01—Abstract
Summary
Summary of the 8-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Incyte Corporation filed this Form 8-K on February 10, 2026 to furnish Exhibit 99.1, a press release announcing financial results for the fourth quarter and full year ended December 31, 2025, and providing full year 2026 guidance.
Total revenue was $1.51 billiona for the fourth quarter (up 28% year over year) and $5.14 billion for the full year (up 21%). Total net product revenue was $1.22 billion in the fourth quarter (up 20%) and $4.35 billion for the full year (up 20%), exceeding the full year 2025 net product revenue guidance of $4.23 - $4.32 billion. GAAP net income for the full year 2025 was $1.29 billion, or $6.41 per diluted share, compared with $32.6 million, or $0.15 per diluted share, in 2024; the 2024 figure reflected $679.4 million of expense for IPR&D assets acquired in the Escient acquisition.
Cash, cash equivalents and marketable securities were $3.6 billionb at December 31, 2025, compared with $2.2 billion a year earlier. For 2026, the company guided total net product revenue to $4.77 - $4.94 billion, comprising Jakafi of $3.22 - $3.27 billion (including the initial launch of Jakafi XR, if approved), Opzelura of $750 - $790 million, and Hematology and Oncology products of $800 - $880 million. Total GAAP R&D and SG&A operating expense guidance is $3.495 - $3.675 billion.
The company expects a regulatory decision and potential launch of Jakafi XR in mid-2026, and plans to initiate registrational programs for INCA033989 in essential thrombocythemia in mid-2026 and in myelofibrosis in the second half of 2026. The filing also notes a $242.2 millionc contract dispute settlement gain with Novartis and a $76.3 million asset impairment charge related to downtown Wilmington, Delaware properties in the fourth quarter. Pipeline updates include positive topline Phase 3 frontMIND results for tafasitamab in first-line DLBCL, with an sBLA planned for the first half of 2026; a povorcitinib NDA submission for hidradenitis suppurativa with FDA acceptance anticipated in the first quarter of 2026; and the decision to pause ruxolitinib cream development in prurigo nodularis after FDA feedback requiring an additional study.
02—Key points
Key Highlights
- Q4 2025 total revenue of $1.51 billion, up 28% year over year; full year 2025 total revenue of $5.14 billion, up 21%.
- Full year 2025 total net product revenue of $4.35 billion, up 20%, exceeding the $4.23 - $4.32 billion guidance range.
- 2026 total net product revenue guidance of $4.77 - $4.94 billion, with Jakafi at $3.22 - $3.27 billion and Opzelura at $750 - $790 million.
- Full year 2025 GAAP diluted EPS of $6.41 versus $0.15 in 2024; non-GAAP diluted EPS of $6.80 versus $1.08.
- Cash, cash equivalents and marketable securities of $3.6 billion at December 31, 2025, up from $2.2 billion a year earlier.
- Jakafi XR regulatory decision and potential commercial launch expected in mid-2026 following resubmission after a complete response letter.
- Prurigo nodularis development for ruxolitinib cream paused after FDA feedback requiring an additional clinical study; positive frontMIND Phase 3 results for tafasitamab in first-line DLBCL announced in January 2026.
03—Questions
Frequently Asked Questions
How did Incyte perform in the fourth quarter and full year 2025?
Total revenue was $1.51 billion in the fourth quarter, up 28% year over year, and $5.14 billion for the full year, up 21%. Total net product revenue was $1.22 billion in the quarter (up 20%) and $4.35 billion for the year (up 20%), exceeding full year guidance of $4.23 - $4.32 billion. Growth was driven primarily by Jakafi, Opzelura, Niktimvo and Zynyz.
What is Incyte's 2026 financial guidance?
Total net product revenue is guided to $4.77 - $4.94 billion, including Jakafi at $3.22 - $3.27 billion, Opzelura at $750 - $790 million, and Hematology and Oncology products at $800 - $880 million. Total GAAP R&D and SG&A operating expenses are guided to $3.495 - $3.675 billion, which includes investment in the mid- and late-stage pipeline and costs tied to upcoming potential launches.
What drove the difference between 2025 and 2024 GAAP results?
The 2024 results included $679.4 million of expense for IPR&D assets acquired in the Escient acquisition. Full year 2025 GAAP operating income was $1.51 billion versus $61.4 million in 2024, and GAAP net income was $1.29 billion versus $32.6 million. 2025 also included a $242.2 million contract dispute settlement recorded in connection with Novartis and a $76.3 million asset impairment charge in the fourth quarter.
What are the key near-term regulatory and pipeline catalysts for 2026?
Near-term catalysts include a regulatory decision and potential launch of Jakafi XR in mid-2026, a regulatory decision in the EU for Opzelura in moderate atopic dermatitis in the second half of 2026, and FDA acceptance of the povorcitinib NDA for hidradenitis suppurativa in the first quarter of 2026. The company also plans to file an sBLA for tafasitamab in first-line DLBCL in the first half of 2026, and expects Phase 3 povorcitinib vitiligo data in mid-2026.
What did the company say about its prurigo nodularis program?
In January 2026, the company received FDA feedback that an additional clinical study would be required to support registration for prurigo nodularis with ruxolitinib cream. Based on this feedback, Incyte decided to pause further development of ruxolitinib cream for prurigo nodularis at this time.
04—Continue