Incyte Corporation (NASDAQ:INCY) is one of the best NASDAQ growth stocks to buy for the next 2 years. On February 10, Incyte Corporation reported that the company’s Q4 2025 revenue climbed 28% to $1.51 billion, while full-year sales reached $5.14 billion. The company’s growth was largely propelled by its flagship product, Jakafi, which achieved annual sales of $3.093 billion, and the rapid expansion of Opzelura in the atopic dermatitis and vitiligo markets. The company’s core business, excluding Jakafi, ...

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Teva Pharmaceutical Industries Conference Summary Company Overview - **Company**: Teva Pharmaceutical Industries (NYSE: TEVA) - **Date of Conference**: February 13, 2026 - **Key Speaker**: Dr. Eric Hughes, Chief Medical Officer Core Industry Focus - **Industry**: Pharmaceutical, specifically in immunology and drug development Key Points and Arguments Immunology R&D Efforts - Teva is focusing on validated molecular targets in its immunology R&D, including TSLP/IL-13-directed treatments [1][2][3] - The company has a strong antibody and protein engineering group, enhancing its capabilities in developing biosimilars and innovative drugs [4][5] Targeted Approaches - The company is exploring various combinations of molecular targets to increase the probability of success in drug development [5][6] - Teva is agnostic regarding the source of innovation, whether internal or through business development and collaborations [8][10] IL-15-Directed Antibody (408) - Teva is accelerating its IL-15-directed antibody program, targeting vitiligo and celiac disease with timelines set for 2031 and 2034, respectively [12][13] - The company has secured up to $500 million in R&D funding from Royalty Pharma for the vitiligo program, emphasizing the high costs associated with drug development [19][21] Clinical Development Insights - The phase IIb study for vitiligo will require a safety database of approximately 1,400 patients for FDA approval [22] - The company aims to differentiate its IL-15 treatment from existing therapies by potentially offering a quarterly dosing regimen, contrasting with daily treatments of current options [37][39] Mechanistic Rationale - The mechanism of action for IL-15 in vitiligo involves blocking signals that maintain CD8 positive T-cells, which destroy melanocytes [31][33] - In celiac disease, IL-15 is linked to the proliferation of anti-gut lining cells, and blocking it may prevent damage to the gut lining [45][47] Competitive Landscape - Teva's IL-15 antibody is considered more potent than competitors, with a lower rate of anti-drug antibodies [50] - The company is exploring additional indications for its IL-15 treatment, including atopic dermatitis and alopecia areata [51] Future Developments - Teva plans to submit an IND for the TSLP/IL-13 combination by the end of the year, indicating a proactive approach to advancing its pipeline [85] Additional Important Insights - The company acknowledges the high costs of drug development, with $500 million being a reasonable estimate for a vitiligo program [21] - Safety profiles of new treatments are a significant concern, with IL-15 showing promising tolerability compared to existing JAK inhibitors [44] This summary encapsulates the key discussions and insights from the Teva Pharmaceutical Industries conference, highlighting the company's strategic focus on immunology and its innovative approaches to drug development.

