Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2352.3%
Neutral2045.4%
Bearish12.3%
Incyte Corporation · INCY · FY2026 Q1 · Calendar Q2 2026
Incyte Q1 Revenue Beats on 21% Growth, Pipeline Catalysts Accelerate Into 2026 Launches
Incyte is executing a multi-franchise transition beyond its flagship Jakafi franchise, and Q1 2026 delivered the first proof point that the growth thesis is tracking. Revenue of $1.27B beat consensus by 4.7% and EPS beat by 35%, driven by broad-based growth across hematology, oncology, and immunology. Management reaffirmed full-year guidance of $4.77-$4.94B and detailed four product launches planned for 2026 — Jakafi XR, Opzelura in Europe, Monjuvi in first-line DLBCL, and povorcitinib for HS — backed by regulatory milestones including an ahead-of-schedule FDA NDA acceptance for povorcitinib. The pipeline is maturing rapidly, with pivotal readouts expected from the 989 CALR antibody, 734 KRAS G12D inhibitor, and A90 programs. The bullish score rose to 82 from 78 the prior quarter, and the stock posted a +2.6% abnormal return on the report day. The key question for investors is whether…
Reported Before market openNASDAQHealthcare
$25.39B market cap
100quality score
Company context
Snapshot as of publicationIncyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.81
Consensus $1
EPS surprise
+35.1%
Reported versus consensus
Reported revenue
$1.27B
Consensus $1.22B
Revenue surprise
+4.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$122.99Current
$48Low
$104.92Average
$200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 29, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Jul 29, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 26, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 22, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 29, 2026 |
| Oppenheimer | Perform | Perform | Maintain | Apr 29, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Mar 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Feb 11, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Feb 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 13, 2026 |
| Mizuho | Outperform | Neutral | Upgrade | Dec 8, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 4, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 30, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Mar 18, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Mar 11, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 11, 2025 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jan 10, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 30, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 1, 2024 |
| Leerink Partners | Outperform | Market Perform | Upgrade | Dec 13, 2023 |
| SVB Leerink | Underperform | Underperform | Maintain | Mar 20, 2023 |
| Credit Suisse | Buy | Buy | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 8, 2023 |
| Benchmark | Buy | Hold | Upgrade | Jul 20, 2021 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Jan 2, 2020 |
| Nomura | Buy | Buy | Maintain | Jul 31, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 11, 2019 |
| Argus Research | Buy | Buy | Maintain | Feb 25, 2019 |
| Argus | Buy | Buy | Maintain | Feb 25, 2019 |
| Gabelli & Co. | Buy | Hold | Upgrade | Jan 24, 2019 |
| Leerink Swann | Perform | Market Perform | Maintain | Sep 25, 2018 |
| Raymond James | Outperform | Market Perform | Upgrade | Sep 11, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Apr 17, 2017 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Aug 5, 2016 |
| Brean Capital | Buy | Buy | Maintain | Feb 12, 2016 |
| Bank of America | Buy | Buy | Maintain | May 29, 2015 |
| Lazard | Buy | Neutral | Upgrade | Jan 14, 2013 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $122.99. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Brian Abrahams | $109 | $126.69 | -11.4% | Jul 29, 2026 |
