Incyte : Q1 Financial Results (d630a12a b738 4bd7 a437 67eb7a808d0e)

Published: 2026-04-28 09:15:18 ET INCY

Published on 04/28/2026 at 09:15 am EDT

‌First Quarter 2026 Financial Results & Business Update‌

APRIL 28 , 2026

‌01

Introduction

Alexis Smith | VP, Investor Relations

Financial Results

Tom Tray | Principal Financial Officer

Q&A

Steven Stein, M.D. | EVP, Chief Medical Officer and Head of Late-Stage Development

Dave Gardner | EVP, Chief Strategy Officer Mohamed Issa, Pharm.D. | EVP, Head of US Commercial

Business Performance

Bill Meury | Chief Executive Officer

Closing Remarks

Bill Meury | Chief Executive Officer

R&D Highlights

Pablo Cagnoni, M.D. | President and Global Head of R&D

Agenda

‌Forward looking statements

Except for the historical information set forth herein, the matters set forth in this presentation contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte's potential for continued performance and plans for sustainable, long-term growth; the strength of Incyte's core business; net sales guidance for FY26, including guidance for Jakafi, Opzelura and Hematology and Oncology; expectations regarding the core business ex-Jakafi; the potential and progress of programs in our pipeline and the potential sales opportunities presented by the pipeline; anticipated pipeline milestones and expectations regarding clinical trials to be initiated, ongoing clinical trials and data readouts, including for '989 (mutCALR), '734 (KRASG12D), '890 (TGFβR2xPD-1), '667 (CDK2), povorcitinib, ruxolitinib cream, axatilimab and '058 (JAK2V617F); expectations regarding regulatory submissions, approvals and launches across Jakafi (ruxolitinib) XR, Opzelura (ruxolitinib) cream, Monjuvi (tafasitamab-cxix) and povorcitinib; and 2026 newsflow items.

These forward-looking statements are based on Incyte's current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including risks and uncertainties regarding research and development of products and product candidates, the sufficiency of clinical trial data to meet applicable regulatory standards or warrant continued development, the ability to enroll sufficient numbers of subjects in clinical trials and the ability to enroll subjects in accordance with planned schedules, determinations made by the FDA, EMA and other regulatory agencies, Incyte's dependence on its relationships with and changes in the plans of its collaboration partners, the efficacy or safety of Incyte's products and the products of Incyte's collaboration partners, the acceptance of Incyte's products and the products of Incyte's collaboration partners in the marketplace, market competition, unexpected variations in the demand for Incyte's products and the products of Incyte's collaboration partners, the effects of announced or unexpected price regulation or limitations on reimbursement or coverage for Incyte's products and the products of Incyte's collaboration partners, sales, marketing, manufacturing and distribution requirements, including Incyte's and its collaboration partners' ability to successfully commercialize and build commercial infrastructure for newly approved products and any additional products that become approved, greater than expected expenses, including expenses relating to litigation or strategic activities, variations in foreign currency exchange rates, and other risks detailed in Incyte's reports filed with the Securities and Exchange Commission, including its annual report on form 10-K for the year ended December 31, 2025. Incyte disclaims any intent or obligation to update these forward-looking statements.

‌Opening Remarks & Business Progress

‌Incyte's progress year-to-date

Four anticipated approval and launches across Jakafi XR, Opzelura®, Monjuvi®/Minjuvi® and povorcitinib into early-20272

1Reflects net sales, excluding royalty revenue and milestone and contract revenue. 2Jakafi XR resubmission to U.S. FDA, Opzelura for moderate AD in Europe, Monjuvi/Minjuvi for 1L DLBCL, and povorcitinib for HS.

‌Total revenue reflects 21% year-over-year

1Q26

Total Revenue1

Total net sales Total revenue

+21%

1Q 2026

Total Revenue1

growth 1Q25

$1.05B

$1.27B 1Q26 total revenue (+21% vs. 1Q25)

$1.10B total net sales

$168M royalty & contract revenue

1Q24

1Q23

1Q22

$881M

$809M

$733M

1Reflects net sales, royalty revenue, and milestone and contract revenue.

