Full Press Release Details
Incyte Reports First Quarter 2026 Financial Results and Provides Business Updates
Total revenue of $1.27 billion and total net sales of $1.10 billion in the first quarter of 2026, an increase of 21% and 20% respectively, compared to the first quarter of 2025
Jakafi (ruxolitinib) net sales of $758 million, an increase of 7% compared to the same period in 2025
Opzelura (ruxolitinib) cream net sales of $143 million and Hematology and Oncology portfolio net sales of $204 million, an increase of 20% and 116%, respectively, compared to the first quarter of 2025
Four anticipated approvals and launches from mid-2026 into early 2027
Advanced povorcitinib development program, including the New Drug Application (NDA) acceptance in hidradenitis suppurativa (HS) and positive Phase 3 results in nonsegmental vitiligo
Progressed late-stage pipeline, with 10 Phase 3 studies underway, including the initiation of a Phase 3 trial evaluating INCB161734 in pancreatic ductal adenocarcinoma (PDAC)
Conference Call and Webcast Scheduled Today at 8 00 a.m. ET
WILMINGTON, Del. - April 28, 2026 - Incyte (Nasdaq INCY) today reported financial results for the first quarter of 2026 and provided a business update.
"Our first quarter represented a strong start to 2026, driven by 20% year-over-year net sales growth and strong commercial execution," said Bill Meury, Chief Executive Officer, Incyte. "At the same time, we are making significant progress toward building a more durable, growth oriented portfolio with four anticipated product approvals and launches over the next 12 months, positive registrational data for povorcitinib in vitiligo and a late stage pipeline that now includes 10 Phase 3 studies underway, including the initiation of a pivotal trial of our G12D inhibitor in first line pancreatic ductal adenocarcinoma."
First Quarter 2026 Results
Total revenue Total revenue was $1.27 billion, an increase of 21% compared to the first quarter of 2025, primarily driven by an increase in total net sales.
Total net sales Total net sales for the first quarter of 2026 were $1.10 billion, an increase of 20% compared to the first quarter of 2025. The increase was primarily related to demand for Jakafi (ruxolitinib) across all indications, Opzelura (ruxolitinib) cream in atopic dermatitis (AD) and vitiligo, Niktimvo (axatilimab-csfr) in chronic graft versus host disease (GVHD), Monjuvi (tafasitamab-cxix) in follicular lymphoma (FL) and Zynyz (retifanlimab-dlwr) in squamous cell carcinoma of the anal canal (SCAC).
Cost of sales GAAP and non-GAAP cost of sales were $104.5 million and $98.3 million, an increase of 43% and 47%, respectively, compared to the prior year period.
Research and development (R D) expenses GAAP and non-GAAP R D expenses were $515.9 million and $476.7 million, an increase of 18% and 19%, respectively, compared to the prior year period.
Selling, general and administrative (SG A) expenses GAAP and non-GAAP SG A expenses were $328.1 million and $304.1 million, an increase of 1% for both, respectively, compared to the prior year period.
Cash, cash equivalents and marketable securities position As of March 31, 2026 and December 31, 2025, cash, cash equivalents and marketable securities totaled $4.0 billion and $3.6 billion, respectively.
Key Business Updates
Monjuvi Minjuvi (tafasitamab)
Data from the pivotal Phase 3 frontMIND trial evaluating tafasitamab and lenalidomide in addition to R-CHOP (rituximab, cyclophosphamide, doxorubicin, vincristine and prednisone) for the treatment of patients with newly diagnosed diffuse large B-cell lymphoma (DLBCL) will be presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting.
Abstract Title frontMIND Phase 3 study of tafasitamab (Tafa) plus lenalidomide (Len) and R-CHOP for patients (pts) with newly diagnosed diffuse large B-cell lymphoma (DLBCL).
