Incyte (NASDAQ:INCY) reported better-than-expected second-quarter earnings and revenue on Tuesday, although its shares edged lower in pre-market trading after the company issued full-year sales guidance that came in below analysts’ expectations.
The biotechnology group delivered strong growth across its commercial portfolio, supported by higher sales from several key products and continued pipeline progress.
Earnings and Revenue Beat Forecasts
Adjusted earnings per share reached $3.09 during the second quarter, exceeding analyst expectations by $1.10.
Revenue rose to $1.67 billion, comfortably ahead of the consensus estimate of $1.42 billion.
Total revenue increased 38% compared with the same period last year, while total net sales climbed 40% to $1.49 billion.
The reported figures included a one-time, non-cash benefit of $246 million linked to an agreement with the Centers for Medicare & Medicaid Services relating to Opzelura.
Excluding that benefit, total net sales grew 17% year over year.
Commercial Portfolio Continues to Expand
Jakafi generated net sales of $817 million, representing annual growth of 7%.
Opzelura recorded net sales of $450 million, an increase of 173%. Excluding the benefit from the CMS agreement, Opzelura sales rose 24%.
Meanwhile, Incyte’s Haematology and Oncology portfolio produced net sales of $222 million, up 69% from the second quarter of 2025.
“Our second quarter was marked by broad-based sales growth, continued pipeline progress and strategic business development,” said Bill Meury, Chief Executive Officer of Incyte. “Every marketed product contributed to growth, reflecting the strength of our commercial portfolio and execution.”
Updated Guidance Misses Market Expectations
Incyte raised its forecast for total net sales in 2026 to a range of $5.13 billion to $5.26 billion.
However, the midpoint of the updated guidance remained below the analyst consensus estimate of $5.72 billion, weighing on investor sentiment despite the quarterly earnings beat.
Management said the revised outlook reflects the impact of the CMS agreement as well as continued momentum from growth products including Niktimvo, Monjuvi/Minjuvi and Zynyz.
The company also increased its full-year operating expense guidance following the acquisition of Vega Therapeutics.
As part of the transaction, Incyte expects to record approximately $1.27 billion of in-process research and development expense during the third quarter.
Incyte stock price
