Q2 25 EPS
$1.57
BEAT +6.48%
Est. $1.47
Q2 25 Revenue
$1.22B
BEAT +5.81%
Est. $1.15B
vs S&P Since Q2 25
+14.4%
BEATING MARKET
INCY +27.9% vs S&P +13.4%
Market Reaction
Did INCY Beat Earnings? Q2 2025 Results
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… Read more 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.
Key Takeaways
- • 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
INCY YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
INCY Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Bill Meury, Q2 2025 Earnings Press Release
INCY Earnings Trends
INCY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INCY EPS Trend
Earnings per share: estimate vs actual
INCY Revenue Trend
Quarterly revenue: estimate vs actual
INCY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.81 | — | $1.27B | +4.65% |
| Q4 25 MISS FY | $1.91 | $1.80 | -5.76% | $1.51B | +12.01% |
| FY Full Year | $6.86 | $6.80 | -0.86% | $5.14B | +3.24% |
| Q3 25 BEAT | $1.64 | $2.26 | +38.04% | $1.37B | +8.96% |
| Q2 25 BEAT | $1.47 | $1.57 | +6.48% | $1.22B | +5.81% |
| Q1 25 BEAT | $1.05 | $1.16 | +10.62% | $1.05B | +5.65% |