Incyte Corporation (Nasdaq: INCY) announced a significant achievement in its third-quarter results for 2025, reporting a 20% year-over-year increase in total revenue, reaching $1.37 billion. This growth was primarily attributed to strong demand for products across its hematology, oncology, and dermatology portfolios. The company also raised its full-year revenue guidance, reflecting the robust performance of key treatments such as Jakafi®, Opzelura®, and Niktimvo™.
Bill Meury, President and Chief Executive Officer of Incyte, expressed confidence in the company’s momentum. “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,” he stated. Meury emphasized Incyte’s strategic focus on high-value programs that address significant unmet medical needs.
The flagship treatment, Jakafi®, which is used for myeloproliferative disorders, generated $791 million in net product revenue, marking a 7% increase from the same quarter last year. Opzelura®, a topical ruxolitinib cream for atopic dermatitis and vitiligo, experienced a notable rise of 35% to $188 million, driven by an increase in patient adoption and prescription refills. Additionally, the hematology-oncology portfolio contributed $171 million, including $46 million from the recent launch of Niktimvo™, a therapy designed to treat chronic graft-versus-host disease.
Financial Overview and Future Outlook
Incyte’s research and development (R&D) expenses decreased by 12% year-over-year, totaling $506.6 million. This reduction was largely due to one-time milestone payments made in 2024. The company reported a strong cash position of $2.9 billion as of September 30, 2025, up from $2.2 billion at the end of 2024. This liquidity positions Incyte well for continued investment in growth and innovation.
Given the positive performance in the third quarter, Incyte adjusted its full-year 2025 net product revenue forecast to between $4.23 billion and $4.32 billion. The company anticipates Jakafi revenue in the range of $3.05–$3.08 billion and projects hematology-oncology product sales to reach $550–$575 million. The guidance for Opzelura® remains steady at $630–$670 million.
Incyte has reaffirmed its R&D and selling, general, and administrative (SG&A) spending outlook as it continues to advance several late-stage programs. These include studies for its mutant calreticulin (mutCALR) monoclonal antibody INCA033989, the KRASG12D inhibitor INCB161734, and further expansion of Opzelura® into moderate atopic dermatitis.
“Our focus is on building sustainable growth through innovation, execution, and a disciplined approach to investment,” Meury added. “We’re confident in the strength of our portfolio and our ability to deliver long-term value.”
