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: Continued strong y/y revenue and earnings growth. Keep in mind 2028 Jakafi patent expiration.

Basic data (GAAP):

Revenue was $1.27 billion, down 16% sequentially from $1.51 billion, and up 21% from $1.05 billion in the year-earlier period.

Net income was $303 million, up 1% sequentially from $299 million, and up 92% from $158 million year-earlier.

Diluted EPS was $1.47, up 1% sequentially from $1.46, and up 84% from $0.80 year-earlier.

Guidance:

Reaffirmed 2026 guidance. (Sales of $4.77 to $4.94 billion.

Conference Highlights:

Bill Meury, Incyte CEO, said "Our first quarter represented a strong start to 2026, driven by 20% year-over-year net sales growth and strong commercial execution. At the same time, we are making significant progress toward building a more durable, growth oriented portfolio with four anticipated product approvals and launches over the next 12 months, positive registrational data for povorcitinib in vitiligo and a late stage pipeline that now includes 10 Phase 3 studies underway, including the initiation of a pivotal trial of our G12D inhibitor in first line pancreatic ductal adenocarcinoma."

On April 28, 2026 positive Phase 3 results were announced for povorcitinib for nonsegmental vitiligo. The NDA for HS was accepted in the US in Q1 2026, with possible launch in Q1 2027. Could launch in EU in late 2026. Phase 3 study data (STOP-PN1 and STOP-PN2) of povorcitinib for patients with moderate to severe prurigo nodularis (PN) is expected Q4 2026.

In Q1 2026 initiated a Phase 3 study (DAWN-303) evaluating INCB161734 as a first-line treatment for metastatic pancreatic ductal adenocarcinoma (PDAC) in combination with standard-of-care chemotherapy (mFOLFIRINOX or GEMNabP) versus chemotherapy alone.

Appointed Suketu Upadhyay as CFO; Pablo Cagnoni as global head of R and D; Steven Stein as Chief Medical Officer; and Mhohamed Issa to executive VP head of U.S. Commercial operations.

In Q1 2026 the Phase 1 dosing of the amorphous solid dispersion formulation of INCB160058 started. The trial is for myeloproliferative neoplasms with a JAK2V617F mutation. Data due in late 2026. 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.

INCA033989 (mutCALR) planned registrational Phase 3 study in essential thrombocythemia is on track to begin in 2026. Phase 1 data from ET and MF trials due in 2026. Also plans Phase 1 study in mutCALR patiens of the subcutaneous version.

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 Q1 2026 The EC approved Zynnyz (with carboplatin and paclitaxel) for first line SCAC. 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. Will initiate a Phase 1 trial for MutCALR patients in mid 2026.

Phase 2 data for Niktimvo, axatilimab in combination with ruxolitinib, in patients with newly diagnosed chronic GVHD is expected in the second half of 2026. Currently Niktimvo is capturing about one-third of third line GVHD market.

Jakafi patent protection now expected to expire towards the end of 2028. Jakafi XR regulatory decision in US expected mid 2026. 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 $374 million, up 2% sequentially from $368 million, and up 63% from $229 million year-earlier. Diluted EPS $1.81, up slightly sequentially from $1.80, and up 55% from $1.16 year-earlier.

Cash and equivalents ended at $4.0 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 sales $105 million. $516 million for research and development; $328 million for selling, general and administrative expenses; $23 million asset impairment; $0.2 million gain for change in value of a contingent consideration. Total costs $972 billion. Leaving income from operations of $301 million. Interest and other income was $33 million. Gain on investment was $7 million. Other $3 million. Income taxes $40 million.

Q&A Selective Summary:

Povo next steps, competition with Opzelura? Real opportunity with oral treatments for vitiligo markets. It is an advantage to have a topical and oral solution. Incumbency advantage. 1.5 million US vitiligo patients, only about one-third currently treated. Sees Povo market as potentially $1.5 to $2.0 billion market.

989 EHA update? Substantial update based on deeper data for ET and MF. Durability and tolerability are good. Will have a discussion with FDA on refining Phase 3 endpoints.

Niktimbo with Jakafi? Phase 2 is ahead of schedule, data in 2026, that will define next steps.

989 normalizes platelets in some patients at a lower dose, administered early. Those who do not sufficiently respond could be raised to a higher dose.

Yes, we are looking at other potential cancers for 734, like pancreatic cancer. More data later in year. Also enrolled NSCLC cohort.

734 all studies resumed after the pause? Review of pneumanitis concluded it was not a signal for 734. Phase 3 study never paused, but enrollment was paused in EU.

Opzelura market competition? Over next 5 years, 3 components to Opzelura growth: organic in current markets; expansion to HS; EU launch for atopic dermatitis. Believes could be $1 to $1.3 billion annual sales by 2030. 46% of new patient starts, that should help grow going forward, and new patient starts up 30% y/y. Beating branded topicals, also seeing shifts from earlier topicals like steroids and TCIs.

058 new formulation data? In clinic with new formulation now, first data by year end. Hope to confirm conviction on clinical outcome.

Povo for HS next update? HS market tailor made for an oral treatment. Early uptake could be those in biologic market with issues. Launch is wired for success, HS has a significant unmet need.

Jakafi's benefits for MutCALR patients is limited, hence the potiential for 989 in first line MS.

989 ET design translatability to MS? We need to discuss more with FDA. Should be able to build a step-up framework. It is a fundamentally different type of medicine for MS patients.

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