• Incyte reported its fourth-quarter and full-year 2025 results on 10 February 2026, with revenue rising to US$1.51 billion for the quarter and US$5.14 billion for the year, alongside higher net income and earnings per share.
• At the same time, the company issued cautious 2026 product revenue guidance of US$4.77 billion to US$4.94 billion and faced pressure from higher expenses and concern about its dependence on Jakafi as patent expirations approach.
• We will now examine how Incyte’s strong 2025 revenue growth but cautious 2026 guidance may reshape the company’s investment narrative.

Find 55 companies with promising cash flow potential yet trading below their fair value.

Incyte Investment Narrative Recap

To own Incyte, you need to be comfortable with a company that is still heavily tied to Jakafi while working to broaden its oncology and dermatology portfolio. The strong 2025 revenue and profit figures support that core story, but the cautious 2026 revenue guidance and rising expenses bring the nearer term focus back to margin pressure and how quickly newer products can meaningfully offset the approaching Jakafi patent expirations.

Against that backdrop, the positive CHMP opinion for Zynyz in first line anal cancer looks important, because it highlights another potential revenue stream outside Jakafi at a time when investors are closely watching Incyte’s ability to diversify and convert its late stage pipeline into approved products and future catalysts.

Yet, despite the strong 2025 results, investors should be aware that the real test will come as Jakafi approaches...

Incyte's narrative projects $5.9 billion revenue and $1.5 billion earnings by 2028. This requires 8.9% yearly revenue growth and about a $629 million earnings increase from $870.9 million today.

Uncover how Incyte's forecasts yield a $100.10 fair value, in line with its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were once assuming Incyte could reach about US$6.3 billion in revenue and US$1.7 billion in earnings by 2028, which is a much brighter path than the current consensus. You can use those bullish forecasts, alongside the risk of a smaller pipeline and patent pressure, to weigh how this latest guidance and earnings update might reshape what you believe is realistic.

Explore 3 other fair value estimates on Incyte - why the stock might be worth as much as $100.10!

Build Your Own Incyte Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Incyte research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Incyte research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Incyte's overall financial health at a glance.

No Opportunity In Incyte?

These stocks are moving-our analysis flagged them today. Act fast before the price catches up:

• The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 27 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement.
• This technology could replace computers: discover 23 stocks that are working to make quantum computing a reality.
• AI is about to change healthcare. These 24 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.