Incyte Revenue Rises 14% to $1.557 Billion in Third Quarter of 2026
Key Facts
Incyte said on October 29 that total revenue reached $1.557 billion in the third quarter ended September 30, 2026, up 14% from the same period a year earlier. Net sales were $1.316 billion, up 14% from $1.150 billion a year earlier. Revenue exceeded analysts’ estimate of $1.47 billion, according to Investing.com. But the company’s 2026 net sales guidance range of $5.21 billion to $5.30 billion was below analyst consensus of $5.92 billion. The commercial growth came alongside a GAAP net loss of $784.8 million, compared with net income of $424.2 million in the third quarter of 2025.
The largest sales contribution came from Jakafi and Jakafi XR, which together recorded $827 million, up 4% year over year. Incyte said growth was driven mainly by a 12% increase in demand. Opzelura sales were about $255 million, up 36% from the same period. The company linked the drug’s performance to increased patient demand for treatment of atopic dermatitis and vitiligo, along with improved net pricing. In the first nine months of 2026, net sales rose 25% to $3.909 billion, compared with $3.132 billion in the same period of 2025.
The hematology and oncology portfolio recorded sales of $235 million in the quarter, up 38% from the third quarter of 2025. Incyte attributed the performance to higher demand for Niktimvo, Zynyz and Monjuvi/Minjuvi. Chief Executive Bill Meury said sales growth was strong in the United States and international markets. He added that the growth “builds a solid commercial base beyond Jakafi.” The portfolio’s performance comes as an expanding range of products contributes to sales alongside Jakafi and Opzelura.
Opzelura’s 2026 outlook included a one-time benefit of $246 million related to an agreement with the Centers for Medicare & Medicaid Services on Medicaid rebate rules. Incyte announced the settlement on June 22, 2026, in a dispute over the application of those rules to Opzelura. The company recorded the benefit in Opzelura sales for the nine months ended September 30. The drug’s sales guidance therefore includes a one-time impact alongside commercial sales. Cash and cash equivalents and marketable securities totaled $3.9 billion on September 30, compared with $3.6 billion on December 31, 2025.
Quarterly earnings were affected by a one-time in-process research and development expense of $1.23 billion related to Incyte’s acquisition of Vega Therapeutics. GAAP research and development expenses were about $1.79 billion, up 254% from the same quarter a year earlier. The company also reported a non-GAAP loss per share of $3.60, $0.07 worse than analysts’ estimate of $3.53, according to Investing.com. Quarterly revenue, meanwhile, exceeded the market estimate of $1.47 billion. INCY shares closed at $116.87 on October 28, according to EL7 data.
The company expects data in the fourth quarter of 2026 from two Phase 3 studies: povorcitinib for prurigo nodularis and ruxolitinib cream for hidradenitis suppurativa. It also expects to start a Phase 3 study of its INCA033989 program for myelofibrosis before the end of 2026. A Phase 3 study of the same program for essential thrombocythemia began in mid-2026. For Monjuvi/Minjuvi, Incyte expects a potential U.S. approval and launch in the first quarter of 2027. It said global regulatory applications for the product remain under review.