Every 10-Q that Incyte Corp (INCY) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow INCY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full INCY filings page.
Incyte Corporation reported strong profitability for the three and six months ended June 30, 2026. Total revenues were $1,674,039 (in thousands) for the quarter and $2,946,715 (in thousands) for the first half of 2026, compared with $1,215,529 and $2,268,427 (in thousands) in 2025.
Growth was driven by higher net product sales of $2,592,633 (in thousands), including JAKAFI net sales of $1,574,414 (in thousands) and OPZELURA net sales of $592,751 (in thousands). OPZELURA results include a one-time, non-cash $246.0 million benefit from reversing Medicaid rebate accruals following a settlement with CMS. Product royalty revenues also increased to $325,882 (in thousands).
Net income rose to $585,605 (in thousands) for Q2 and $888,935 (in thousands) for the first half, with diluted EPS of $2.81 and $4.28, respectively. The effective tax rate declined to 18.8% for the six-month period, helped by tax credits, foreign tax effects and U.S. tax law changes. Incyte ended June 30, 2026 with cash and cash equivalents of $3,982,375 (in thousands) and generated operating cash flow of $877,013 (in thousands). Subsequent to quarter-end, it agreed to acquire Vega Therapeutics for $1.25 billion in cash plus up to $750.0 million in sales milestones, which it expects to expense largely as in-process R&D in the third quarter of 2026.
Incyte delivered a much stronger quarter, with Q1 2026 revenue of $1.27 billion, up from $1.05 billion a year ago, driven by growth across its oncology and dermatology portfolio. Net sales of key products included JAKAFI $757.8 million and OPZELURA $143.0 million, with NIKTIMVO and ZYNYZ also contributing higher sales.
Net income nearly doubled to $303.3 million from $158.2 million, helped by higher product and royalty revenue and a much lower effective tax rate of 11.7% versus 32.4%. Diluted earnings per share rose to $1.47 from $0.80. Operating cash flow increased to $369.4 million, and cash and cash equivalents reached $3.46 billion, supporting a solid balance sheet with total assets of $7.34 billion.
The company recorded $23.2 million of asset impairment and disposal costs tied to the sale of downtown Wilmington properties and continues to carry $110.0 million in acquisition-related contingent consideration. Incyte also accrued about $245.9 million for potential additional Medicaid rebates if OPZELURA is treated as a line extension of JAKAFI, which currently increases OPZELURA gross-to-net deductions by approximately 8.4%.
Incyte reported stronger Q3 results, with total revenue of $1.366 billion, up from $1.138 billion a year ago. Net income rose to $424.2 million (diluted EPS $2.11) from $106.5 million ($0.54). Year to date, revenue reached $3.634 billion and net income was $987.4 million, a sharp improvement from a loss in the prior year.
Growth was broad-based: JAKAFI revenue was $791.1 million, OPZELURA $188.0 million, and new contributions included NIKTIMVO at $45.8 million and ZYNYZ at $22.7 million. Royalty revenue increased to $171.1 million, led by JAKAVI royalties of $125.6 million. Milestone and contract revenue was $45.0 million.
Operating expense trends were favorable. R&D for the quarter was $506.6 million versus $573.2 million, and cost of product revenues was $99.0 million. For the nine months, results also reflect a $242.3 million contract dispute settlement benefit tied to resolved JAKAFI royalties with Novartis and a 50% reduction in the ongoing U.S. JAKAFI royalty rate starting January 1, 2025. Cash and cash equivalents were $2.455 billion, with marketable securities of $474.8 million. Shares outstanding were 196,322,703 as of October 21, 2025.