Incyte raises 2026 sales guidance to $5.3 billion as quarterly revenue grows 14%
Key Facts
Incyte raised its 2026 net sales guidance range to $5.210–$5.300 billion from a previous range of $5.130–$5.260 billion after reporting revenue of $1.56 billion in the third quarter, up 14% from the same period in 2025. The company said in its results statement that net sales were $1.32 billion, up 14% year over year on higher demand across its marketed products. According to Investing.com, revenue exceeded the analyst consensus of $1.47 billion. Meanwhile, non-GAAP diluted EPS was a loss of $3.60, compared with an estimated loss of $3.53, missing by $0.07. The results pair broad commercial growth with a significant accounting impact tied to the company's acquisition of Vega Therapeutics.
Jakafi and Jakafi XR were the largest components of sales, with net sales of $827 million, up 4% from the same period. Incyte attributed the growth mainly to a 12% increase in demand. Opzelura recorded sales of $255 million, up 36% year over year. The company said growth came from greater patient demand for its atopic dermatitis and vitiligo treatments, along with improved net pricing following settlement of a product-line extension in the second quarter. The figures show a contrast between relatively modest growth for Jakafi and faster gains for Opzelura during the quarter.
Sales from the hematology and oncology portfolio rose 38% to $235 million compared with the third quarter of 2025. Incyte said higher demand for Niktimvo, Zynyz and Monjuvi/Minjuvi supported the performance. The company raised its 2026 Opzelura sales guidance to $1.100–$1.120 billion and lifted its hematology and oncology portfolio guidance to $890–$910 million. The overall guidance increase included a new net sales range of $5.210–$5.300 billion. Chief Executive Bill Meury said sales growth was strong in the United States and international markets, and that the core drug portfolio was building a sustainable business beyond Jakafi.
On expenses, GAAP research and development costs were about $1.79 billion, up 254% from the same period. Incyte said the increase was primarily due to a one-time $1.23 billion charge for in-process research and development related to the Vega Therapeutics acquisition. Non-GAAP research and development costs were $1.75 billion, up 274% year over year, according to the company's statement. This exceptional item explains a major part of the quarterly GAAP loss as sales continued to grow. On August 31, the company had said it did not expect an agreement with CMS on Jakafi and Jakafi XR prices for Medicaid programs to affect its 2026 financial guidance or have a material impact on its future outlook.
Incyte's 2026 Opzelura sales guidance includes a one-time benefit of $246 million tied to the company's agreement with CMS to settle a dispute over the application of Medicaid discount rules. Incyte announced the agreement on August 31, 2026, regarding Jakafi and Jakafi XR prices for Medicaid programs, saying at the time that it would not affect that year's financial guidance. On October 28, the company's stock, INCY, closed at $116.87, the trading day before the results announcement. The available data did not include a subsequent share price after the announcement. The company is scheduled to host its third-quarter results conference on October 29, 2026, at 8:00 a.m. Eastern Time.
Incyte expects Phase 3 data for povorcitinib for prurigo nodularis and ruxolitinib cream for hidradenitis suppurativa by the end of 2026. The company also said it expects to start a Phase 3 study of INCA033989 for myelofibrosis by year-end. These clinical milestones set near-term dates for tracking the progress of its research programs. The expected data include results from two Phase 3 trials, while the third program involves the start of a study at the same phase. The company did not provide results from those studies or more specific timing than by year-end in the information presented here.