Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2352.3%
Neutral2045.4%
Bearish12.3%
Incyte Corporation · INCY · FY2026 Q3 · Calendar Q4 2026
Incyte raises sales outlook as OPZELURA and pipeline advance
Incyte's Q3 update supports a constructive operating narrative: OPZELURA and continued Jakafi demand are driving growth while a broad late-stage pipeline expands potential future sources of revenue. The thesis remains dependent on clinical, regulatory, and commercial execution.
Reported Before market openNASDAQHealthcare
$23.68B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-3.60
Consensus $-3.93
EPS surprise
+8.4%
Reported versus consensus
Reported revenue
$1.56B
Consensus $1.46B
Revenue surprise
+6.3%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.1%
Event window
SPY move
-0.4%
Same window
Abnormal move
+0.3%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
INCYSPY benchmark
Ask FN2 about INCY FY2026 Q3
Transcript, numbers and history already loaded
Why did INCY fall 0.1% after beating EPS estimates in FY2026 Q3?What changed in INCY's guidance and outlook in FY2026 Q3?Give me the bull and bear case for INCY after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management reported Q3 revenue growth and highlighted OPZELURA's acceleration, EU approval for moderate atopic dermatitis, and a CHMP opinion for povorcitinib in hidradenitis suppurativa. Full-year net-sales guidance was raised while expense guidance was maintained. The company also emphasized the Vega acquisition and multiple Phase III programs, while deprioritizing the CDK2 inhibitor 667 Phase III trial.
Guidance delta
Full-year net-sales guidance was raised to $5.21-$5.30 billion; expense guidance was maintained.
Key takeaways
- OPZELURA led the quarter's acceleration, with continued demand for Jakafi also supporting growth.
- Management raised full-year net-sales guidance and maintained expense guidance.
- The late-stage pipeline includes multiple Phase III programs, including 989, 734, 890, and latarcibart.
- The Vega acquisition adds latarcibart and expands Incyte's hematology pipeline.
- The call highlighted upcoming data and regulatory milestones across oncology, hematology, and dermatology.
Management priorities
- Advance first-line 989 myelofibrosis data and share the full dataset later in the year.
- Initiate Phase III studies for 734 in first-line pancreatic and colorectal cancer.
- Start the next-generation V617F inhibitor 954 clinical trial in early 2027.
- Continue collaborations involving petosemtamab, navlimetostat, and SNV1521.
- Progress the next-generation CALR antibody and other pipeline programs.
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Analyst 52W Price Targets
$116.8Previous close
$48Low
$111.61Average
$200High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 30, 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 |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Oct 21, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 14, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Oct 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 8, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 28, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 4, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Aug 3, 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 |
| UBS | Neutral | Neutral | Maintain | Jun 26, 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 |
| 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 |
| 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 previous close $116.8. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Oppenheimer | Analyst unavailable | $152 | $113.31 | +30.1% | Oct 27, 2026 |
| Raymond James | Analyst unavailable | $152 | $113.27 | +30.1% | Oct 16, 2026 |
| Truist Financial | Srikripa Devarakonda | $115 | $111.44 | -1.5% | Oct 14, 2026 |
