- In Q2 2025, Incyte delivered total product revenues of $1.06 billion, a 17% year-over-year increase driven by Jakafi, Opzelura, and Niktimvo.
- Jakafi net product revenue was $764 million, up 8% year-over-year, with strong demand across all indications.
- Niktimvo net product revenues were $36 million, reflecting strong commercial execution and rapid adoption.
- Operating expenses grew 13% year-over-year, slower than the 16% revenue growth, improving operating leverage and margins.
- Operating expenses included a $242 million benefit from a contract dispute settlement with Novartis, reducing COGS guidance to 8%-9% of net product revenues.
- Opzelura net product revenue was $164 million, a 35% increase year-over-year, with $132 million from the U.S. and $32 million ex-U.S.
- Other hematology/oncology products generated $131 million, a 66% increase year-over-year, driven by Niktimvo and Zynyz.
- R&D expenses increased 8% year-over-year to $495 million, driven by late-stage development investments and new collaborations.
- SG&A expenses increased 16% year-over-year to $331 million, mainly due to legal costs and marketing timing.
- Total revenues were $1.22 billion, up 16% year-over-year.
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