Incyte is a biopharmaceutical company that discovers, develops, and sells drugs for blood cancers, solid tumors, and immune-mediated skin conditions. Incyte's core revenue driver is Jakafi (ruxolitinib), an oral JAK1/JAK2 inhibitor approved in the U.S. for myelofibrosis, polycythemia vera, and graft-versus-host disease — rare blood cancers and a serious immune complication after bone marrow transplantation. Jakafi generated roughly $3.1B in net product sales in FY25. Incyte's second-largest product is Opzelura (ruxolitinib cream), a topical formulation approved for atopic dermatitis and vitiligo, generating ~$678M in FY25. Beyond these two products, Incyte has a growing hematology/oncology portfolio including Niktimvo (chronic GVHD), Monjuvi (DLBCL and follicular lymphoma), Zynyz (a PD-1 inhibitor for Merkel cell carcinoma and anal cancer), Pemazyre (cholangiocarcinoma), and Iclusig (CML in Europe). Incyte also earns royalties from Novartis on ex-U.S. ruxolitinib sales and from Eli Lilly on baricitinib, a JAK inhibitor licensed for autoimmune diseases. Incyte sells primarily through specialty pharmacies and distributors, marketing to hematologists, oncologists, and dermatologists. The central strategic challenge is replacing Jakafi revenue ahead of its 2028-2029 U.S. patent expiry, with management targeting $3-4B in non-Jakafi revenue by 2030 through new product launches and a pipeline spanning MPN-targeted therapies, dermatology, and solid tumor oncology.