‌Commercial execution drives increase in total net sales

$1.10B 1Q26 total net sales (+20% vs. 1Q25)

1Q26

1Q25

1Q24

FY26 total net sales guidance of

$4.77-$4.94B

1Q23

1Q22

Total Net Sales1

Jakafi® Core Business (ex-Jakafi)

$730M

$693M

$606M

+20%

$922M

1Q 2026

Net Sales1

‌Jakafi commercial

Total Net Sales

U.S. Jakafi1

+7%

1Q 2026

performance driven by sustained demand

$758M 1Q26 net sales (+7% vs. 1Q25) Demand +6% vs. 1Q25

Broad based growth across PV, MF and GVHD

FY26 net sales guidance of $3.22-$3.27B

Channel inventory within normal range

$545M

1Q22

$580M

1Q23

$572M

1Q24

$709M

1Q25 1Q26

Net Sales1

‌Core business (ex-Jakafi) delivers 63% year-over-year growth

Total Net Sales (ex-Jakafi)1

Products

Opzelura

Niktimvo

Monjuvi/Minjuvi

Zynyz®

Pemazyre®

Iclusig®

+63%

1Q 2026

Net Sales1

$347M 1Q26 total net sales (+63% vs. 1Q25)

Diversified and resilient revenue mix provides foundation for sustainable long-term growth

Potential to reach $3-$4B by 2030

$61M

$113M

$158M

$213M

1Q22 1Q23

1Q24

1Q25 1Q26

1Reflects net sales, excluding royalty revenue and milestone and contract revenue. JAKAFI, OPZELURA, MONJUVI/MINJUVI, PEMAZYRE and ZYNYZ are our registered trademarks and NIKTIMVO is our trademark.

‌Opzelura up 20% year-over-year with strong demand across U.S. and

Total Net Sales Opzelura1

+20%

1Q 2026

Net Sales1

international markets

$143M 1Q26 net sales (+20% vs. 1Q25)

U.S. net sales of $106M (+12% vs. 1Q25)

• +17% TRx growth

Ex-U.S. net sales of $37M (+56% vs. 1Q25)

$13M

$119M

$86M

$57M

FY26 net sales guidance of $750-$790M

1Q22 1Q23

1Q24

1Q25 1Q26

‌Strong Hematology and Oncology performance driven by recent launches

Total Net Sales Hematology and Oncology1

Products

Niktimvo

Monjuvi/Minjuvi

Zynyz

Pemazyre

Iclusig

+116%

1Q 2026

Net Sales1

$204M 1Q26 net sales (+116% vs. 1Q25) driven by:

Niktimvo 1Q26 net sales of $55M (+305%)2

Monjuvi/Minjuvi 1Q26 net sales of $49M (+67%)2

Zynyz 1Q26 net sales of $41M (+1,276%)2

$49M $57M

$72M

$94M

FY26 net sales guidance of $800-$880M

1Q22 1Q23

1Q24

1Q25 1Q26

1Reflects net sales, excluding royalty revenue and milestone and contract revenue.

2Reflects sales growth compared to the first quarter of 2025.

‌Research & Development Highlights

‌R&D progress year-to-date

Hematology

Oncology

IAI

Registrational development efforts progressing:

Positive EOP meeting with FDA for

'989 2L ET Ph. 3 development program

Completed Ph. 1 study of '989 SC administration in HV

Initiated Ph. 1 trial evaluating '058 ASD formulation in MPN patients

Results of Ph. 3 frontMIND trial of tafasitamab in 1L DLBCL to be presented at ASCO

Oncology pipeline in pivotal development:

EC approval of Zynyz for SCAC

Initiated Ph. 3 DAWN-301 study for

'734 (KRASG12D) in 1L PDAC

Ph. 3 study ongoing for '890 (TGFβR2xPD-1) in 1L MSS CRC

Pivotal studies initiated and ongoing for

'667 (CDK2) in PROC

Development milestones pave path for povorcitinib approval:

Application acceptance by FDA for povorcitinib in HS with anticipated approval in 1Q27

54-week data of povorcitinib in HS presented at AAD

Positive results for both Ph. 3 trials of povorcitinib in vitiligo (STOP-V1 & STOP-V2)

‌'989: Initiation of Phase 3 trial in 2L ET on track for mid-year

Positive EOP meeting with FDA in Q1 Key Ph. 3 trial design features:

Type 1 and non-type 1 mutCALR positive ET patients

750mg IV Q2W; dose escalation to 2500mg IV Q2W

based on platelet response

Primary endpoint of DCHR at Week 241

Secondary endpoints to include mutCALR VAF reduction from baseline

people in the U.S. with

Only

25%

achieve a complete HR2

CALR+ ET

~25%

are resistant or intolerant to HU3

50%

have a suboptimal response to HU or SOC2

1DCHR is defined as the confirmed reduction of platelet count to < 400 x 109/L and absence of WBC elevation to > 10 x 109/L by Week 12 maintained for at least 12 weeks and the absence of any major thrombotic or hemorrhagic events or disease progression 2Carobbio A, et al. Blood. 2010;116(7). 3Sever M, et al. Leuk Lymphoma. 2014.

