Incyte (INCY) Q3 2026 Earnings Report
MX:INCY Q3 2026 EPS Results
- Actual EPS
- -MXN 67.65
- Consensus EPS
- -MXN 73.93
- Beat/Miss
- Beat by +MXN 6.28
- One Year Ago EPS
- MXN 42.47
MX:INCY Q3 2026 Revenue Results
- Actual Revenue
- MXN 29.26B
- Expected Revenue
- MXN 27.53B
- Beat/Miss
- Beat by +MXN 1.74B
- YoY Revenue Growth
- +14.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:INCY Upcoming Earnings
Incyte's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:INCY Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, characterized by 14% quarterly revenue and net sales growth, broad-based product demand, raised full-year sales guidance, regulatory progress, and substantial expansion of the late-stage pipeline. The main negatives were the large Vega-related GAAP expense increase, pricing-related moderation in reported Jakafi growth, the discontinuation of the platinum-resistant ovarian cancer CDK2 study, and some pending clinical and regulatory milestones. Highlights significantly outweighed lowlights.
Company Guidance
Management expects XR net sales of roughly $50 million by year-end and aims to retain 10%-30% of the Jakafi business by 2029; core business excluding Jakafi is expected to grow to $3 billion-$4 billion by 2030. Full-year 2026 net sales guidance was raised to $1.1 billion-$1.12 billion for OPZELURA, $890 million-$910 million for hematology and oncology, and $5.210 billion-$5.300 billion in total, while total R&D and SG&A expenses are expected to be towards the middle of the full-year range and COGS is expected to be approximately 8% for the full year. Management expects a potential povorcitinib approval in Europe by year-end and U.S. approval in the first quarter of 2027, first-line 989 clinical data by year-end, next-generation mutant CALR antibody clinical entry in early 2027, next-generation V617F clinical entry in early 2027, pivotal trials with next-generation CALR antibody in 2028, and top-line data for latarcibart in early 2029; OPZELURA in mild to moderate HS could produce a 5%-10% lift and $50 million, $100 million in incremental sales, although it is not necessarily built into models right now.
- Strong Third-Quarter Revenue and Net Sales GrowthTotal revenue was $1.56 billion, up 14% year-over-year, while total net sales were $1.32 billion, also up 14%, driven by strong product demand and broad-based growth led by OPZELURA and the hematology and oncology franchise.
- Broad-Based Product PerformanceEvery product grew year-over-year. Jakafi remained a significant contributor, while the core business excluding Jakafi increased 37% from the prior year on a sales basis mentioned in the strategic overview.
- Jakafi Demand Remained StrongJakafi franchise net sales were $827 million, up 4% year-over-year. Underlying demand increased 12%, with growth across all indications led by PV. Formulary coverage is expected to exceed 80% by year-end, supporting the goal of roughly $50 million in full-year XR net sales and retaining 10%-30% of the Jakafi business by 2029.
- Core Business Excluding Jakafi ExpandedCore business net sales excluding Jakafi were $490 million, up 30% year-over-year, driven by OPZELURA, NIKTIMVO, ZYNYZ, and MONJUVI. Management said this business could grow to $3 billion-$4 billion by 2030.
- OPZELURA Delivered Robust GrowthOPZELURA net sales were $255 million, up 36% year-over-year, driven by increased demand across geographies and favorable U.S. pricing dynamics related to the CMS agreement. On a pro forma basis, adjusting the third quarter of 2025 for the Medicaid line extension settlement, sales increased 21% year-over-year.
- OPZELURA U.S. Demand and Competitive Position StrengthenedU.S. OPZELURA net sales were $208 million, up 45% year-over-year. On a pro forma basis, U.S. net sales grew 25%, driven by 24% overall demand growth. New patient volume grew 2x the market across atopic dermatitis and vitiligo, with approximately 20,000 prescribers and more than a quarter of a million people receiving OPZELURA.
- European OPZELURA Approval Expanded Dermatology ReachThe European Commission approved OPZELURA for adults with moderate atopic dermatitis in July, making it the first steroid-free topical JAK inhibitor available in Europe for that population and expanding the EU label into a second indication.
- Positive Regulatory Progress for PovorcitinibPovorcitinib received a positive CHMP opinion for moderate to severe hidradenitis suppurativa in adults with an inadequate response to anti-TNF therapy. European approval is anticipated by year-end, while the U.S. NDA remains under review with anticipated approval in the first quarter of 2027.
- Full-Year Revenue Guidance RaisedManagement raised 2026 OPZELURA net sales guidance to $1.1 billion-$1.12 billion, hematology and oncology guidance to $890 million-$910 million, and total net sales guidance to $5.210 billion-$5.300 billion.
- Late-Stage Pipeline Broadly ExpandedThe company now has six assets in phase III development: mutant CALR antibody 989 for myeloproliferative neoplasms, a Protein S modulator for von Willebrand disease, a G12D inhibitor for pancreatic cancer, a TGFβ×PD-1 bispecific antibody for colorectal cancer, a CDK2 inhibitor for ovarian cancer, and a JAK inhibitor under regulatory review for HS.
- Mutant CALR Program Generated Additional Frontline DataIn the first-line MF study of INCA033989, management expected to present approximately 55 patients at ASH, including about 20 Jakafi-ineligible patients and roughly 40 true first-line patients, split approximately two-thirds to one-third between monotherapy and combination with ruxolitinib. The company said the presentation data would include approximately four additional months of follow-up versus the abstract.
