01—Abstract
Summary
Summary of the 8-K filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.
Incyte Corporation reported financial results for its first fiscal quarter ended March 31, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K.
Total GAAP revenues were $1.27 billiona, up 21% from the first quarter of 2025, and total net sales were $1.10 billion, up 20%. GAAP net income was $303.3 million ($1.47 diluted EPS) versus $158.2 million ($0.80 diluted EPS) a year earlier, and non-GAAP diluted EPS was $1.81 versus $1.16. Growth was driven by Jakafi net sales of $758 million (up 7%), Opzelura net sales of $143 million (up 20%), and hematology and oncology net sales of $204 million (up 116%), which includes Niktimvo, Monjuvi/Minjuvi and Zynyz.
Cash, cash equivalents and marketable securities rose to $4.0 billionb at March 31, 2026, from $3.6 billion at December 31, 2025. Cost and expense growth was notable: GAAP cost of sales rose 43% and GAAP R&D rose 18%, while GAAP SG&A was roughly flat at up 1%. The quarter also included $23.2 million of asset impairment and disposal costs tied to the sale of Incyte's downtown Wilmington, Delaware properties.
Incyte reaffirmed all 2026 guidance, including total net sales of $4,770 to $4,940 millionc and total non-GAAP R&D and SG&A operating expenses of $3,205 to $3,375 million. The release also covered pipeline progress, including positive Phase 3 results for povorcitinib in nonsegmental vitiligo, an NDA acceptance for povorcitinib in hidradenitis suppurativa, and the initiation of a Phase 3 trial of INCB161734 in first-line pancreatic ductal adenocarcinoma. Management also announced that Suketu (Suky) Upadhyay will become Chief Financial Officer effective May 4, 2026.
02—Key points
Key Highlights
- Total GAAP revenues of $1.27 billion, up 21% year over year; total net sales of $1.10 billion, up 20%.
- GAAP diluted EPS of $1.47 versus $0.80 a year earlier; non-GAAP diluted EPS of $1.81 versus $1.16.
- Hematology and oncology net sales of $204 million, up 116%, driven by Niktimvo, Monjuvi/Minjuvi and Zynyz; Jakafi net sales rose 7% to $758 million.
- GAAP cost of sales rose 43% and GAAP R&D rose 18%, while GAAP SG&A increased only 1%.
- Cash, cash equivalents and marketable securities increased to $4.0 billion from $3.6 billion at December 31, 2025.
- 2026 guidance reaffirmed across all categories, including total net sales of $4,770 to $4,940 million.
- Povorcitinib achieved its primary endpoint in both Phase 3 nonsegmental vitiligo studies; NDA for hidradenitis suppurativa accepted by the FDA; Suky Upadhyay named CFO effective May 4, 2026.
03—Questions
Frequently Asked Questions
How did Incyte perform financially in the first quarter of 2026?
Total GAAP revenues were $1.27 billion, up 21% from $1.05 billion in the first quarter of 2025, and GAAP net income was $303.3 million, or $1.47 per diluted share, compared with $158.2 million, or $0.80 per diluted share, a year earlier.
What drove the revenue growth?
Net sales growth was led by hematology and oncology products, which reached $204 million (up 116%), along with Opzelura at $143 million (up 20%) and Jakafi at $758 million (up 7%), with a 6% increase in Jakafi paid demand.
Did Incyte change its 2026 outlook?
No. Incyte reaffirmed its 2026 guidance across all categories, including total net sales of $4,770 to $4,940 million and Jakafi net sales of $3,220 to $3,270 million.
What were the key pipeline and corporate developments?
Povorcitinib met its primary endpoint in both Phase 3 nonsegmental vitiligo studies, its hidradenitis suppurativa NDA was accepted by the FDA, and a Phase 3 trial of INCB161734 in first-line pancreatic ductal adenocarcinoma was initiated. Suketu (Suky) Upadhyay was appointed Chief Financial Officer effective May 4, 2026.
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