--- title: "Incyte | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.674 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/294054618.md" datetime: "2026-07-28T11:04:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294054618.md) - [en](https://longbridge.com/en/news/294054618.md) - [zh-HK](https://longbridge.com/zh-HK/news/294054618.md) generator: "portal-rs" --- # Incyte | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.674 B Revenue: As of FY2026 Q2, the actual value is USD 1.674 B, beating the estimate of USD 1.489 B. EPS: As of FY2026 Q2, the actual value is USD 2.81, beating the estimate of USD 2.2146. EBIT: As of FY2026 Q2, the actual value is USD 660.36 M. ### Second Quarter 2026 Financial Performance #### Total Revenue and Net Sales Incyte Corporation reported total revenue of $1.67 billion for the second quarter of 2026, an increase of 38% compared to the second quarter of 2025. Total net sales reached $1.49 billion, marking a 40% increase over the same period in 2025; excluding a one-time, non-cash benefit of $246 million from the Opzelura® (ruxolitinib) cream CMS settlement, total net sales grew by 17% year-over-year. Total net sales and royalty revenues for the quarter increased 37% over the prior year comparative period. Milestone and contract revenues increased by 124% to $11.2 million for the quarter ended June 30, 2026, compared to $5.0 million in the prior year. For the six months ended June 30, 2026, total GAAP revenues were $2.95 billion, up 30% from $2.27 billion in the same period of 2025. Total net sales for the six months were $2.59 billion, an increase of 31% from $1.98 billion in 2025. Total royalty revenues for the six months were $325.9 million, up 16% from $281.7 million in 2025. Milestone and contract revenues for the six months were $28.2 million, a 464% increase from $5.0 million in 2025. #### Segment Net Sales - **Jakafi®/Jakafi XR™ (ruxolitinib) net sales**: $817 million for Q2 2026, an increase of 7% compared to Q2 2025, primarily due to a 9% increase in paid demand across all indications. For the six months ended June 30, 2026, Jakafi net sales were $1.57 billion, up 7% from $1.47 billion in 2025. - **Opzelura® (ruxolitinib) cream net sales**: $450 million for Q2 2026, a significant increase of 173% versus Q2 2025. Excluding the one-time, non-cash benefit of $246 million from the CMS settlement, Opzelura net sales were $204 million, an increase of 24% year-over-year. For the six months ended June 30, 2026, Opzelura net sales were $592.8 million, up 109% from $283.2 million in 2025. - **Hematology and Oncology portfolio net sales**: $222 million for Q2 2026, an increase of 69% compared to Q2 2025. Specific product sales within this portfolio for Q2 2026 include: Iclusig® at $34.4 million (up 5%), Pemazyre® at $23.4 million (up 6%), Minjuvi®/Monjuvi® at $53.7 million (up 72%), Niktimvo™ at $60.3 million (up 67%), and Zynyz® at $49.9 million (up 460%). For the six months ended June 30, 2026, Hematology and Oncology product sales were: Iclusig® at $69.9 million (up 12%), Pemazyre® at $46.0 million (up 13%), Minjuvi®/Monjuvi® at $102.9 million (up 70%), Niktimvo™ at $115.4 million (up 132%), and Zynyz® at $91.3 million (up 666%). #### Royalty Revenues - **Jakavi royalties**: $124.2 million for Q2 2026, an increase of 13% from Q2 2025. For the six months ended June 30, 2026, Jakavi royalties were $229.7 million, up 14% from $201.9 million in 2025. - **Olumiant royalties**: $38.5 million for Q2 2026, an increase of 15% from Q2 2025. For the six months ended June 30, 2026, Olumiant royalties were $74.9 million, up 16% from $64.3 million in 2025. - **Tabrecta royalties**: $6.7 million for Q2 2026, an increase of 1% from Q2 2025. For the six months ended June 30, 2026, Tabrecta royalties were $12.7 million, a decrease of -3% from $13.0 million in 2025. - **Other royalties**: $5.3 million for Q2 2026, an increase of 314% from Q2 2025. For the six months ended June 30, 2026, Other royalties were $8.6 million, up 236% from $2.6 million in 2025. #### Operational Costs and Profitability - **GAAP Cost of Sales**: $105.0 million for Q2 2026, representing 7% of total net sales. For the six months ended June 30, 2026, GAAP cost of sales was $209.5 million, compared to $152.0 million in 2025. - **Non-GAAP Cost of Sales**: $98.6 million for Q2 2026, representing 7% of total net sales. For the six months ended June 30, 2026, Non-GAAP cost of sales was $196.9 million, compared to $139.5 million in 2025. - **GAAP Research and Development (R&D) Expenses**: $517.0 million for Q2 2026, an increase of 4% compared to $494.9 million in Q2 2025. For the six months ended June 30, 2026, GAAP R&D expenses were $1.03 billion, compared to $932.2 million in 2025. - **Non-GAAP R&D Expenses**: $478.8 million for Q2 2026, an increase of 5% compared to $455.6 million in Q2 2025. For the six months ended June 30, 2026, Non-GAAP R&D expenses were $955.4 million, compared to $855.7 million in 2025. - **GAAP Selling, General and Administrative (SG&A) Expenses**: $351.7 million for Q2 2026, an increase of 6% compared to $331.0 million in Q2 2025. For the six months ended June 30, 2026, GAAP SG&A expenses were $679.8 million, compared to $656.7 million in 2025. - **Non-GAAP SG&A Expenses**: $323.6 million for Q2 2026, an increase of 6% compared to $304.8 million in Q2 2025. For the six months ended June 30, 2026, Non-GAAP SG&A expenses were $627.7 million, compared to $607.1 million in 2025. - **GAAP Operating Income**: $697.9 million for Q2 2026, an increase of 32% compared to $530.3 million in Q2 2025. For the six months ended June 30, 2026, GAAP operating income was $999.0 million, compared to $735.5 million in 2025. - **Non-GAAP Operating Income**: $773.0 million for Q2 2026, an increase of 102% compared to $382.6 million in Q2 2025. For the six months ended June 30, 2026, Non-GAAP operating income was $1.17 billion, compared to $666.2 million in 2025. - **GAAP Net Income**: $585.6 million for Q2 2026, compared to $405.0 million in Q2 2025. For the six months ended June 30, 2026, GAAP net income was $888.9 million, compared to $563.2 million in 2025. - **Non-GAAP Net Income**: $643.4 million for Q2 2026, compared to $311.9 million in Q2 2025. For the six months ended June 30, 2026, Non-GAAP net income was $1.02 billion, compared to $541.4 million in 2025. #### Cash Position Cash, cash equivalents, and marketable securities totaled $4.5 billion as of June 30, 2026, an increase from $3.6 billion as of December 31, 2025. #### Unique Financial Indicators - **Contract Dispute Settlement**: In Q2 2025, Incyte Corporation and Novartis settled litigation, resulting in a $242.3 million gain recorded in the condensed consolidated statement of operations for the three and six months ended June 30, 2025. - **Loss on change in fair value of acquisition-related contingent consideration**: - $2.5 million for Q2 2026, compared to - $22.8 million in Q2 2025. For the six months ended June 30, 2026, this loss was - $2.3 million, compared to - $34.3 million in 2025. - **Asset impairment and related disposal costs**: $23.2 million for the six months ended June 30, 2026, with no such costs in 2025 or Q2 2026. - **Vega Therapeutics Acquisition Impact**: The acquisition of Vega Therapeutics, completed in July, added latarcibart to the pipeline for $1.25 billion, with potential additional payments of up to $750 million upon sales milestones. The revised 2026 guidance reflects an IPR&D expense of approximately $1.27 billion expected in Q3 2026 related to this acquisition and $50 million in incremental R&D investments for latarcibart. ### Outlook / Guidance Incyte Corporation has raised its full-year 2026 financial guidance for total net sales to $5,130 - $5,260 million, reflecting strong performance and the CMS agreement for Opzelura. The company also increased its full-year 2026 guidance for Opzelura net sales to $1,050 - $1,100 million and Hematology and Oncology net sales to $860 - $890 million. Operating expense guidance was also raised to $4,915 - $4,995 million for total GAAP R&D and SG&A, primarily due to a projected $1.27 billion IPR&D expense from the Vega Therapeutics acquisition and additional R&D investments. ### Related Stocks - [INCY.US](https://longbridge.com/en/quote/INCY.US.md) ## Related News & Research - [Incyte Stock: Is Wall Street Bullish or Bearish?](https://longbridge.com/en/news/296231523.md) - [Incyte President, Global Head of R&D Pablo J. 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