| BMO Capital | Analyst unavailable | $130 | $128.83 | +5.7% | Jul 29, 2026 |
| Guggenheim | Whitney Ljem | $150 | $129.93 | +22.0% | Jul 29, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $129.93 | -3.2% | Jul 29, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $129.93 | +22.0% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $139 | $129.93 | +13.0% | Jul 29, 2026 |
| Stifel Nicolaus | Stephen Willey | $145 | $130.08 | +17.9% | Jul 28, 2026 |
| Oppenheimer | Analyst unavailable | $120 | $130.08 | -2.4% | Jul 28, 2026 |
| Morgan Stanley | Analyst unavailable | $104 | $116.12 | -15.4% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $134 | $114.23 | +9.0% | Jul 14, 2026 |
| BMO Capital | Analyst unavailable | $112 | $115.04 | -8.9% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $99 | $115.62 | -19.5% | Jul 7, 2026 |
| UBS | Analyst unavailable | $113 | $107.53 | -8.1% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $105 | $103.21 | -14.6% | Jun 22, 2026 |
| BMO Capital | Evan David Seigerman | $94 | $98.22 | -23.6% | Jun 22, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $140 | $103.23 | +13.8% | Jun 10, 2026 |
| Stifel Nicolaus | Stephen Willey | $123 | $103.07 | +0.0% | Jun 9, 2026 |
| Oppenheimer | Jay Olson | $107 | $100.64 | -13.0% | Jun 8, 2026 |
| Bernstein | Analyst unavailable | $99 | $97.41 | -19.5% | May 21, 2026 |
| Oppenheimer | Analyst unavailable | $90 | $97.74 | -26.8% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $117 | $101.16 | -4.9% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $98.45 | -17.1% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Willey | $120 | $100.05 | -2.4% | Feb 11, 2026 |
| Piper Sandler | Allison Bratzel | $110 | $102.76 | -10.6% | Feb 6, 2026 |
| H.C. Wainwright | Analyst unavailable | $135 | $102.6 | +9.8% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $116 | $100.92 | -5.7% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $107 | $106.21 | -13.0% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $90 | $110.57 | -26.8% | Jan 8, 2026 |
| Stifel Nicolaus | Stephen Willey | $119 | $101.79 | -3.2% | Jan 5, 2026 |
| Truist Financial | Srikripa Devarakonda | $103 | $100.91 | -16.3% | Dec 24, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $96.46 | -25.2% | Dec 8, 2025 |
| Wells Fargo | Derek Archila | $116 | $102.52 | -5.7% | Dec 8, 2025 |
| Mizuho Securities | Salim Syed | $121 | $102.52 | -1.6% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $115 | $102.06 | -6.5% | Nov 24, 2025 |
| Piper Sandler | Allison Bratzel | $102 | $102.35 | -17.1% | Nov 4, 2025 |
| Truist Financial | Analyst unavailable | $93 | $90.35 | -24.4% | Oct 29, 2025 |
| RBC Capital | Analyst unavailable | $84 | $91.65 | -31.7% | Oct 29, 2025 |
| Wells Fargo | Derek Archila | $97 | $92.02 | -21.1% | Oct 29, 2025 |
| Barclays | Peter Lawson | $101 | $91.65 | -17.9% | Oct 29, 2025 |
| UBS | Analyst unavailable | $68 | $77.55 | -44.7% | Jul 30, 2025 |
| RBC Capital | Analyst unavailable | $67 | $67.26 | -45.5% | Jun 23, 2025 |
| Guggenheim | Analyst unavailable | $92 | $60 | -25.2% | Mar 18, 2025 |
| Seaport Global | Aaron Kessler | $200 | $73 | +62.6% | Oct 30, 2024 |
| Oppenheimer | Jay Olson | $82 | $73.6 | -33.3% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $97 | $73.6 | -21.1% | Oct 30, 2024 |
| Jefferies | Kelly Shi | $84 | $73.6 | -31.7% | Oct 29, 2024 |
| Bank of America Securities | Tazeen Ahmad | $90 | $73.6 | -26.8% | Oct 29, 2024 |
| Wolfe Research | Andy Chen | $84 | $66.1 | -31.7% | Sep 30, 2024 |
| Bank of America Securities | Tazeen Ahmad | $68 | $63.56 | -44.7% | Sep 16, 2024 |
| Goldman Sachs | Salveen Richter | $60 | $63.56 | -51.2% | Sep 16, 2024 |
