Total revenue of $1.56 billion and total net sales of $1.32 billion in the third quarter of 2026, each an increase of 14% compared to the third quarter of 2025
Jakafi
®
/Jakafi XR
™
(ruxolitinib) net sales of $827 million, an increase of 4% compared to the same period in 2025
Continued growth in core business (ex-Jakafi), with Opzelura
®
(ruxolitinib) cream net sales of $255 million and Hematology and Oncology net sales of $235 million, an increase of 36% and 38%, respectively, versus the prior year period
Raising 2026 full year financial guidance for Opzelura net sales, Hematology and Oncology net sales and total net sales
Phase 1 data for INCB161734 and INCA033890 support an expanding GI Oncology development strategy, including multiple ongoing and planned registrational studies in 2027
Advancing multiple registrational programs in Hematology with Phase 3 studies underway or planned for INCA033989 in essential thrombocythemia (ET) and myelofibrosis (MF), and latarcibart in von Willebrand disease (VWD)
Phase 3 data expected by year-end for povorcitinib in prurigo nodularis (PN) and ruxolitinib cream in hidradenitis suppurativa (HS)
Conference Call and Webcast Scheduled Today at 8:00 a.m. ET
WILMINGTON, Del.--(BUSINESS WIRE)--
$INCY
--Incyte (Nasdaq:INCY) today reported financial results for the third quarter of 2026 and provided a business update.
“Our third quarter was marked by strong commercial performance, meaningful pipeline progress and important regulatory achievements,” said Bill Meury, Chief Executive Officer, Incyte. “Net sales growth was strong in both the U.S. and internationally, creating a durable core business beyond Jakafi. At the same time, we are advancing a pipeline led by a CALR-targeted monoclonal antibody for myeloproliferative neoplasms, a novel Protein S modulator for von Willebrand disease, a KRAS G12D inhibitor for pancreatic and colorectal cancers and a TGFβR2×PD-1 bispecific antibody for colorectal cancer. Each represents a significant opportunity for Incyte, and together they give us multiple paths to growth beyond 2029. With important clinical, regulatory and commercial catalysts ahead, we are well positioned to create long-term value for patients and shareholders.”
Third Quarter 2026 Results
Total revenue:
Total revenue was $1.56 billion, an increase of 14% compared to the third quarter of 2025, primarily driven by an increase in total net sales across marketed products.
Total net sales:
Total net sales were $1.32 billion, an increase of 14% compared to the third quarter of 2025, driven by increased demand across marketed products.
Jakafi
®
/Jakafi XR
™
(ruxolitinib) net sales of $827 million, an increase of 4% compared to the same period in 2025.
Opzelura
®
(ruxolitinib) cream net sales of $255 million, an increase of 36% versus the prior year period.
Hematology and Oncology portfolio net sales of $235 million, an increase of 38% compared to the third quarter of 2025.
Cost of sales:
GAAP and non-GAAP cost of sales were $108.7 million and $102.2 million, respectively, representing 8% of total net sales.
Research and development (R&D) expenses:
GAAP and non-GAAP R&D expenses were $1.79 billion
and $1.75 billion, an increase of 254% and 274%, respectively, compared to the prior year period, primarily driven by a one-time $1.23 billion IPR&D expense related to the acquisition of Vega Therapeutics. Excluding the Vega IPR&D expense, GAAP research and development expenses increased 11% as compared to the same period in 2025 primarily driven by late-stage development efforts.
Selling, general and administrative (SG&A) expenses:
GAAP and non-GAAP SG&A expenses
were $364.3 million and $339.1 million, an increase of 11% and 10%, respectively, compared to the prior year period.
Cash, cash equivalents and marketable securities position:
As of September 30, 2026 and December 31, 2025, cash, cash equivalents and marketable securities totaled $3.9 billion and $3.6 billion, respectively.
2026 Financial Guidance
Incyte is raising its full year 2026 net sales guidance for Opzelura to $1,100 - $1,120 million, Hematology and Oncology to $890 - $910 million and total net sales to $5,210 - $5,300 million to reflect continued strong performance across the portfolio. Incyte is reaffirming its full year 2026 guidance for all other categories.
Incyte’s guidance for the fiscal year 2026 is summarized below.
