Incyte (INCY) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $5.14B in 2025 (up 21% YoY), with net sales of $4.35B (up 20% YoY), driven by broad-based growth across nearly all products and strong international performance.

• Core business excluding Jakafi grew 53% YoY to $1.26B, with OPZELURA, Niktimvo, and MONJUVI as top growth drivers.

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

• The pipeline matured significantly, setting up for an inflection point in 2026 and beyond, with several late-stage trials and product launches anticipated.

• International business and diversification beyond Jakafi emerged as key growth drivers.

Financial highlights

• Q4 2025 revenue: $1.51B (up 28% YoY); full-year 2025 revenue: $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: $3.09B (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).

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.

• Fourteen pivotal trials across seven assets by end of 2026.

• R&D and SG&A operating expenses for 2026 guided at $3.50B–$3.68B, with R&D up ~10%.

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