‌'989: Substantial progress to date, with multiple

development inflection points ahead

Regulatory alignment on pivotal development program (2L)

Mid-26:

Ph. 3 trial initiation in 2L ET

Updated data from ongoing Ph. 1 cohort (2L ET)

Enrollment of 1L MF cohort ('989 vs. '989 + ruxolitinib)

Mid-26: Updated data from ongoing Ph. 1 cohort (2L MF)

2H 26:

Ph. 3 trial initiation in 2L MF

Data from Ph. 1 cohort in 1L MF

Agreement with FDA on SC

Phase 1 trial in HV completed

Mid-26: Ph. 1 trial in mutCALR patients

‌'734: Potential first KRAS G12D targeted therapy in

PDAC with registrational efforts underway

Diagnosed

PDAC patients

G12D is the most prevalent driver

mutation in PDAC (40% of patients)1

No targeted therapies

SOC has been chemotherapy for decades

Very low 5-year survival rate (<10%)2

Investigators choice of GEMNabP or mFOLFIRINOX

Extensive Ph. 1 program in G12D-mutated solid tumors, ~400 patients including 200+ with PDAC3

Manageable tolerability profile with +GEMNabP or +mFOLFIRINOX without compromising chemotherapy dose intensity in PDAC4

Ph. 1 efficacy and safety data in combination with SOC in 1L PDAC patients in 2H 2026

Evaluation in other tumor types ongoing

‌High impact oncology portfolio in pivotal development

'890

TGFβR2xPD-1 bispecific

MSS colorectal cancer

Large, underserved population with no approved IO options

Ph. 3 trial in 1L MSS CRC ongoing

2H 26: Ph. 1 data of '890 in combination with SOC chemotherapy (FOLFOX + bevacizumab) in 1L MSS CRC

PDAC (KRASG12D)

First targeted therapy for the most common PDAC driver

Ph. 3 trial in 1L PDAC ongoing

2H 26: Ph. 1 data of '734 in combination with SOC chemotherapy (GEMNabP or mFOLFIRINOX) in 1L PDAC

Ovarian (CCNE1+)

Addresses genetically defined, high-risk ovarian cancer subset

MAESTRA-1 & -2 trials ongoing

2H 26: Planned Ph. 3 initiation (1L maintenance)

‌Povorcitinib: Compelling clinical evidence establishes clear path to approval across indications

Hidradenitis Suppurativa

Nonsegmental Vitiligo

Continuous improvements in clinical outcomes observed with long-term treatment across studies1,2

Long-term disease control:

57-71% of patients achieved HiSCR50

39-57% of patients achieved HiSCR75

19-29% of patients achieved HiSCR100

Lesion resolution: Up to 20% of patients achieved

full clearance (ANdT=0)

Clinically meaningful improvements in skin pain, fatigue and QoL measures

Both doses (45mg, 75mg) were generally well-tolerated

Statistically significant reductions in facial vitiligo vs. placebo observed across both studies3

Both studies achieved primary endpoint of reduction in F-VASI75 from baseline at Week 523,4

STOP-V1: 18.9% vs 6.8% placebo (p<0.001)

STOP-V2: 18.9% vs 3.1% placebo (p<0.001)

Statistically significant and clinically meaningful improvements observed in key secondary endpoints, including T-VASI50 at Week 52

Overall safety profile consistent with prior studies, with no new safety signals; 30mg dose well-tolerated

‌Late-stage IAI portfolio addressing immune-mediated derm conditions

Povorcitinib

Hidradenitis Suppurativa

Potential third indication to expand addressable market

Ph. 3 studies ongoing

(TRuE-HS1; TRuE-HS2)

