Filing Flows › Incyte (INCY) › Q2 2025
Incyte (INCY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Incyte (INCY) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +15% from the quarter before. Operating margin was 43.6%, net earnings $405M (33.3% of revenue).
Incyte, Q2 2025: revenue $1.2B (+16% year over year), operating margin 43.6%, net earnings $405M, operating cash flow $44.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +15% | +16% |
| Operating profit | $530M | +158% | — |
| Net earnings | $405M | +156% | — |
| Operating cash flow | $44.7M | -83% | — |
| Free cash flow | $25.7M | -90% | — |
What changed
Revenue was $1.2B in Q2 2025, up 16% year over year and up 15% from the previous quarter. JAKAFI was the largest line at 63% of revenue. JAKAFI added $0.06B year over year (up 8%), 34% of the total change.
Operating profit was $0.53B, a 43.6% margin (up 89.4 points year over year). Total costs fell 55% while revenue rose 16%. Net earnings were $0.40B. The effective tax rate was 27.4%.
Operating cash flow was $0.04B, 11% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.45B. Capital expenditures of $0.02B left free cash flow of $0.03B.
Questions
What was Incyte's revenue in the second quarter 2025?
Incyte (INCY) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +16% from a year earlier and +15% from the quarter before.
Was Incyte profitable in the second quarter 2025?
Operating profit was $530M (43.6% of revenue) and net earnings $405M.
Source: Incyte 10-Q on SEC EDGAR.