Core Insights - Incyte Corporation reported third-quarter revenue of $1.37 billion, exceeding the consensus estimate of $1.26 billion, with a year-over-year increase of 20% driven by net product revenues [1] - Adjusted earnings per share rose to $2.26, significantly up from $1.07 a year ago, surpassing the consensus estimate of $1.66 [2] Revenue Breakdown - Total net product revenue reached $1.15 billion, marking a 19% increase, primarily due to strong demand for Jakafi and the initial launch of Niktimvo [1] - Jakafi's net product revenue increased by 7% to $791 million, while Opzelura's revenue rose by 35% to $188 million, and Minjuvi/Monjuvi's revenue jumped by 34% to $41.99 million [4] - Niktimvo's net product revenue increased by 27% to $46 million, driven by strong uptake following its launch [5] Guidance and Future Outlook - The company raised its fiscal 2025 net product revenue guidance to between $4.23 billion and $4.32 billion, driven by higher demand for Jakafi and other oncology products [6] - Jakafi's net product revenue guidance was increased from $3 billion to a range of $3.05 billion to $3.08 billion, while other oncology net product revenues are expected to be between $550 million and $575 million [6] - Opzelura's sales guidance remains unchanged at $630 million to $670 million [7] Strategic Focus - The company is prioritizing its pipeline, focusing on high-value programs that address unmet medical needs, and has paused development on certain programs due to safety concerns [3][4] - Analyst commentary indicates that while Jakafi's growth supports cash flow, concerns remain regarding its loss of exclusivity in 2028 and recent clinical setbacks affecting new product growth [7] Stock Performance - Incyte shares were down 0.42% at $92.69, trading near its 52-week high of $93.17 [8]