WILMINGTON, DE — Incyte raised its 2026 sales guidance after second-quarter revenue climbed 38% to $1.67 billion, though a $246 million noncash accounting benefit tied to an agreement with federal regulators accounted for a substantial portion of the increase.
Total net sales rose 40% to $1.49 billion. Excluding the one-time benefit involving Opzelura accruals, product sales increased 17% from a year earlier, reflecting broader demand across the Wilmington-based drugmaker’s commercial portfolio.
Incyte lifted its full-year net sales forecast to between $5.13 billion and $5.26 billion. The revised outlook incorporates the Centers for Medicare & Medicaid Services agreement affecting Opzelura and stronger demand for hematology and oncology products including Niktimvo, Monjuvi, Minjuvi and Zynyz.
Opzelura sales reached $450 million, up 173% from the prior-year quarter. Excluding the $246 million accrual reversal, sales of the dermatology treatment were $204 million, an increase of 24%.
The company now expects full-year Opzelura sales of $1.05 billion to $1.1 billion. It estimates the CMS agreement will add between $300 million and $310 million to the product’s 2026 sales, including the accrual reversal and an improved gross-to-net profile.
Jakafi and Jakafi XR sales increased 7% to $817 million, supported by a 9% rise in paid demand and growth across all approved indications.
Hematology and oncology portfolio sales climbed 69% to $222 million as demand increased for Niktimvo, Monjuvi, Minjuvi and Zynyz. Incyte raised its full-year forecast for that portfolio to between $860 million and $890 million.
“Every marketed product contributed to growth, reflecting the strength of our commercial portfolio and execution,” Chief Executive Officer Bill Meury stated.
Research and development expenses increased 4% on a GAAP basis to $517 million, while selling, general and administrative expenses rose 6% to $351.7 million. The company attributed the increases to late-stage clinical development, consumer marketing and preparations for anticipated product launches.
Incyte also raised its operating expense outlook following its $1.25 billion acquisition of Vega Therapeutics, completed in July. The transaction added latarcibart, an experimental treatment for von Willebrand disease, to Incyte’s late-stage pipeline.
The company expects to record approximately $1.27 billion in acquired in-process research and development expense during the third quarter, including the upfront payment and transaction costs. It also plans an additional $50 million in research spending related to latarcibart.
Star Therapeutics, Vega’s former owner, could receive as much as $750 million in additional payments if sales milestones are reached.
Incyte now expects combined full-year GAAP research, development, selling, general and administrative expenses of $4.92 billion to $5 billion. Its corresponding non-GAAP forecast is $4.63 billion to $4.7 billion.
The company ended June with $4.5 billion in cash, cash equivalents and marketable securities, up from $3.6 billion at the end of 2025.
Incyte expects 10 clinical data readouts during the second half of the year, including results from four registration-stage trials.
Among the anticipated results are studies of Niktimvo in newly diagnosed chronic graft-versus-host disease, Opzelura in hidradenitis suppurativa and povorcitinib in prurigo nodularis and asthma.
The company also discontinued development of INCB160058 following a review of available data, choosing instead to prioritize its next generation of treatments targeting the JAK2V617F mutation.
Potential regulatory and commercial milestones include a European decision on Opzelura for moderate atopic dermatitis during the third quarter, possible European approval of povorcitinib for hidradenitis suppurativa late this year and a potential U.S. launch in early 2027.
Incyte also expects a possible first-quarter 2027 U.S. approval and launch of Monjuvi for newly diagnosed diffuse large B-cell lymphoma after regulatory submissions were accepted during the second quarter.
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