4Q 26: Ph. 3 topline data

Hidradenitis Suppurativa

Anchor indication with large commercial opportunity

Regulatory applications accepted by FDA & EMA

Late-26 | 1Q 27: Anticipated approval & launch (EU | U.S.)1

Nonsegmental Vitiligo

Broadens franchise expansion to moderate-severe

Positive Ph. 3 results

(STOP-V1; STOP-V2)

1H 27: Planned regulatory submissions

Prurigo Nodularis

JAK dependent immuno-derm disease

Ph. 3 studies ongoing

(STOP-PN1; STOP-PN2)

4Q 26: Ph. 3 topline data

‌2026 pipeline milestones

YTD Q2

'734 Ph. 3 initiated (1L PDAC)

'890 Ph. 3 initiated

(1L MSS CRC)

Povorcitinib NDA acceptance (HS)

Povorcitinib Ph. 3 data (nonsegmental vitiligo)

Q3 Q4

Tafasitamab sBLA submission (1L DLBCL)

Opzelura Ph. 3 data (HS)

Povorcitinib Ph. 3 data (PN)

Povorcitinib HS approval (EU)

Axatilimab +ruxolitinib data (1L cGVHD)

Mid-26

'989 Ph. 1 data (2L ET+MF)

'989 trial initiation (Ph. 3 2L ET)

Ruxolitinib XR approval and launch

2H '26

Povorcitinib Ph. 2 PoC data (asthma)

'989 Ph. 1 data (1L MF)

'989 Ph. 3 initiation (2L MF)

'058 Ph. 1 data

'890 Ph. 1 data (1L combo in MSS CRC)

'734 Ph. 1 data (1L combo in PDAC)

'667 Ph. 3 initiation (1L maintenance ovarian cancer)

Opzelura moderate AD approval and launch

‌Financial Results

‌Non-GAAP adjustments

Management has chosen to present financial highlights for the quarter ended March 31, 2026, and 2025 on both a GAAP and Non-GAAP basis in the belief that this Non-GAAP information is useful for investors.

Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company's business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company's core operations.

The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company's core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers.

As changes in exchange rates are an important factor in understanding period-to-period comparisons, Management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors' ability to understand its operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

‌Financial highlights - revenues

$ MILLIONS

Q1 2026

Q1 2025

YOY CHANGE

GAAP

AS REPORTED

CONSTANT CURRENCY

Net sales

1,104

922

20%

19%

Jakafi

758

709

Opzelura

143

119

20%

18%

Hematology and Oncology1

204

116%

110%

Royalties

151

131

16%

Jakavi

106

15%

Olumiant

18%

12%

Tabrecta

(7)%

Other

156 %

Total product & royalty revenues

1,256

1,053

19%

Milestone and contract revenue

Total revenues

1,273

1,053

21%

For all periods there were no adjustments between GAAP and Non-GAAP revenues. Totals may not add due to rounding. 1Pemazyre in the U.S., Canada, Europe, Japan, Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LatAm); Niktimvo and Monjuvi in the U.S.; Zynyz in the U.S. and Europe; Iclusig in Europe and MEA; and Minjuvi in Canada, Europe, APAC, MEA and LatAm. NM, not meaningful; NA, not applicable.

‌Financial highlights - operating expenses

$ MILLIONS

Q1 2026

Q1 2025

YoY Change

GAAP

COGS

105

43%

As a percentage of net sales

9.5%

7.9%

R&D

516

437

18%

R&D - ongoing

503

421

19%

R&D - upfront and milestones & Escient costs1

(21)%

SG&A

328

326

Asset impairment and related disposal costs

(Gain) loss on change in fair value of acquisition - related contingent consideration

(0.2)

(101)%

Total operating expenses - ongoing2

936

820

14%

NM, not meaningful. Totals may not add due to rounding. 1Includes $12.6 million and $15.5 million of upfront and milestone payments for the three months ended March 31, 2026 and 2025, respectively. Includes $0.5 million of Escient acquisition related compensation expense related to severance payments for the three months ended March 31, 2025. 2Excludes asset impairment and related disposal costs and contingent consideration.

