Incyte (INCY) Q2 2026 earnings summary

Executive summary

• Q2 2026 total revenue reached $1.67 billion, up 38% year-over-year, driven by strong product sales and a $246 million one-time, non-cash benefit from a CMS settlement related to Opzelura.

• Net sales were $1.49 billion, up 40% year-over-year; core business (excluding Jakafi) sales surged 127% year-over-year, or 44% excluding the one-time benefit.

• Achieved key regulatory milestones, including Jakafi XR approval and positive CHMP opinion for Opzelura, with multiple late-stage pipeline assets advancing and three near-term product launches anticipated.

• Strengthened hematology portfolio with the acquisition of Vega Therapeutics, adding latarcibart for von Willebrand disease.

• Focus remains on execution: converting phase III studies into approvals and successful launches, with 13 Phase 3 studies underway and 10 readouts expected in 2H26.

Financial highlights

• Q2 2026 net sales were $1.49 billion, up 40% year-over-year; excluding the $246 million Opzelura benefit, net sales grew 17%.

• Jakafi net sales were $817 million, up 7% year-over-year; Opzelura net sales were $450 million, up 173% year-over-year (24% growth excluding the one-time benefit).

• Hematology and Oncology net sales grew 69% to $222 million, led by Niktimvo, Monjuvi/Minjuvi, and Zynyz.

• GAAP net income for Q2 2026 was $586 million, up from $405 million in Q2 2025; diluted EPS was $2.81, up from $2.04.

• Operating cash flow for the first half of 2026 was $877 million, up from $311 million in the prior year.

Outlook and guidance

• Raised full-year 2026 total net sales guidance to $5.13–$5.26 billion, reflecting the CMS agreement and strong Hematology/Oncology performance.

• Opzelura net sales guidance increased to $1.05–$1.10 billion; Hematology/Oncology net sales guidance raised to $860–$890 million.

• Full-year GAAP R&D and SG&A expense guidance is $4.915–$4.995 billion, reflecting Vega acquisition costs.

• Anticipates continued growth in Opzelura and Jakafi, with new product launches and expanded indications expected to drive future revenue.

• Expects to maintain strong liquidity and capital resources to support R&D, commercialization, and strategic acquisitions.