Incyte (NASDAQ:INCY) Releases Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Incyte (NASDAQ:INCY) posted its earnings results on Tuesday. The biopharmaceutical company reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.16), FiscalAI reports. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.35 billion. Incyte had a return on equity of 26.34% and a net margin of 25.03%.Incyte’s revenue was up 27.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.43 EPS.

Here are the key takeaways from Incyte’s conference call:

• Incyte reported strong 2025 results with total revenue of $5.14B and core business ex-Jakafi up 53%, and set 2026 revenue guidance of $4.77B–$4.94B (?10%–13% growth).
• The pipeline materially matured in 2025 and will be catalyst-rich in 2026 — management expects 14 pivotal trials across 7 assets by year-end and multiple potential approvals/launches in late?2026/early?2027.
• Opzelura showed rapid commercial growth (FY sales up ~33%, pediatric AD launch annualizing ?$30M, international vitiligo doubled to $130M), but development in prurigo nodularis is paused after mixed phase?3 results requiring a potential additional trial.
• Hematology/oncology momentum is driving results — H&O sales rose 83% in 2025 led by Niktimvo and Monjuvi, with 2026 H&O guidance of $800M–$880M and an sBLA planned for Monjuvi in frontline DLBCL.

Incyte Stock Up 1.8%

Shares of NASDAQ:INCY traded up $1.82 on Thursday, hitting $100.66. 199,748 shares of the company’s stock were exchanged, compared to its average volume of 2,066,434. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.13 and a current ratio of 3.23. Incyte has a 1-year low of $53.56 and a 1-year high of $112.29. The company has a market capitalization of $19.76 billion, a PE ratio of 15.73, a P/E/G ratio of 0.60 and a beta of 0.82. The firm’s 50-day moving average is $101.75 and its 200 day moving average is $93.81.

Incyte News Roundup

Here are the key news stories impacting Incyte this week:

• Positive Sentiment: Revenue beat and product sales strength: Q4 revenue of $1.51B topped estimates and product sales (Jakafi, Opzelura) drove a ~28% revenue increase year-over-year, supporting near-term cash generation and validating commercial traction. INCY Q4 revenue beat
• Positive Sentiment: Pipeline and 2026 top-line growth plan: Management outlined a 10–13% revenue growth target for 2026 and highlighted pipeline expansion and new launches (supporting longer-term upside if successful). 2026 revenue growth outline
• Positive Sentiment: Non-core asset sale improves balance-sheet optionality: Incyte sold Wilmington Bracebridge towers to BPG, a small but constructive liquidity/asset-mgmt move. Property sale
• Neutral Sentiment: Mixed analyst landscape: Firms trimmed price targets and ratings (RBC, Wells Fargo) while HC Wainwright reiterated a Buy with a $135 target — creating divergent near-term sentiment among institutional holders. HC Wainwright buy rating
• Negative Sentiment: EPS miss and conservative near?term guidance hurt sentiment: Q4 EPS missed estimates ($1.80 vs. $1.96) and management gave a softer net-product revenue guide, prompting a gap-down and investor concern about short-term growth trajectory. Shares gap down after earnings miss
• Negative Sentiment: Opzelura guidance and Jakafi LOE concerns: Investors noted light Opzelura guidance and the approaching loss of exclusivity for Jakafi, which increases revenue risk if pipeline replacements underperform. Jakafi LOE and Opzelura
• Negative Sentiment: Regulatory pricing risk: New U.S. pricing policy proposals (so-called “most favored nation” approaches) were flagged as an emerging regulatory risk that could pressure future revenues and margins. Drug pricing policy risk

Insiders Place Their Bets

In other Incyte news, EVP Michael James Morrissey sold 4,323 shares of the stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $97.26, for a total value of $420,454.98. Following the transaction, the executive vice president directly owned 27,507 shares in the company, valued at $2,675,330.82. This represents a 13.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven H. Stein sold 20,105 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $102.51, for a total transaction of $2,060,963.55. Following the sale, the executive vice president owned 63,129 shares of the company’s stock, valued at $6,471,353.79. This represents a 24.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 95,225 shares of company stock worth $9,519,745 in the last three months. 17.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Incyte

Several hedge funds have recently made changes to their positions in INCY. MUFG Securities EMEA plc purchased a new stake in shares of Incyte in the 2nd quarter valued at about $32,000. CYBER HORNET ETFs LLC acquired a new position in Incyte during the second quarter worth approximately $33,000. Geneos Wealth Management Inc. lifted its stake in Incyte by 350.0% in the first quarter. Geneos Wealth Management Inc. now owns 756 shares of the biopharmaceutical company’s stock valued at $46,000 after buying an additional 588 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Incyte by 153.8% in the third quarter. CIBC Private Wealth Group LLC now owns 726 shares of the biopharmaceutical company’s stock valued at $62,000 after acquiring an additional 440 shares during the period. Finally, Brown Brothers Harriman & Co. grew its position in shares of Incyte by 43.5% during the third quarter. Brown Brothers Harriman & Co. now owns 818 shares of the biopharmaceutical company’s stock worth $69,000 after acquiring an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 96.97% of the company’s stock.

Analyst Ratings Changes

INCY has been the subject of several recent research reports. Mizuho set a $121.00 price objective on shares of Incyte and gave the company an “outperform” rating in a research note on Monday, December 8th. Zacks Research cut shares of Incyte from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Wells Fargo & Company dropped their price target on shares of Incyte from $107.00 to $101.00 and set an “equal weight” rating for the company in a research note on Wednesday. Royal Bank Of Canada reduced their price objective on Incyte from $95.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Finally, Truist Financial set a $103.00 target price on Incyte in a report on Wednesday, December 24th. Nine analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.94.

About Incyte

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company’s research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company’s flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.