Incyte's Q4 Earnings: EPS Miss, Strong Jakafi and Opzelura Sales, 2025 to Be Catalyst Rich

Incyte Corporation (INCY) reported its fourth-quarter and full-year 2024 financial results on Monday, February 10, 2025, with a mixed bag of news for investors. The company's earnings per share (EPS) missed analyst estimates, but strong sales of its key products, Jakafi and Opzelura, and a promising outlook for 2025, have analysts optimistic about the company's future.



Incyte reported fourth-quarter revenue of $1.2 billion, up 16% year-over-year (YoY), and full-year revenue of $4.2 billion, up 15% YoY. Jakafi, the company's flagship product, generated net product revenues of $773 million in the fourth quarter, up 11% YoY, and $2.8 billion for the full year, up 8% YoY. Opzelura, the company's topical ruxolitinib cream, had net product revenues of $162 million in the fourth quarter, up 48% YoY, and $508 million for the full year, up 50% YoY.



Despite the strong sales, Incyte's EPS of $1.43 missed analyst estimates of $1.56. However, the company's guidance for 2025 Jakafi revenue of $2.925 billion-$2.975 billion and Opzelura revenue of $630 million-$670 million suggests continued growth for these key products.

Incyte's CEO, Hervé Hoppenot, highlighted the company's strong revenue growth and pipeline progress in 2024, stating that 2025 will be a year of defining catalysts. The company expects to launch four new products, including Niktimvo in 3L+ chronic graft-versus-host disease, ruxolitinib cream in pediatric atopic dermatitis, tafasitamab in relapsed/refractory follicular lymphoma, and retifanlimab in squamous cell anal carcinoma. Additionally, Incyte anticipates four pivotal study readouts, at least three Phase 3 study initiations, and seven proof-of-concept study readouts in 2025.



Analysts remain optimistic about Incyte's prospects, with William Blair reiterating its Outperform rating on the stock. Matt Phipps, an analyst at William Blair, noted that Incyte's strong Jakafi and Opzelura sales, along with its robust pipeline, position the company well for continued growth and diversification.

In summary, Incyte's Q4 earnings report showed mixed results, with EPS missing analyst estimates but strong sales of Jakafi and Opzelura and a promising outlook for 2025. The company's strategic focus on both rare diseases and broader inflammatory conditions, coupled with novel mechanism exploration in solid tumors, creates multiple paths for sustainable growth. As Incyte continues to execute on its pipeline and expand into new markets, investors can expect a year of defining catalysts in 2025.