Incyte earns most of its revenue from Jakafi, a pill whose patents expire in 2028 and face challenges from generic drugmakers. Its cream Opzelura and its newer medicines must grow large enough to replace it in time.
Behind every prescription cream or pill lie years of work proving that it is safe and effective. Incyte does that work and then sells the results, mostly in the United States. Its anchor is Jakafi, a pill. Its second pillar is Opzelura, a cream that treats vitiligo, a condition that takes the color from patches of skin, and atopic dermatitis, a common form of eczema. For a period, nobody else may copy an approved medicine. That protection is what makes it profitable.
Most of the revenue comes from selling Incyte's own medicines. Partners such as Novartis and Lilly also pay it royalties, a share of their sales of certain drugs. Approval is the expensive part: long trials, then review by the FDA, the US drug regulator. , the share of revenue left after the cost of sales, was 93% in 2025, so making the medicines barely affects profit. What remains depends mainly on spending on research and selling. Research, the cost that swings most, took $2.1 billion in 2025.
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