Current
Previous
Total net sales
$5,210 - $5,300 million
$5,130 - $5,260 million
Jakafi net sales
(1)
Unchanged
$3,220 - $3,270 million
Opzelura net sales
(2)
$1,100 - $1,120 million
$1,050 - $1,100 million
Hematology and Oncology net sales
(3)
$890 - $910 million
$860 - $890 million
Total GAAP R&D and SG&A operating expenses
(4)
Unchanged
$4,915 - $4,995 million
Total Non-GAAP R&D and SG&A operating expenses
(4,5)
Unchanged
$4,625 - $4,695 million
1
Includes Jakafi and Jakafi XR
™
(ruxolitinib) net sales.
2
Includes a one-time $246 million benefit related to our agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to Opzelura.
3
Includes
Pemazyre
®
(pemigatinib)
in the U.S., Canada, Europe, Japan, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America (LatAm); Niktimvo
™
(axatilimab-csfr) and Monjuvi
®
(tafasitamab-cxix) in the U.S.; Zynyz
®
(retifanlimab-dlwr) in the U.S., Europe and Japan; Iclusig
®
(ponatinib) in Europe and MEA; and Minjuvi
®
(tafasitamab) in Canada, Europe, Japan, APAC, MEA and LatAm.
4
Includes upfront cost related to the acquisition of Vega Therapeutics, which was recognized as a $1.23 billion IPR&D expense in the third quarter of 2026.
5
Adjusted to exclude the estimated cost of stock-based compensation.
Key Business Updates
Hematology
INCA033989 (mutCALR)
A Phase 3 study (EXCALIBUR-MF2) is expected to initiate by year end 2026, following positive End-of-Phase 2 interactions with the U.S. Food and Drug Administration (FDA) in the third quarter. The trial will evaluate INCA033989 versus best available therapy (BAT) in patients with CALR-mutated myelofibrosis (MF) who were previously treated with a JAK inhibitor.
The registrational Phase 3 study (EXCALIBUR-ET2), evaluating INCA033989 in mutCALR positive patients with essential thrombocythemia (ET) who are resistant or intolerant to at least one prior cytoreductive therapy was initiated in mid-2026.
Data from the Phase 1 cohort evaluating INCA033989 as a monotherapy and in combination with ruxolitinib in treatment naïve patients with MF are anticipated in the fourth quarter of 2026.
Latarcibart (formerly VGA039)
The Phase 3 study (VIVID-6) evaluating once-monthly subcutaneous (SC) administration of latarcibart as bleeding prophylaxis in patients with all types of von Willebrand disease (VWD) is ongoing. Topline data from the VIVID-6 study are anticipated in early 2029.
Monjuvi/Minjuvi
Global regulatory submissions for Monjuvi/Minjuvi as a treatment for patients with newly diagnosed diffuse large B-cell lymphoma (DLBCL) are under regulatory review. The Company anticipates a potential approval and launch in the U.S. in the first quarter of 2027.
Niktimvo
Results from the Phase 2 trial evaluating axatilimab in combination with ruxolitinib in patients with newly diagnosed chronic GVHD are expected to be presented at a medical meeting in the first quarter of 2027.
Oncology
INCB161734 (KRAS G12D)
Data from the ongoing Phase 1 trial
presented at the 2026 European Society for Medical Oncology (ESMO) Congress demonstrated high response rates and early evidence of durable clinical benefit with INCB161734 in combination with standard-of-care chemotherapy (mFOLFIRINOX or GEMNabP) as a first-line treatment in patients with metastatic pancreatic ductal adenocarcinoma (PDAC), further supporting its potential as a first-line treatment option.
A Phase 3 study (DAWN-303) evaluating INCB161734 in combination with standard-of-care chemotherapy versus chemotherapy alone as a first-line treatment in patients with metastatic PDAC is ongoing, with topline data anticipated in 2028.
A Phase 3 study evaluating INCB161734 as adjuvant therapy following surgical resection in patients with PDAC is expected to initiate in 2027.
Data from the ongoing Phase 1 trial
presented at ESMO demonstrated notable antitumor activity with INCB161734, both as monotherapy and in combination with cetuximab, in heavily pretreated metastatic colorectal cancer (CRC) patients, supporting further development in this patient population.
A Phase 3 study (DAWN-302) evaluating INCB161734 in combination with cetuximab in patients with previously treated CRC is expected to initiate in the first half of 2027.
INCA33890 (TGFβR2xPD-1)
†
Data from the ongoing Phase 1 trial
presented at the 2026 ESMO Congress demonstrated encouraging clinical activity and a manageable safety pro INCA33890 in combination with standard-of-care (SoC) chemotherapy and bevacizumab in first-line microsatellite-stable colorectal cancer (MSS CRC), supporting the ongoing Phase 3 study (NEXERA-303) and expansion of the program into earlier-stage disease.