Abstract Number 7000
Session Oral Abstract Session - Hematologic Malignancies-Lymphoma and Chronic Lymphocytic Leukemia
Date and Time May 30, 2026, 3 00-6 00 p.m. CDT
Data from the Phase 2 trial evaluating axatilimab in combination with ruxolitinib in patients with newly diagnosed chronic GVHD are anticipated in the second half of 2026.
INCA033989 (mutCALR)
The Company is on track to initiate a Phase 3 registrational study evaluating INCA033989 in mutCALR positive patients with essential thrombocythemia (ET) who are resistant or intolerant to at least one prior cytoreductive therapy in mid-2026 following a successful end-of-phase meeting with the U.S. Food and Drug Administration (FDA) in the first quarter of 2026.
Updated data from the ongoing Phase 1 trial in second-line ET and myelofibrosis (MF) patients are anticipated in mid-2026. Data from the cohort evaluating INCA033989 and INCA033989 in combination with ruxolitinib in treatment na ve MF patients are anticipated in the second half of 2026.
A Phase 1 study evaluating the pharmacokinetics, safety and tolerability of INCA033989 as a subcutaneous (SC) administration in healthy adult participants was initiated and completed. The Company plans to initiate a Phase 1 study evaluating INCA033989 as a SC administration in mutCALR positive patients mid-year 2026.
INCB160058 (JAK2V617F)
In the first quarter of 2026, the Company initiated dosing of the amorphous solid dispersion (ASD) formulation of INCB160058 in the Phase 1 trial. Data from the Phase 1 trial evaluating INCB160058 in patients with myeloproliferative neoplasms (MPNs) with a JAK2V617F mutation are anticipated in the second half of 2026.
Jakafi XR (ruxolitinib)
The Company expects a regulatory decision in the U.S. and potential commercial launch in mid-2026.
In March, the Company announced that the European Commission (EC) approved Zynyz in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with metastatic or with inoperable locally recurrent SCAC. This marks the second indication in Europe for Zynyz, which was previously approved by the EC for the first-line treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC).
INCB161734 (KRASG12D)
The Company initiated a Phase 3 study (DAWN-303) evaluating INCB161734 as a first-line treatment in patients with metastatic pancreatic ductal adenocarcinoma (PDAC) in combination with standard-of-care chemotherapy (mFOLFIRINOX or GEMNabP) versus chemotherapy alone in the first quarter of 2026.
Additional data from the ongoing Phase 1 trial evaluating INCB161734 in combination with standard-of-care chemotherapy as a first-line treatment in patients with metastatic PDAC are anticipated in the second half of 2026.
INCA33890 (TGF R2xPD-1)
The Phase 3 study evaluating INCA33890 in combination with standard-of-care chemotherapy and bevacizumab as a first-line treatment in patients with microsatellite stable colorectal cancer (MSS CRC) is ongoing.
Additional data from the ongoing Phase 1 study evaluating INCA33890 in combination with bevacizumab and or chemotherapy in patients with solid tumors is expected in the second half of 2026.
Inflammation and Autoimmunity (IAI)
The Company expects a regulatory decision in the second half of 2026 following the submission of a Type-II variation application for ruxolitinib cream 1.5% for the treatment of adults with moderate AD in the EU.
Topline results from the Phase 3 studies (TRuE-HS1 and TRuE-HS2) evaluating ruxolitinib cream in mild to moderate hidradenitis suppurativa (HS) are anticipated in the fourth quarter of 2026.
Today the Company announced positive results from the Phase 3 program evaluating povorcitinib (30mg) in adult patients with nonsegmental vitiligo. In both Phase 3 studies (STOP-V1 and STOP-V2), povorcitinib achieved the primary endpoint of 75% reduction in Facial Vitiligo Area Scoring Index (F-VASI75) from baseline at Week 52.
