Analyst Conference Summary

biotechnology

conference date: October 29, 2026 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2026 (Q3, third quarter 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $1.67 billion, and up % from $ billion in the year-earlier period.

Net income was $ million, up % sequentially from $586 million, and up % from $ million year-earlier.

Diluted EPS was $, up % sequentially from $2.81, and up % from $ year-earlier.

Guidance:

Conference Highlights:

Bill Meury, Incyte CEO, said "" Preparing to end dependence on Jakafi, which loses patent protection in 2028, but XR could extend life. There are key data readouts remaining in 2026.

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 Q3 2026 Latarcibart positive Phase 1/2 data for von Willebrand disease was presented. Now being studied in a Phase 3 trial.

In 2H 2027 Phase 1 data for INCB123667 for recurrent epithelial ovarian cancer will be presented at ESMO. A Phase 3 trial in first-line ovarian cancer maintenance is expencted to launch.

In July 2026, Incye announced a global collaboration and license agreement with Halozyme to support the subcutaneous formulation development of INCA033989 utilizing Halozyme's proprietary ENHANZE Technology.

In July 2026, Incyte completed the acquisition of Vega Therapeutics. This adds latarcibart, a novel investigational monoclonal antibody in Phase 3 development for patients with VWD, to its late-stage pipeline. Incyte acquired all outstanding shares of Vega Therapeutics for $1.25 billion. Parent company Star Therapeutics will be eligible to receive up to $750 million in additional payments if sales milestones are met.

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 $643 million, and up % from $ million year-earlier. Diluted EPS $, up % sequentially from $3.09, and up % from $ year-earlier.

Cash and equivalents ended at $ billion, up sequentially from 4.54$ 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; $0 million asset impairment; $ million loss 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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