Incyte Corporation, based in Wilmington, Delaware, reported a notable 20% year-over-year increase in total revenue for the third quarter of 2025, reaching $1.37 billion. This growth was propelled by robust demand across its hematology, oncology, and dermatology product lines. The company has also raised its full-year revenue guidance, reflecting confidence in key products such as Jakafi®, Opzelura®, and NiktimvoTM.
Bill Meury, President and Chief Executive Officer of Incyte, highlighted the company’s strong performance, stating, “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.” He emphasized a focused strategy on prioritizing high-value pipeline programs that address significant unmet medical needs.
Jakafi®, Incyte’s leading treatment for myeloproliferative disorders, generated net product revenue of $791 million, marking a 7% increase from the previous year. Opzelura®, a topical ruxolitinib cream for atopic dermatitis and vitiligo, saw a remarkable 35% increase in revenue, amounting to $188 million, driven 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 treating chronic graft-versus-host disease.
Financial Outlook and Investment Strategy
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 2024. The company reported a strong cash position of $2.9 billion as of September 30, 2025, an increase from $2.2 billion at the end of 2024. This financial strength indicates substantial liquidity to support ongoing investments in growth and innovation.
Following its positive 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 will be between $3.05 billion and $3.08 billion, with other hematology-oncology product sales projected at $550 million to $575 million. Incyte is maintaining its guidance for Opzelura at $630 million to $670 million.
Meury reiterated the company’s commitment to sustainable growth through innovation, effective execution, and a disciplined investment approach. “We’re confident in the strength of our portfolio and our ability to deliver long-term value,” he stated.
As Incyte continues to advance several late-stage programs, including its mutant calreticulin (mutCALR) monoclonal antibody INCA033989 and KRASG12D inhibitor INCB161734, the company remains focused on building a pipeline that addresses critical medical needs while enhancing its financial performance.
