Research · Sep 3, 2026
[INCY] Incyte Thesis 2026: Hematology Pipeline Inflection Defines Next Phase of Growth
Incyte Corporation FY25 revenue $5.14B (+21%); op income $1.34B (vs $80M FY24); NI $1.29B (vs $33M); EPS $6.41 (vs $0.15) — major structural transformation. Q4 revenue $1.51B (+28%). Jakafi FY $3.09B (+11%); Q4 $828M (+7%); prescriptions Q4 +11% / FY +9%; PV expected to be largest + fastest-growing indication FY26. Opzelura FY $678M (+33%); Q4 $207M (+28%); pediatric AD launch off to strong start. Hematology + Oncology FY $583M (+83%); Q4 $187M (+121%) — Niktimvo + Manjuli + Zionis driving. FCF $1.36B FY25 (+443%). Pipeline transformation: multiple late-stage assets advancing; Jakafi XR submission; Opzelura moderate AD submission; povastatinib HS Europe submission. FY26 guide: revenue $4.77-$4.94B (+10-13%); Jakafi $3.22-$3.27B; Opzelura $750-$790M; Hematology Oncology $800-$880M (+37-51%); GAAP R&D + SG&A $3.495-$3.675B (+4%). Core business ex-Jakafi expected >30% growth FY26 / approaching $3-$4B by 2030.