| Citigroup | David Lebowitz | $92 | $62.16 | -25.2% | Aug 18, 2024 |
| RBC Capital | Brian Abrahams | $66 | $65.7 | -46.3% | Jul 31, 2024 |
| Oppenheimer | Jay Olson | $81 | $68.57 | -34.1% | Jul 26, 2024 |
| BMO Capital | Evan Seigerman | $48 | $60.87 | -61.0% | Jul 2, 2024 |
| Deutsche Bank | James Shin | $55 | $58.2 | -55.3% | May 23, 2024 |
| BMO Capital | Evan David Seigerman | $52 | $52.05 | -57.7% | Apr 30, 2024 |
| Argus Research | Jasper Hellweg | $70 | $50.48 | -43.1% | Apr 25, 2024 |
| Cowen & Co. | Analyst unavailable | $100 | $80.38 | -18.7% | Feb 8, 2023 |
| Wells Fargo | Analyst unavailable | $75 | $79.74 | -39.0% | Jan 3, 2023 |
| Oppenheimer | Jay Olson | $98 | $73.99 | -20.3% | Aug 15, 2022 |
| Leerink Partners | Analyst unavailable | $63 | $81.36 | -48.8% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $78.94 | -38.2% | Apr 20, 2022 |
| BMO Capital | Evan Seigerman | $75 | $70.07 | -39.0% | Feb 8, 2022 |
| Guggenheim | Michael Schmidt | $104 | $73.97 | -15.4% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $136 | $66.74 | +10.6% | Nov 24, 2021 |
| Oppenheimer | Jay Olson | $109 | $66.79 | -11.4% | Nov 3, 2021 |
| Cantor Fitzgerald | Alethia Young | $79 | $65.56 | -35.8% | Oct 15, 2021 |
| Ladenburg Thalmann & Co. | Aydin Huseynov | $89 | $69.78 | -27.6% | Sep 23, 2021 |
Track every rating change on INCY the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.1%
Event window
SPY move
-0.5%
Same window
Abnormal move
+2.6%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-0.4%
Up to 20 sessions
INCYSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q4 2025, which set full-year guidance and outlined 14 pivotal trials across 7 assets, Q1 2026 provided the first quarterly validation. Revenue of $1.27B beat the $1.22B consensus by 4.7%, and EPS of $1.81 exceeded the $1.34 estimate by 35%. The bullish score ticked up from 78 to 82. Several regulatory milestones moved from filing stage to acceptance: the FDA accepted the povorcitinib NDA for HS ahead of schedule, the European Commission approved Zynyz for anal carcinoma, and positive Phase III vitiligo data emerged for povorcitinib. New executive leadership, including a CFO, was added since the prior quarter.
Guidance delta
Full-year 2026 revenue guidance was reaffirmed at $4.77-$4.94 billion, implying 10-13% top-line growth, with non-Jakafi core sales tracking toward ~30% growth at the midpoint. Guidance sentiment was maintained from the prior quarter.
Key takeaways
- Q1 revenue rose 21% to $1.27B, with net sales up 20% year-over-year, beating consensus on both the top and bottom lines
- EPS of $1.81 exceeded the $1.34 estimate by 35%, reflecting operating leverage as revenue scaled ahead of expectations
- Four new product launches are planned in 2026: Jakafi XR, Opzelura for moderate AD in Europe, Monjuvi in first-line DLBCL, and povorcitinib for hidradenitis suppurativa
- FDA accepted the povorcitinib NDA for HS ahead of schedule, with approval and launch targeted for early 2027
- Positive Phase III results for povorcitinib in non-segmental vitiligo support a 2027 filing
- Executive team expanded with a new CFO and senior leaders to support the next phase of growth
Management priorities
- Mid-year launch of Jakafi XR with a targeted formulary strategy
- Second-half 2026 launch of Opzelura for moderate atopic dermatitis in Europe
- Early 2027 launch of Monjuvi in first-line DLBCL
- Povorcitinib FDA approval and launch for hidradenitis suppurativa in early 2027
- Phase III data readouts for 989 (ET and MF), 734 (PDAC), A90 (colorectal), and CDK2 inhibitor 667
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T21:21:58.368238+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T21:21:58.365500+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.