Analyst Conference Summary

biotechnology

conference date: April 28, 2026 @ 5:00 AM Pacific Time
for quarter ending: March 31, 2026 (Q1, first quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $1.51 billion, and up % from $ billion in the year-earlier period.

Net income was $ million, down % sequentially from $299 million, and up % from $ million year-earlier.

Diluted EPS was $, down % sequentially from $1.46, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Bill Meury, Incyte CEO, said ""

In Q1 2026, clinical data from a Phase 1 trial evaluating INCB161734 for advanced/metastatic pancreatic ductal adenocarcinoma (PDAC) as monotherapy or in combination with chemotherapy were presented at the ASCO-GI meeting. Plans to initiate a Phase 3 study evaluating INCB161734 in first-line patients with metastatic PDAC in combination with chemotherapy versus chemotherapy alone.

In January 2026 the FDA requested an additional Opzelura clinical study for prurigo nodularis, so Incyte has paused that program.

In Q4 2025 Minjuvi (tafasitamab), combined with lenalidomide and rituximab, was approved in Europe to treat relapsed or refractory FL, after one line of therapy. Also approved in Japan, 2nd line. In January 2026 positive top-line Phase 3 results were released for DLBCL.

In Q4 2025, data from two Phase 1 studies of INCA033989 for patients with mutCALR-positive essential thrombocythemia (ET) and myelofibrosis (MF) were presented at the 2025 ASH Annual Meeting. Incyte plans to initiate registrational programs in ET and MF in 2H 2026. Also granted FDA Breakthrough designation in ET.

In Q4 2025 the Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion for Zynyz in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with metastatic or inoperable locally recurrent SCAC.

Ruxolitinib (Jakafi) extended-release (XR) bioequivalence data to be submitted to the FDA in Q4 2025, but received a CRL (complete response letter). Still expects commercial launch mid-2026.

In Q4 2025 Phase 1 results for INCA33890, a TGFBR2xPD-1 bispecific antibody showed clinical efficacy across multiple tumors, including microsatellite stable colorectal cancer (MSS CRC) with and without active liver metastases. Will initiate a registrational program evaluating INCA33890 in MSS CRC in 2026.

Jakafi patent protection now expected to expire towards the end of 2028. But Opzelura protected until 2040. And will try to move Jakafi patients to Jakafi XR.

Product revenue was $ billion; royalties $ million; milestone and contract revenue $45 million.

Jakafi royalty revenue is from sales by Novartis outside the U.S.

Non-GAAP numbers: Net income $ million, down % sequentially from $368 million, and up % from $ million year-earlier. Diluted EPS $, down % sequentially from $1.80, and up % from $ year-earlier.

Cash and equivalents ended at $ billion, up sequentially from $na billion. No debt.

Incyte has numerous other trials in multiple therapies and indications underway, plus preclinical agents.

See also Incyte pipeline.

GAAP operating expenses were: cost of product revenue $ million. $ million for research and development; $ million for selling, general and administrative expenses; $ million asset impairment; $ million gain for change in value of a contingent consideration. Total costs $ billion. Leaving income from operations of $ million. Interest and other income was $ million. Gain on investment was $ million. Other $ million. Income taxes $ million.

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