In STOP-V1, 18.9% of povorcitinib-treated patients achieved a 75% reduction in F-VASI75 compared to 6.8% of placebo-treated patients at Week 52 (p 0.001). In STOP-V2, 18.9% of povorcitinib-treated patients achieved a 75% reduction in F-VASI75 compared to 3.1% of placebo-treated patients at Week 52 (p 0.001). Across both studies, statistically significant and clinically meaningful differences were also observed in key secondary endpoint measures, including T-VASI50 at Week 52. The overall safety and tolerability profile of povorcitinib through 52 weeks is consistent with prior studies, with no new safety signals observed. We expect to share additional data from the Phase 3 program in the second half of 2026.
The positive results from the Phase 3 STOP-V1 and STOP-V2 studies will support regulatory applications for povorcitinib in nonsegmental vitiligo planned for the first half of 2027.
The New Drug Application (NDA) submission for povorcitinib as a treatment for patients with moderate to severe HS was accepted by the FDA in the first quarter of 2026. The Company anticipates potential approval and launches in late-2026 in the EU and the first quarter of 2027 in the U.S.
In March, 54-week data from the Phase 3 clinical studies (STOP-HS1 and STOP-HS2) evaluating povorcitinib in patients with moderate to severe HS were presented during the late-breaking research session at the 2026 American Academy of Dermatology (AAD) Annual Meeting.
In the studies, treatment with povorcitinib resulted in clinically meaningful and durable efficacy responses through Week 54. Across both STOP HS1 and STOP HS2, up to 71% of patients achieved HiSCR50, with improvements also observed at higher stringency thresholds, including up to 57% achieving HiSCR75 and up to 29% achieving HiSCR100. These responses were accompanied by consistent resolution across all three key types of inflammatory lesions including inflammatory nodules, abscesses and draining tunnels, as well as meaningful improvements in skin pain, fatigue and quality of life. The overall safety profile of povorcitinib through 54 weeks was consistent with previously reported data, and both doses were well tolerated.
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 asthma are anticipated in the second half of 2026.
Today the Company announced the appointment of Suketu (Suky) Upadhyay to Chief Financial Officer, effective May 4, 2026. Mr. Upadhyay most recently served as Executive Vice President and Chief Financial Officer of Zimmer Biomet. Prior to joining Zimmer Biomet, Mr. Upadhyay served as Senior Vice President of Global Financial Operations at Bristol Myers Squibb, where he was responsible for strategic and operational initiatives across BMS's supply chain, commercial operations, R D and business development.
In March, the Company announced the appointments of Pablo J. Cagnoni, M.D. to President, Incyte and Global Head of Research and Development, Steven Stein, M.D. to Executive Vice President, Chief Medical Officer and Head of Late-State Development and Mohamed Issa, Pharm.D. to Executive Vice President and Head of U.S. Commercial.
2026 First Quarter Financial Results
The financial measures presented in this press release for the three months ended March 31, 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 its 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Total GAAP revenues | $ | 1,272,676 | $ | 1,052,898 | |||||||
| Total GAAP operating income | 301,117 | 205,168 | |||||||||
| Total Non-GAAP operating income | 393,673 | 283,641 | |||||||||
| GAAP net income | 303,330 | 158,203 | |||||||||
| Non-GAAP net income | 374,427 | 229,459 | |||||||||
| GAAP basic EPS | $ | 1.52 | $ | 0.82 | |||||||
| Non-GAAP basic EPS | $ | 1.88 | $ | 1.18 | |||||||
| GAAP diluted EPS | $ | 1.47 | $ | 0.80 | |||||||
| Non-GAAP diluted EPS | $ | 1.81 | $ | 1.16 |
(unaudited, in thousands)
| Three Months Ended March 31, | % Change (as reported) | % Change (constant currency) 1 | ||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| Net sales | ||||||||||||||||||||
