Incyte Corporation (Nasdaq: INCY) has reported a significant milestone in its financial performance, achieving a 20% year-over-year increase in total revenue for the third quarter of 2025. The company generated $1.37 billion in revenue, driven by robust demand across its hematology, oncology, and dermatology product ranges. This impressive growth prompted Incyte to raise its full-year revenue guidance, reflecting the continued strength of key products such as Jakafi®, Opzelura®, and NiktimvoTM.
“Our third-quarter results demonstrate strong growth across our product portfolio,” said Bill Meury, President and Chief Executive Officer of Incyte. “Net product revenues increased by 19% year-over-year, highlighting the momentum in our business and effective commercial execution.”
Jakafi®, Incyte’s flagship treatment for myeloproliferative disorders, reported net product revenue of $791 million, marking a 7% increase compared to the same period last year. The topical medication Opzelura®, designed for treating atopic dermatitis and vitiligo, saw a remarkable growth of 35% to $188 million, bolstered by increased patient adoption and prescription refills. Additionally, the hematology-oncology portfolio contributed $171 million, which included $46 million from the recent launch of NiktimvoTM, aimed at addressing chronic graft-versus-host disease.
Cost Management and Future Projections
Incyte’s research and development (R&D) expenses decreased by 12% year-over-year, totaling $506.6 million. This reduction was primarily due to one-time milestone payments made in 2024. As of September 30, 2025, the company reported a strong cash position of $2.9 billion, up from $2.2 billion at the end of 2024. This financial stability allows Incyte to continue investing in growth and innovation.
Given its positive performance, Incyte has raised its full-year 2025 net product revenue forecast to between $4.23 billion and $4.32 billion. The company anticipates Jakafi revenue ranging from $3.05 billion to $3.08 billion, with other hematology-oncology product sales projected between $550 million and $575 million. The guidance for Opzelura remains steady, estimated at $630 million to $670 million.
Strategic Focus and Pipeline Development
Incyte reaffirmed its outlook for R&D and selling, general, and administrative (SG&A) spending while advancing several late-stage programs. These include studies for the mutant calreticulin (mutCALR) monoclonal antibody INCA033989, the KRASG12D inhibitor INCB161734, and the expansion of Opzelura into moderate atopic dermatitis.
Meury emphasized the company’s commitment to sustainable growth, stating, “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.”
Incyte’s strong third-quarter performance reflects its strategic efforts to address significant unmet medical needs while also demonstrating effective commercial execution across its diverse product lineup.
