Incyte Corp (NASDAQ: INCY) is a biopharmaceutical company that discovers, develops, and commercializes medicines primarily in oncology and hematology. Revenue comes from net product sales of its approved drugs and from collaboration-related income including royalties and milestones paid by partners. Its lead product, JAKAFI (ruxolitinib), holds FDA approvals for myelofibrosis (granted November 2011), polycythemia vera (granted December 2014), steroid-refractory acute GVHD (granted May 2019), and chronic GVHD (granted September 2021). Additional commercialized products include MONJUVI/MINJUVI (tafasitamab), approved for relapsed or refractory diffuse large B-cell lymphoma and, as of June 2025, follicular lymphoma; PEMAZYRE (pemigatinib), approved for FGFR2-fusion cholangiocarcinoma; and ZYNYZ (retifanlimab-dlwr). The company operates globally, with European commercialization rights for tafasitamab secured through a purchase agreement with MorphoSys in February 2024. Incyte conducts its own drug discovery and maintains collaboration agreements that generate royalty and milestone income alongside direct product sales.

Revenue model

Product sales from JAKAFI, MONJUVI/MINJUVI, PEMAZYRE, and ZYNYZ, supplemented by royalties and milestone payments received under collaboration and license agreements with third parties.

Products and services

JAKAFI (ruxolitinib): JAK inhibitor approved for myelofibrosis, polycythemia vera, acute GVHD, and chronic GVHD. MONJUVI/MINJUVI (tafasitamab): anti-CD19 antibody approved for relapsed/refractory DLBCL (FDA July 2020, EC August 2021) and follicular lymphoma (FDA June 2025, EC December 2025). PEMAZYRE (pemigatinib): FGFR inhibitor approved for FGFR2-fusion cholangiocarcinoma (FDA April 2020). ZYNYZ (retifanlimab-dlwr): approved oncology product. Pipeline includes INCA033989, a mutCALR-targeting candidate in Phase 1 for essential thrombocythemia and myelofibrosis, with FDA Breakthrough Therapy designation granted December 2025.

Customers and end markets

Patients with rare hematologic malignancies and oncology indications including myelofibrosis, polycythemia vera, graft-versus-host disease, diffuse large B-cell lymphoma, follicular lymphoma, and cholangiocarcinoma. End-market demand is driven by specialty oncology and hematology prescribing, hospital and clinic administration, and reimbursement by government and private payers including Medicare and Medicaid.

Value-chain role

Drug discoverer, developer, and commercial-stage manufacturer and marketer. Uses third-party manufacturers for production. Enters collaboration agreements to co-develop and co-commercialize assets, and in-licenses drug candidates and technology from external parties.

Geographic exposure

United States and international markets. European commercial presence established for MINJUVI (tafasitamab) following European Commission approvals. International operations subject to currency translation effects as disclosed in FY2025 10-K filed February 10, 2026.

Source: SEC 10-K, filed 2026-02-10

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