| Jakafi | $ | 757,755 | $ | 709,412 | 7 | % | NA | |||||||||||||
| Opzelura | 143,015 | 118,705 | 20 | % | 18 | % | ||||||||||||||
| Iclusig | 35,463 | 29,544 | 20 | % | 8 | % | ||||||||||||||
| Pemazyre | 22,543 | 18,440 | 22 | % | 19 | % | ||||||||||||||
| Minjuvi Monjuvi | 49,227 | 29,551 | 67 | % | 62 | % | ||||||||||||||
| Niktimvo | 55,088 | 13,613 | 305 | % | 305 | % | ||||||||||||||
| Zynyz | 41,393 | 3,009 | 1,276 | % | 1,269 | % | ||||||||||||||
| Total net sales | 1,104,484 | 922,274 | 20 | % | 19 | % | ||||||||||||||
| Royalty revenues | ||||||||||||||||||||
| Jakavi | 105,556 | 92,145 | 15 | % | 5 | % | ||||||||||||||
| Olumiant | 36,407 | 30,800 | 18 | % | 12 | % | ||||||||||||||
| Tabrecta | 5,982 | 6,413 | (7 | %) | NA | |||||||||||||||
| Other | 3,247 | 1,266 | 156 | % | NA | |||||||||||||||
| Total royalty revenues | 151,192 | 130,624 | 16 | % | ||||||||||||||||
| Total net sales and royalty revenues | 1,255,676 | 1,052,898 | 19 | % | ||||||||||||||||
| Milestone and contract revenues | 17,000 | - | NM | NM | ||||||||||||||||
| Total GAAP revenues | $ | 1,272,676 | $ | 1,052,898 | 21 | % |
1 Percentage change in constant currency is calculated using 2025 foreign exchange rates to recalculate 2026 results.
Net Sales and Royalty Revenues Total net sales for the quarter ended March 31, 2026 increased 20% over the prior year comparative period.
Jakafi net sales increased 7% in the first quarter of 2026 versus the prior year comparable period to $758 million, primarily driven by a 6% increase in paid demand and growth across all indications. Jakafi inventory levels were within normal range at the end of the first quarter of 2026.
Opzelura net sales increased 20% in the first quarter of 2026 versus the prior year comparable period to $143 million driven by increased patient demand in both atopic dermatitis (AD) and vitiligo. Opzelura inventory levels were within normal range at the end of the first quarter of 2026.
Hematology and oncology net sales increased 116% in the first quarter of 2026 versus the first quarter of 2025 to $204 million driven by increased demand of Niktimvo, Monjuvi Minjuvi and Zynyz in SCAC.
Total net sales and royalty revenues for the quarter ended March 31, 2026 increased 19% over the prior year comparative period.
Operating Expense Summary
(unaudited, in thousands)
| Three Months Ended March 31, | % Change | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| GAAP cost of sales | $ | 104,523 | $ | 73,188 | 43 | % | ||||||||||
| Non-GAAP cost of sales 1 | 98,257 | 66,945 | 47 | % | ||||||||||||
| GAAP research and development | 515,903 | 437,279 | 18 | % | ||||||||||||
| Non-GAAP research and development 2 | 476,683 | 400,020 | 19 | % | ||||||||||||
| GAAP selling, general and administrative | 328,087 | 325,691 | 1 | % | ||||||||||||
| Non-GAAP selling, general and administrative 3 | 304,063 | 302,292 | 1 | % | ||||||||||||
| GAAP Asset impairment and related disposal costs | 23,214 | - | NM | |||||||||||||
| Non-GAAP asset impairment and related disposal costs 4 | - | - | NM | |||||||||||||
| GAAP (gain) loss on change in fair value of acquisition-related contingent consideration | (168) | 11,572 | NM | |||||||||||||
| Non-GAAP (gain) loss on change in fair value of acquisition-related contingent consideration | - | - | NM |
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 and Escient severance payments.
3 Non-GAAP selling, general and administrative expenses exclude the cost of stock-based compensation.
4 Non-GAAP asset impairment and related disposal costs excludes the impairment and related disposal costs relating to our downtown Wilmington, Delaware properties.
Cost of sales GAAP and Non-GAAP cost of sales for the quarter ended March 31, 2026 were $104.5 million and $98.3 million, an increase of 43% and 47%, respectively, compared to the same period in 2025, primarily driven by growth in net sales, Niktimvo profit share and increased manufacturing related costs, partially offset by the impact of the contract dispute settlement with Novartis.