| RBC Capital | Analyst unavailable | $114 | $111.78 | -2.4% | Oct 8, 2026 |
| UBS | Ashwani Verma | $127 | $113.03 | +8.7% | Oct 5, 2026 |
| Stifel Nicolaus | Stephen Willey | $157 | $115.3 | +34.4% | Oct 5, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $152 | $123.89 | +30.1% | Sep 28, 2026 |
| Canaccord Genuity | Analyst unavailable | $152 | $128.47 | +30.1% | Aug 20, 2026 |
| Piper Sandler | Allison Bratzel | $130 | $120.16 | +11.3% | Aug 17, 2026 |
| Bernstein | Analyst unavailable | $104 | $120.77 | -11.0% | Aug 13, 2026 |
| Leerink Partners | Andrew Berens | $155 | $119.52 | +32.7% | Aug 3, 2026 |
| RBC Capital | Brian Abrahams | $109 | $126.69 | -6.7% | Jul 29, 2026 |
| BMO Capital | Analyst unavailable | $130 | $128.83 | +11.3% | Jul 29, 2026 |
| Guggenheim | Whitney Ljem | $150 | $129.93 | +28.4% | Jul 29, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $129.93 | +1.9% | Jul 29, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $129.93 | +28.4% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $139 | $129.93 | +19.0% | Jul 29, 2026 |
| Stifel Nicolaus | Stephen Willey | $145 | $130.08 | +24.1% | Jul 28, 2026 |
| Oppenheimer | Analyst unavailable | $120 | $130.08 | +2.7% | Jul 28, 2026 |
| Morgan Stanley | Analyst unavailable | $104 | $116.12 | -11.0% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $134 | $114.23 | +14.7% | Jul 14, 2026 |
| BMO Capital | Analyst unavailable | $112 | $115.04 | -4.1% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $99 | $115.62 | -15.2% | Jul 7, 2026 |
| UBS | Analyst unavailable | $113 | $107.53 | -3.3% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $105 | $103.21 | -10.1% | Jun 22, 2026 |
| BMO Capital | Evan David Seigerman | $94 | $98.22 | -19.5% | Jun 22, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $140 | $103.23 | +19.9% | Jun 10, 2026 |
| Stifel Nicolaus | Stephen Willey | $123 | $103.07 | +5.3% | Jun 9, 2026 |
| Oppenheimer | Jay Olson | $107 | $100.64 | -8.4% | Jun 8, 2026 |
| Bernstein | Analyst unavailable | $99 | $97.41 | -15.2% | May 21, 2026 |
| Oppenheimer | Analyst unavailable | $90 | $97.74 | -22.9% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $117 | $101.16 | +0.2% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $98.45 | -12.7% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Willey | $120 | $100.05 | +2.7% | Feb 11, 2026 |
| Piper Sandler | Allison Bratzel | $110 | $102.76 | -5.8% | Feb 6, 2026 |
| H.C. Wainwright | Analyst unavailable | $135 | $102.6 | +15.6% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $116 | $100.92 | -0.7% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $107 | $106.21 | -8.4% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $90 | $110.57 | -22.9% | Jan 8, 2026 |
| Stifel Nicolaus | Stephen Willey | $119 | $101.79 | +1.9% | Jan 5, 2026 |
| Truist Financial | Srikripa Devarakonda | $103 | $100.91 | -11.8% | Dec 24, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $96.46 | -21.2% | Dec 8, 2025 |
| Wells Fargo | Derek Archila | $116 | $102.52 | -0.7% | Dec 8, 2025 |
| Mizuho Securities | Salim Syed | $121 | $102.52 | +3.6% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $115 | $102.06 | -1.5% | Nov 24, 2025 |
| Piper Sandler | Allison Bratzel | $102 | $102.35 | -12.7% | Nov 4, 2025 |
| Truist Financial | Analyst unavailable | $93 | $90.35 | -20.4% | Oct 29, 2025 |
| RBC Capital | Analyst unavailable | $84 | $91.65 | -28.1% | Oct 29, 2025 |
| Wells Fargo | Derek Archila | $97 | $92.02 | -17.0% | Oct 29, 2025 |
| Barclays | Peter Lawson | $101 | $91.65 | -13.5% | Oct 29, 2025 |
| UBS | Analyst unavailable | $68 | $77.55 | -41.8% | Jul 30, 2025 |
| RBC Capital | Analyst unavailable | $67 | $67.26 | -42.6% | Jun 23, 2025 |
| Guggenheim | Analyst unavailable | $92 | $60 | -21.2% | Mar 18, 2025 |
