Incyte’s fourth quarter was met with a negative market reaction, despite the company delivering revenue growth above Wall Street expectations. Management attributed this performance to strong commercial execution across its core products, notably Jakafi and Opsalura, as well as significant progress in the late-stage development pipeline. CEO William Meury highlighted that growth was broad-based, with almost every major product contributing, and commercial milestones were achieved across both established and newly launched therapies. However, higher research and development (R&D) spending and increased operating expenses weighed on margins, partially offsetting the top-line gains.
Is now the time to buy INCY? Find out in our full research report (it’s free for active Edge members).
Incyte (INCY) Q4 CY2025 Highlights:
- Revenue: $1.51 billion vs analyst estimates of $1.35 billion (27.8% year-on-year growth, 11.4% beat)
- Adjusted EPS: $1.80 vs analyst expectations of $1.92 (6.1% miss)
- Adjusted EBITDA: $359.8 million vs analyst estimates of $488.9 million (23.9% margin, 26.4% miss)
- Operating Margin: 22.3%, down from 25.6% in the same quarter last year
- Market Capitalization: $20.12 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Incyte’s Q4 Earnings Call
- Marc Frahm (TD Cowen) asked about dosing strategies in pivotal phase three CALR programs and how Incyte would address mutation-specific potency; President Pablo Cagnoni explained ongoing FDA discussions and confidence in their dosing plan.
- Tazeen Ahmad (Bank of America) probed uptake trends for Opsalura and drivers behind sales modeling; CEO William Meury broke down growth by indication and highlighted the importance of international expansion and new indications.
- Michael Schmidt (Guggenheim Securities) inquired about Manjoovi’s positioning in frontline DLBCL and potential versus competitors; Cagnoni and commercial leaders emphasized the additive strategy and competitive progression-free survival (PFS) data.
- Eric Schmidt (Cantor Fitzgerald) sought details on upcoming data from the A90 colorectal cancer program; Cagnoni outlined plans for additional data releases and expansion of clinical trial sites.
- Eric Lavington (Mizuho) asked about the FDA’s request for an additional phase three trial in prurigo nodularis and implications for other indications; Cagnoni and head of development Steven Stein clarified the unique situation and lack of read-through to HS.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be closely watching (1) the pace of regulatory filings and upcoming pivotal data readouts across Incyte’s late-stage pipeline, (2) commercial execution and market adoption of new and existing indications for core products like Jakafi and Opsalura, and (3) progress on formulary access and pricing in both U.S. and international markets. The ability to manage R&D investment while supporting multiple product launches will also be a key indicator of execution.
Incyte currently trades at $101.68, down from $109.03 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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