Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2352.3%
Neutral2045.4%
Bearish12.3%
Incyte Corporation · INCY · FY2025 Q3 · Calendar Q4 2025
Incyte raises guidance as core products and pipeline advance
The latest analysis supports a constructive but conditional view of Incyte's growth trajectory: resilient demand for Jakafi, Opzelura and Niktimvo, raised guidance and a broad pipeline strengthen the case, while regulatory execution, competition and program attrition remain material tests.
Reported Before market openNASDAQHealthcare
$23.37B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.26
Consensus $1.66
EPS surprise
+36.1%
Reported versus consensus
Reported revenue
$1.37B
Consensus $1.35B
Revenue surprise
+0.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.5%
Event window
SPY move
+0.3%
Same window
Abnormal move
-1.8%
Stock minus SPY
Volume
3.7×
Versus trailing sessions
Subsequent drift
+15.2%
Up to 20 sessions
INCYSPY benchmark
Ask FN2 about INCY FY2025 Q3
Transcript, numbers and history already loaded
Why did INCY fall 1.5% after beating EPS estimates in FY2025 Q3?What changed in INCY's guidance and outlook in FY2025 Q3?Give me the bull and bear case for INCY after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the company reported another strong quarter, raised full-year net product revenue and Jakafi guidance, added more detail on ruxolitinib XR and povorcitinib plans, and emphasized high-value oncology programs. It also disclosed progress for the TGF-beta x PD-1 bispecific and continued portfolio pruning.
Guidance delta
Management raised full-year net product revenue guidance to $4.23-$4.32 billion and increased full-year Jakafi sales guidance to $3.05-$3.075 billion.
Key takeaways
- Management described continued growth in Jakafi, Opzelura and Niktimvo, with product sales and revenue above the prior quarter's levels.
- The company highlighted planned launches and filings for ruxolitinib XR, Opzelura in Europe and povorcitinib in hidradenitis suppurativa.
- Pipeline priorities include mutant CALR antibody 989, KRAS G12D and a TGF-beta x PD-1 bispecific for solid tumors.
- The quarter added portfolio discipline to the story: lower-potential programs were terminated while resources were directed to higher-value assets.
Management priorities
- Maintain momentum in Jakafi, Opzelura and Niktimvo.
- Advance ruxolitinib XR and Opzelura European regulatory plans.
- Initiate pivotal development for 989 and progress the KRAS G12D and TGF-beta x PD-1 programs.
- Prioritize high-value programs while maintaining cost discipline.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$115.3Current
$48Low
$108.36Average
$200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 28, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Sep 28, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Sep 22, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 4, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 26, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 22, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 29, 2026 |
| Oppenheimer | Perform | Perform | Maintain | Apr 29, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Mar 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 4, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 30, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Mar 18, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Mar 11, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 11, 2025 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jan 10, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 30, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 1, 2024 |
| SVB Leerink | Underperform | Underperform | Maintain | Mar 20, 2023 |
| Credit Suisse | Buy | Buy | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 8, 2023 |
| Benchmark | Buy | Hold | Upgrade | Jul 20, 2021 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Jan 2, 2020 |
| Nomura | Buy | Buy | Maintain | Jul 31, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 11, 2019 |
| Argus Research | Buy | Buy | Maintain | Feb 25, 2019 |
| Argus | Buy | Buy | Maintain | Feb 25, 2019 |
| Gabelli & Co. | Buy | Hold | Upgrade | Jan 24, 2019 |
| Leerink Swann | Perform | Market Perform | Maintain | Sep 25, 2018 |
| Raymond James | Outperform | Market Perform | Upgrade | Sep 11, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Apr 17, 2017 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Aug 5, 2016 |
| Brean Capital | Buy | Buy | Maintain | Feb 12, 2016 |
| Bank of America | Buy | Buy | Maintain | May 29, 2015 |
| Lazard | Buy | Neutral | Upgrade | Jan 14, 2013 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $115.3. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| H.C. Wainwright | Mitchell Kapoor | $152 | $123.89 | +31.8% | Sep 28, 2026 |
| Canaccord Genuity | Analyst unavailable | $152 | $128.47 | +31.8% | Aug 20, 2026 |
| Piper Sandler | Allison Bratzel | $130 | $120.16 | +12.7% | Aug 17, 2026 |
| Bernstein | Analyst unavailable | $104 | $120.77 | -9.8% | Aug 13, 2026 |
| Leerink Partners | Andrew Berens | $155 | $119.52 | +34.4% | Aug 3, 2026 |
| RBC Capital | Brian Abrahams | $109 | $126.69 | -5.5% | Jul 29, 2026 |
| BMO Capital | Analyst unavailable | $130 | $128.83 | +12.7% | Jul 29, 2026 |
