Q3 25 EPS
$2.26
BEAT +38.04%
Est. $1.64
Q3 25 Revenue
$1.37B
BEAT +8.96%
Est. $1.25B
vs S&P Since Q3 25
+3.7%
BEATING MARKET
INCY +8.6% vs S&P +4.9%
Market Reaction
Did INCY Beat Earnings? Q3 2025 Results
Incyte delivered a standout third quarter, posting non-GAAP diluted EPS of $2.26 against a consensus estimate of $1.64, a beat of 38.04%, while revenue of $1.37 billion topped expectations by 8.96% and grew 20.1% year over year, cementing the company… Read more Incyte delivered a standout third quarter, posting non-GAAP diluted EPS of $2.26 against a consensus estimate of $1.64, a beat of 38.04%, while revenue of $1.37 billion topped expectations by 8.96% and grew 20.1% year over year, cementing the company's position as one of the stronger performers in immuno-oncology this reporting season. The primary engine behind the results was broad-based product momentum, with Jakafi demand accelerating across all approved indications and Niktimvo gaining commercial traction following its recent launch; net product revenues climbed 19% to $1.15 billion. Profitability also benefited from the absence of a $100 million MacroGenics milestone payment that had weighed on the year-ago period, helping GAAP operating income jump 204% to $443.52 million. Management responded to the quarter's strength by raising full-year 2025 net product revenue guidance to $4.23 billion to $4.32 billion, with Jakafi guidance lifted to $3.05 billion to $3.08 billion, while cash on hand grew to $2.93 billion, providing a firm foundation for continued pipeline investment.
Key Takeaways
- • 10% increase in Jakafi paid demand across all indications
- • Opzelura growth driven by increased patient demand and refills in both atopic dermatitis and vitiligo
- • Strong initial Niktimvo launch uptake, up 27% sequentially
- • Milestone and contract revenues increased to $45 million from $18 million in prior year quarter
- • Lower R&D expenses due to absence of $100 million MacroGenics milestone payment from Q3 2024
INCY YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
INCY Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Bill Meury, Q3 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% |