Incyte beats, raises 2026 total net sales guidance

 

Incyte beats Q3 estimates with 14% revenue growth and raises 2026 total net sales guidance as pipeline advances

• Non-GAAP EPS was -$3.60 in fiscal Q3 2026, representing a 259% decline year over year.
• Fiscal Q3 2026 revenue was $1.6B; revenue $1.56B and net sales $1.32B grew 14% YoY, every product up.
• Core business ex-Jakafi net sales $490M grew 30% YoY, underscoring diversification ahead of 2029.
• Jakafi sales $827M grew 4% on 12% demand growth, despite modest CMS pricing headwind.
• Opzelura sales $255M grew 36% (U.S. +45%), with strong demand and raised 2026 guidance.
• Incyte raised 2026 Hematology-Oncology sales guidance following the Q3 report.
• Company issued revenue guidance of $5.13B-$5.26B and raised 2026 net sales to $5.2–$5.3B; Jakafi guidance maintained at $3.22–$3.27B.
• Large $1.23B in-process R&D charge from Vega acquisition drove GAAP expense spike, masking underlying leverage.
• KRAS G12D, TGF-beta/PD-1, CALR antibody, and povorcitinib all advanced into or toward Phase III.
• CDK2 program narrowed to maintenance ovarian setting, highlighting disciplined pruning amid competitive ADC landscape.
• Upcoming catalysts include ASH 989 data, multiple dermatology Phase III readouts, and key regulatory decisions.
• Management tone confident, emphasizing execution risk as main challenge rather than scientific proof-of-concept.
• Main concern: Execution and regulatory risk across multiple late-stage programs needed to offset Jakafi 2029 cliff.
• Strong quarter, driven by Opzelura and hematology-oncology growth plus positive pipeline and guidance updates.

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