Incyte raises sales outlook as quarterly revenue reaches US$1.56B

Revenue grew 14 per cent to US$1.56 billion as Incyte Corporation NASDAQINCY raised its full-year sales forecast on Thursday. The Oct. 29 results put quarterly product net sales at US$1.32 billion, also up 14 per cent.

The company now expects 2026 net sales of US$5.21 billion to US$5.30 billion. Its previous forecast was US$5.13 billion to US$5.26 billion, and the increase comes from Opzelura cream and its hematology and oncology portfolio.

Incyte is an established commercial biopharmaceutical company based in Wilmington, Delaware, with medicines and research programs spanning cancer and inflammatory diseases.

Shares NASDAQINCY closed at US$116.87 on Nasdaq at 4 p.m. EDT on Oct. 28, up 0.23 per cent. That close preceded the results, which also set out higher research spending and clinical milestones extending into 2029.

Growth Beyond Jakafi Lifts The Forecast

Jakafi and Jakafi XR generated US$827 million in third-quarter sales, up 4 per cent from a year earlier. Opzelura grew faster, with sales rising 36 per cent to US$255 million.

The hematology and oncology portfolio contributed US$235 million, an increase of 38 per cent. Incyte attributed the overall product-sales increase to stronger demand across its marketed medicines.

The revised 2026 Opzelura forecast is US$1.10 billion to US$1.12 billion. That guidance includes a one-time US$246 million benefit from an agreement with the Centers for Medicare and Medicaid Services resolving litigation over Medicaid rebate rules.

Hematology and oncology sales are now expected to reach US$890 million to US$910 million for 2026. Jakafi guidance remains unchanged, so the forecast increase rests on the businesses Incyte is building alongside its largest product.

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

The inflammatory-disease peer set includes AbbVie Inc. NYSEABBV, whose Rinvoq product information specifies use in certain patients with refractory moderate to severe atopic dermatitis inadequately controlled by other systemic medicines. Incyte's next dermatology catalysts concern other diseases: prurigo nodularis and hidradenitis suppurativa.

The broader biotechnology sector entered the reporting day with the iShares Biotechnology ETF NASDAQIBB at US$216.35 at its 4 p.m. EDT close on Oct. 28. That sector snapshot also predates Incyte's announcement.

Acquisition Charge Raises Research Spending

Third-quarter GAAP research and development expense reached US$1.79 billion, including a one-time US$1.23 billion acquired research charge tied to Vega Therapeutics. Excluding that charge, research spending increased 11 per cent as late-stage development expanded.

Cash, cash equivalents and marketable securities totalled US$3.9 billion on Sept. 30. The corresponding balance was US$3.6 billion at the end of 2025; the balance comparison alone does not measure operating cash generation.

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The 2026 GAAP research and administrative expense forecast remains US$4.915 billion to US$4.995 billion, including the acquisition charge. The higher sales forecast therefore comes without an increase to that spending envelope.

In hematology, Incyte expects to start EXCALIBUR-MF2 by year-end, comparing INCA033989 with best available therapy in previously treated CALR-mutated myelofibrosis. The company reported positive end-of-Phase 2 FDA interactions, an account that does not itself establish approval of the medicine.

Read more: Cullinan Therapeutics gains FDA clearance for velinotamig blood-disorder trial

The next scheduled investor update is the Oct. 29 earnings call at 8 a.m. EDT. Beyond that call, Phase 3 results due by year-end for povorcitinib in prurigo nodularis and ruxolitinib cream in hidradenitis suppurativa will test the next potential additions to Incyte's dermatology business.