Incyte Corp. (Incyte (INCY)) reported better-than-expected second-quarter results on Tuesday and raised its full-year sales guidance after broad-based growth across its commercial portfolio, led by strong demand for Opzelura and its hematology and oncology products.
The biopharmaceutical company reported adjusted earnings of $3.09 per share, beating the analyst consensus estimate of $2.12. Revenue rose 38% year over year to $1.67 billion, topping the consensus estimate of $1.46 billion.
Total net sales increased 40% to $1.49 billion. Excluding a one-time, non-cash benefit tied to a Centers for Medicare & Medicaid Services (CMS) settlement related to Opzelura, net sales grew 17%.
“Our second quarter was marked by broad-based sales growth, continued pipeline progress and strategic business development,” Chief Executive Officer Bill Meury said.
Incyte used its second-quarter earnings call to argue that it is evolving beyond its longtime dependence on Jakafi. Meury said the company now has multiple growth drivers, pointing to broad-based commercial sales growth, several near-term product launches, a maturing late-stage pipeline and the recently acquired Vega Therapeutics asset.
He said Incyte is “no longer dependent on one asset, catalyst or blockbuster,” with its business increasingly supported by multiple products and pipeline opportunities.
Opzelura, Jakafi Drive Sales Growth
Jakafi and Jakafi XR generated net sales of $817 million, up 7% from a year earlier.
Opzelura net sales surged 173% to $450 million, aided by a $246 million one-time accounting benefit from the CMS settlement. Excluding that benefit, Opzelura sales increased 24% to $204 million.
The company’s hematology and oncology portfolio delivered net sales of $222 million, up 69%, driven by continued growth for Niktimvo, Monjuvi/Minjuvi and Zynyz.
Guidance Raised
Incyte raised its 2026 total net sales guidance to a range of $5.13 billion to $5.26 billion, up from its previous forecast of $4.77 billion to $4.94 billion. However, the updated outlook remains below the analyst consensus estimate of $5.712 billion.
The company also increased its Opzelura net sales guidance to $1.05 billion-$1.10 billion from $750 million-$790 million. It also raised its hematology and oncology portfolio sales outlook to $860 million-$890 million from $800 million-$880 million.
Incyte reaffirmed its Jakafi net sales guidance of $3.22 billion-$3.27 billion.
The company also raised its operating expense guidance following the acquisition of Vega Therapeutics. The updated outlook includes an expected in-process research and development charge of about $1.27 billion in the third quarter. It also includes about $50 million in additional research investments related to latarcibart.
Pipeline And Balance Sheet
Incyte said it expects 10 clinical data readouts, including results from four registrational trials, during the second half of 2026. The company also completed the acquisition of Vega Therapeutics, adding Phase 3 asset latarcibart for von Willebrand disease to its pipeline.
Cash, cash equivalents and marketable securities totaled $4.5 billion as of June 30, up from $3.6 billion at the end of 2025.
INCY Price Action: Incyte shares were up 10.55% at $131.40 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to market data.
