WILMINGTON, DE — Incyte (Nasdaq: INCY) reported fourth-quarter and full-year 2025 financial results on February 10, posting revenue growth of 28% in the quarter and 21% for the year, and provided guidance for 2026.
Total revenue for the fourth quarter ended December 31, 2025 was $1.51 billion, up from the prior year period. For the full year, revenue reached $5.14 billion, a 21% increase year over year.
Fourth-quarter net product revenue was $1.22 billion, up 20%, driven primarily by demand for Jakafi and Opzelura, as well as contributions from Niktimvo and Zynyz. Full-year net product revenue totaled $4.35 billion, also up 20% from 2024 and above the company’s previously issued guidance range of $4.23 billion to $4.32 billion.
Jakafi generated $828 million in fourth-quarter net product revenue, up 7% year over year, and $3.09 billion for the full year, up 11%. Opzelura recorded $207 million in fourth-quarter revenue, up 28%, and $678 million for the year, up 33%.
Niktimvo produced $56 million in fourth-quarter revenue and $152 million for the year. Monjuvi/Minjuvi generated $42 million in the quarter and $145 million for the year, while Zynyz recorded $32 million in the quarter and $66 million for 2025.
Cost of product revenues rose 37% in the fourth quarter to $121.2 million under GAAP and 39% on a non-GAAP basis. Research and development expenses increased 31% in the quarter to $611.4 million under GAAP, reflecting continued investment in late-stage development assets. Selling, general and administrative expenses increased 19% to $390.4 million.
For the full year, research and development expenses decreased 21% under GAAP to $2.1 billion, while selling, general and administrative expenses increased 11% to $1.4 billion.
The company reported cash, cash equivalents and marketable securities of $3.6 billion as of December 31, 2025, compared with $2.2 billion at the end of 2024.
In 2025, Incyte recorded a $242.2 million contract dispute settlement related to an agreement with Novartis and a $76.3 million asset impairment charge tied to its downtown Wilmington properties.
“Our fourth quarter and full year 2025 results reflect exceptional core business growth and pipeline progress,” President and Chief Executive Officer Bill Meury said in a statement.
For 2026, Incyte expects total net product revenue between $4.77 billion and $4.94 billion. The guidance includes Jakafi revenue of $3.22 billion to $3.27 billion, Opzelura revenue of $750 million to $790 million, and Hematology and Oncology revenue of $800 million to $880 million.
The company projects total GAAP research and development and selling, general and administrative expenses between $3.495 billion and $3.675 billion in 2026.
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