Incyte raises 2026 sales forecast, Q3 revenue tops estimates

Incyte Corporation (INCY) said in a press release furnished to the SEC on Oct. 29 that third-quarter total revenue rose 14% from a year earlier to $1.56 billion, topping the $1.5 billion consensus estimate compiled by Finnhub. The company also raised its 2026 net sales guidance.

Here's how the company did:

• Adjusted EPS: a loss of $3.60 per share vs. a profit of $2.26 a year earlier, a smaller loss than the $3.93 per share expected, according to Finnhub.

• Total revenue: $1.56 billion vs. $1.37 billion a year earlier, topping the $1.5 billion estimate, according to Finnhub.

• Total net sales: $1.32 billion vs. $1.15 billion a year earlier.

The company said Jakafi net sales rose 4% to $827 million. Opzelura net sales rose 36% to $255 million, and Hematology and Oncology net sales rose 38% to $235 million.

Bill Meury, CEO Bill Meury, said: "Net sales growth was strong in both the U.S. and internationally, creating a durable core business beyond Jakafi."

2026 guidance

Incyte said it is raising its full year 2026 total net sales forecast to $5,210 million to $5,300 million, from $5,130 million to $5,260 million.

The Opzelura forecast rose to $1,100 million to $1,120 million, from $1,050 million to $1,100 million. The Hematology and Oncology forecast rose to $890 million to $910 million, from $860 million to $890 million.

The Opzelura figure includes a one-time $246 million benefit from an agreement with the U.S. Centers for Medicare & Medicaid Services, or CMS, to resolve litigation over Medicaid rebate rules. Jakafi guidance was unchanged, and the company reaffirmed its guidance for all other categories.

Costs and charges

GAAP research and development expense was $1.79 billion, up 254% from a year earlier. The company attributed the increase mainly to a one-time $1.23 billion in-process research and development expense tied to the Vega acquisition. Excluding that charge, GAAP research and development expense rose 11%.

GAAP selling, general and administrative expense was $364.3 million, up 11%, primarily due to pre-launch activities. GAAP cost of sales was $108.7 million, or 8% of total net sales.

The company reported a GAAP net loss of $784.8 million, compared with net income of $424.2 million a year earlier. Cash, cash equivalents and marketable securities totaled $3.9 billion as of Sept. 30, up from $3.6 billion at Dec. 31, 2025.

Vega deal

Incyte completed its acquisition of Vega Therapeutics, Inc., a wholly owned subsidiary of Star Therapeutics, LLC, in July. Under the stock purchase agreement, Incyte acquired all outstanding shares for $1.25 billion.

The deal added latarcibart, a Phase 3 monoclonal antibody for von Willebrand disease. Star Therapeutics will be eligible to receive up to $750 million in additional payments upon the achievement of sales milestones.