Incyte Raises Opzelura Forecast to $1.12 Billion After 36% Sales Growth
Key Facts
Incyte raised its 2026 total net sales outlook to a range of $5.21 billion to $5.30 billion, from $5.13 billion to $5.26 billion previously, according to third-quarter results announced by the company. It also raised its Opzelura sales estimate to $1.10–$1.12 billion, compared with a previous range of $1.05 billion to $1.10 billion. The company said the update reflected continued strong performance across its portfolio. The drug recorded net sales of $255 million in the third quarter, up 36% from the same period last year. The figures put Opzelura at the center of the outlook change, with part of its year-over-year growth still tied to an exceptional benefit.
The 2026 Opzelura sales estimate includes a one-time benefit of $246 million, tied to Incyte’s agreement with the Centers for Medicare & Medicaid Services over a dispute involving Medicaid rebate rules. The drug generated sales of $847.6 million in the nine months ended September 30, compared with $471.2 million in the corresponding period of 2025; current-period sales included the agreement amount. The year-over-year comparison therefore combines demand growth with the settlement’s effect and does not reflect recurring sales alone. In the second quarter, sales were $204 million after excluding the benefit, up 24% year over year. For the third quarter, the company attributed growth to increased patient demand in atopic dermatitis and vitiligo, as well as improved net pricing following a product-line extension settlement in the second quarter.
At the company level, total revenue was $1.56 billion and total net sales were $1.32 billion in the third quarter, up 14% each from the corresponding period of 2025. Jakafi was the largest item among the drugs cited, with sales of $827 million, up 4% year over year. Sales from the hematology and oncology portfolio were $235 million, up 38%, with demand growth for Niktimvo, Zynyz and Monjuvi/Minjuvi. The results show that Opzelura’s growth came within a portfolio that posted mixed performance, with increases across several therapeutic areas. Incyte said total net sales and revenue rose at the same rate during the quarter.
By contrast, Incyte posted a U.S. GAAP net loss of $784.8 million for the three months ended September 30, 2026, after net income of $424.2 million a year earlier. Cash, cash equivalents and marketable securities totaled $3.9 billion at the end of September, compared with $3.6 billion on December 31, 2025. The shift to a loss coincided with sales growth, underscoring the difference between operating results and accounting net income for the quarter. The company’s shares closed at $116.87 on October 28, according to EL7 data. In premarket trading on the day results were announced, the stock fell 1.55% to $115.06, according to Investing.com, which reported that revenue exceeded analysts’ estimates while the adjusted per-share loss was slightly wider than expected.
On regulatory developments, Incyte said the European Commission approved Opzelura in July to treat moderate atopic dermatitis in adults for whom usual topical treatments are insufficient or unsuitable. The company expects data from the Phase 3 STOP-PN1 and STOP-PN2 studies of povorcitinib for prurigo nodularis in the fourth quarter of 2026. It is also awaiting data from the two TRuE-HS studies of ruxolitinib cream for hidradenitis suppurativa during the same quarter. In the United States, the company expects to begin a Phase 3 study of povorcitinib for the same condition, with potential approval and launch in the first quarter of 2027. These are the upcoming milestones the company announced as part of its results and outlook update.