AI-extracted from the 10-Q filed 2026-07-28 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue jumped 37% YoY to $1,674M driven by JAKAFI growth and a $246M CMS settlement on OPZELURA, with net income nearly doubling to $586M.
Biggest Revenue Drivers
Net sales$1,488.1M+40% YoY
JAKAFI volume increased 9% YoY; OPZELURA included $246.0M CMS litigation settlement benefit; NIKTIMVO, MONJUVI/MINJUVI and ZYNYZ showed strong uptake.
Product royalty revenues$174.7M+16% YoY
JAKAVI royalties increased as Novartis reported higher international sales of ruxolitinib.
Biggest Revenue Drivers
Total revenue: $1,674.0M+37% YoY
Net sales$1,488.1M+40% YoY
JAKAFI volume increased 9% YoY; OPZELURA included $246.0M CMS litigation settlement benefit; NIKTIMVO, MONJUVI/MINJUVI and ZYNYZ showed strong uptake.
Product royalty revenues$174.7M+16% YoY
JAKAVI royalties increased as Novartis reported higher international sales of ruxolitinib.
Milestone and contract revenues$11.2M+124% YoY
Developmental milestones from third-party collaborators and out-licensing arrangements.
Largest Expense Items
Research and development$517.0M+4% YoY
Increased salary and benefits due to headcount expansion; continued investment in late-stage development assets including clinical trials.
Selling, general and administrative$351.7M+6% YoY
Increased salary and benefits reflecting higher headcount to support commercial operations.
Cost of sales$105.0M+33% YoY
Growth in net sales and NIKTIMVO profit share obligations to Syndax under co-commercialization agreement.
Margins: Gross margin improved significantly, benefiting from the $246M CMS litigation settlement that reduced Medicaid rebate liabilities on OPZELURA. Operating margin expanded as operating income grew 32% YoY to $697.9M, with operating leverage from higher volumes on commercial products partially offset by R&D investments.
Watch Items from the Filing
JAKAFI patent exclusivity expires mid/late 2028; revenues expected to decline upon generic entry. JAKAFI represented ~49% of Q2 net sales.
Top six customers (A–F) represent 63% of accounts receivable as of June 30, 2026; concentration risk with specialty pharmacies and wholesalers for product distribution.
CMS litigation settlement removes $246M one-time benefit and improves OPZELURA's future gross margins by eliminating line-extension rebate accruals; go-forward gross-to-net expected to improve.
Multiple ANDA/NDA challenge filings received from generic manufacturers (Apotex, Hikma, Sun, Granules, Dr. Reddy's, Eugia, Alkem, Alembic, MSN) for JAKAFI; settlement agreements signed with five; actions against others pending.
Subsequent event (July 6, 2026): Completed $1.25B acquisition of Vega Therapeutics for latarcibart (von Willebrand disease), with up to $750M in sales milestone payments; recognized as asset acquisition expensed to R&D.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Meury WilliamChief Executive OfficerGrant or award · Jul 16, 2026
Congress trading in INCY
4 transactions in INCY reported by 3 members of Congress under the STOCK Act, most recent trade May 15, 2025. Reported transactions, not recommendations.
About INCYTE CORP (INCY): stock profile, AI score and financials
INCYTE CORP (INCY) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores INCY at 79.6/100 on a composite quality score built from its SEC filings, placing it at rank #38 of 2,925 stocks — the top 5% of the AI-ranked universe. INCY scores in the top quartile across balance sheet strength (97.3), profitability (90.4), free cash flow (86.9). Areas of concern include institutional flow (35.5), which score below median versus the broader universe. Shareholder dilution risk is elevated at 24.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), INCYTE CORP reports quarterly revenue of $1.7B, net income of $585.6M, an operating margin of 41.7%. Top institutional holders of INCY by reported 13-F value include BAKER BROS. ADVISORS, BlackRock, DODGE & COX, based on the most recent SEC filings. INCY trades on the Nasdaq exchange and files with the SEC under CIK 879169. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate INCY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for INCYTE CORP directly from SEC EDGAR.