Short answer
Incyte (INCY) filed its Q3 2025 10-Q quarterly report on Oct 28, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.4B (up 20.0% year over year) with net income of $424M.
Q3 2025 key financials · XBRL
- Revenue
- $1.4B
- +20.0% YoY · +12.4% QoQ
- Net income
- $424M
- +298.4% YoY · +4.7% QoQ
- Operating margin
- 32.5%
- EPS (diluted)
- $2.11
- +379.5% YoY · +3.4% QoQ
Source: XBRL data from the Incyte (INCY) Q3 2025 10-Q on SEC EDGAR. USD.
Incyte Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.37B Q3 2025, up 20% YoY from $1.14B in Q3 2024, driven by JAKAFI $791.1M (+$49.9M) and OPZELURA $188M (+$48.7M) growth
- Net income $424.2M Q3 2025 vs $106.5M Q3 2024; Operating margin not explicitly stated but net income increased ~298% YoY
- Best performing product JAKAFI: $791.1M revenue Q3 2025 (+7% YoY); Worst performance not separately quantified but legacy drugs lower growth
- Operating cash flow $870.2M YTD Sept 2025 vs -$45.9M YTD Sept 2024, driven by contract dispute settlement and Escient acquisition impacts
- Management notes ongoing evaluation of new FASB accounting standards; expects impact from government rebates on future revenues; confident in liquidity and capital sufficiency
Risk Factors
- New risk: Increased patient access challenges from PBM rebate negotiations, especially for OPZELURA, triggered by ongoing formulary coverage agreements
- Material update: FDA added boxed warnings for JAKAFI and OPZELURA in Sept 2021 citing risks of cardiovascular events, thrombosis, mortality negatively impacting sales prospects
- Regulatory risk: Potential loss or modification of marketing approval due to adverse safety events or regulatory agency enforcement, including prior EMA ICLUSIG label changes
- Operational risk: Heavy reliance on limited specialty pharmacies and wholesalers for product distribution poses risk of revenue disruption if distribution partners exit or change terms
- Financial risk: Pricing and reimbursement pressures from government programs, insurers, and 340B program growth may reduce product pricing and profitability
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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