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Incyte Q2 2026 revenue rises 38% to $1.67 billion on Opzelura settlement benefit

WILMINGTON, Del., July 28. Total revenue at Incyte Corp. (Nasdaq: INCY) reached $1.67 billion in the second quarter of 2026, a 38% increase from the year-ago period, the company reported Monday. The result was driven partly by a $246 million one-time, non-cash benefit tied to a Centers for Medicare and Medicaid Services settlement on Opzelura (ruxolitinib) cream.

By Julian Merrick2 min readINCY
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Key takeaways

  • Incyte reported Q2 2026 total revenue of $1.67 billion, up 38% year over year, aided by a $246 million one-time, non-cash benefit from a CMS settlement on Opzelura.
  • Opzelura net sales were $450 million (up 173%), but organic revenue excluding the accrual reversal was $204 million, still 24% above Q2 2025.
  • Jakafi and Jakafi XR combined for $817 million in net sales (up 7%), while the Hematology and Oncology portfolio rose 69% to $222 million.
  • Incyte raised full-year 2026 total net sales guidance to $5,130–$5,260 million, up from a prior range of $4,770–$4,940 million.
  • The acquisition of Vega Therapeutics will trigger an in-process R&D charge of approximately $1,270 million in the third quarter.

WILMINGTON, Del., July 28. Total revenue at Incyte Corp. (Nasdaq: INCY) reached $1.67 billion in the second quarter of 2026, a 38% increase from the year-ago period, the company reported Monday. The result was driven partly by a $246 million one-time, non-cash benefit tied to a Centers for Medicare and Medicaid Services settlement on Opzelura (ruxolitinib) cream.

Opzelura's settlement-inflated quarter

Opzelura net sales came in at $450 million, up 173% from Q2 2025. Strip out the non-cash accrual reversal and organic Opzelura revenue was $204 million, still 24% above the prior-year figure.

The CMS agreement reversed accrual balances built through March 31, 2026. A further $15 million gross-to-net improvement flowed through Q2, with an additional $40 to $50 million from the improved pricing structure expected in the third and fourth quarters. Total CMS-related tailwind to full-year 2026 Opzelura net sales is estimated at $300 to $310 million, the release shows.

Jakafi and the hematology portfolio

Jakafi and Jakafi XR (ruxolitinib) combined for $817 million in net sales, up 7% from Q2 2025. The FDA approved Jakafi XR in May for adults with intermediate- or high-risk myelofibrosis, for polycythemia vera patients who had an inadequate response to or were intolerant of hydroxyurea, and for steroid-refractory acute or chronic graft versus host disease in adults and patients 12 and older.

The Hematology and Oncology portfolio, covering Niktimvo (axatilimab-csfr), Monjuvi and Minjuvi (tafasitamab), Zynyz (retifanlimab-dlwr) and several others, posted net sales of $222 million, a 69% gain year over year. CEO Bill Meury said every marketed product contributed to growth, according to the release. Total company net sales were $1.49 billion, up 40% from Q2 2025, or 17% excluding the CMS benefit.

Costs, cash, and the Vega Therapeutics deal

GAAP R&D expenses were $517.0 million in the quarter; non-GAAP R&D was $478.8 million. Both rose 4% to 5% from the year-ago period. GAAP and non-GAAP SG&A came in at $351.7 million and $323.6 million, respectively, each up 6%.

Cash, cash equivalents and marketable securities totaled $4.5 billion as of June 30, 2026, compared with $3.6 billion at December 31, 2025.

The acquisition of Vega Therapeutics, which adds latarcibart, a von Willebrand disease candidate in Phase 3, will generate an in-process R&D charge of approximately $1,270 million in the third quarter. Incyte also committed $50 million in additional ongoing R&D for latarcibart.

Raised full-year guidance

Incyte raised full-year 2026 total net sales guidance to $5,130 to $5,260 million from a prior range of $4,770 to $4,940 million. Opzelura guidance moved to $1,050 to $1,100 million, from $750 to $790 million. Hematology and Oncology net sales guidance rose to $860 to $890 million, from $800 to $880 million. Jakafi guidance held at $3,220 to $3,270 million.

GAAP operating expense guidance for R&D and SG&A combined is now $4,915 to $4,995 million, absorbing the Vega IPR&D charge. Non-GAAP guidance is $4,625 to $4,695 million. Ten clinical data readouts, including four from registrational trials, are expected across the second half of 2026, with a company conference call scheduled for 8:00 a.m. ET today.

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Frequently asked

How much of Incyte's revenue growth came from the CMS settlement?

A $246 million one-time, non-cash benefit tied to a CMS settlement on Opzelura drove part of the growth; total company net sales rose 40%, or 17% excluding the CMS benefit.

What was Opzelura's organic revenue without the settlement effect?

Stripping out the non-cash accrual reversal, organic Opzelura revenue was $204 million, up 24% from the prior-year quarter.

What did the Vega Therapeutics acquisition add?

It adds latarcibart, a von Willebrand disease candidate in Phase 3, and Incyte committed an additional $50 million in ongoing R&D for it while incurring a roughly $1,270 million IPR&D charge in Q3.

How did Incyte change its full-year 2026 guidance?

Incyte raised total net sales guidance to $5,130–$5,260 million and Opzelura guidance to $1,050–$1,100 million, while holding Jakafi guidance at $3,220–$3,270 million.

What upcoming catalysts did Incyte mention?

Ten clinical data readouts, including four from registrational trials, are expected in the second half of 2026, with a company conference call scheduled for 8:00 a.m. ET today.