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Incyte
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Latest analysis
Updated Jul 28, 2026
Incyte raises FY2026 total net sales guidance to $5.13-5.26B on CMS Opzelura settlement and broad portfolio momentum, while acquiring Vega Therapeutics for $1.25B to enter von Willebrand disease.
Incyte's Q2 2026 results are defined by two concurrent inflection points: a $246 million one-time non-cash benefit from the CMS settlement resolving Medicaid line-extension rebate exposure for Opzelura, and the $1.25 billion acquisition of Vega Therapeutics, which adds latarcibart — a Phase 3 anti-FcRn antibody for von Willebrand disease — to the late-stage pipeline. Stripping out the one-time benefit, underlying total net sales grew 17% year-over-year, anchored by Jakafi at $817 million (+7%), Zynyz at $50 million (+460%), and the H&O growth portfolio at $222 million (+69%). Ten clinical data readouts are expected in H2 2026, including four registrational trials, with Monjuvi U.S. approval in newly diagnosed DLBCL and povorcitinib U.S. launch both targeted for Q1 2027.
Tone: bullishRevenue
$5.1B
INCY 10-K · FY 2025
Employees
2,844
Revenue FY2024
$4.2B
Founded
1991
Profile
INCY 10-K Item 1 · Feb 10, 2026Incyte is a global biopharmaceutical company focused on discovering, developing, and commercializing proprietary therapeutics across three therapeutic areas: Hematology, Oncology, and Inflammation and Autoimmunity. The company markets six products in the United States and derives the majority of its revenue from JAKAFI (ruxolitinib), while also earning royalties from out-licensed compounds including OLUMIANT (baricitinib) and JAKAVI (ruxolitinib) through partnerships with Eli Lilly and Novartis. Its pipeline spans small molecules, biologics, bispecifics, and degraders targeting conditions with high unmet medical need.
Read filing description ↓ Collapse description ↑
Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal. We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity. Our hematology franchise includes four approved products, JAKAFI (ruxolitinib), ICLUSIG (ponatinib), MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) and NIKTIMVO (axatilimab-csfr), as well as multiple clinical development programs. Our oncology franchise includes two approved products, PEMAZYRE (pemigatinib) and ZYNYZ (retifanlimab-dlwr), as well as several clinical development programs. Our Inflammation and Autoimmunity franchise is comprised of one approved product, OPZELURA (ruxolitinib) cream, with several clinical programs in development. We are also eligible to receive milestones and royalties on molecules discovered by us and licensed to third parties. Our portfolio focuses on areas of high unmet medical need and includes compounds in various stages, ranging from preclinical to late-stage development and commercialized products. Our strategy is to develop and commercialize compounds that we have internally discovered or have acquired rights to in the markets where we believe that we can successfully compete.
Primary products
- JAKAFI (ruxolitinib)
- ICLUSIG (ponatinib)
- MONJUVI (tafasitamab-cxix)
- MINJUVI (tafasitamab)
- NIKTIMVO (axatilimab-csfr)
- PEMAZYRE (pemigatinib)
Business segments
End markets
Geographies
Named customers
“Our ability to compete successfully will depend, in part, on our ability to: develop proprietary products; develop and maintain products that reach the market first, are technologically superior to and/or are of lower cost than other products in the market; execute our strategic plan and commercialize new assets; attract and retain scientific, product development and sales and marketing personnel; obtain patent or other proprietary protection for our products and technologies; obtain required regulatory approvals; and manufacture, market, distribute and sell any products that we develop.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased to $5.14 billion in 2025 from $4.24 billion in 2024, driven by growth in net product revenues and a $150 million milestone and contract revenue contribution.
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