Incyte Corporation (NASDAQ:INCY) posted fourth-quarter results on Tuesday that showed a miss on earnings, overshadowing a solid revenue beat and pushing the stock lower in premarket trading. Shares were down 4.57% following the announcement.
The biopharmaceutical group reported adjusted earnings of $1.80 per share for the quarter, below the analyst consensus of $1.91. Revenue, however, surged 28% year on year to $1.51 billion, comfortably ahead of expectations of $1.35 billion.
Top-line growth was fueled by higher product sales alongside milestone-related income. Net product revenue increased 20% to $1.22 billion compared with the prior-year period, supported by continued strength in Jakafi and Opzelura. Incyte also booked $100 million in milestone and contract revenue during the quarter.
“Our fourth quarter and full year 2025 results reflect exceptional core business growth and pipeline progress,” said Bill Meury, President and Chief Executive Officer of Incyte. “During the year, we achieved multiple regulatory approvals and several important clinical milestones, allowing us to advance multiple assets from early- to late-stage development.”
Looking ahead, the company guided for full-year 2026 total net product revenue of $4.77 billion to $4.94 billion. This includes projected Jakafi revenue of $3.22 billion to $3.27 billion and Opzelura revenue of $750 million to $790 million.
Incyte also pointed to several recent strategic and clinical advances, including regulatory approvals for Minjuvi in Europe and Japan to treat adults with relapsed or refractory follicular lymphoma, as well as positive topline data from the Phase 3 frontMIND trial of tafasitamab plus lenalidomide and R-CHOP in newly diagnosed diffuse large B-cell lymphoma.
The company closed 2025 with $3.6 billion in cash, cash equivalents and marketable securities, up from $2.2 billion at the end of 2024, providing added balance sheet strength as it advances its pipeline.