01—Abstract
Summary
Summary of the 8-K filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.
Incyte Corporation reported third quarter 2026 results on October 29, 2026, furnished as Exhibit 99.1 to this Form 8-K.
Total revenue was $1.56 billiona and total net sales were $1.32 billion, each up 14% from the third quarter of 2025. Jakafi/Jakafi XR net sales were $827 million (up 4%), Opzelura net sales were $255 million (up 36%), and Hematology and Oncology net sales were $235 million (up 38%). The company raised its full-year 2026 guidance for total net sales to $5,210-$5,300 million (from $5,130-$5,260 million), Opzelura to $1,100-$1,120 million, and Hematology and Oncology to $890-$910 million.
Opzelura guidance includes a one-time $246 millionb benefit tied to an agreement with CMS on Medicaid rebate litigation. Profitability was sharply lower due to a one-time $1.23 billion IPR&D expense from the Vega Therapeutics acquisition, which was completed in July. GAAP net loss for the quarter was $784.8 million, or $(3.86) per diluted share, compared with net income of $424.2 million, or $2.11 per diluted share, a year earlier.
Non-GAAP net loss was $730.8 millionc, or $(3.60) per diluted share. Cash, cash equivalents and marketable securities were $3.9 billion at September 30, 2026, versus $3.6 billion at December 31, 2025. GAAP R&D expense was $1.79 billion and SG&A was $364.3 million.
The release also highlighted pipeline and regulatory milestones, including a Phase 3 study (EXCALIBUR-ET2) of INCA033989 in essential thrombocythemia that was initiated in mid-2026, a potential U.S. approval and launch of Monjuvi in newly diagnosed DLBCL in the first quarter of 2027, and a U.S. NDA for povorcitinib in hidradenitis suppurativa under review with a potential launch in the first quarter of 2027. Phase 3 data for povorcitinib in prurigo nodularis and topline data from the ruxolitinib cream HS studies are expected in the fourth quarter of 2026.
02—Key points
Key Highlights
- Total revenue of $1.56 billion and total net sales of $1.32 billion, each up 14% year over year in Q3 2026.
- Jakafi/Jakafi XR net sales of $827 million, up 4%; Opzelura net sales of $255 million, up 36%; Hematology and Oncology net sales of $235 million, up 38%.
- GAAP net loss of $784.8 million, or $(3.86) per diluted share, driven by a one-time $1.23 billion IPR&D expense from the Vega Therapeutics acquisition.
- Full-year 2026 total net sales guidance raised to $5,210-$5,300 million from $5,130-$5,260 million; Opzelura and Hematology and Oncology guidance also raised.
- Opzelura full-year guidance includes a one-time $246 million benefit related to an agreement with CMS resolving Medicaid rebate rule litigation.
- Cash, cash equivalents and marketable securities of $3.9 billion as of September 30, 2026, up from $3.6 billion at December 31, 2025.
- Pipeline catalysts include Phase 3 povorcitinib data in prurigo nodularis and ruxolitinib cream HS topline data expected in Q4 2026, and potential U.S. launches of Monjuvi in DLBCL and povorcitinib in HS in Q1 2027.
03—Questions
Frequently Asked Questions
Why did Incyte report a GAAP net loss this quarter after a profit a year ago?
The company recorded a one-time $1.23 billion IPR&D expense tied to the Vega Therapeutics acquisition, which was completed in July 2026. This drove GAAP R&D expense to $1.79 billion and produced a GAAP net loss of $784.8 million, or $(3.86) per diluted share, versus net income of $424.2 million, or $2.11 per diluted share, in the third quarter of 2025. Excluding the Vega expense, the company said GAAP R&D increased 11% year over year.
How did the key products perform in the third quarter of 2026?
Jakafi/Jakafi XR net sales were $827 million, up 4%, with the company citing a 12% increase in paid demand. Opzelura net sales were $255 million, up 36%, driven by patient demand in atopic dermatitis and vitiligo and improved net pricing. Hematology and Oncology net sales were $235 million, up 38%, led by Niktimvo, Zynyz and Monjuvi/Minjuvi.
What changed in Incyte's 2026 financial guidance?
Incyte raised full-year 2026 total net sales guidance to $5,210-$5,300 million from $5,130-$5,260 million. Opzelura guidance rose to $1,100-$1,120 million from $1,050-$1,100 million, and Hematology and Oncology guidance rose to $890-$910 million from $860-$890 million. Jakafi guidance was unchanged, and GAAP and non-GAAP R&D and SG&A operating expense guidance were also unchanged. The Opzelura figure includes a one-time $246 million benefit from the CMS agreement.
What are the near-term pipeline and regulatory catalysts?
Phase 3 data for povorcitinib in prurigo nodularis and topline data from the ruxolitinib cream Phase 3 studies in hidradenitis suppurativa are expected in the fourth quarter of 2026. Incyte anticipates potential U.S. approval and launch of Monjuvi/Minjuvi in newly diagnosed DLBCL and of povorcitinib in HS in the first quarter of 2027. The European Commission decision on povorcitinib for HS is anticipated in the fourth quarter of 2026.
What does the Vega Therapeutics acquisition add to Incyte?
Incyte acquired all outstanding shares of Vega Therapeutics for $1.25 billion in July 2026. The deal added latarcibart, a Phase 3 monoclonal antibody for von Willebrand disease, to the late-stage pipeline. Star Therapeutics may receive up to $750 million in additional payments upon achieving sales milestones.
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