Core Viewpoint - Incyte's stock declined significantly due to lower-than-expected sales guidance for its product Opzelura, overshadowing a revenue beat in the fourth quarter [1] Group 1: Company Performance - Incyte projected Opzelura sales for 2026 to be between $750 million and $790 million, which is below analysts' expectations of $816 million to $819 million [1] - The decline in stock price occurred despite the company reporting a revenue beat for the fourth quarter [1] Group 2: Product Information - Opzelura is a steroid-free cream designed for treating skin conditions [1]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 reached $1.51 billion, a 28% increase year-over-year, while full-year revenues totaled $5.14 billion, up 21% year-over-year [5][30] - Net sales in Q4 were $1.22 billion, representing a 20% increase compared to the prior year, with full-year net sales at $4.35 billion, also up 20% year-over-year [6][30] - GAAP R&D expenses for Q4 were $611 million, a 31% increase from the prior year, with full-year R&D expenses at $2.05 billion [30] - GAAP SG&A expenses for Q4 were $390 million, increasing 19% year-over-year, with full-year SG&A expenses at $1.38 billion, up 11% year-over-year [30] Business Line Data and Key Metrics Changes - Core business sales excluding Jakafi totaled $1.26 billion, a 53% increase versus 2024, with significant contributions from Opzelura, Niktimvo, and Monjuvi [6][10] - Jakafi sales in Q4 were $828 million, a 7% increase year-over-year, with full-year sales at $3.093 billion, an 11% increase [7] - Opzelura's Q4 net sales were $207 million, up 28%, with full-year sales at $678 million, a 33% increase [9] - Hematology and oncology product sales in Q4 were $187 million, up 121% year-over-year, with full-year sales at $583 million, an 83% increase [10] Market Data and Key Metrics Changes - The U.S. market for Opzelura in atopic dermatitis (AD) is growing at nearly 20% year-over-year, while the vitiligo market is growing in the mid-teens [46] - The pediatric launch of Opzelura AD is annualizing around $30 million, indicating strong market uptake [9][46] - The international sales for Opzelura in vitiligo doubled to $130 million in 2025, with expectations for continued growth [9] Company Strategy and Development Direction - The company aims to transition its core business and pipeline, with multiple assets moving from early to late-stage development, targeting MPNs, pancreatic cancer, colorectal cancer, and hidradenitis suppurativa (HS) [4][5] - The company anticipates significant growth in its core business, potentially matching Jakafi's current size by 2030, driven by upcoming product launches [13] - The company is focused on expanding its hematology portfolio and advancing novel therapies in myeloproliferative neoplasms [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting a strong foundation for an inflection point in 2026 and beyond [5] - The company expects total revenues for 2026 to be between $4.77 billion and $4.94 billion, representing a 10%-13% increase from the prior year [32] - Management emphasized the importance of execution in orchestrating product launches and managing multiple phase three trials [35] Other Important Information - The company has submitted regulatory applications for Jakafi XR, Opzelura for moderate AD, and povorcitinib for HS in Europe [5] - The company plans to initiate 14 pivotal trials across seven assets by the end of 2026, reflecting a robust pipeline [14][17] Q&A Session Summary Question: Thoughts on CALR pivotal programs and dosing strategies - Management is discussing dosing strategies with the FDA to address differential potency across CALR mutations and is confident in their approach [39][40] Question: Opzelura uptake and average usage - The AD business is growing at nearly 20% year-over-year, with significant contributions from the pediatric launch and international markets [46][47] Question: Monjuvi's opportunity in front-line DLBCL - Monjuvi is positioned as an addition to R-CHOP, with a focus on a broad patient population, and management is optimistic about its competitive edge [54][55] Question: Opzelura in PN and FDA recommendations - The FDA recommended an additional trial for Opzelura in PN due to mixed results from previous studies, but there is no read-through to HS [62][66] Question: Updates on mCALR bispecific and V617F programs - The mCALR bispecific program is accelerating, and management is optimistic about the V617F program's potential to address a significant patient population [72][75]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues reached $1.51 billion, a 28% increase year-over-year, while full-year revenues totaled $5.14 billion, up 21% from the previous year [4][29] - Net sales for Q4 were $1.22 billion, representing a 20% increase compared to the prior year, with full-year net sales at $4.35 billion, also up 20% year-over-year [5][29] - R&D expenses for Q4 were $611 million, a 31% increase from the prior year, with full-year R&D expenses at $2.05 billion [29][30] - SG&A expenses for Q4 were $390 million, increasing 19% year-over-year, with full-year SG&A expenses at $1.38 billion, up 11% [29][30] Business Line Data and Key Metrics Changes - Core business sales excluding Jakafi totaled $1.26 billion, a 53% increase from 2024, with expectations for over 30% growth in 2026 [5][12] - Jakafi sales in Q4 were $828 million, an increase of 7% year-over-year, with full-year sales at $3.093 billion, representing an 11% increase [6][29] - Opzelura's Q4 net sales were $207 million, up 28%, with full-year sales at $678 million, a 33% increase [9][29] - Hematology and oncology product sales in Q4 were $187 million, up 121% year-over-year, with full-year sales at $583 million, an 83% increase [10][29] Market Data and Key Metrics Changes - The pediatric launch of Opzelura for atopic dermatitis is performing well, with annualized sales around $30 million [9] - International sales for Opzelura in vitiligo doubled to $130 million in 2025 [9] - The hematology and oncology business is expected to generate $800-$880 million in 2026, representing a 40%-50% increase compared to 2025 [12][29] Company Strategy and Development Direction - The company aims to transition its core business and pipeline, with multiple assets moving from early to late-stage development [3][4] - The focus is on expanding the core business, with expectations for product launches in late 2026 and early 2027 [12][14] - The company views business development as a multiplier to strengthen its core, with a focus on strategic fit and potential for durable revenue [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, with a revenue guidance for 2026 set at $4.77 billion-$4.94 billion, a 10%-13% increase from the prior year [31][32] - The company anticipates a significant increase in core business growth, with expectations for Jakafi sales to be between $3.22 billion and $3.27 billion in 2026 [31] - Management emphasized the importance of execution in orchestrating product launches and managing multiple phase three trials [32] Other Important Information - The company has submitted regulatory applications for Jakafi XR, Opzelura, and povorcitinib in Europe [4] - The pipeline has reached a new level of maturity, with 14 pivotal trials expected to be underway by the end of 2026 [15][16] Q&A Session Summary Question: Thoughts on CALR pivotal programs and dosing strategies - Management indicated that they will discuss dosing strategies with the FDA and are confident in their approach [36][39] Question: Opzelura uptake and average usage - Management noted that the AD business is growing at nearly 20% year-over-year, with significant growth expected in the pediatric segment [42][45] Question: Monjuvi's opportunity in front-line DLBCL - Management highlighted that Monjuvi is positioned as an addition to R-CHOP, with a competitive PFS benefit [47][51] Question: Opzelura in PN and FDA recommendations - Management clarified that the FDA recommended an additional trial for Opzelura in PN due to mixed results from previous studies, with no implications for HS [59][62] Question: mCALR bispecific and V617F program - Management expressed confidence in the mCALR bispecific program and the potential of the V617F program to deliver transformative clinical effects [64][68]

Incyte周二公布的年度销售额预期低于华尔街预估，其主要增长动力Opzelura药物预计表现不佳，这加 剧了外界对这家制药商能否抵消其最畅销药物Jakafi即将到来的专利到期影响的担忧。 这家总部位于特拉华州威尔明顿的公司，股价在盘前交易中下跌超过4%。 公司预计Opzelura在2026年实现营收7.5亿至7.9亿美元，低于分析师预估的8.015亿美元。 尽管第四季度表现强劲——Opzelura销售额大涨28%至2.073亿美元，高于预期的1.956亿美元——但公司 仍给出了谨慎展望。 蒙特利尔银行（BMO）分析师Evan Seigerman表示："Opzelura的预期偏弱，意味着2026年仍有不少工作 要做。"投资者正密切关注，在Jakafi专利到期后，这款增长型药物能否填补收入缺口。 Opzelura用于治疗12岁及以上患者的白癜风和特应性皮炎。公司预计今年下半年将获得监管审批结果， 计划2026年底在美国以外市场推出其中重度特应性皮炎适应症。 Jakafi是Incyte用于治疗骨髓纤维化、真性红细胞增多症等血液癌症的旗舰药物，目前仍是公司最畅销产 品。Incyte预计2026年Jakafi销售额为 ...

Incyte forecast annual sales below Wall Street estimates on Tuesday with its key growth driver Opzelura expected to underperform, raising concerns about the drugmaker's ability to offset looming patent losses on top-seller Jakafi. ...

