Incyte (INCY) Q2 2025 Earnings
How Did INCY Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.15%.
Did INCY Beat Earnings? Q2 2025 Results
Yes. Incyte reported Q2 2025 earnings of $1.57 a share on Jul 29, 2025, beating the $1.47 consensus estimate by 6.5%. Revenue was $1.2B against a $1.1B estimate.
Incyte delivered a convincingly strong second quarter, posting non-GAAP diluted EPS of $1.57 against a consensus estimate of $1.47, a beat of 6.48%, while total revenues of $1.22 billion cleared the $1.15 billion estimate by 5.81% and grew 16.5% year over year. The results were powered by broad commercial momentum: Jakafi contributed $763.79 million in net product revenues, up 8% year over year, while Opzelura surged 35% to $164.50 million on robust U.S. atopic dermatitis and vitiligo demand, and newly launched Niktimvo added $36.15 million in just its second full quarter on the market. A landmark settlement with Novartis, which secured a 50% reduction in ongoing Jakafi royalty rates beginning January 2025, provided a meaningful structural tailwind to margins going forward. Incyte raised its full-year Jakafi revenue guidance to $3.00 billion to $3.05 billion and lifted Other Oncology guidance to $500 million to $520 million, reflecting continued Niktimvo uptake and accelerating Zynyz demand following its FDA approval in squamous cell anal carcinoma.
- Jakafi 8% paid demand growth across all indications
- Opzelura 35% revenue growth driven by increased U.S. patient demand and refills in AD and vitiligo plus ex-U.S. launches in Italy and Spain
- Strong Niktimvo commercial launch uptake generating $36 million in its second full quarter
- Zynyz revenue growth driven by new SCAC approval
- Novartis royalty dispute settlement reducing Jakafi royalty rate by 50% effective January 1, 2025, resulting in $242.2 million net benefit
- Total royalty revenues grew 10% driven by Jakavi royalty growth
“As I begin my tenure as CEO, I look forward to leading Incyte through its next phase of growth and value creation for patients, partners and shareholders. Our second quarter results reflect strong growth for Jakafi® (ruxolitinib), Opzelura® (ruxolitinib) cream and Niktimvo™ (axatilimab), positioning us well to deliver on our 2025 objectives.”
Incyte CEO, on the earnings call
What Was Incyte's Outlook in Q2 2025?
Incyte raised full-year 2025 Jakafi net product revenue guidance to $3,000–$3,050 million (from $2,950–$3,000 million). Opzelura guidance remains unchanged at $630–$670 million. Other oncology net product revenue guidance raised to $500–$520 million (from $415–$455 million), reflecting Niktimvo launch strength, higher Zynyz demand, and positive FX impact. GAAP cost of product revenues guided at 8.0%–9.0% of net product revenues (from 8.5%–9.0%). GAAP R&D expenses increased to $1,965–$1,995 million (from $1,930–$1,960 million) reflecting new collaborations with Genesis and Biotheryx. Non-GAAP R&D expenses raised to $1,815–$1,840 million (from $1,780–$1,805 million). GAAP SG&A guidance unchanged at $1,280–$1,310 million. Key upcoming catalysts include Phase 3 tafasitamab data in first-line DLBCL (H2 2025), Phase 1 INCA033989 data in MF (H2 2025), KRASG12D and TGFβR2×PD-1 proof-of-concept data (H2 2025), and Opzelura pediatric AD PDUFA date of September 19, 2025.
INCY YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $1.2B | $1.0B | +16.5% |
| Gross Profit | $1.1B | $950.8M | +19.6% |
| Operating Income | $530.3M | $170.5M | +211.1% |
| Net Income | $405.0M | $139.1M | +191.1% |
INCY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.