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INCY
FY2026 Q1
Improving
Incyte Corporation earnings call
Buzzberg read
Povacitinib Phase III trials met primary endpoint in vitiligo
Incyte delivers a strong Q1 2026 with 20% net sales growth, driven by the core business ex-Jakafi which grew 63%. Management emphasized multiple regulatory and clinical catalysts ahead, including a potential launch of Povorcitinib for HS, Monjuvi in 1L DLBCL, and the start of pivotal trials for 734 and 989. Q1 2026 total revenue was $1.27B (+21% YoY), with total net sales of $1.1B (+20%). Jakafi sales were $758M (+7%), while core ex-Jakafi grew 63% to $342M.
Buzzberg read Povacitinib Phase III trials met primary endpoint in vitiligo Incyte delivers a strong Q1 2026 with 20% net sales growth, driven by the core business ex-Jakafi which grew 63%. Management emphasized multiple regulatory and clinical catalysts ahead, including a potential launch of Povorcitinib for HS, Monjuvi in 1L DLBCL, and the start of pivotal trials for 734 and 989. Q1 2026 total revenue was $1.27B (+21% YoY), with total net sales of $1.1B (+20%). Jakafi sales were $758M (+7%), while core ex-Jakafi grew 63% to $342M. Read full analysisCollapse analysis
Incyte delivers a strong Q1 2026 with 20% net sales growth, driven by the core business ex-Jakafi which grew 63%. Management emphasized multiple regulatory and clinical catalysts ahead, including a potential launch of Povorcitinib for HS, Monjuvi in 1L DLBCL, and the start of pivotal trials for 734 and 989. Q1 2026 total revenue was $1.27B (+21% YoY), with total net sales of $1.1B (+20%). Jakafi sales were $758M (+7%), while core ex-Jakafi grew 63% to $342M.
- NDA for Povorcitinib in HS accepted by FDA; positive Phase III results announced in vitiligo. Both support a major pipeline inflection point for the dermatology franchise.
- Ph3 trial for 989 in ET initiated with a flexible dose design; EHA update expected with ~100 ET patients and ~45+ MF patients.
- Ph3 trial for 734 (KRAS G12D inhibitor) in 1L pancreatic cancer has initiated.
Revenue$1.2727B-16% QoQ
EPS$1.81+1% QoQ
Operating margin25.47%Reported
Free cash flow$0.3592B-31% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
Regulatory
FDA accepted povacitinib NDA for hidradenitis suppurativa ahead of schedule
Guidance
Jackify XR expected to achieve 10-30% of Jackify business by 2029
Show 3 more callouts
Guidance
Core business ex-Jackify expected to approach $3-4 billion by 2030
Pipeline
KRAS G12D inhibitor 734 entering Phase III in first-line PDAC
Pipeline
989 ET Phase III trial on track for mid-year initiation
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $1.2727B | -16% QoQ |
| EPS | $1.81 | +1% QoQ |
| Operating margin | 25.47% | Reported |
| Free cash flow | $0.3592B | -31% QoQ |
| Capex | $0.0102B | Reported |
| Net income | $0.3033B | +1% QoQ |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Revenue | FY2026 | $4.77B–$4.94B | $4.855B | Maintained |
| RevenueJAKAFI | FY2026 | $3.22B–$3.27B | $3.245B | Maintained |
| RevenueOPZELURA | FY2026 | $0.75B–$0.79B | $0.77B | Maintained |
| RevenueHEMONC | FY2026 | $0.8B–$0.88B | $0.84B | Maintained |
AI, capex & demand read
Management read
Upbeat
Management highlighted strong sales growth, multiple regulatory milestones, and a confident outlook on pipeline catalysts, reflecting a positive and forward-looking tone.
External signals
Supply-chain alpha · 3returns since call
Incyte believes that the approval of oral treatments for vitiligo will 'medicalize' the condition, expanding the overall market significantly. This is a key strategic bet that the category will grow beyond current treatment rates, driven by awareness and new oral options.
Evidence
“these approvals will create awareness that vitiligo is a chronic inflammatory disorder. And I think that is important for everybody that's going to be in the vitiligo market. This is definitely about medicalizing the condition.”
The KRAS G12D inhibitor (734) combination with chemotherapy is being positioned as a potential standard-of-care shift in first-line pancreatic cancer. Incyte highlights the manageable tolerability without compromising chemo dose intensity as a key differentiator, with more data expected in H2 2026.
Evidence
“Given how PDAC is treated in practice, especially in the first-line setting, that ability to combine effectively with both full-dose chemotherapy regimens is critical.”
The Phase 3 trial for 989 in ET includes a flexible dose escalation, starting at 750mg IV every two weeks with an option to increase to 2500mg based on early platelet response. This design is intended to address the heterogeneity in response and provides a template for upcoming MF trials.
Evidence
“The trial will utilize a flexible dosing schedule, starting with 750 mg IV every two weeks, with a single dose escalation option built in... based on early platelet response.”
Methodology & coverage
Management-only analysis. All 0 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.