Incyte

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus, with total revenue of $1.67B vs. $1.49B expected and Normalized EPS of $3.09 vs. $2.15 expected. A one-time $246M CMS settlement benefit for Opzelura drove the top-line beat, while core sales excluding this benefit grew 17% YoY. Management raised FY26 net sales guidance to $5.13B-$5.26B, though cautioned that Q3 results will be impacted by a $1.27B IPR&D charge from the Vega Therapeutics acquisition.