Incyte Corporation Q3 2026 Earnings Recap

Shares were nearly flat after earnings, down 0.1%. Incyte reported 14% revenue growth and broad-based product sales growth, while Jakafi sales grew more slowly than underlying demand amid pricing dynamics.

Key Takeaways

• Total revenue was $1.56 billion, up 14% year over year; total net sales were $1.32 billion, also up 14%.
• Jakafi net sales rose 4% to $827 million, while underlying demand increased 12%; the company cited expected pricing dynamics, including the CMS GENEROUS Model.
• Core net sales excluding Jakafi were $490 million, up 30%. OPZELURA sales increased 36% to $255 million, or 21% on a pro forma basis adjusting for a prior-year Medicaid line-extension settlement.
• The company said Jakafi formulary coverage is expected to exceed 80% by year-end and maintained its goal of retaining 10%–30% of the Jakafi business by 2029.
• Incyte cited ongoing reviews for frontline MONJUVI and povorcitinib in HS, and expects first-line MF data for 989 by year-end.