulatory submissions for Jakafi XR, Opzelura (moderate AD), and povorcitinib (HS) in Europe and the US.

• International business and diversified product portfolio, including OPZELURA, Niktimvo, and MONJUVI, emerged as key growth drivers.

• Positioned for an inflection point in 2026, with a catalyst-rich year ahead including multiple late-stage data readouts, regulatory milestones, and 14 pivotal trials expected by year-end.

Financial highlights

• Q4 2025 revenues: $1.51B (up 28% YoY); full-year 2025 revenues: $5.14B (up 21% YoY); Q4 net sales: $1.22B (up 20% YoY); full-year net sales: $4.35B (up 20% YoY).

• Jakafi FY25 net sales: $3.093B (up 11% YoY); Q4: $828M (up 7% YoY).

• OPZELURA FY25 net sales: $678M (up 33% YoY); Q4: $207M (up 28% YoY).

• Hematology/oncology FY25 net sales: $583M (up 83% YoY); Q4: $187M (up 121% YoY).

• GAAP R&D expenses: $2.05B for FY25; SG&A: $1.38B for FY25 (up 11%–13% YoY); cost of goods sold: 8.5% of net sales.

Outlook and guidance

• 2026 revenue guidance: $4.77B–$4.94B; Jakafi: $3.22B–$3.27B; OPZELURA: $750M–$790M; hematology/oncology: $800M–$880M.

• Core business ex-Jakafi expected to grow ~30% in 2026, with potential to reach $3B–$4B by 2030.

• R&D and SG&A operating expenses for 2026 guided at $3.495B–$3.68B (up ~4% YoY), with R&D up ~10%.

• Cost of goods expected to remain stable at 8%–9% of net sales.