- 989 Development Includes Broader Disease-Response MeasuresThe 989 program is evaluating a composite endpoint covering spleen and symptoms as well as hemoglobin, platelet counts, and peripheral blood blasts. Type 1 mutation patients represent more than 70% of the CALR-mutated MF population and have shown the most robust responses to date.
- Next-Generation CALR Antibody Showed Strong Preclinical ProfileManagement said the next-generation CALR antibody was 70 times more potent against non-Type 1 mutations than 989, had a much longer half-life, and was expected to support at least monthly subcutaneous dosing, potentially less frequently. The company plans to move it into the clinic in early 2027 and aims to start pivotal trials in 2028.
- Hematology Pipeline Added LatarcibartThe acquisition of Vega Therapeutics added latarcibart, a Protein S modulator intended as a non-factor replacement treatment for von Willebrand disease. Its pivotal phase III study is underway, with top-line data expected in early 2029.
- Tafasitamab and Axatilimab Programs Continued AdvancingFDA review of tafasitamab in first-line DLBCL is ongoing, with approval expected in the first quarter of next year. Axatilimab is being evaluated in earlier lines of chronic GVHD, including a phase II combination study with ruxolitinib and a phase III study with steroids; results are expected at a medical meeting in early 2027 and top-line phase III results are anticipated in 2028.
- G12D Program Produced Encouraging Pancreatic Cancer DataIn first-line pancreatic ductal adenocarcinoma, 734 produced objective response rates of 58% with gemcitabine plus nab-paclitaxel and 81% with modified FOLFIRINOX. Six-month landmark progression-free survival was 80% and 90%, respectively. The data supported the ongoing phase III DAWN-303 study and a phase III adjuvant PDAC study planned for 2027.
- G12D Program Advanced in Colorectal CancerIn heavily pretreated colorectal cancer, 734 plus cetuximab produced a 36% objective response rate, compared with historically below 5% for anti-EGFR therapy alone in late-line disease. The company reached FDA alignment on the phase III DAWN-302 design and plans to initiate the study in the first half of next year.
- Additional 734 Combination Collaborations EstablishedThe company announced planned phase I collaborations evaluating 734 with petosemtamab in first-line colorectal cancer, navlimetostat in pancreatic ductal adenocarcinoma, and SNV1521 in solid tumors. These studies are expected to begin next year.
- TGFβ×PD-1 Bispecific Produced Positive MSS Colorectal Cancer DataIn first-line microsatellite-stable colorectal cancer, 890 combined with FOLFOX and bevacizumab produced a 71% objective response rate, including 83% in patients with liver metastases. Six-month landmark progression-free survival was 81%. The results supported the phase III NEXERA-303 study, with top-line data expected in 2029.
- Povorcitinib and Dermatology Pipeline Continued to ExpandThe company expects phase III readouts by year-end for ruxolitinib cream in mild to moderate HS and povorcitinib in prurigo nodularis. Management said povorcitinib could potentially be approved in HS, prurigo nodularis, and vitiligo, building on OPZELURA's dermatology foundation.
- Financial Resources Supported Continued DevelopmentThe company ended the quarter with $3.9 billion in cash and cash equivalents. Management maintained full-year operating expense guidance and said total R&D and SG&A expenses were expected to be toward the middle of the full-year range.
- V617F and Broader MPN Portfolio Continued to DevelopThe next-generation V617F inhibitor 954 is expected to enter the clinic in early 2027. Management said preclinical work showed substantially improved selectivity between wild-type and V617F-mutated cells and an improved formulation versus the previous V617F inhibitor. The company also disclosed a mutation-agnostic MPN antibody program, INCA036978, without identifying its target.
- Potential Expansion of the KRAS FranchiseManagement said it continues to evaluate combinations of 734 with a pan-RAS inhibitor and would not rule out addressing patients with G12V mutations.
- Potential Additional OPZELURA Opportunity in HSManagement estimated that the mild to moderate HS segment includes roughly 200,000 to 300,000 patients. If OPZELURA captured 10%-15% or more of that segment, management said it could create a 5%-10% lift on OPZELURA and potentially $50 million-$100 million in incremental sales, although the company is awaiting fourth-quarter data.
MX:INCY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 35.84- | 33.83 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | -73.93-67.65 | 42.47 | -259.29% (-110.12) | |
| Jul 28, 2026 | 2026 (Q2) | 41.2758.07 | 29.54 | 96.56% (+28.53) | |
| Apr 28, 2026 | 2026 (Q1) | 25.9734.01 | 21.8 | 56.03% (+12.21) | |
| Feb 10, 2026 | 2025 (Q4) | 36.2333.83 | 26.8 | 26.23% (+7.03) | |
| Oct 28, 2025 | 2025 (Q3) | 30.1842.47 | 20.11 | 111.21% (+22.36) | |
| Jul 29, 2025 | 2025 (Q2) | 26.6529.54 | -34.16 | 186.47% (+63.71) | |
| Apr 29, 2025 | 2025 (Q1) | 18.6821.80 | 12.08 | 80.40% (+9.72) | |
| Feb 10, 2025 | 2024 (Q4) | 28.2326.80 | 19.88 | 34.78% (+6.92) | |
| Oct 29, 2024 | 2024 (Q3) | 19.7520.11 | 20.67 | -2.73% (-0.56) |
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
