Incyte Corporation, based in Wilmington, Delaware, announced a significant increase in revenue for the third quarter of 2025, reporting a 20% year-over-year growth, reaching $1.37 billion. This surge is attributed to robust demand across its hematology, oncology, and dermatology product lines. Following this strong performance, the company has raised its full-year revenue guidance, bolstered by the success of its key products, including Jakafi®, Opzelura®, and NiktimvoTM.
“Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year,” said Bill Meury, President and Chief Executive Officer of Incyte. He emphasized the company’s effective commercial execution and the deliberate approach taken towards pipeline prioritization, focusing on programs that address significant unmet medical needs.
The flagship treatment, Jakafi®, generated $791 million in net product revenue, marking a 7% increase compared to the same quarter last year. Opzelura®, a topical ruxolitinib cream used for atopic dermatitis and vitiligo, saw a remarkable 35% rise, bringing in $188 million. This growth reflects a surge in patient adoption and an increase in prescription refills. Additionally, the hematology-oncology portfolio contributed $171 million, which includes $46 million from the recent launch of NiktimvoTM, targeting chronic graft-versus-host disease.
Financial Outlook and Investment Strategy
Incyte reported a reduction in research and development (R&D) expenses, which fell by 12% year-over-year to $506.6 million. This decrease was primarily due to one-time milestone payments made in 2024. As of September 30, Incyte’s cash position stood at $2.9 billion, a notable increase from $2.2 billion at the end of 2024. This strong liquidity positions the company well for continued investments in growth and innovation.
Given the positive performance in the third quarter, Incyte has updated its full-year 2025 net product revenue forecast to a range between $4.23 billion and $4.32 billion. The company anticipates Jakafi revenue to fall between $3.05 billion and $3.08 billion, with other hematology-oncology product sales estimated at $550 million to $575 million. Guidance for Opzelura remains steady, projected 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 advances several late-stage programs. These include studies for its mutant calreticulin (mutCALR) monoclonal antibody, INCA033989, and the KRASG12D inhibitor, INCB161734, as well as the expansion of Opzelura into moderate atopic dermatitis.
“Our focus is on building sustainable growth through innovation, execution, and a disciplined approach to investment,” Meury stated. He expressed confidence in the strength of Incyte’s portfolio and its ability to deliver long-term value to shareholders.