03 R&D Highlights Pablo Cagnoni, MD | Head of R&D Alexis Smith | VP, Investor Relations 04 Financial Results Tom Tray | Principal Financial Officer 06 Q&A Fourth Quarter & Full-Year 2025 Financial & Corporate Update FEBRUARY 10, 2026 Agenda 01 Introduction Bill Meury | Chief Executive Officer 05 Closing Remarks Bill Meury | Chief Executive Officer Steven Stein, MD | EVP, Chief Medical Officer Dave Gardner | EVP, Chief Strategy Officer Mohamed Issa | EVP, Head of US Oncology 02 Opening Remarks Matteo Trotta ...

Core Insights - The fourth-quarter earnings season is ongoing, with major pharmaceutical companies set to announce their results, including AstraZeneca, Incyte, Gilead Sciences, Vertex Pharmaceuticals, and Moderna [1] Industry Overview - Several large pharmaceutical companies such as Johnson & Johnson, Lilly, AbbVie, Biogen, Merck, and Amgen reported better-than-expected fourth-quarter results, surpassing estimates for both earnings and revenues. In contrast, Novartis and Sanofi had mixed results, with earnings exceeding estimates but revenues falling short [2] - As of February 4, 40% of companies in the Medical sector, representing 73.9% of the sector's market capitalization, reported quarterly earnings. Among these, 87.5% exceeded earnings estimates, and 75% surpassed revenue estimates. Year-over-year, earnings increased by 3.3%, while revenues rose by 9.5%. Overall, fourth-quarter earnings for the Medical sector are expected to decline by 1.5%, while sales are projected to increase by 9.1% compared to the previous year [3] Company-Specific Insights AstraZeneca - AstraZeneca's performance has been mixed, with earnings beating estimates in two of the last four quarters, meeting once, and missing once, resulting in an average surprise of 3.81%. The consensus estimate for fourth-quarter sales is $15.78 billion, with earnings expected at $2.18 per share [5] - Key medicines, particularly cancer drugs and diabetes medicine, are expected to drive fourth-quarter sales, supported by strong demand trends [7] - AstraZeneca is scheduled to report its fourth-quarter and full-year 2025 results on February 10 [8] Incyte - Incyte has a mixed history of earnings surprises, beating estimates in three of the last four quarters, with an average surprise of 14.35%. The consensus estimate for fourth-quarter sales is $1.35 billion, with earnings expected at $1.94 per share [9] - Strong sales of Jakafi and expected growth in Opzelura sales are likely to contribute to revenue growth in the fourth quarter [11][12] - Incyte is also set to report its fourth-quarter and full-year 2025 earnings on February 10 [12] Gilead Sciences - Gilead Sciences has a mixed earnings surprise history, beating estimates in three of the last four quarters, with an average surprise of 7.80%. The consensus estimate for fourth-quarter sales is $7.57 billion, with earnings expected at $1.83 per share [13] - Increased sales from Biktarvy and Descovy, along with growth in the Liver Disease portfolio, are anticipated to drive top-line growth [14] - Gilead is scheduled to report its fourth-quarter and full-year 2025 results on February 10 [15] Vertex Pharmaceuticals - Vertex has a mixed earnings surprise history, beating estimates in two of the last four quarters, with an average surprise of 2.01%. The consensus estimate for fourth-quarter sales is $3.17 billion, with earnings expected at $5.07 per share [16] - Revenue growth is likely to be driven by higher sales of its cystic fibrosis medicine, Trikafta, and contributions from newer drugs [18] - Vertex is set to report its fourth-quarter and full-year 2025 results on February 12 [19] Moderna - Moderna has a strong earnings surprise history, beating estimates in all of the last four quarters, with an average surprise of 31.45%. The consensus estimate for fourth-quarter sales is $661.4 million, with expected earnings showing a loss of $2.60 per share [20] - Revenue is expected to be primarily driven by sales of COVID-19 vaccines, although demand has declined recently [22] - Moderna is scheduled to report its fourth-quarter and full-year 2025 earnings on February 13 [23]