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Incyte (INCY) Up 17.2% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for Incyte (INCY - Free Report) . Shares have added about 17.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Incyte due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Incyte Corporation before we dive into how investors and analysts have reacted as of late.
Incyte Corporation reported third-quarter 2025 adjusted earnings of $2.26 per share, which beat the Zacks Consensus Estimate of $1.66. The company had incurred adjusted earnings of $1.07 per share in the year-ago quarter.
Total revenues in the third quarter were $1.37 billion, which grew 20% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.26 billion.
All percentages mentioned below are on a reported basis.
Q3 Results in Detail
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), came in at $791.1 million, up 7% from the year-ago quarter, owing to a 10% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $770 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $188 million in sales, which rose 35% year over year, and beat the Zacks Consensus Estimate of $179.1 million. The year-over-year rise in sales was driven by increased patient demand and refills in the United States for both its approved indications.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $22.7 million, which significantly increased from the year-ago quarter and beat the Zacks Consensus Estimate of $9.5 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma.
Net product revenues of Iclusig were $37.6 million, up 26% year over year. The figure beat the Zacks Consensus Estimate of $30.6 million. Pemazyre generated $22.7 million in sales, reflecting a year-over-year increase of 10%. The figure also surpassed the Zacks Consensus Estimate of $22 million.
Minjuvi's revenues totaled $42 million, up 34% year over year. The figure also beat the Zacks Consensus Estimate of $37.9 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in 2024.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $45.8 million in sales in the third quarter of 2025, up 27% sequentially, driven by strong uptake.
Jakafi is marketed by Incyte in the United States and by Novartis as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 9% to $125.6 million. Jakavi royalties beat the Zacks Consensus Estimate of $119.2 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6.5 million, up 10% year over year. However, the reported figure missed the Zacks Consensus Estimate of $7.2 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly totaled $37.1 million, up 7% year over year. The figure marginally missed the Zacks Consensus Estimate of $37.2 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to Lilly. It is approved for several types of autoimmune diseases.
Adjusted research and development (R&D) expenses totaled $467 million, down 11% year over year. This decrease was primarily due to a $100 million milestone payment made to MacroGenics in the year-ago quarter. Excluding the upfront and milestone payments and Escient severance payments from the year-ago period, R&D expenses increased 7% in third-quarter 2025, primarily driven by continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses amounted to $308 million, up 11% from the prior-year quarter’s number, primarily due to increased international marketing activities to support product launches.
INCY’s cash, cash equivalents and marketable securities amounted to $2.9 billion as of Sept. 30, 2025, compared with $2.4 billion recorded as of June 30, 2025.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended upward during the past month.
The consensus estimate has shifted 9.57% due to these changes.
VGM Scores
At this time, Incyte has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Incyte has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Incyte (INCY) Up 17.2% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Incyte (INCY - Free Report) . Shares have added about 17.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Incyte due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Incyte Corporation before we dive into how investors and analysts have reacted as of late.
INCY's Q3 Earnings & Revenues Beat Estimates on Higher Product Sales
Incyte Corporation reported third-quarter 2025 adjusted earnings of $2.26 per share, which beat the Zacks Consensus Estimate of $1.66. The company had incurred adjusted earnings of $1.07 per share in the year-ago quarter.
Total revenues in the third quarter were $1.37 billion, which grew 20% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.26 billion.
All percentages mentioned below are on a reported basis.
Q3 Results in Detail
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), came in at $791.1 million, up 7% from the year-ago quarter, owing to a 10% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $770 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $188 million in sales, which rose 35% year over year, and beat the Zacks Consensus Estimate of $179.1 million. The year-over-year rise in sales was driven by increased patient demand and refills in the United States for both its approved indications.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $22.7 million, which significantly increased from the year-ago quarter and beat the Zacks Consensus Estimate of $9.5 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma.
Net product revenues of Iclusig were $37.6 million, up 26% year over year. The figure beat the Zacks Consensus Estimate of $30.6 million. Pemazyre generated $22.7 million in sales, reflecting a year-over-year increase of 10%. The figure also surpassed the Zacks Consensus Estimate of $22 million.
Minjuvi's revenues totaled $42 million, up 34% year over year. The figure also beat the Zacks Consensus Estimate of $37.9 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in 2024.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $45.8 million in sales in the third quarter of 2025, up 27% sequentially, driven by strong uptake.
Jakafi is marketed by Incyte in the United States and by Novartis as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 9% to $125.6 million. Jakavi royalties beat the Zacks Consensus Estimate of $119.2 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6.5 million, up 10% year over year. However, the reported figure missed the Zacks Consensus Estimate of $7.2 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly totaled $37.1 million, up 7% year over year. The figure marginally missed the Zacks Consensus Estimate of $37.2 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to Lilly. It is approved for several types of autoimmune diseases.
Adjusted research and development (R&D) expenses totaled $467 million, down 11% year over year. This decrease was primarily due to a $100 million milestone payment made to MacroGenics in the year-ago quarter. Excluding the upfront and milestone payments and Escient severance payments from the year-ago period, R&D expenses increased 7% in third-quarter 2025, primarily driven by continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses amounted to $308 million, up 11% from the prior-year quarter’s number, primarily due to increased international marketing activities to support product launches.
INCY’s cash, cash equivalents and marketable securities amounted to $2.9 billion as of Sept. 30, 2025, compared with $2.4 billion recorded as of June 30, 2025.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended upward during the past month.
The consensus estimate has shifted 9.57% due to these changes.
VGM Scores
At this time, Incyte has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Incyte has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.