Incyte, CMS strike Medicaid pricing deal on Jakafi

INCYTE CORP (INCY) announced an agreement with the U.S. Centers for Medicare & Medicaid Services (CMS) aimed at improving patient access to its medicines while supporting continued U.S. biopharmaceutical innovation.

Rhea-AI Filing Summary

INCYTE CORP (INCY) announced an agreement with the U.S. Centers for Medicare & Medicaid Services (CMS) aimed at improving patient access to its medicines while supporting continued U.S. biopharmaceutical innovation. Under this agreement, state Medicaid programs will be able to access Incyte’s products Jakafi and Jakafi XR at prices aligned with those in a defined group of other advanced, industrialized nations.

Incyte also expects that, under this arrangement, it will not be subject to certain future CMS pricing mandates, including the proposed GUARD and GLOBE models. The company stated that it does not expect this agreement to affect its 2026 financial guidance or have a material impact on its future financial outlook.

Positive

• Incyte entered a CMS agreement giving Medicaid access to Jakafi/Jakafi XR at internationally aligned prices while the company expects to avoid certain future CMS pricing mandates, including the proposed GUARD and GLOBE models, and stated it does not expect any impact on its 2026 financial guidance or future outlook.

Negative

• None.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Terms

Centers for Medicare & Medicaid Services, Medicaid, pricing mandates, GUARD and GLOBE models

4 terms

Centers for Medicare & Medicaid Services regulatory

"entered into an agreement with the U.S. Centers for Medicare & Medicaid Services"

The Centers for Medicare & Medicaid Services (CMS) is the U.S. federal agency that runs major public health insurance programs and sets rules for what treatments and services are paid for and how much providers receive. Think of it as the rulebook and paymaster for a large portion of the health-care system: its coverage decisions, payment rates, and regulations can quickly change revenues, costs, and market access for hospitals, insurers, drugmakers and medical-device companies, so investors track its actions closely.

Medicaid regulatory

"enable state Medicaid programs to access Jakafi and Jakafi XR"

Medicaid is a government-funded health insurance program that provides medical coverage to low-income individuals, families, elderly people and people with disabilities, administered jointly by the federal government and state governments in the United States. For investors, Medicaid matters because changes in eligibility, funding, or payment rules can alter patient volume and the prices hospitals, nursing homes, insurers and medical suppliers receive—similar to how a large customer or contract can shift a company’s revenue outlook.

pricing mandates regulatory

"not be subject to certain future CMS pricing mandates"

GUARD and GLOBE models regulatory

"including the proposed GUARD and GLOBE models"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did INCY (Incyte) announce regarding CMS and Medicaid pricing?

Incyte announced an agreement with CMS under which state Medicaid programs can access Jakafi and Jakafi XR at prices aligned with a defined group of other advanced, industrialized nations, intended to improve access to medicines for American patients.

How does the new CMS agreement affect INCY’s 2026 financial guidance?

Incyte stated that it does not expect the CMS agreement to affect its 2026 financial guidance and does not expect it to have a material impact on its future financial outlook.

Which Incyte drugs are covered by the new CMS Medicaid pricing agreement?

The agreement covers Incyte’s medicines Jakafi and Jakafi XR, which state Medicaid programs will be able to access at prices aligned with those in a defined group of other advanced, industrialized nations.

Will INCY be subject to proposed CMS GUARD and GLOBE pricing models?

Incyte expects that, under its new CMS agreement, it will not be subject to certain future CMS pricing mandates, including the proposed GUARD and GLOBE models.

What is the strategic goal of INCY’s agreement with CMS?

The agreement is intended to improve access to Incyte’s medicines for American patients through Medicaid while also supporting continued U.S. biopharmaceutical innovation, according to the company’s description.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/31/2026 - 04:30 PM EDT Accepted by SEC EDGAR 08/31/2026 - 04:29 PM EDT Learn about SEC filing dates

FALSE000087916900008791692026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 31, 2026

INCYTE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			001-12400			94-3136539
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

1801 Augustine Cut-Off Wilmington, DE			19803
(Address of principal executive offices)			(Zip Code)

(302) 498-6700

(Registrant’s telephone number,

including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of exchange on which registered
Common Stock, $.001 par value per share			INCY			The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b—2 of the Securities Exchange Act of 1934 (§ 240.12b—2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Item 8.01 Other Events.

Incyte Corporation (the “Company”) today announced that it has entered into an agreement with the U.S. Centers for Medicare & Medicaid Services (“CMS”) intended to improve access to medicines for American patients while supporting continued U.S. biopharmaceutical innovation.

Under the agreement, the Company will enable state Medicaid programs to access Jakafi and Jakafi XR at prices aligned with those in a defined group of other advanced, industrialized nations. Additionally, the Company expects that it will not be subject to certain future CMS pricing mandates, including the proposed GUARD and GLOBE models. The Company does not expect the agreement to affect its 2026 financial guidance or have a material impact on its future financial outlook.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 31, 2026
			INCYTE CORPORATION
			By:			/s/ Richard Hoffman
						Richard Hoffman
						Executive Vice President and General Counsel

3

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