Analyst Conference Summary

biotechnology

conference date: February 10, 2026 @ 5:00 AM Pacific Time
for quarter ending: December 31, 2026 (Q4, fourth quarter 2025)

Forward-looking statements

Overview: Strong revenue and profit growth.

Basic data (GAAP):

Revenue was $1.51 billion, up 10% sequentially from $1.37 billion, and up 28% from $1.18 billion in the year-earlier period.

Net income was $299 million, down 29% sequentially from $424 million, and up 49% from $201 million year-earlier.

Diluted EPS was $1.46, down 31% sequentially from $2.11, and up 43% from $1.02 year-earlier.

Guidance:

Full Year 2026 product revenue $4.77 to $4.94 billion. Operating expenses GAAP $3.495 to $3.675 billion; non-GAAP $3.205 to $3.375 billion. Anticipates 4 regulatory approvals: new indications in Jakafi XR, Opzelura, Monjuvi, and povorcitinib.

Conference Highlights:

Bill Meury, Incyte CEO, said "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." WM: Keep in mind Jakafi patent exclusivity is expected to expire in the U.S. in 2028, though that might be extended by court challenges, and Incyte will try to shift patients to the XR version.

Believes clinical pipeline can potential drive revenue growth into the next decade. The business excluding Jakafi has the potential to be as large as the Jakafi business today, by 2030 ($3-4 billion).

In Q4 2025 Minjuvi (tafasitamab), combined with lenalidomide and rituximab, was approved in Europe to treat relapsed or refractory FL, after one line of therapy. Also approved in Japan, 2nd line. In January 2026 positive top-line Phase 3 results were released for DLBCL.

In Q4 2025, data from two Phase 1 studies of INCA033989 for patients with mutCALR-positive essential thrombocythemia (ET) and myelofibrosis (MF) were presented at the 2025 ASH Annual Meeting. Incyte plans to initiate registrational programs in ET and MF in 2H 2026. Also granted FDA Breakthrough designation in ET.

In Q4 2025 the Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion for Zynyz in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with metastatic or inoperable locally recurrent SCAC.

In Q1 2026, clinical data from a Phase 1 trial evaluating INCB161734 for advanced/metastatic pancreatic ductal adenocarcinoma (PDAC) as monotherapy or in combination with chemotherapy were presented at the ASCO-GI meeting. Plans to initiate a Phase 3 study evaluating INCB161734 in first-line patients with metastatic PDAC in combination with chemotherapy versus chemotherapy alone.

Ruxolitinib (Jakafi) extended-release (XR) bioequivalence data to be submitted to the FDA in Q4 2025, but received a CRL (complete response letter). Still expects commercial launch mid-2026.

In Q4 2025 Phase 1 results for INCA33890, a TGFBR2xPD-1 bispecific antibody showed clinical efficacy across multiple tumors, including microsatellite stable colorectal cancer (MSS CRC) with and without active liver metastases. Will initiate a registrational program evaluating INCA33890 in MSS CRC in 2026.

In Q4 2025 preliminary positive Phase 1 results were reported for INCB161734, a KRASG12D selective inhibitor, in heavily pretreated pancreatic ductal adenocarcinoma (PDAC) patients with a KRASG12D mutation.

In Q3 2025 the FDA approved Opzelura for pediatric atopic dermatitis. In October 2025 presented positive Phase 3 results for moderate atopic dermatitis. The EU filing for rux cream for AD was made in Q4 2025, with a decision expected in 2H 2026. But in January 2026 the FDA requested an additional clinical study to support the prurigo nodularis, so Incyte has paused that program.

Jakafi patent protection now expected to expire towards the end of 2028. But Opzelura protected until 2040. And will try to move Jakafi patients to Jakafi XR.

Product revenue was $1.15 billion; royalties $171 million; milestone and contract revenue $45 million.

Jakafi royalty revenue is from sales by Novartis outside the U.S.

Non-GAAP numbers: Net income $368 million, down 26% sequentially from $498 million, and up 31% from $281 million year-earlier. Diluted EPS $1.80, down 20% sequentially from $2.26, and up 26% from $1.43 year-earlier.

Cash and equivalents ended at $ billion, up sequentially from $2.9 billion. No debt.

Incyte has numerous other trials in multiple therapies and indications underway, plus preclinical agents.

See also Incyte pipeline.

GAAP operating expenses were: cost of product revenue $121 million. $611 million for research and development; $390 million for selling, general and administrative expenses; $76 million asset impairment; $28 million gain for change in value of a contingent consideration. Total costs $1.17 billion. Leaving income from operations of $336 million. Interest and other income was $30 million. Gain on investment was $18 million. Other $6 million. Income taxes $91 million.

Full-year 2025 revenue was $5.14 billion, up 20% y/y. Cost of revenue was $372 million GAAP, $347 million non-GAAP. R&D $2.1 billion GAAP, $1.9 billion non-GAAP. SG&A $1.4 billion GAAP, $1.3 billion non-GAAP. Cash and equivalents ended at $3.6 billion. Resulting net income $1.28 billion GAAP, $1.37 billion non-GAAP. EPS, diluted, $6.41, non-GAAP 6.80.

Q&A Selective Summary:

989 dosing arm strategy? Will discuss with FDA this quarter. Proposing 2nd line EP study would have differing doses over the range of mutations. Believe we submitted a good package.

Opzelura pricing? Pricing was not a competitive issue. Just launched pediatric indication. It was about improving forulary coverage at PBMs. It will allow us to offer fewer discounts in the future.

Opzelura uptake, tubes per patients? AD business growing about 20%/year, about 15% vitilago. Pediatrics just launched in 2025. We see 15% annual growth going forward, also some incremental international revenue. If we get HS approval in 2027 would further boost growth.

Monjuvi for frontline DLBCL? About half of patients are still getting RCHOP. Competitors not addressing all patient types. Our PFS was very competitive. Very encouraged across DLBCL spectrum.

Our goal is to have a therapy for every patient with MPN by the end of the decade. That is why we are developing the bispecific. 617 will cover three types of MPN.

We could be first or early in pancreatic cancer, and first in colorectal. We are focussed on Phase 3, not any competition.

989 readout goals? Be 2H we will have a substantial dataset on MF. We are convinced the efficacy and safety of 989 will support first line MF setting.

XR payer talks? We have talked to every major PBM. Jakafi is perfect for an XR formulation. Works with one dose a day, which helps with compliance. We should get enough formulary coverage to get a conversion rate of 10% to 30%.

Povo is taylor-made for the prebiologic HS population. It could be a major revenue driver.

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