Earnings

Incyte Raises 2026 Sales Outlook After Core Growth

The Tip Desk · October 30, 2026 · 3 min read

Third-quarter total revenue was $1.56 billion, up 14% from a year earlier, as the company lifted full-year net sales guidance to $5.21 billion–$5.30 billion.

Incyte (INCY) reported third-quarter 2026 total revenue of $1.56 billion, up 14% from a year earlier, and raised its full-year 2026 net sales outlook after growth in Opzelura and its hematology and oncology portfolio.

Total net sales were $1.32 billion, also up 14% versus the third quarter of 2025. The company said the increase was driven by demand across marketed products. A year-earlier comparison in the second quarter had been 40% after a one-time $246 million Opzelura CMS benefit; third-quarter growth did not include that item.

Jakafi/Jakafi XR net sales were $827 million, up 4% versus the third quarter of 2025. The company said paid demand rose 12% and growth spanned all indications, with inventory within normal range. Opzelura net sales were $255 million, up 36%. Incyte attributed the increase to higher patient demand in atopic dermatitis and vitiligo and to improved net pricing from the Opzelura line-extension settlement in the second quarter. Hematology and oncology net sales were $235 million, up 38%, which the company tied to demand for Niktimvo, Zynyz and Monjuvi/Minjuvi.

GAAP operating income swung to a $708.4 million loss from $443.5 million of income a year earlier. GAAP net loss was $784.8 million, or $3.86 a share, versus net income of $424.2 million, or $2.17 a share. The company said the operating-income decline was driven primarily by a one-time $1.23 billion in-process research and development expense related to the July acquisition of Vega Therapeutics. Excluding that expense, GAAP operating income increased 18%, which Incyte attributed primarily to growth in total revenue.

GAAP research and development expenses were $1.79 billion, up 254% from the year-ago quarter, primarily from the Vega IPR&D charge. Excluding that expense, GAAP R&D increased 11%, which the company said reflected late-stage development. GAAP selling, general and administrative expenses were $364.3 million, up 11%, primarily due to pre-launch activities. Cost of sales was $108.7 million, or 8% of total net sales.

Cash, cash equivalents and marketable securities were $3.9 billion as of September 30, 2026, compared with $4.5 billion as of June 30, 2026. Incyte acquired Vega for $1.25 billion; Star Therapeutics is eligible for up to $750 million in additional sales-milestone payments. The deal added latarcibart, a Phase 3 antibody for von Willebrand disease.

Incyte raised 2026 full-year guidance for Opzelura net sales to $1,100 million–$1,120 million from $1,050 million–$1,100 million, for hematology and oncology to $890 million–$910 million from $860 million–$890 million, and for total net sales to $5,210 million–$5,300 million from $5,130 million–$5,260 million. Jakafi guidance was unchanged at $3,220 million–$3,270 million. The company said it is reaffirming guidance for all other categories.

The Opzelura range includes a one-time $246 million benefit from the CMS Medicaid-rebate settlement. Full-year GAAP R&D and SG&A operating-expense guidance was unchanged at $4,915 million–$4,995 million and includes the Vega IPR&D expense.

Chief Executive Officer Bill Meury said net sales growth was strong in both the U.S. and internationally, creating a durable core business beyond Jakafi. The company said a Phase 3 study of INCA033989 in CALR-mutated myelofibrosis is expected to initiate by year-end 2026 after positive End-of-Phase 2 FDA interactions, and that a registrational Phase 3 in essential thrombocythemia was initiated in mid-2026. Phase 3 topline data for ruxolitinib cream in hidradenitis suppurativa and for povorcitinib in prurigo nodularis are expected in the fourth quarter of 2026. Incyte anticipates a potential U.S. approval and launch of Monjuvi/Minjuvi in newly diagnosed diffuse large B-cell lymphoma in the first quarter of 2027.

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