| Guggenheim | Whitney Ljem | $150 | $129.93 | +30.1% | Jul 29, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $129.93 | +3.2% | Jul 29, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $129.93 | +30.1% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $139 | $129.93 | +20.6% | Jul 29, 2026 |
| Stifel Nicolaus | Stephen Willey | $145 | $130.08 | +25.8% | Jul 28, 2026 |
| Oppenheimer | Analyst unavailable | $120 | $130.08 | +4.1% | Jul 28, 2026 |
| Morgan Stanley | Analyst unavailable | $104 | $116.12 | -9.8% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $134 | $114.23 | +16.2% | Jul 14, 2026 |
| BMO Capital | Analyst unavailable | $112 | $115.04 | -2.9% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $99 | $115.62 | -14.1% | Jul 7, 2026 |
| UBS | Analyst unavailable | $113 | $107.53 | -2.0% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $105 | $103.21 | -8.9% | Jun 22, 2026 |
| BMO Capital | Evan David Seigerman | $94 | $98.22 | -18.5% | Jun 22, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $140 | $103.23 | +21.4% | Jun 10, 2026 |
| Stifel Nicolaus | Stephen Willey | $123 | $103.07 | +6.7% | Jun 9, 2026 |
| Oppenheimer | Jay Olson | $107 | $100.64 | -7.2% | Jun 8, 2026 |
| Bernstein | Analyst unavailable | $99 | $97.41 | -14.1% | May 21, 2026 |
| Oppenheimer | Analyst unavailable | $90 | $97.74 | -21.9% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $117 | $101.16 | +1.5% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $98.45 | -11.5% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Willey | $120 | $100.05 | +4.1% | Feb 11, 2026 |
| Piper Sandler | Allison Bratzel | $110 | $102.76 | -4.6% | Feb 6, 2026 |
| H.C. Wainwright | Analyst unavailable | $135 | $102.6 | +17.1% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $116 | $100.92 | +0.6% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $107 | $106.21 | -7.2% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $90 | $110.57 | -21.9% | Jan 8, 2026 |
| Stifel Nicolaus | Stephen Willey | $119 | $101.79 | +3.2% | Jan 5, 2026 |
| Truist Financial | Srikripa Devarakonda | $103 | $100.91 | -10.7% | Dec 24, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $96.46 | -20.2% | Dec 8, 2025 |
| Wells Fargo | Derek Archila | $116 | $102.52 | +0.6% | Dec 8, 2025 |
| Mizuho Securities | Salim Syed | $121 | $102.52 | +4.9% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $115 | $102.06 | -0.3% | Nov 24, 2025 |
| Piper Sandler | Allison Bratzel | $102 | $102.35 | -11.5% | Nov 4, 2025 |
| Truist Financial | Analyst unavailable | $93 | $90.35 | -19.3% | Oct 29, 2025 |
| RBC Capital | Analyst unavailable | $84 | $91.65 | -27.1% | Oct 29, 2025 |
| Wells Fargo | Derek Archila | $97 | $92.02 | -15.9% | Oct 29, 2025 |
| Barclays | Peter Lawson | $101 | $91.65 | -12.4% | Oct 29, 2025 |
| UBS | Analyst unavailable | $68 | $77.55 | -41.0% | Jul 30, 2025 |
| RBC Capital | Analyst unavailable | $67 | $67.26 | -41.9% | Jun 23, 2025 |
| Guggenheim | Analyst unavailable | $92 | $60 | -20.2% | Mar 18, 2025 |
| Seaport Global | Aaron Kessler | $200 | $73 | +73.5% | Oct 30, 2024 |
| Oppenheimer | Jay Olson | $82 | $73.6 | -28.9% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $97 | $73.6 | -15.9% | Oct 30, 2024 |
| Jefferies | Kelly Shi | $84 | $73.6 | -27.1% | Oct 29, 2024 |
| Bank of America Securities | Tazeen Ahmad | $90 | $73.6 | -21.9% | Oct 29, 2024 |
| Wolfe Research | Andy Chen | $84 | $66.1 | -27.1% | Sep 30, 2024 |
| Bank of America Securities | Tazeen Ahmad | $68 | $63.56 | -41.0% | Sep 16, 2024 |
| Goldman Sachs | Salveen Richter | $60 | $63.56 | -48.0% | Sep 16, 2024 |
| Citigroup | David Lebowitz | $92 | $62.16 | -20.2% | Aug 18, 2024 |
| RBC Capital | Brian Abrahams | $66 | $65.7 | -42.8% | Jul 31, 2024 |
| Oppenheimer | Jay Olson | $81 | $68.57 | -29.7% | Jul 26, 2024 |
| BMO Capital | Evan Seigerman | $48 | $60.87 | -58.4% | Jul 2, 2024 |
| Deutsche Bank | James Shin | $55 | $58.2 | -52.3% | May 23, 2024 |
| BMO Capital | Evan David Seigerman | $52 | $52.05 | -54.9% | Apr 30, 2024 |
| Argus Research | Jasper Hellweg | $70 | $50.48 | -39.3% | Apr 25, 2024 |
| Cowen & Co. | Analyst unavailable | $100 | $80.38 | -13.3% | Feb 8, 2023 |
| Wells Fargo | Analyst unavailable | $75 | $79.74 | -35.0% | Jan 3, 2023 |
| Oppenheimer | Jay Olson | $98 | $73.99 | -15.0% | Aug 15, 2022 |
| Leerink Partners | Analyst unavailable | $63 | $81.36 | -45.4% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $78.94 | -34.1% | Apr 20, 2022 |
| BMO Capital | Evan Seigerman | $75 | $70.07 | -35.0% | Feb 8, 2022 |
| Guggenheim | Michael Schmidt | $104 | $73.97 | -9.8% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $136 | $66.74 | +18.0% | Nov 24, 2021 |
| Oppenheimer | Jay Olson | $109 | $66.79 | -5.5% | Nov 3, 2021 |
| Cantor Fitzgerald | Alethia Young | $79 | $65.56 | -31.5% | Oct 15, 2021 |
| Ladenburg Thalmann & Co. | Aydin Huseynov | $89 | $69.78 | -22.8% | Sep 23, 2021 |
Track every rating change on INCY the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIncyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types.…
Historical context
All INCY earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
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Get the INCY recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T10:40:41.634378+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T10:40:41.631455+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.