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INCY Q3 Loss Narrower Than Expected, Sales Beat, FY'26 View Raised
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Key Takeaways
Incyte's Q3 revenues rose 14% to $1.56 billion, beating estimates despite a $3.60 adjusted loss per share.
Opzelura sales increased 36% to $254.9 million, while Niktimvo and Zynyz also delivered strong growth.
Incyte raised 2026 net sales guidance to $5.21-$5.30 billion, driven by continued commercial momentum.
Incyte Corporation (INCY - Free Report) incurred a third-quarter 2026 adjusted loss of $3.60 per share, narrower than the Zacks Consensus Estimate of a loss of $3.99 per share. The company had reported adjusted earnings of $2.26 per share in the year-ago quarter. The loss was primarily due to higher in-process research and development expenses related to the acquisition of Vega Therapeutics.
Total revenues were $1.56 billion, up 14% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib) and other marketed products. The top line beat the Zacks Consensus Estimate of $1.48 billion.
All percentages mentioned below are on a reported basis.
INCY's Q3 Results in Detail
In the third quarter of 2026, total net product sales increased 14% year over year to $1.32 billion, driven by higher demand across marketed products.
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), came in at approximately $827 million, up 4% from the year-ago quarter. Growth was primarily driven by a 12% increase in paid demand and higher sales across all indications. Jakafi's sales were in line with the Zacks Consensus Estimate of $827 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $254.9 million in sales, which rose 36% year over year, beating the Zacks Consensus Estimate of $230 million. Growth was driven by increased patient demand across both indications and improved net pricing following the second-quarter 2026 settlement.
The hematology and oncology portfolio generated revenues of $235 million, up 38% year over year, driven by increased demand for Niktimvo, Zynyz and Monjuvi/Minjuvi.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $58.3 million, reflecting a 157% increase and beating the Zacks Consensus Estimate of $49.7 million. Minjuvi's revenues totaled $54.6 million, up 30% from the year-ago quarter. The figure was in line with the Zacks Consensus Estimate of $55 million. Incyte gained exclusive global rights for tafasitamab from MorphoSys AG in 2024. The drug is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $67.4 million in sales in the third quarter of 2026, up 47% on a year-over-year basis, driven by strong uptake and beat the Zacks Consensus Estimate of $64 million.
Meanwhile, net product revenues of Iclusig were $33.5 million, down 11% year over year. The figure missed the Zacks Consensus Estimate of $35.2 million. Pemazyre sales declined 7% to $21.2 million and missed the Zacks Consensus Estimate of $23.5 million.
Shares of Incyte have rallied 18.3% year to date compared with the industry’s 7.2% growth.
Image Source: Zacks Investment Research
Jakafi is marketed by Incyte in the United States and by Novartis (NVS - Free Report) as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 5% year over year to $132.5 million. Jakavi royalties beat the Zacks Consensus Estimate of $131 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6.8 million, up 5% year over year. The reported figure missed the Zacks Consensus Estimate of $7.7 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly (LLY - Free Report) totaled $39.1 million, up 5% year over year. The figure missed the Zacks Consensus Estimate of $39.9 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.
Adjusted research and development expenses totaled $1.75 billion, up 274% year over year, primarily due to the $1.23 billion one-time in-process R&D charge associated with the acquisition of Vega Therapeutics and continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses increased 10% to $339.1 million, primarily due to pre-launch activities.
INCY’s cash, cash equivalents and marketable securities amounted to $3.9 billion as of Sept. 30, 2026 compared with $4.5 billion recorded as of June 30, 2026.
INCY Raises 2026 Guidance
Incyte raised its 2026 total net sales guidance to $5.21-$5.30 billion, up from the previously projected $5.13-$5.26 billion, reflecting continued commercial momentum.
While Incyte continues to expect Jakafi revenues in the range of $3.22-$3.27 billion in 2026, it expects Opzelura net product revenues to be in the range of $1.10-$1.12 billion, up from the previously guided range of $1.05-$1.10 billion.
Adjusted R&D and SG&A expenses are still expected to total $4.625-$4.695 billion in 2026, including acquisition-related costs.
INCY's Recent Product & Pipeline Updates
Incyte’s Monjuvi/Minjuvi is under regulatory review globally for newly diagnosed diffuse large B-cell lymphoma (DLBCL), with potential U.S. approval and launch expected in the first quarter of 2027.
In July, the European Commission approved Opzelura for moderate atopic dermatitis in adults, marking its second approved indication in the European Union.
The Committee for Medicinal Products for Human Use issued a positive opinion recommending the approval of povorcitinib (Povofortay) for the treatment of active moderate to severe HS in adults who have responded inadequately to, or who are intolerant or contraindicated to, an anti-TNF therapy. A European regulatory decision is expected in the fourth quarter, while potential U.S. approval and launch are anticipated in the first quarter of 2027.
Incyte Corporation Price, Consensus and EPS Surprise
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. During the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 92.6% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with the average surprise being 184.65%.
