WILMINGTON, DE — Incyte (Nasdaq: INCY) delivered solid second-quarter results, reporting a 17% year-over-year increase in product revenues to $1.06 billion and raising its full-year 2025 guidance for multiple products, including flagship therapies Jakafi®, Opzelura®, and the newly launched Niktimvo™.
Jakafi®, the company’s leading myelofibrosis treatment, generated $764 million in Q2 sales—up 8% from a year ago—driven by increased paid demand across all indications. The company has lifted its full-year Jakafi revenue forecast to between $3.0 billion and $3.05 billion.
Opzelura®, the ruxolitinib cream for atopic dermatitis and vitiligo, continued its rapid growth with a 35% revenue surge to $164 million. Gains were supported by rising U.S. demand and expanding European launches, particularly in France, Italy, and Spain.
New entrant Niktimvo™ posted $36 million in sales for the quarter, outperforming early expectations and prompting an upward revision of Incyte’s other oncology revenue guidance to $500–$520 million for 2025.
In addition to commercial performance, Incyte advanced its pipeline with regulatory approvals for Zynyz® in anal cancer and Monjuvi® in follicular lymphoma. It also presented promising early-stage data for INCA033989 in essential thrombocythemia and continued late-stage trials in oncology, autoimmunity, and inflammation.
Financially, operating income more than tripled year-over-year, aided by the resolution of a royalty dispute with Novartis. Under the settlement, Incyte made a one-time $280 million payment but secured a 50% reduction in future Jakafi royalties. As of June 30, Incyte held $2.4 billion in cash and marketable securities.
The quarter also marked a leadership transition, with Bill Meury assuming the role of CEO following the retirement of Hervé Hoppenot. “Our second quarter results reflect strong growth… positioning us well to deliver on our 2025 objectives,” Meury stated.
With expanding product revenues, a diversified pipeline, and updated financial targets, Incyte signaled continued momentum heading into the second half of the year.
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