| Seaport Global | Aaron Kessler | $200 | $73 | +71.2% | Oct 30, 2024 |
| Oppenheimer | Jay Olson | $82 | $73.6 | -29.8% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $97 | $73.6 | -17.0% | Oct 30, 2024 |
| Jefferies | Kelly Shi | $84 | $73.6 | -28.1% | Oct 29, 2024 |
| Bank of America Securities | Tazeen Ahmad | $90 | $73.6 | -22.9% | Oct 29, 2024 |
| Wolfe Research | Andy Chen | $84 | $66.1 | -28.1% | Sep 30, 2024 |
| Bank of America Securities | Tazeen Ahmad | $68 | $63.56 | -41.8% | Sep 16, 2024 |
| Goldman Sachs | Salveen Richter | $60 | $63.56 | -48.6% | Sep 16, 2024 |
| Citigroup | David Lebowitz | $92 | $62.16 | -21.2% | Aug 18, 2024 |
| RBC Capital | Brian Abrahams | $66 | $65.7 | -43.5% | Jul 31, 2024 |
| Oppenheimer | Jay Olson | $81 | $68.57 | -30.7% | Jul 26, 2024 |
| BMO Capital | Evan Seigerman | $48 | $60.87 | -58.9% | Jul 2, 2024 |
| Deutsche Bank | James Shin | $55 | $58.2 | -52.9% | May 23, 2024 |
| BMO Capital | Evan David Seigerman | $52 | $52.05 | -55.5% | Apr 30, 2024 |
| Argus Research | Jasper Hellweg | $70 | $50.48 | -40.1% | Apr 25, 2024 |
| Cowen & Co. | Analyst unavailable | $100 | $80.38 | -14.4% | Feb 8, 2023 |
| Wells Fargo | Analyst unavailable | $75 | $79.74 | -35.8% | Jan 3, 2023 |
| Oppenheimer | Jay Olson | $98 | $73.99 | -16.1% | Aug 15, 2022 |
| Leerink Partners | Analyst unavailable | $63 | $81.36 | -46.1% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $78.94 | -34.9% | Apr 20, 2022 |
| BMO Capital | Evan Seigerman | $75 | $70.07 | -35.8% | Feb 8, 2022 |
| Guggenheim | Michael Schmidt | $104 | $73.97 | -11.0% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $136 | $66.74 | +16.4% | Nov 24, 2021 |
| Oppenheimer | Jay Olson | $109 | $66.79 | -6.7% | Nov 3, 2021 |
| Cantor Fitzgerald | Alethia Young | $79 | $65.56 | -32.4% | Oct 15, 2021 |
| Ladenburg Thalmann & Co. | Aydin Huseynov | $89 | $69.78 | -23.8% | Sep 23, 2021 |
Track every rating change on INCY the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All INCY earningsHealthcare peers this season
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|---|---|---|---|---|
| LLY Eli Lilly and Company | FY2026 Q3 · Calendar Q4 2026 | +31.7% | +6.6% | Lilly raises 2026 guidance as incretin growth and pipeline progress continue |
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| INSM Insmed Incorporated | FY2026 Q3 · Calendar Q4 2026 | -20.2% | +15.1% | Insmed raises outlook as BRINSUPRI surpasses $1 billion |
| BMY Bristol-Myers Squibb Company | FY2026 Q3 · Calendar Q4 2026 | +22.7% | +1.4% | BMS raises guidance as growth portfolio expands in Q3 |
| TAK Takeda Pharmaceutical Company Limited | FY2026 Q2 · Calendar Q4 2026 | +251.7% | -0.7% | Takeda advances launches and pipeline while maintaining FY2026 guidance |
Latest beats and misses
Who reports nextBeat on EPS
- FTAIMFY2026 Q3 · October 29, 2026+1.4% EPS+1.6% move
- ATIFY2026 Q3 · October 29, 2026+6.6% EPS+5.9% move
- EMEFY2026 Q3 · October 29, 2026+14.7% EPS+1.6% move
- LHXFY2026 Q3 · October 29, 2026+11.2% EPS+6.8% move
- QSRFY2026 Q3 · October 29, 2026+1.9% EPS-2.0% move
- LNGFY2026 Q3 · October 29, 2026+30.5% EPS+7.1% move
Missed on EPS
- BBVAFY2026 Q3 · October 29, 2026-1.6% EPS-2.2% move
- INSMFY2026 Q3 · October 29, 2026-20.2% EPS+15.1% move
- STMFY2026 Q3 · October 29, 2026-7.5% EPS+3.0% move
- SCIFY2026 Q3 · October 28, 2026-2.1% EPS-8.7% move
- AMFY2026 Q3 · October 28, 2026-5.6% EPS+3.7% move
- INGFY2026 Q3 · October 29, 2026-5.1% EPS-2.0% move
Get the INCY recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-29T17:14:54.282122+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T08:20:47.005130+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T08:20:47.002369+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 · As of 2026-10-30. For educational purposes only; not investment advice.