Incyte Corporation INCY reported first-quarter 2026 adjusted earnings of $1.81 per share, which beat the Zacks Consensus Estimate of $1.38, primarily due to higher product sales. The company had reported adjusted earnings of $1.16 per share in the year-ago quarter.
Total revenues in the first quarter were $1.27 billion, which grew 21% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.23 billion.
All percentages mentioned below are on a reported basis.
INCY's Q1 Results in Detail
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), came in at $757.8 million, up 7% from the year-ago quarter, owing to a 6% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $735.6 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $143 million in sales, which rose 20% year over year, but missed the Zacks Consensus Estimate of $160.4 million. The year-over-year rise in sales was driven by increased patient demand and refills in the United States for both its approved indications.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $41.4 million, which significantly increased from the year-ago quarter and beat the Zacks Consensus Estimate of $30.8 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma. Net product revenues of Iclusig were $35.5 million, up 20% year over year. The figure beat the Zacks Consensus Estimate of $32.8 million. Pemazyre generated $22.5 million in sales, reflecting a year-over-year increase of 22%. The figure also surpassed the Zacks Consensus Estimate of $22 million.
Minjuvi's revenues totaled $49.2 million, up 67% year over year. The figure beat the Zacks Consensus Estimate of $43.6 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in 2024.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo. The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $55.1 million in sales in the first quarter of 2026, up significantly on a year-over-year basis, driven by strong uptake, but missed the Zacks Consensus Estimate of $56 million.
Shares of Incyte have lost 3.1% year to date compared with the industry’s 1.6% decline.
Image Source: Zacks Investment Research
Jakafi is marketed by Incyte in the United States and by Novartis NVS as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 15% to $105.6 million. Jakavi royalties beat the Zacks Consensus Estimate of $97 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6 million, down 7% year over year. The reported figure missed the Zacks Consensus Estimate of $6.8 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly LLY totaled $36.4 million, up 18% year over year. The figure beat the Zacks Consensus Estimate of $35.3 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.
Adjusted research and development (R&D) expenses totaled $476.7 million, up 19% year over year. This increase was primarily due to continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses were $304.1 million, up 1% from the prior-year quarter’s number.
INCY’s cash, cash equivalents and marketable securities amounted to $4 billion as of March 31, 2026, compared with the $3.6 billion recorded as of Dec. 31, 2025.
INCY Reiterates 2026 Guidance
The company continues to expect Jakafi revenues in the range of $3.22-$3.27 billion in 2026. Opzelura net product revenues are expected to remain in the band of $750-$790 million in 2025. Net product revenues for 2026 are expected to be in the range of $4.77-$4.94 billion.
Total adjusted R&D expenses and SG&A expenses are expected in the range of $3.205-$3.375 billion.
Incyte Corporation Price, Consensus and EPS Surprise
Incyte Corporation price-consensus-eps-surprise-chart | Incyte Corporation Quote
INCY's Zacks Rank & Stock to Consider
Incyte currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the biotech sector is Catalyst Pharmaceuticals CPRX, sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have increased from $2.59 to $2.87. CPRX shares have gained 25.5% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Novartis AG (NVS): Free Stock Analysis Report
Eli Lilly and Company (LLY): Free Stock Analysis Report
Incyte Corporation (INCY): Free Stock Analysis Report
Catalyst Pharmaceuticals, Inc. (CPRX): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).