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INCY Q3 Loss Narrower Than Expected, Sales Beat, FY'26 View Raised
Key Takeaways
Incyte Corporation (INCY - Free Report) incurred a third-quarter 2026 adjusted loss of $3.60 per share, narrower than the Zacks Consensus Estimate of a loss of $3.99 per share. The company had reported adjusted earnings of $2.26 per share in the year-ago quarter. The loss was primarily due to higher in-process research and development expenses related to the acquisition of Vega Therapeutics.
Total revenues were $1.56 billion, up 14% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib) and other marketed products. The top line beat the Zacks Consensus Estimate of $1.48 billion.
All percentages mentioned below are on a reported basis.
INCY's Q3 Results in Detail
In the third quarter of 2026, total net product sales increased 14% year over year to $1.32 billion, driven by higher demand across marketed products.
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), came in at approximately $827 million, up 4% from the year-ago quarter. Growth was primarily driven by a 12% increase in paid demand and higher sales across all indications. Jakafi's sales were in line with the Zacks Consensus Estimate of $827 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $254.9 million in sales, which rose 36% year over year, beating the Zacks Consensus Estimate of $230 million. Growth was driven by increased patient demand across both indications and improved net pricing following the second-quarter 2026 settlement.
The hematology and oncology portfolio generated revenues of $235 million, up 38% year over year, driven by increased demand for Niktimvo, Zynyz and Monjuvi/Minjuvi.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $58.3 million, reflecting a 157% increase and beating the Zacks Consensus Estimate of $49.7 million. Minjuvi's revenues totaled $54.6 million, up 30% from the year-ago quarter. The figure was in line with the Zacks Consensus Estimate of $55 million. Incyte gained exclusive global rights for tafasitamab from MorphoSys AG in 2024. The drug is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $67.4 million in sales in the third quarter of 2026, up 47% on a year-over-year basis, driven by strong uptake and beat the Zacks Consensus Estimate of $64 million.
Meanwhile, net product revenues of Iclusig were $33.5 million, down 11% year over year. The figure missed the Zacks Consensus Estimate of $35.2 million. Pemazyre sales declined 7% to $21.2 million and missed the Zacks Consensus Estimate of $23.5 million.
Shares of Incyte have rallied 18.3% year to date compared with the industry’s 7.2% growth.
Image Source: Zacks Investment Research
Jakafi is marketed by Incyte in the United States and by Novartis (NVS - Free Report) as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 5% year over year to $132.5 million. Jakavi royalties beat the Zacks Consensus Estimate of $131 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6.8 million, up 5% year over year. The reported figure missed the Zacks Consensus Estimate of $7.7 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly (LLY - Free Report) totaled $39.1 million, up 5% year over year. The figure missed the Zacks Consensus Estimate of $39.9 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.
Adjusted research and development expenses totaled $1.75 billion, up 274% year over year, primarily due to the $1.23 billion one-time in-process R&D charge associated with the acquisition of Vega Therapeutics and continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses increased 10% to $339.1 million, primarily due to pre-launch activities.
INCY’s cash, cash equivalents and marketable securities amounted to $3.9 billion as of Sept. 30, 2026 compared with $4.5 billion recorded as of June 30, 2026.
INCY Raises 2026 Guidance
Incyte raised its 2026 total net sales guidance to $5.21-$5.30 billion, up from the previously projected $5.13-$5.26 billion, reflecting continued commercial momentum.
While Incyte continues to expect Jakafi revenues in the range of $3.22-$3.27 billion in 2026, it expects Opzelura net product revenues to be in the range of $1.10-$1.12 billion, up from the previously guided range of $1.05-$1.10 billion.
Adjusted R&D and SG&A expenses are still expected to total $4.625-$4.695 billion in 2026, including acquisition-related costs.
INCY's Recent Product & Pipeline Updates
Incyte’s Monjuvi/Minjuvi is under regulatory review globally for newly diagnosed diffuse large B-cell lymphoma (DLBCL), with potential U.S. approval and launch expected in the first quarter of 2027.
In July, the European Commission approved Opzelura for moderate atopic dermatitis in adults, marking its second approved indication in the European Union.
The Committee for Medicinal Products for Human Use issued a positive opinion recommending the approval of povorcitinib (Povofortay) for the treatment of active moderate to severe HS in adults who have responded inadequately to, or who are intolerant or contraindicated to, an anti-TNF therapy. A European regulatory decision is expected in the fourth quarter, while potential U.S. approval and launch are anticipated in the first quarter of 2027.
Incyte Corporation Price, Consensus and EPS Surprise
Incyte Corporation price-consensus-eps-surprise-chart | Incyte Corporation Quote
INCY's Zacks Rank & A Stock to Consider
Incyte currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the biotech sector is TG Therapeutics (TGTX - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for TG Therapeutics have risen from 92 cents to 94 cents for 2026. During the same period, estimates for 2027 earnings per share have increased from $2.65 to $2.66. TGTX’s shares have risen 92.6% year to date.
TG Therapeutics’ earnings missed estimates in three of the trailing four quarters and beat in the remaining one, with the average surprise being 184.65%.