WILMINGTON, DE — Incyte (Nasdaq: INCY) reported first-quarter 2026 revenue of $1.27 billion and total net sales of $1.10 billion, increases of 21% and 20%, respectively, from the same period a year earlier, driven by growth across its oncology and dermatology portfolio.
The biotechnology company said first-quarter growth was led by continued demand for Jakafi, Opzelura, Niktimvo, Monjuvi and Zynyz.
Net sales of Jakafi rose 7% year over year to $758 million, while Opzelura sales increased 20% to $143 million. Hematology and oncology portfolio sales climbed 116% to $204 million.
Bill Meury, chief executive officer of Incyte, said the company expects four approvals and product launches between mid-2026 and early 2027.
“Our first quarter represented a strong start to 2026, driven by 20% year-over-year net sales growth and strong commercial execution,” Meury said. He added that the company is advancing a late-stage pipeline that now includes 10 Phase 3 studies.
Research and development expenses increased 18% to $515.9 million during the quarter, reflecting continued investment in late-stage assets. Selling, general and administrative expenses rose 1% to $328.1 million.
The company ended the quarter with $4.0 billion in cash, cash equivalents and marketable securities, compared with $3.6 billion at the end of 2025.
Among pipeline developments, Incyte said the U.S. Food and Drug Administration accepted a New Drug Application for Povorcitinib in moderate-to-severe hidradenitis suppurativa during the first quarter. The company said it anticipates potential approval in Europe in late 2026 and in the United States during the first quarter of 2027.
Incyte also reported positive Phase 3 results for povorcitinib in nonsegmental vitiligo. In the STOP-V1 and STOP-V2 studies, the drug met the primary endpoint of achieving more than a 75% reduction in Facial Vitiligo Area Scoring Index scores at Week 52.
The company said it plans to submit regulatory applications for povorcitinib in vitiligo during the first half of 2027.
In oncology, Incyte initiated the Phase 3 DAWN-303 study evaluating INCB161734 in metastatic pancreatic ductal adenocarcinoma in combination with standard chemotherapy.
The company also said it expects a U.S. regulatory decision and potential mid-2026 launch for Jakafi XR.
In March, the European Commission approved Zynyz in combination with chemotherapy for first-line treatment of metastatic or locally recurrent squamous cell carcinoma of the anal canal.
Separately, Incyte announced leadership changes, including the appointment of Suketu Upadhyay as chief financial officer effective May 4. The company also appointed Pablo J. Cagnoni as president and global head of research and development, Steven Stein as chief medical officer and head of late-stage development, and Mohamed Issa as head of U.S. commercial.
Incyte reaffirmed its financial guidance for 2026.
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