Incyte is a biopharmaceutical company that discovers, develops and commercializes proprietary medicines in hematology, oncology, and inflammation and autoimmunity. It earns direct product sales, partner royalties and licensing payments, and reports one consolidated operating segment.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000879169-24-000045 | Feb 13, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001628280-25-004633 | Feb 10, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000879169-26-000010 | Feb 10, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Incyte is broadening its commercial portfolio, but Jakafi remains its economic anchor ahead of expected patent-related sales erosion beginning in 2028. The 2025 earnings recovery combined stronger sales with a favorable comparison against Escient acquisition expenses, a Novartis settlement credit and licensing income; it was not entirely recurring operating improvement. Subsequent first-half 2026 results also require adjustment in interpretation: a $246 million noncash Opzelura rebate reversal inflated sales and profit, while lower cash taxes and the absence of the prior-year settlement payment supported cash generation. July’s completed $1.25 billion Vega acquisition added a late-stage development asset and a prospective large R&D charge. The August Medicaid pricing agreement introduces another commercial change, although management expected no guidance impact. Clinical, manufacturing, reimbursement and patent dependencies remain material.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · 8-K · 2026-08-31
Incyte sells medicines directly and licenses other products to partners. Jakafi serves specified U.S. myelofibrosis, polycythemia vera and graft-versus-host disease populations; Novartis sells ruxolitinib as Jakavi outside the United States. Opzelura, another ruxolitinib formulation, expands the business into dermatology but does not eliminate dependence on the molecule. In 2025, Jakafi generated $3.093 billion of $5.141 billion total revenue. Opzelura contributed $678.455 million, while newer oncology products broadened the sales base. These therapeutic franchises are not separate reportable segments.
Revenue is not wholly retained economics. Incyte records all Niktimvo sales but shares U.S. commercialization profits and losses equally with Syndax. Royalties, partner milestones and substantial development and commercial spending also absorb revenue. The 2024 acquisition of remaining tafasitamab rights expanded reported U.S. sales and costs, making comparisons with 2023 partly a change in reporting scope rather than pure demand growth.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
For the year ended December 31, 2025, GAAP operating income reached $1.515 billion and net income $1.287 billion. Stronger Jakafi demand, Opzelura expansion and newer-product launches supported revenue. However, 2024 contained $679.388 million of immediately expensed Escient acquired R&D. In 2025, a $242.251 million Novartis settlement credit and $100 million Lilly licensing payment helped results, while a $76.275 million property impairment reduced them. Reported R&D fell to $2.050 billion, but late-stage development investment increased beneath the acquisition-distorted comparison. Lower annual weighted-average shares also supported diluted EPS of $6.41.
Sources: 10-K · 2025-12-31
Operating cash flow was $1.413 billion in 2025, versus $335.337 million in 2024, and cash capital expenditure was $58.867 million. The improvement should not be confused with profit: noncash compensation, deferred taxes, impairment and working-capital movements affected conversion. The Novartis settlement generated an accounting credit but required $294.881 million of cash payments, including first-quarter royalties. Cash taxes fell after legislation restored domestic R&D expensing. The approximately $2 billion share repurchase occurred in June 2024; the 2025 repurchase-related payment was its excise tax, not another buyback.
Sources: 10-K · 2025-12-31
The June 30, 2026 quarter, reported July 28, produced $1.674 billion revenue, including a single $246 million noncash reversal of Opzelura rebate accruals. The company reported direct-sales growth of 17% excluding that reversal, versus 40% including it. The adjusted comparison still contains improved ongoing rebate realization. First-half operating cash flow was $877.013 million; much lower cash taxes and the absence of the prior-year Novartis payment helped. June cash and equivalents of $3.982 billion, plus $553.365 million of government securities, precede the July acquisition payment.
Vega closed on July 6 for $1.25 billion cash, with up to $750 million of additional sales-based payments. Incyte expected approximately $1.270 billion of acquired-R&D expense, including transaction costs, in the third quarter—not an additional purchase price. July guidance raised 2026 direct sales to $5.130–$5.260 billion and GAAP R&D plus SG&A to $4.915–$4.995 billion. The sales increase largely reflected the CMS settlement; the expense increase included Vega. These remain forecasts, not reported full-year results.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28 · 8-K · 2026-07-06
Incyte expects Jakafi sales to begin declining when patent exclusivity expires in 2028. Jakafi XR was approved and launched in the second quarter of 2026, but its contribution is not separately disclosed. Development setbacks remain consequential: Escient’s two lead compounds were stopped, INCB160058 was discontinued, and Zynyz’s lung-cancer application received a February 27 complete response letter tied, according to Incyte, to third-party manufacturing compliance. The August 31 Medicaid agreement provides for state Medicaid access to Jakafi and XR at prices aligned with those in a defined group of other advanced, industrialized nations; completed implementation is not established. Management expected certain mandate exclusions and no guidance impact, but undisclosed implementation terms prevent treating those expectations as guaranteed exemptions or zero price effects.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-02-27 · 8-K · 2026-08-31
USD 5.141242 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.141242 bn | 21.2% |
| 2024 | USD 4.241217 bn | 14.8% |
| 2023 | USD 3.695649 bn | — |
Consolidated product revenue net of allowances, product royalties, and milestone and contract revenue.
Sources: 10-K · 2025-12-31
USD 1.28665 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.28665 bn | — |
Consolidated net income after income taxes, without adjustments for settlement, acquisition, impairment or investment effects.
Sources: 10-K · 2025-12-31
USD 32.615 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 32.615 m | — |
Consolidated net income after income taxes, including Escient acquisition-related charges.
Sources: 10-K · 2025-12-31
USD 597.599 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 597.599 m | — |
Consolidated net income after income taxes.
Sources: 10-K · 2025-12-31
USD 1.413498 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.413498 bn | 321.5% |
| 2024 | USD 335.337 m | -32.5% |
| 2023 | USD 496.487 m | — |
Cash-flow-statement operating cash flow after noncash adjustments and operating asset and liability movements.
Sources: 10-K · 2025-12-31
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