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:

Basic data (GAAP):

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

Net income was $ million, up % sequentially from $424 million, and up % from $ million year-earlier.

Diluted EPS was $, up % sequentially from $2.11, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Bill Meury, Incyte CEO, said "" Maintaining market share with Jakafi. 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.

Ruxolitinib (Jakafi) extended-release (XR) bioequivalence data to be submitted to the FDA in Q4 2025.

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 is expected by year-end 2025.

Niktimvo for graft-v-host disease continues to grow rapidly, mostly in fourth line setting.

Incyte Phase 3 studies for its CDK2 inhibitor (INCB123667) for ovarian cancer in planned to start in 2025. It is also evaluating INCB123667 in combination with other treatments.

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 $ million, up % sequentially from $498 million, and up % from $ million year-earlier. Diluted EPS $, up % sequentially from $2.26, and up % from $ 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 $ million. $ million for research and development; $ million for selling, general and administrative expenses; $ million collaboration profit sharing; $ million loss for change in value of a contingent consideration. Total costs $ million. Leaving income from operations of $ million. Interest and other income was $ million. Gain on investment was $ million. Income taxes $ million.

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