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The Top 5 Analyst Questions From Incyte’s Q2 Earnings Call

INCY Cover Image

Incyte’s second quarter was marked by broad-based strength across its commercial portfolio, reflected in a significant positive market reaction. Management attributed the strong results to robust demand for Jakafi and Opzelura, as well as the rapid adoption of newly launched Niktimvo in bone marrow transplant centers. CEO William Meury highlighted, “Opzelura is showing strong broad-based growth today across AD and Vitiligo,” and noted Niktimvo’s swift penetration, capturing about 10% of its target market within months. The quarter also benefited from a contract dispute settlement, which lowered royalties and improved margins.

Is now the time to buy INCY? Find out in our full research report (it’s free).

Incyte (INCY) Q2 CY2025 Highlights:

  • Revenue: $1.22 billion vs analyst estimates of $1.15 billion (16.5% year-on-year growth, 5.5% beat)
  • Adjusted EPS: $1.57 vs analyst estimates of $1.47 (6.5% beat)
  • Adjusted EBITDA: $553.2 million vs analyst estimates of $338.3 million (45.5% margin, 63.5% beat)
  • Operating Margin: 43.6%, up from -45.8% in the same quarter last year
  • Market Capitalization: $15.94 billion

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Incyte’s Q2 Earnings Call

  • Jay Olson (Oppenheimer) asked about prioritization across oncology, hematology, and immunology. CEO William Meury stated MPNs are the top priority, with the company’s expertise creating “an asymmetrical advantage” in that space.
  • Tazeen Ahmad (Bank of America) inquired about expectations for INCA033989’s monotherapy activity in myelofibrosis. Chief Medical Officer Pablo Cagnoni emphasized that single-agent activity is required and expected, given the mechanism of action.
  • Salveen Richter (Goldman Sachs) questioned the competitive positioning of povorcitinib in HS versus existing therapies. Meury responded that its impact on pain and flare control, along with rapid onset of clearance, differentiates povorcitinib as a systemic option.
  • Salim Syed (Mizuho Securities) focused on the drivers of Niktimvo’s strong launch and inventory dynamics. Chief Commercial Officer Mohamed Issa clarified demand, not inventory, was the primary growth factor, with less than 5% of sales attributed to inventory changes.
  • Jessica Fye (JPMorgan) asked about balancing investment in the pipeline versus external business development. Meury explained there is no fixed ratio, emphasizing data-driven capital allocation and the need to set a new high watermark for the company by 2029.

Catalysts in Upcoming Quarters

Over the coming quarters, StockStory’s analysts will closely track (1) progress in pivotal trial readouts for INCA033989 and povorcitinib, (2) continued adoption and market share gains for Niktimvo and Opzelura in new indications and geographies, and (3) updates on cost management initiatives following the royalty settlement. Additionally, any business development announcements or early-stage pipeline advancements could serve as important indicators of sustained growth potential.

Incyte currently trades at $81, up from $70.19 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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