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Incyte
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Latest analysis
Updated Oct 29, 2026
Incyte Q3 2026: $1.23B Vega IPR&D charge drives quarterly net loss, but core commercial momentum across OPZELURA, NIKTIMVO, and ZYNYZ remains strong
Incyte's Q3 2026 results are dominated by the $1.23 billion in-process R&D charge from the July 2026 acquisition of Vega Therapeutics, which converted a $424 million net income quarter in Q3 2025 into an $785 million net loss — masking genuine commercial outperformance. JAKAFI net sales grew to $826.5 million in Q3 2026 driven by 12% paid demand growth, while OPZELURA, NIKTIMVO, and ZYNYZ each posted double-digit volume gains. The pipeline is simultaneously broadening: INCA033989 (mutCALR) advances to Phase 3, frontMIND tafasitamab data is regulatory-submission stage, and povorcitinib faces dual near-term decisions in HS from the FDA and European Commission.
Tone: mixedRevenue
$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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