The Phase 3 study (NEXERA-303) evaluating INCA33890 in combination with SoC chemotherapy and bevacizumab as a first-line treatment in patients with MSS CRC is ongoing, with topline data anticipated in 2029.
In October, a Phase 2 study (NEXERA-204) evaluating INCA33890 for the treatment of patients with circulating tumor DNA-positive stage II/III MSS CRC after curative resection and chemotherapy, was initiated.
INCB123667 (CDK2)
As part of a strategic shift in focus toward the first-line maintenance ovarian cancer setting, enrollment in the Phase 3 study (MAESTRA-2) evaluating INCB123667 in patients with platinum-resistant ovarian cancer (PROC) was discontinued.
A Phase 3 study (MAESTRA-3) evaluating INCB123667 in combination with bevacizumab
as first-line maintenance therapy in patients with ovarian cancer is expected to initiate in the fourth quarter of 2026.
Preliminary efficacy data from the ongoing Phase 1 trial evaluating INCB123667 in combination with bevacizumab in patients with recurrent epithelial ovarian cancer (rEOC) were presented as a rapid oral presentation at the 2026 ESMO Congress.
Inflammation and Autoimmunity (IAI)
Opzelura
In July, the European Commission (EC) approved Opzelura for the treatment of moderate atopic dermatitis (AD) in adult patients for whom topical corticosteroids (TCSs) and topical calcineurin inhibitors (TCIs) are inadequate or inappropriate. Opzelura is the first steroid-free topical JAK inhibitor approved in the European Union (EU) for adults with moderate AD. This approval represents Opzelura’s second approved indication in the EU.
Topline results from the Phase 3 studies (TRuE-HS1 and TRuE-HS2) evaluating ruxolitinib cream in patients with mild to moderate hidradenitis suppurativa (HS) are anticipated in the fourth quarter of 2026.
Povorcitinib
In September, the Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion recommending the approval of povorcitinib (Povofortay
®
) for the treatment of active moderate to severe HS in adults who have responded inadequately to, or who are intolerant or contraindicated to, an anti-TNF therapy. A regulatory decision from the EC is anticipated in the fourth quarter of 2026.
The New Drug Application (NDA) for povorcitinib as a treatment for patients with moderate to severe HS is under regulatory review and the Company anticipates a potential U.S. approval and launch in the first quarter of 2027.
Data from the Phase 3 studies (STOP-PN1 and STOP-PN2) evaluating povorcitinib in patients with moderate to severe prurigo nodularis (PN) are anticipated in the fourth quarter of 2026.
Topline data from the Phase 2 proof-of-concept trial for povorcitinib in patients with asthma are anticipated by year-end 2026.
Corporate Updates
In July, the Company completed its
acquisition of Vega Therapeutics, Inc
., a wholly owned subsidiary of Star Therapeutics, LLC. The acquisition added latarcibart, a novel investigational monoclonal antibody in Phase 3 development for patients with VWD, to Incyte’s late-stage pipeline. Under the terms of the parties’ stock purchase agreement, Incyte acquired all outstanding shares of Vega Therapeutics for $1.25 billion. Star Therapeutics will be eligible to receive up to $750 million in additional payments upon the achievement of sales milestones.
In August, the Company entered into an agreement with the U.S. Centers for Medicare & Medicaid Services (CMS) intended to improve access to medicines for American patients while supporting continued U.S. biopharmaceutical innovation. Under the agreement, the Company will enable state Medicaid programs to access Jakafi and Jakafi XR at prices aligned with those in a defined group of other advanced, industrialized nations. Additionally, the Company expects that it will not be subject to certain future CMS pricing mandates, including the proposed GUARD and GLOBE models.
2026 Third Quarter Financial Results
The financial measures presented in this press release for the three and nine months ended September 30, 2026 and 2025 have been prepared by the Company in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), unless otherwise identified as a Non-GAAP financial measure. Management believes that Non-GAAP information is useful for investors, when considered in conjunction with Incyte’s GAAP disclosures. Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company’s business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company’s core operations. The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company’s core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used in conjunction with and to supplement Incyte’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in our industry.
As changes in exchange rates are an important factor in understanding period-to-period comparisons, management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors’ ability to understand the Company’s operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.