‌Full year 2026 financial guidance

FY 2026

Total net sales

$4,770M - $4,940M

Jakafi1

$3,220M - $3,270M

Opzelura2

$750M - $790M

Hematology and Oncology3

$800M - $880M

Total R&D and SG&A operating expenses (GAAP)

$3,495M - $3,675M

Total R&D and SG&A operating expenses (non-GAAP)4

$3,205M - $3,375M

1Includes the initial launch of Jakafi XR. 2 Includes net sales for moderate atopic dermatitis in Europe which is anticipated to be approved in the second half of 2026. 3Includes Pemazyre in the U.S., Canada, Europe, Japan, APAC, MEA, and LatAm; Niktimvo and Monjuvi in the U.S.; Zynyz in the U.S., Europe and Japan; Iclusig in Europe and MEA; and Minjuvi in Canada, Europe, Japan, APAC, MEA and LatAm.4Adjusted to exclude the estimated cost of stock-based compensation.

‌Closing Remarks

‌Q&A

‌Thank

you

‌Appendix

‌Upcoming pipeline milestones

THERAPEUTIC

PROGRAM

INDICATION(S)

PROOF OF CONCEPT

PIVOTAL

MILESTONE/STATUS

Hematology

Axatilimab

CSF-1R

1L cGvHD (+ ruxolitinib)

Data 2H 2026

1L cGvHD (+ steroids)

Data early-2028

INCA033989

mutCALR

CALR-mutated ET (2L)

Ph. 3 initiation mid-2026

CALR-mutated MF (1L)

Data 2H 2026

CALR-mutated MF (2L)

Ph. 3 initiation 2H 2026

INCB160058

JAK2V617F

JAK2 V617F-mutated MPNs

Data 2H 2026

INCA035784

mutCALRxCD3 bispecific

CALR-mutated MF, ET

Data 2027

Ruxolitinib XR (QD)

JAK1/JAK2

MF, PV, cGvHD

Approval/launch mid-20261

Tafasitamab

CD19

1L DLBCL

sBLA submission 1H 2026

Oncology

INCB123667

CDK2

PROC

Pivotal trials ongoing

Ovarian (1L maintenance)

Ph. 3 initiation 2H 2026

INCB161734

KRAS G12D

PDAC (G12D-mutated)

Ph. 3 trial ongoing

INCA33890

TGFβR2×PD-1 bispecific

MSS CRC

Ph. 3 trial ongoing

IAI

Ruxolitinib Cream

JAK1/JAK2

HS (mild/moderate)

Data 4Q 2026

Povorcitinib

JAK1

HS (moderate/severe)

Approval/launch late-2026

and 1Q 20272

PN (moderate/severe)

Data 4Q 2026

Vitiligo (moderate/severe)

sNDA submission 1H 2027

Asthma

Data 2H 2026

‌Abbreviation directory

'058

INCB160058

EMA

European Medicines Agency

MSS

Microsatellite stable

'667

INCB123667

EOP

End of phase

NDA

New Drug Application

'734

INCB161734

Essential thrombocythemia

PDAC

Pancreatic ductal adenocarcinoma

'890

INCA33890

FDA

U.S. Food and Drug Administration

Pharmacokinetics

'989

INCA033989

FOLFOX

Leucovorin, fluorouracil and oxaliplatin

Prurigo nodularis

First-line

F-VASI

Facial Vitiligo Area Scoring Index

PROC

Platinum-resistant ovarian cancer

Second-line

GEMNabP

Gemcitabine, nab-paclitaxel

Polycythemia vera

AAD

American Academy of Dermatology

GVHD

Graft-versus-host disease

Q2W

Every two weeks

Atopic dermatitis

Hematologic response

QoL

Quality of life

ANdT

Abscess, inflammatory nodule and draining tunnel

Hidradenitis suppurativa

sBLA

Supplemental biologics application

ASCO

American Society of Clinical Oncology

Hydroxyurea

Subcutaneous

ASD

Amorphous solid dispersion

Healthy volunteers

SCAC

Squamous cell carcinoma of the anal canal

Bioavailability

IAI

Inflammation & Autoimmunity

SOC

Standard of care

CCNE+

Cyclin E1 positive

Intravenous

TRx

Total prescription

CRC

Colorectal cancer

JAK

Janus kinase

T-VASI

Total Vitiligo Area Scoring Index

DCHR

Durable complete hematologic response

Myelofibrosis

VAF

Variant allele frequency

DLBCL

Diffuse large b-cell lymphoma

mFOLFIRINOX

Modified leucovorin calcium, fluorouracil, irinotecan hydrochloride, oxaliplatin

YoY

Year-over-year

European Commission

MPN

Myeloproliferative neoplasms

Extended-release

Disclaimer

Incyte Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 13:14 UTC.