Analyst Conference Summary

biotechnology

conference date: July 28, 2026 @ 5:00 AM Pacific Time
for quarter ending: June 30, 2026 (Q2, second quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

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

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

Diluted EPS was $, up % sequentially from $1.47, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Bill Meury, Incyte CEO, said ""

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 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 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.

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.

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 $ million.

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

Non-GAAP numbers: Net income $ million, up % sequentially from $374 million, and up % from $ million year-earlier. Diluted EPS $, up slightly sequentially from $1.81, and up % from $1.16 year-earlier.

Cash and equivalents ended at $ billion, up sequentially from $4.0 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 $ 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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