Q4 25 EPS
$1.80
MISS 5.76%
Est. $1.91
Q4 25 Revenue
$1.51B
BEAT +12.01%
Est. $1.35B
vs S&P Since Q4 25
-9.7%
TRAILING MARKET
INCY -5.5% vs S&P +4.1%
Full Year 2025 Results
FY 25 EPS
$6.80
MISS 0.86%
Est. $6.86
FY 25 Revenue
$5.14B
BEAT +3.24%
Est. $4.98B
Market Reaction
Did INCY Beat Earnings? Q4 2025 Results
Incyte closed out the fourth quarter of 2025 with a split verdict, posting revenue that cleared expectations by a wide margin while falling short on the bottom line. The biotech generated $1.51 billion in Q4 revenue, topping the $1.35 billion consens… Read more Incyte closed out the fourth quarter of 2025 with a split verdict, posting revenue that cleared expectations by a wide margin while falling short on the bottom line. The biotech generated $1.51 billion in Q4 revenue, topping the $1.35 billion consensus by 12.01% and marking a 27.8% increase year-over-year, though earnings per share of $1.80 missed the $1.91 consensus estimate by 5.76%. A key driver of the revenue beat was $100 million in milestone and contract revenue that had no comparable contribution in the prior-year quarter, alongside continued momentum from Jakafi, which contributed $828.24 million in net product revenue, up 7%, and Opzelura, which added $207.28 million, up 28%. Niktimvo, launched earlier in 2025 for chronic GVHD, contributed $56.04 million in the quarter. Looking ahead, Incyte guided 2026 total net product revenue of $4.77 billion to $4.94 billion, underpinned by an active pipeline that includes fourteen pivotal clinical trials and multiple anticipated regulatory milestones throughout the year.
Key Takeaways
- • Jakafi demand growth of 11% in Q4 across all indications
- • Opzelura demand and refill growth in atopic dermatitis and vitiligo, including pediatric AD launch and ex-U.S. vitiligo launch
- • Strong Niktimvo uptake following 2025 launch in chronic GVHD
- • Monjuvi/Minjuvi growth driven by approval and launch in relapsed/refractory follicular lymphoma
- • Zynyz growth driven by approval and launch in squamous cell carcinoma of the anal canal
- • $100 million in milestone and contract revenue in Q4 2025
- • Contract dispute settlement with Novartis resulted in $242.2 million benefit
INCY YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
INCY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our fourth quarter and full year 2025 results reflect exceptional core business growth and pipeline progress. During the year, we achieved multiple regulatory approvals and several important clinical milestones, allowing us to advance multiple assets from early- to late-stage development. By the end of the year, we expect to have fourteen pivotal clinical trials underway. Incyte enters 2026 with strong business momentum, an innovative, strategically focused pipeline, and a clear strategy for capital allocation and long-term growth.”
— Bill Meury, Q4 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% |