Incyte Revenue Rises 14% to $1.56 Billion as Company Raises 2026 Sales Outlook
Key Facts
Incyte reported a 14% increase in third-quarter 2026 total revenue to $1.56 billion, alongside a 14% rise in net product revenues to $1.32 billion, and raised its full-year net product revenue outlook. The company said in its results statement that revenue growth came mainly from higher net revenues from marketed products, while demand across those products also increased. The quarter’s figures show a broader range of growth drivers, with sales of Opzelura and the hematology and oncology portfolio rising faster than Jakafi sales. But results also included a GAAP net loss, after research and development expenses surged due to a one-time item tied to the acquisition of Vega Therapeutics. This set commercial growth against a wider accounting loss for the period.
Sales of Jakafi and Jakafi XR were about $827 million, up 4% from the year-earlier period. Incyte attributed the increase mainly to a 12% rise in underlying demand, with demand growing across all indications. Jakafi therefore remained the largest of the products cited in the company’s results, but its growth was slower than the increases in some other categories. Opzelura sales rose 36% to $255 million during the quarter. The company said the increase was tied to patient demand for the treatments for atopic dermatitis and vitiligo, along with improved net pricing after a product-line extension settlement in the second quarter.
The hematology and oncology portfolio recorded sales of $235 million, up 38% year over year. The company linked the growth to increased demand for Niktimvo, Zynyz and Monjuvi/Minjuvi. The performance broadens the sales base supporting Incyte alongside Jakafi, as Opzelura sales also accelerated. Chief Executive Bill Meury said net product revenue growth was strong in the United States and international markets, adding that it "established a sustainable core business beyond Jakafi." GAAP selling, general and administrative expenses also rose to $364.3 million, up 11% from the year-earlier period, while non-GAAP expenses were about $339.1 million, up 10%.
On profitability, Incyte posted a GAAP net loss of $784.803 million in the third quarter of 2026, compared with net income of $424.169 million in the third quarter of 2025. GAAP diluted loss per share was $3.86. GAAP research and development expenses rose 254% to $1.79 billion. The company said the increase was primarily due to a one-time $1.23 billion in-process research and development expense related to the acquisition of Vega Therapeutics. This item was the main driver of the jump in research and development expenses, while higher product sales did not mean their revenue offset the acquisition expense in the accounts. The company left its full-year range for other operating expenses unchanged.
Incyte raised its 2026 total net product revenue outlook to $5.210–$5.300 billion, from its previous forecast of $5.130–$5.260 billion. The revision included raising the expected range for Opzelura sales to $1.100–$1.120 billion and for the hematology and oncology portfolio to $890–$910 million. In contrast, the company kept its annual Jakafi sales range at $3.220–$3.270 billion and reaffirmed its GAAP total operating expense range for research and development, selling and administration at $4.915–$4.995 billion. The Opzelura sales range includes a one-time benefit of $246 million tied to an agreement with the Centers for Medicare & Medicaid Services to settle a dispute over the application of Medicaid rebate rules. Cash, cash equivalents and marketable securities totaled $3.9 billion on September 30, 2026, compared with $3.6 billion on December 31, 2025.
As for the stock’s performance, Incyte shares closed at $116.87 on October 28, 2026, according to EL7 data. A report bearing Reuters copyright said the stock was down 2.22% over the three months through October 29, but up 26.22% over 12 months. The same report said quarterly revenue exceeded analysts’ average estimate of $1.47 billion, while adjusted loss per share of $3.60 was worse than the $3.53 estimate. The report also put analysts’ average 2026 revenue estimate at $5.92 billion, above the company’s updated range of $5.21–$5.30 billion. The company expects phase 3 data by the end of 2026 for povorcitinib for prurigo nodularis and ruxolitinib cream for hidradenitis suppurativa.