Incyte Q3 FY2026: revenue up 14.0%, GAAP loss on $1.23 billion Vega charge
Incyte's third quarter looked like a blowout loss and wasn't one: revenue rose 14.0% to $1.56 billion and the $784.8 million net loss came from a $1.23 billion one-time charge for the Vega Therapeutics purchase. Read the quarter on the commercial line and on the raised net sales guide; treat the GAAP EPS as noise.
1 · Expected vs. Actual
Free preview belowGAAP EPS of -$3.86 beat the -$3.927 consensus by roughly $0.07, and non-GAAP came in at -$3.60. The entire loss traces to the $1.23 billion in-process R&D charge, which was not added back in the non-GAAP reconciliation, so both EPS lines are red for the same reason. One line worth pausing on: Incyte booked $96.0 million of income tax against a $688.8 million pre-tax loss.
Revenue of $1.56 billion was up 14.0% from $1.37 billion a year earlier, and total net sales of $1.32 billion grew at the same 14.0%. The growth is no longer Jakafi's story: Jakafi added 4.0% to $827.0 million, while Opzelura rose 36.0% to $254.9 million and Hematology and Oncology rose 38.0% to $235.0 million.
Incyte raised full-year 2026 total net sales guidance to $5,210–$5,300 million from $5,130–$5,260 million, lifting the mid-point by $60 million. Opzelura went to $1,100–$1,120 million and Hematology and Oncology to $890–$910 million, while Jakafi and the operating expense ranges were left unchanged. The catch sits in the footnotes: the Opzelura range includes a one-time $246 million benefit from the CMS agreement.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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