Incyte's Q2 2025: Contradictions Unveiled on Povorcitinib's Positioning, Development, and Market Impact

Povorcitinib's role in the treatment landscape, Povorcitinib's development timeline, 989 impact on MF, Niktimvo market penetration, and expected data timing for 617F are the key contradictions discussed in Incyte's latest 2025Q2 earnings call.



Strong Financial Performance:
- Incyte reported total product revenues of $1.06 billion for Q2 2025, representing 17% year-over-year growth.
- The growth was driven by increased demand for Jakafi, Opzelura, and the commercial launch of Niktimvo.

Jakafi and Opzelura Sales:
- Jakafi net product revenue reached $764 million, representing an 8% year-over-year increase.
- Opzelura's total net product revenue was $164 million, up 35% year-over-year, driven by increased patient demand and refills in both AD and Vitiligo.

Product and Pipeline Development:
- Incyte raised the full-year revenue guidance for Jakafi to $3 billion to $3.05 billion.
- Significant progress was made on the 989 (mutant-CALR) monoclonal antibody, with positive Phase I data in ET and plans to start pivotal trials in ET by early 2026.

Niktimvo Launch and Market Penetration:
- Niktimvo net product revenues in Q2 were $36 million, driven by strong commercial execution and widespread product awareness.
- Over 4,000 infusions were administered to an estimated 700 patients, representing approximately 10% of the third-line plus GVHD market.