Incyte Q2 revenue up 38% to $1.67B on $246M Opzelura CMS settlement and strong product growth

Filed July 28, 2026 · Period ending July 28, 2026 · ~2 min read

Key Changes

• high

  Q2 2026 total revenue $1.67B (+38% YoY) and net sales $1.49B (+40% YoY), driven by increased demand across marketed products and a one-time $246M non-cash benefit from Opzelura CMS settlement reversing prior Medicaid rebate accruals.

  Exhibit 99.1 view on EDGAR →
• high

  Settled CMS litigation on Opzelura Medicaid rebates; CMS will not treat Opzelura as a Jakafi line extension. One-time $246M benefit in Q2 plus improved gross-to-net profile yields $300-$310M total estimated incremental impact on 2026 Opzelura net sales.

  Exhibit 99.1 view on EDGAR →
• high

  Completed acquisition of Vega Therapeutics for $1.25B upfront in July 2026, adding Phase 3 von Willebrand disease candidate latarcibart to pipeline. Star Therapeutics eligible for up to $750M in sales milestones; acquisition will result in ~$1.27B IPR&D expense in Q3 2026.

  Exhibit 99.1 view on EDGAR →