Q1 26 EPS
$1.81
BEAT +35.13%
Est. $1.34
Q1 26 Revenue
$1.27B
BEAT +5.07%
Est. $1.21B
vs S&P Since Q1 26
+12.6%
BEATING MARKET
INCY +17.5% vs S&P +4.9%
Market Reaction
Did INCY Beat Earnings? Q1 2026 Results
Incyte Corporation posted a blowout first quarter for 2026, with earnings per share of $1.81 beating the $1.34 consensus estimate by 35.13% and revenue of $1.27 billion topping expectations by 4.65% while climbing 20.9% year over year. The standout d… Read more Incyte Corporation posted a blowout first quarter for 2026, with earnings per share of $1.81 beating the $1.34 consensus estimate by 35.13% and revenue of $1.27 billion topping expectations by 4.65% while climbing 20.9% year over year. The standout driver was broad-based commercial momentum across the portfolio, headlined by Jakafi's 7% growth to $757.75 million and a surging hematology and oncology segment that rose 116% to $204 million, fueled by rapid uptake of newer launches including Zynyz and Niktimvo. Operating leverage was on full display as well, with GAAP operating income rising 47% to $301.12 million even as R&D investment climbed 18% to $515.90 million to support 10 active Phase 3 programs. With institutional ownership approaching 97%, investor confidence in the pipeline appears well-anchored. Incyte reaffirmed its full-year 2026 guidance for total net sales of $4.77 to $4.94 billion and is positioning for four product approvals and launches stretching from mid-2026 into early 2027, including povorcitinib in hidradenitis suppurativa and the anticipated Jakafi XR rollout.
Key Takeaways
- • Jakafi net sales grew 7% driven by 6% increase in paid demand across all indications
- • Opzelura net sales grew 20% driven by increased patient demand in atopic dermatitis and vitiligo
- • Hematology and Oncology portfolio net sales grew 116% driven by Niktimvo, Monjuvi/Minjuvi, and Zynyz in SCAC
- • Niktimvo net sales grew 305% year-over-year
- • Zynyz net sales grew 1,276% year-over-year following first-line SCAC launch
- • Product royalty revenues grew 16% to $151 million
- • $17 million in milestone and contract revenues earned in Q1 2026
- • SG&A expenses grew only 1% year-over-year, demonstrating operating leverage
INCY Forward Guidance & Outlook
Incyte reaffirmed its full-year 2026 financial guidance across all categories: total net sales of $4,770–$4,940 million, Jakafi net sales of $3,220–$3,270 million (including initial Jakafi XR launch), Opzelura net sales of $750–$790 million (including anticipated EU approval for moderate atopic dermatitis in H2 2026), and Hematology and Oncology net sales of $800–$880 million. Total GAAP R&D and SG&A operating expenses are expected to be $3,495–$3,675 million, and Non-GAAP R&D and SG&A of $3,205–$3,375 million. The company anticipates four product approvals and launches from mid-2026 into early 2027, including Jakafi XR (U.S. mid-2026), Opzelura in moderate AD (EU H2 2026), and povorcitinib in HS (EU late 2026, U.S. Q1 2027).
INCY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
INCY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter represented a strong start to 2026, driven by 20% year-over-year net sales growth and strong commercial execution. 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.”
— Bill Meury, Q1 2026 Earnings Press Release
INCY Earnings Trends
INCY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INCY EPS Trend
Earnings per share: estimate vs actual
INCY Revenue Trend
Quarterly revenue: estimate vs actual
INCY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.34 | $1.81 | +35.13% | $1.27B | +5.07% |
| Q4 25 MISS FY | $1.92 | $1.80 | -6.08% | $1.51B | +11.33% |
| FY Full Year | $6.86 | $6.80 | -0.86% | $5.14B | +3.24% |
| Q3 25 BEAT | $1.64 | $2.26 | +38.04% | $1.37B | +8.96% |
| Q2 25 BEAT | $1.47 | $1.57 | +6.48% | $1.22B | +5.81% |
| Q1 25 BEAT | $1.05 | $1.16 | +10.62% | $1.05B | +5.65% |