Research and development expenses GAAP and Non-GAAP research and development expenses for the quarter ended March 31, 2026 were $515.9 million and $476.7 million, an increase of 18% and 19%, respectively, compared to the same period in 2025, primarily due to continued investment in our late stage development assets.
Selling, general and administrative expenses GAAP and Non-GAAP selling, general and administrative expenses for the quarter ended March 31, 2026 were $328.1 million and $304.1 million, an increase of 1% compared to the same period in 2025, respectively.
Other Financial Information
Asset impairment and related disposal costs In the first quarter of 2026, we sold our downtown Wilmington, Delaware properties and recognized $23.2 million of expenses relating to disposal costs for these properties.
Change in fair value of acquisition-related contingent consideration The change in fair value of contingent consideration during the quarter ended March 31, 2026, compared to the same period in 2025, was primarily due to updated projections of future net sales of Iclusig, including the impacts from fluctuations in foreign currency exchange rates.
Operating income GAAP and Non-GAAP operating income for the quarter ended March 31, 2026 increased 47% and 39%, respectively, compared to the same period in 2025, driven primarily by growth in total revenue.
Cash, cash equivalents and marketable securities position Cash, cash equivalents and marketable securities as of March 31, 2026, were $4.0 billion, compared to $3.6 billion as of December 31, 2025.
2026 Financial Guidance
Incyte's guidance for the fiscal year 2026 is summarized below. Incyte is reaffirming its guidance across all categories.
| Current | |
| Total net sales | $4,770 - $4,940 million |
| Jakafi net sales (1) | $3,220 - $3,270 million |
| Opzelura net sales (2) | $750 - $790 million |
| Hematology and Oncology net sales (3) | $800 - $880 million |
| Total GAAP R D and SG A operating expenses | $3,495 - $3,675 million |
| Total Non-GAAP R D and SG A operating expenses (4) | $3,205 - $3,375 million |
1Includes the initial launch of Jakafi XR
2Includes net sales for moderate atopic dermatitis in Europe which is anticipated to be approved in the second half of 2026.
3Pemazyre (pemigatinib) in the U.S., Canada, Europe, Japan, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America (LatAm) Niktimvo and Monjuvi in the U.S. Zynyz in the U.S., Europe and Japan Iclusig (ponatinib) in Europe and MEA and Minjuvi (tafasitamab) in Canada, Europe, Japan, APAC, MEA and LatAm.
4Adjusted to exclude the estimated cost of stock-based compensation.
Conference Call and Webcast Information
Incyte will hold a conference call and webcast this morning at 8 00 a.m. ET. To access the conference call, please dial 877-407-3042 for domestic callers or 201-389-0864 for international callers. When prompted, provide the conference identification number, 13759527.
If you are unable to participate, a replay of the conference call will be available for 90 days. The replay dial-in number for the United States is 877-660-6853 and the dial-in number for international callers is 201-612-7415. To access the replay you will need the conference identification number, 13759527.
The conference call will also be webcast live and can be accessed at investor.incyte.com.
Incyte is redefining what's possible in biopharmaceutical innovation. Through deep scientific expertise and a relentless focus on patients, we have built an established portfolio of first-in-class medicines and an extensive portfolio of next-generation medicines across our key franchises Hematology, Oncology and Inflammation and Autoimmunity.
Incyte is a registered trademark of Incyte.
About Jakafi (ruxolitinib)
Jakafi (ruxolitinib) is a JAK1 JAK2 inhibitor approved by the U.S. FDA for the treatment of polycythemia vera (PV) in adults who have had an inadequate response to or are intolerant of hydroxyurea intermediate or high-risk myelofibrosis (MF), including primary MF, post-polycythemia vera MF and post-essential thrombocythemia MF in adults steroid-refractory acute GVHD in adult and pediatric patients 12 years and older and chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older.
Jakafi is a registered trademark of Incyte.