Financial Highlights
Financial Highlights
(unaudited, in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Total GAAP revenues
$
1,557,204
$
1,365,980
$
4,503,919
$
3,634,407
Total GAAP operating (loss) income
(708,361
)
443,518
290,654
1,179,000
Total Non-GAAP operating (loss) income
(629,721
)
498,296
536,996
1,164,516
GAAP net (loss) income
(784,803
)
424,169
104,132
987,371
Non-GAAP net (loss) income
(730,803
)
455,972
286,983
997,358
GAAP basic EPS
$
(3.86
)
$
2.17
$
0.52
$
5.08
Non-GAAP basic EPS
$
(3.60
)
$
2.33
$
1.43
$
5.13
GAAP diluted EPS
1
$
(3.86
)
$
2.11
$
0.50
$
4.95
Non-GAAP diluted EPS
1
$
(3.60
)
$
2.26
$
1.37
$
5.00
1. All stock options and stock awards were excluded from the diluted share calculation for the three months ended September 30, 2026 because their effect would have been anti-dilutive, as we were in a net loss position.
Revenue Details
Revenue Details
(unaudited, in thousands)
Three Months Ended
September 30,
%
Change
(as reported)
%
Change
(constant
currency)
1
Nine Months Ended
September 30,
%
Change
(as reported)
%
Change
(constant
currency)
1
2026
2025
2026
2025
Net sales
Jakafi
2
$
826,501
$
791,071
4
%
NA
$
2,400,915
$
2,264,271
6
%
NA
Opzelura
3
254,880
187,968
36
%
36
%
847,631
471,172
80
%
79
%
Iclusig
33,527
37,582
(11
%)
(10
%)
103,384
99,855
4
%
(0.2
%)
Pemazyre
21,179
22,741
(7
%)
(6
%)
67,140
63,373
6
%
5
%
Minjuvi/Monjuvi
54,630
41,990
30
%
32
%
157,543
102,672
53
%
53
%
Niktimvo
67,368
45,830
47
%
47
%
182,765
95,597
91
%
91
%
Zynyz
58,328
22,674
157
%
158
%
149,668
34,604
333
%
331
%
Total net sales
1,316,413
1,149,856
14
%
15
%
3,909,046
3,131,544
25
%
25
%
Royalty revenues:
Jakavi
132,458
125,645
5
%
6
%
362,204
327,504
11
%
7
%
Olumiant
39,052
37,111
5
%
8
%
113,938
101,393
12
%
12
%
Tabrecta
6,833
6,513
5
%
NA
19,506
19,558
(0.3
%)
NA
Other
12,648
1,855
582
%
NA
21,225
4,408
382
%
NA
Total royalty revenues
190,991
171,124
12
%
516,873
452,863
14
%
Total net sales and royalty revenues
1,507,404
1,320,980
14
%
4,425,919
3,584,407
23
%
Milestone and contract revenues
49,800
45,000
11
%
11
%
78,000
50,000
56
%
56
%
Total GAAP revenues
$
1,557,204
$
1,365,980
14
%
$
4,503,919
$
3,634,407
24
%
NA = not applicable
1
Percentage change in constant currency is calculated using 2025 foreign exchange rates to recalculate 2026 results.
2
2026 Jakafi net sales include Jakafi and Jakafi XR following the launch of Jakafi XR in the second quarter of 2026.
3
Opzelura net sales for the nine months ended September 30, 2026 include $246.0 million related to our agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to Opzelura.
Net Sales and Royalty Revenues
Total net sales and royalty revenue for the quarter ended September 30, 2026 increased 14% over the prior year comparable period.
Total net sales for the quarter ended September 30, 2026 increased 14% over the prior year comparable period.
Jakafi net sales increased 4% in the third quarter of 2026 versus the prior year comparable period to $827 million, primarily driven by a 12% increase in paid demand and growth across all indications. Jakafi inventory levels were within normal range at the end of the third quarter of 2026.
Opzelura net sales increased 36% in the third quarter of 2026 versus the prior year comparable period to $255 million. Net growth was driven by increased patient demand in both AD and vitiligo and improvements in net pricing resulting from the Opzelura line extension settlement in the second quarter. Opzelura inventory levels were within normal range at the end of the third quarter of 2026.
Hematology and oncology net sales increased 38% in the third quarter of 2026 versus the prior year comparable period to $235 million, driven by increased demand for Niktimvo, Zynyz and Monjuvi/Minjuvi.
