Incyte Raises 2026 Sales Outlook as Opzelura Grows 36%; Vega Charge Drives Loss

Incyte raised its 2026 net sales outlook on Thursday after third-quarter sales rose 14%, led by fast growth beyond its flagship drug Jakafi, though a one-time $1.23 billion charge for its Vega Therapeutics acquisition pushed the drugmaker to a quarterly loss.

The Wilmington, Delaware-based company now expects 2026 total net sales of $5.21 billion to $5.30 billion, up from $5.13 billion to $5.26 billion, according to the earnings release it filed with an 8-K on Thursday. It lifted its forecasts for skin cream Opzelura to $1.10 billion to $1.12 billion and for its Hematology and Oncology portfolio to $890 million to $910 million, and kept its other guidance unchanged.

Growth beyond Jakafi

Total revenue rose 14% to $1.56 billion, and total net sales also climbed 14% to $1.32 billion. Jakafi and Jakafi XR net sales increased 4% to $827 million.

The faster growth came from the rest of the portfolio. Opzelura net sales jumped 36% to $255 million, and Hematology and Oncology net sales rose 38% to $235 million.

"Net sales growth was strong in both the U.S. and internationally, creating a durable core business beyond Jakafi," CEO Bill Meury said in the release.

Deal charge drives the loss

Incyte posted a GAAP net loss of $784.8 million, or $3.86 a share, compared with net income of $424.2 million, or $2.11 a diluted share, a year earlier. On a non-GAAP basis, the loss was $3.60 a share.

The swing reflects the $1.23 billion in-process research and development expense tied to the acquisition of Vega Therapeutics, which Incyte completed in July for $1.25 billion. The seller, Star Therapeutics, can receive up to $750 million more if sales milestones are met. The deal added latarcibart, an antibody in Phase 3 development for von Willebrand disease.

GAAP research and development expenses reached $1.79 billion. Excluding the Vega charge, R&D spending rose 11%, driven by late-stage development, the company said. Cash, cash equivalents and marketable securities totaled $3.9 billion at Sept. 30, up from $3.6 billion at the end of 2025.

Catalysts ahead

Incyte said Phase 3 data for povorcitinib in prurigo nodularis and for ruxolitinib cream in hidradenitis suppurativa are expected in the fourth quarter. It anticipates a potential U.S. approval and launch of povorcitinib in hidradenitis suppurativa, and of Monjuvi in newly diagnosed diffuse large B-cell lymphoma, in the first quarter of 2027.

A Phase 3 study of INCA033989 in CALR-mutated myelofibrosis is expected to start by year-end 2026. The company also discontinued enrollment in a Phase 3 ovarian cancer study of INCB123667 as part of a strategic shift toward the first-line maintenance setting.

In August, Incyte reached an agreement with the Centers for Medicare & Medicaid Services under which state Medicaid programs can access Jakafi at prices aligned with those in a defined group of other advanced, industrialized nations.

By the numbers

• $1.56 billion: third-quarter total revenue, up 14%
• $827 million: Jakafi net sales, up 4%
• 36%: Opzelura net sales growth
• $1.23 billion: one-time IPR&D charge for Vega Therapeutics
• $5.21 billion to $5.30 billion: new 2026 net sales outlook

Sources

1. Incyte Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0000879169-26-000063)

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