Incyte (INCY) Q2 2026 Earnings
How Did INCY Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +4.08%.
Did INCY Beat Earnings? Q2 2026 Results
Yes. Incyte reported Q2 2026 earnings of $3.09 a share on Jul 28, 2026, beating the $2.15 consensus estimate by 43.9%. Revenue was $1.7B against a $1.5B estimate.
Incyte delivered a standout second quarter for fiscal 2026, beating Wall Street on both top and bottom lines as a favorable regulatory settlement turbocharged already-strong commercial momentum. Adjusted diluted EPS of $3.09 cleared the $2.15 consensus estimate by nearly 44%, while revenue of $1.67 billion topped expectations by 12.50% and surged 37.7% year over year. The single biggest driver was a $246 million non-cash benefit from a CMS settlement confirming that Opzelura would not be treated as a line extension of Jakafi, which lifted Opzelura net sales to $449.74 million for the quarter; even stripping out that benefit, Opzelura grew 24% on an underlying basis. Jakafi and Jakafi XR, the newly FDA-approved once-daily formulation, contributed $816.66 million in net sales, up 7%, while the hematology and oncology portfolio added $222 million, up 69%. The CMS resolution also prompted a significant guidance raise, with full-year total net sales now expected at $5.13 billion to $5.26 billion, and Opzelura on track to cross $1 billion for the first time in 2026.
- Broad-based growth across all marketed products
- One-time non-cash benefit of $246 million from CMS settlement reversing Opzelura Medicaid rebate accruals
- Jakafi 9% increase in paid demand across all indications
- Increased patient demand for Opzelura in both atopic dermatitis and vitiligo
- Strong uptake of Niktimvo, Monjuvi/Minjuvi, and Zynyz driving 69% hematology and oncology portfolio growth
- Product royalty revenues grew 16% driven by Jakafi and Olumiant royalties
“Our second quarter was marked by broad-based sales growth, continued pipeline progress and strategic business development. Every marketed product contributed to growth, reflecting the strength of our commercial portfolio and execution. We also recently strengthened our Hematology franchise through the acquisition of latarcibart, a potentially transformative medicine for von Willebrand disease currently in Phase 3 development. With ten data readouts expected in the second half of 2026, alongside product launches through early next year, we are well positioned for our next phase of growth.”
Incyte CEO, on the earnings call
What Is Incyte's Outlook?
Incyte raised full-year 2026 total net sales guidance to $5,130–$5,260 million (from $4,770–$4,940 million), reflecting the CMS settlement impact on Opzelura and strong growth in hematology/oncology products. Jakafi net sales guidance is unchanged. Opzelura net sales guidance was raised to $1,050–$1,100 million (from $750–$790 million). Hematology and Oncology net sales guidance was raised to $860–$890 million (from $800–$880 million). Total GAAP R&D and SG&A operating expenses are now expected at $4,915–$4,995 million (from $3,495–$3,675 million), and non-GAAP at $4,625–$4,695 million (from $3,205–$3,375 million), reflecting the Vega Therapeutics acquisition IPR&D expense of approximately $1,270 million expected in Q3 2026 and $50 million of incremental R&D investment for latarcibart. Ten clinical data readouts are expected in H2 2026, including four from registrational trials. Potential U.S. approval and launch for Monjuvi in first-line DLBCL is anticipated in Q1 2027. Potential U.S. approval of povorcitinib for HS is anticipated in Q1 2027, with potential EU approval in late 2026. Opzelura approval for moderate AD in Europe is expected in Q3 2026.
INCY YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.7B | $1.2B | +37.7% |
| Gross Profit | $1.6B | $1.1B | +40.1% |
| Operating Income | $697.9M | $310.8M | +124.5% |
| Net Income | $585.6M | $405.0M | +44.6% |
INCY Revenue by Segment
When Does Incyte Report Next?
Figures from SEC filings and company reports. Not investment advice.