Incyte Corporation (Nasdaq: INCY) announced impressive financial results for the third quarter of 2025, showcasing a 20% year-over-year increase in total revenue, which reached $1.37 billion. This growth is attributed to robust demand for its products in hematology, oncology, and dermatology. Furthermore, the company has raised its full-year revenue outlook, reflecting the strong performance of key treatments such as 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,” stated Bill Meury, President and Chief Executive Officer of Incyte. He emphasized the company’s strategic approach to pipeline prioritization, focusing on high-value programs that meet significant unmet medical needs.
Jakafi®, Incyte’s leading treatment for myeloproliferative disorders, generated $791 million in net product revenue, marking a 7% increase from the previous year. Opzelura®, a topical ruxolitinib cream used for conditions such as atopic dermatitis and vitiligo, saw a substantial 35% growth, totaling $188 million, thanks to increasing patient adoption and prescription refills. Additionally, the hematology-oncology portfolio achieved sales of $171 million, which includes $46 million from the newly launched Niktimvo™, a treatment targeting chronic graft-versus-host disease.
Incyte’s research and development (R&D) expenses decreased by 12% year-over-year to $506.6 million, mainly 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 increase indicates strong liquidity, which will support continued investment in growth and innovation.
Based on these positive results, Incyte has revised its full-year 2025 net product revenue forecast to a range of $4.23 billion to $4.32 billion. The company anticipates Jakafi revenue to be between $3.05 billion and $3.08 billion, while sales of other hematology-oncology products are expected to range from $550 million to $575 million. The guidance for Opzelura remains at $630 million to $670 million.
Incyte has reaffirmed its spending outlook for R&D and selling, general, and administrative (SG&A) expenses as it continues to advance several late-stage programs. These include studies for its mutational calreticulin (mutCALR) monoclonal antibody INCA033989, KRASG12D inhibitor INCB161734, and the expansion of Opzelura into moderate atopic dermatitis.
Meury concluded, “Our focus is on building sustainable growth through innovation, execution, and a disciplined approach to investment. We’re confident in the strength of our portfolio and our ability to deliver long-term value.”
This financial performance positions Incyte favorably within the competitive pharmaceutical landscape, with a strong emphasis on innovative treatments that address critical health needs.
