Incyte (INCY) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.557B and net sales were $1.316B, both up 14% YoY; core net sales excluding Jakafi rose 37% to $490M.

• FY2026 total net sales guidance increased to $5.210B-$5.300B; late-stage programs advanced across oncology, hematology and inflammation.

• A $1.232B Vega-related IPR&D charge drove a Q3 GAAP net loss of $784.8M.

Financial highlights

• Q3 revenue was $1.557B, net sales $1.316B, royalties $191.0M and milestone and contract revenue $49.8M; nine-month revenue was $4.504B.

• Q3 GAAP operating expenses were $2.27B; excluding Vega-related IPR&D, operating expenses grew 12%.

• Q3 GAAP R&D was $1.792B, including $1.232B of Vega IPR&D; excluding that charge, R&D grew 11%. GAAP SG&A was $364.3M, up 11%.

• Q3 GAAP operating loss was $708.4M versus income of $443.5M a year earlier; GAAP diluted EPS was $(3.86).

• Nine-month operating cash flow was $201.7M versus $870.2M, primarily reflecting cash consideration paid for Vega.

Outlook and guidance

• FY2026 total net sales guidance rose to $5.210B-$5.300B from $5.130B-$5.260B; Jakafi guidance remained $3.22B-$3.27B.

• OPZELURA guidance increased to $1.10B-$1.12B from $1.05B-$1.10B, including a one-time $246M CMS-related benefit; Hematology and Oncology guidance rose to $890M-$910M from $860M-$890M.

• Potential U.S. povorcitinib approval for HS and tafasitamab with R-CHOP for first-line DLBCL are anticipated in Q1 2027; vitiligo applications are planned for 1H27.

• Key milestones include povorcitinib PN Phase 3 topline in Q4 2026, INCA033989 Phase 3 initiation in 2L MF by year-end 2026, and latarcibart VWD Phase 3 topline in early 2029.