Operating Expenses
Reconciliation of Reported to Adjusted Results
(unaudited, in thousands)
Three Months Ended September 30, 2026
Cost of
Sales
1
Research and
Development
2
Selling, General
and
Administrative
3
Operating
(Loss) Income
Net (Loss)
Income
GAAP (as reported)
$
108,744
$
1,791,656
$
364,273
$
(708,361
)
$
(784,803
)
Adjustments - Add / (Subtract)
Non-cash stock compensation from equity awards
(1,160
)
(43,503
)
(25,130
)
69,793
69,793
Amortization of acquired product rights
(5,384
)
—
—
5,384
5,384
Loss on change in fair value of contingent consideration
—
—
—
892
892
Vega acquisition transition costs and related compensation expenses
—
(2,571
)
—
2,571
2,571
Non-cash interest
—
—
—
—
82
Loss on equity investments
—
—
—
—
13,225
Tax effect of Non-GAAP pre-tax adjustments
—
—
—
—
(37,947
)
Non-GAAP (as adjusted)
$
102,200
$
1,745,582
$
339,143
$
(629,721
)
$
(730,803
)
Three Months Ended September 30, 2025
Cost of
Sales
1
Research and
Development
2
Selling, General
and
Administrative
3
Operating
Income
Net Income
GAAP (as reported)
$
99,001
$
506,584
$
329,081
$
443,518
$
424,169
Adjustments - Add / (Subtract)
Non-cash stock compensation from equity awards
(923
)
(39,634
)
(21,041
)
61,598
61,598
Amortization of acquired product rights
(5,384
)
—
—
5,384
5,384
(Gain) on change in fair value of contingent consideration
—
—
—
(12,204
)
(12,204
)
Escient acquisition related compensation expense
—
—
—
—
—
Non-cash interest
—
—
—
—
82
(Gain) on equity investments
—
—
—
—
(8,558
)
Tax effect of Non-GAAP pre-tax adjustments
—
—
—
—
(14,499
)
Non-GAAP (as adjusted)
$
92,694
$
466,950
$
308,040
$
498,296
$
455,972
Nine Months Ended September 30, 2026
Cost of
Sales
1
Research and
Development
2
Selling, General
and
Administrative
3
Operating
Income
Net Income
GAAP (as reported)
$
318,224
$
2,824,509
$
1,044,095
$
290,654
$
104,132
Adjustments - Add / (Subtract)
Non-cash stock compensation from equity awards
(2,974
)
(120,912
)
(77,296
)
201,182
201,182
Amortization of acquired product rights
(16,152
)
—
—
16,152
16,152
Loss on change in fair value of contingent consideration
—
—
—
3,223
3,223
Asset impairment and related disposal costs
—
—
—
23,214
23,214
Vega acquisition transition costs and related compensation expenses
—
(2,571
)
—
2,571
2,571
Non-cash interest
—
—
—
—
245
(Gain) on equity investments
—
—
—
—
(3,171
)
Tax effect of Non-GAAP pre-tax adjustments
—
—
—
—
(60,565
)
Non-GAAP (as adjusted)
$
299,098
$
2,701,026
$
966,799
$
536,996
$
286,983
Nine Months Ended September 30, 2025
Cost of
Sales
1
Research and
Development
2
Selling, General
and
Administrative
3
Operating
Income
Net Income
GAAP (as reported)
$
250,955
$
1,438,780
$
985,794
$
1,179,000
$
987,371
Adjustments - Add / (Subtract)
Non-cash stock compensation from equity awards
(2,620
)
(114,058
)
(70,511
)
187,189
187,189
Contract dispute settlement
—
—
—
(242,251
)
(242,251
)
Amortization of acquired product rights
(16,152
)
—
—
16,152
16,152
Loss on change in fair value of contingent consideration
—
—
—
22,129
22,129
Escient acquisition related compensation expense
—
(2,117
)
(180
)
2,297
2,297
Non-cash interest
—
—
—
—
245
(Gain) on equity investments
—
—
—
—
(3,064
)
Tax effect of Non-GAAP pre-tax adjustments
—
—
—
—
27,290
Non-GAAP (as adjusted)
$
232,183
$
1,322,605
$
915,103
$
1,164,516
$
997,358
1
Non-GAAP cost of sales excludes the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the cost of stock-based compensation.
2
Non-GAAP research and development expenses exclude the cost of stock-based compensation, Escient acquisition related compensation expense related to severance payments, and Vega transition costs primarily representing employee related costs to transition research and development activities to us as part of the Vega acquisition, as well as retention payments to former Vega employees.
3
Non-GAAP selling, general and administrative expenses exclude the cost of stock-based compensation and Escient acquisition related compensation expense related to severance payments.
Contacts
Media
media@incyte.com
Investors
ir@incyte.com
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