Incyte Corporation (Nasdaq: INCY) announced a significant milestone in its financial performance, reporting a 20% year-over-year increase in total revenue for the third quarter of 2025, reaching $1.37 billion. This growth was primarily fueled by strong demand for its products in hematology, oncology, and dermatology. In response to this positive trend, the company has revised its full-year revenue guidance upward.
Bill Meury, President and Chief Executive Officer of Incyte, commented, “Our third-quarter results demonstrate strong growth across our product portfolio, with net product revenues increasing 19% year-over-year. This highlights the momentum in our business and effective commercial execution.” He emphasized that the company is focusing on high-value programs that address significant unmet medical needs.
The flagship treatment, Jakafi®, generated an impressive $791 million in net product revenue, marking a 7% increase from the same period last year. Opzelura®, a topical formulation for atopic dermatitis and vitiligo, saw even greater success, climbing 35% to $188 million due to increased patient adoption and prescription refills. Additionally, the hematology-oncology portfolio contributed $171 million, which included $46 million from the recent launch of NiktimvoTM, a therapy specifically targeting chronic graft-versus-host disease.
Financial Outlook and Strategic Investments
Incyte’s research and development (R&D) expenses decreased by 12% year-over-year to $506.6 million, largely due to one-time milestone payments made in the previous year. The company’s cash position improved to $2.9 billion as of September 30, a rise from $2.2 billion at the end of 2024, indicating robust liquidity to support ongoing investments in growth and innovation.
Following this performance, Incyte has raised 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, with other hematology-oncology product sales projected at $550 million to $575 million. It is maintaining its guidance for Opzelura, estimating revenues of $630 million to $670 million.
Incyte also reaffirmed its R&D and selling, general, and administrative (SG&A) spending outlook as it advances several late-stage programs. These include studies for its mutant calreticulin (mutCALR) monoclonal antibody INCA033989, the 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.”
Incyte’s robust performance and strategic outlook reflect its commitment to addressing significant medical needs while ensuring financial stability and growth.
