EarningsQ2 2026 Earnings Report
MX:INCY Q2 2026 EPS Results
Actual EPS$55.85
Consensus EPS$39.69
Beat/MissBeat by +$16.16
One Year Ago EPS$28.41
MX:INCY Q2 2026 Revenue Results
Actual Revenue$30.26B
Expected Revenue$27.18B
Beat/MissBeat by +$3.07B
YoY Revenue Growth+37.72%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:INCY Upcoming Earnings
Incyte's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:INCY Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong commercial momentum and meaningful pipeline maturation: double-digit and multi-factor sales growth (notably Opzelura and core products), multiple regulatory milestones and new Phase III starts, a strategic acquisition adding a high-potential hematology asset, and an upward revision to full-year revenue guidance. Offsetting these positives are reliance on a one-time CMS settlement that materially boosted near-term results and guidance, the discontinuation of the 058 JAK2 program, and materially higher near-term operating expenses driven by acquisition-related charges and expanded late-stage investments. Management emphasized execution risk, reimbursement dynamics and regulatory discussions that remain unresolved for some programs. Overall, the highlights — broad commercial growth, pipeline progression and strengthened late-stage portfolio — outweigh the lowlights, though near-term margin and execution risks merit monitoring.Company Guidance
Strong Top-Line Revenue Growth
Total revenue of $1.67 billion in Q2 2026, up 38% year-over-year; total net product sales of $1.49 billion, up 40% YoY. Excluding a one-time CMS settlement benefit, total net sales increased 17% YoY.
Jakafi Remains a Solid Core Franchise
Jakafi net sales of $817 million in Q2, up 7% YoY; prescription demand increased 9% across MF, PV and GVHD. New patient starts remain strong and formulary coverage supports upcoming Jakafi XR launch.
Opzelura Performance and Improved Economics
Opzelura generated $450 million in Q2 (comprised of $204M net product sales and a $246M one-time noncash CMS settlement benefit). U.S. sales excluding the one-time benefit were $161M (+22% YoY); prescriptions rose 26% YoY and Opzelura captured 46% of branded topical NBRx volume. International sales were $43M (+34% YoY).
Core Business (Excluding Jakafi) Rapid Expansion
Core product sales excluding Jakafi reached $671 million in Q2, up 127% YoY; excluding the one-time Opzelura benefit, that core business grew 44% YoY, supporting the company’s plan to reach $3–4 billion in net sales by 2030.
Hematology & Oncology Franchise Momentum
Hematology & oncology net sales grew 69% YoY to $222 million. Niktimvo sales $60M (+67% YoY), Monjuvi $54M (+72% YoY) driven by follicular lymphoma uptake and international launches, and Zynyz $50M (4x YoY) with >40% share in first-line SCAC in the U.S.
Pipeline Advancement and Late-Stage Development
Multiple assets moved into late-stage development with Phase III launches for 989 (second-line ET), 734 (PDAC) and 890 (CRC). Company expects ~10 data readouts across the clinical pipeline in H2 2026 and emphasizes a catalyst-rich second half.
Regulatory Milestones Achieved
Jakafi XR approved and launched; Opzelura received a positive CHMP opinion for moderate atopic dermatitis in Europe (final decision expected Q3); regulatory reviews underway for povorcitinib (HS) and tafasitamab/Monjuvi (first-line DLBCL) with potential approvals into early 2027.
Strategic Business Development — Vega Acquisition
Acquisition of Vega Therapeutics added latarcibart (Phase III for von Willebrand disease). VIVID-3 data presented an 81% median reduction in annualized bleeding rate and favorable tolerability with once-monthly subcutaneous dosing, positioning latarcibart as a potential transformative asset.
Raised Full-Year Guidance and Solid Liquidity
Full-year 2026 total net sales guidance raised to $5.130B–$5.260B. Opzelura guidance raised to $1.05B–$1.10B (from $750M–$790M), reflecting the CMS settlement impact. Hem/Onc guidance narrowed/raised to $860M–$890M. Cash and cash equivalents of $4.5B at quarter end (pre-Vega close).
MX:INCY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed