WILMINGTON, DE — Incyte Corporation (Nasdaq: INCY) reported third-quarter 2025 results showing a 20% year-over-year increase in total revenue to $1.37 billion, driven by strong demand across its hematology, oncology, and dermatology portfolios. The company also raised its full-year revenue guidance on the strength of key products Jakafi®, Opzelura®, and Niktimvo™.
“Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year, which highlights the momentum in our business and effective commercial execution,” said Bill Meury, President and Chief Executive Officer. “We are taking a deliberate approach to pipeline prioritization, focusing on high-value programs that are scientifically differentiated and address significant unmet medical needs.”
Jakafi®, the company’s flagship treatment for myeloproliferative disorders, generated $791 million in net product revenue, up 7% from the same period last year. Opzelura®, its topical ruxolitinib cream for atopic dermatitis and vitiligo, climbed 35% to $188 million, supported by rising patient adoption and prescription refills. Meanwhile, the hematology-oncology portfolio posted $171 million, including $46 million from the recent launch of Niktimvo™, a therapy targeting chronic graft-versus-host disease.
Incyte’s research and development (R&D) expenses fell 12% year-over-year to $506.6 million, primarily due to one-time milestone payments made in 2024. The company reported a cash position of $2.9 billion as of September 30, up from $2.2 billion at the end of 2024, signaling strong liquidity to support continued investment in growth and innovation.
Based on the positive performance, Incyte raised its full-year 2025 net product revenue forecast to between $4.23 billion and $4.32 billion. The company now expects Jakafi revenue of $3.05–$3.08 billion and other hematology-oncology product sales of $550–$575 million, while maintaining guidance for Opzelura at $630–$670 million.
Incyte also reaffirmed its R&D and SG&A spending outlook as it advances several late-stage programs, including studies for its mutant calreticulin (mutCALR) monoclonal antibody INCA033989, KRASG12D inhibitor INCB161734, and topical Opzelura expansion into moderate atopic dermatitis.
“Our focus is on building sustainable growth through innovation, execution, and a disciplined approach to investment,” Meury said. “We’re confident in the strength of our portfolio and our ability to deliver long-term value.”
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