Incyte Corporation

What they do

Incyte discovers, develops, and commercializes proprietary therapeutics. Its approved products include Jakafi (ruxolitinib), Iclusig, Monjuvi/Minjuvi, Niktimvo, Opzelura, Pemazyre, and Zynyz. The company retains U.S. rights to Jakafi and receives royalties from Novartis on ex-U.S. sales under the name Jakavi.

Revenue drivers

• Jakafi (ruxolitinib) — Lead product for myelofibrosis, polycythemia vera, and graft-versus-host disease; U.S. net sales of $816.7M in Q2 2026 and $1.57B in H1 2026.
• Opzelura (ruxolitinib) cream — For atopic dermatitis and vitiligo; Q2 2026 net sales of $449.7M including a $246M one-time benefit from the CMS settlement; ex-U.S. sales growing.
• Hematology-Oncology portfolio — Includes Iclusig, Monjuvi/Minjuvi, Niktimvo, Zynyz, and Pemazyre; combined net sales of $222M in Q2 2026, up 69% year-over-year.
• Royalty revenues — Total product royalties were $174.7M in Q2 2026, led by Jakavi ($124.2M) and Olumiant ($38.5M).

Recent performance

Total revenue in Q2 2026 was $1.67B, up 38% year-over-year, and total net sales were $1.49B, up 40%. Net income was $585.6M in Q2 2026 versus $405.0M a year earlier. For H1 2026, net income was $888.9M versus $563.2M. Jakafi sales grew 7% in Q2, driven by a 9% increase in paid demand. The company ended Q2 with $4.5B in cash and marketable securities.

Strategy

Incyte is expanding its Hematology franchise, recently acquiring latarcibart, a Phase 3 candidate for von Willebrand disease. The company is also pursuing label expansions and new indications for existing products. Management highlights broad-based sales growth and expects ten data readouts in H2 2026, including four registrational trials. They are also launching products through early next year.

Risks

• Jakafi patent expirations — Patent exclusivity for ruxolitinib expires in 2028, which is expected to cause a decline in Jakafi sales.
• Commercial concentration — Jakafi contributes a significant percentage of total revenues, and any decline would materially harm the business.
• Regulatory and reimbursement changes — Drug pricing reforms and changes in coverage/reimbursement by government and private payers could reduce revenue.
• Litigation and government proceedings — Costs and financial impacts from resolving litigation, as seen with the CMS Opzelura dispute, could affect results.

Outlook

Management raised full-year 2026 total net sales guidance to $5.13–5.26 billion, reflecting the CMS settlement impact and strong performance of growth products. They expect a total incremental impact on Opzelura net sales of $300–310 million for 2026, including improved gross-to-net. Ten clinical data readouts are expected in H2 2026.