Incyte Corporation's (NASDAQ:INCY) third-quarter revenue was $1.37 billion. The company beat the consensus of $1.26 billion.
Total revenues increased 20% year over year, primarily driven by a rise in total net product revenues.
Total net product revenue was $1.15 billion, representing a 19% increase. The increase was primarily related to patient demand for Jakafi (ruxolitinib) across all indications and strong uptake of the initial launch of Niktimvo (axatilimab-csfr).
Incyte's adjusted earnings were $2.26 per share, a jump from $1.07 a year ago, beating the consensus estimate of $1.66.
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"We are taking a deliberate approach to pipeline prioritization. We are actively reviewing our R&D efforts and focusing on high-value programs that are scientifically differentiated, address unmet medical needs, and have the potential to significantly drive Incyte's next phase of growth," said Bill Meury, President and CEO, Incyte.
Based on ongoing pipeline prioritization efforts, the company has paused further development of the INCA034460 (anti-CD122) and INCB57643 (BET inhibitor) programs, as well as the development of povorcitinib in chronic spontaneous urticaria (CSU). William Blair said, "…we are not surprised by the program's discontinuation due to safety concerns for the class."
Jakafi's net product revenue increased 7% to $791 million. Opzelura net product revenue increased 35% to $188 million. Minjuvi/Monjuvi net product revenue jumped 34% to $41.99 million.
Niktimvo net product revenue increased 27% to $46 million, driven by strong uptake following the product launch in the first quarter of 2025.
Guidance
Incyte raised its fiscal 2025 net product revenue guidance to $4.23 billion to $4.32 billion, driven by higher demand for Jakafi and other hematology and oncology marketed products.
Incyte raised its 2025 Jakafi net product revenues from $3 billion to $3.05 billion to $3.08 billion.
The company expects other oncology net product revenues of $550 million to $575 million, compared to prior guidance of $500 million to $520 million.
Opzelura's sales guidance remains unchanged at $630 million—$670 million.
Analyst Matt Phipps stated Tuesday that Jakafi's steady growth continues to drive solid cash flow, but its 2028 loss of exclusivity remains a key investor concern.
The analyst added that clinical setbacks with assets from Escient and weak results for povorcitinib in hidradenitis suppurativa have limited Incyte's prospects for new product-driven growth.
William Blair rates Incyte stock as Market Perform.
INCY Price Action: Incyte shares were down 0.42% at $92.69 at the time of publication on Tuesday. The stock is trading near its 52-week high of $93.17, according to Benzinga Pro data.
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