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Sentiment · FY2026 Q2
Incyte delivered Q1 total revenue of $1.27 billion, up 21% year-over-year, with net sales growing 20% and the core business excluding Jakafi surging 63%. The FDA accepted the Povo HS NDA and positive Phase III vitiligo data expanded the dermatology pipeline, while KRAS G12D Phase III was initiated in first-line PDAC. Niktimvo achieved 32% market capture in its second year, and all FY2026 guidance was reaffirmed with multiple catalysts ahead.
Innovation & R&D | Competitive Dynamics | Product Launch | Revenue Growth | Regulation Policy | Capital Allocation | Demand | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 13 | 4 | 3 | 2 | 4 | 2 | ||
| 2025Q1 | 10 | 3 | 3 | 3 | 1 | 1 | 1 | |
| 2025Q2 | 7 | 2 | 3 | 4 | 1 | 3 | 2 | |
| 2025Q3 | 14 | 3 | 2 | 1 | 3 | |||
| 2025Q4 | 10 | 4 | 4 | 2 | 3 | 1 | ||
| 2026Q1 | 11 | 5 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 13 | 10 | 7 | 14 | 10 | 11 |
| Competitive Dynamics | 4 | 3 | 2 | 3 | 4 | 5 |
| Product Launch | 3 | 3 | 3 | 2 | 4 | 3 |
| Revenue Growth | 2 | 3 | 4 | 2 | 1 | |
| Regulation Policy | 4 | 1 | 1 | 3 | 2 | |
| Capital Allocation | 1 | 3 | 3 | 1 | ||
| Demand | 2 | 1 | 1 | |||
| M&A | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.18B | +16.3% | $1.02 | +14.6% | 25.2% | 17.1% | $364M |
| FY2025 Q1 | $1.05B | +19.5% | $0.80 | +6.7% | 20.6% | 15.0% | $263M |
| FY2025 Q2 | $1.22B | +16.5% | $2.04 | +200.0% | 25.6% |
| 33.3% |
| $26M |
| FY2025 Q3 | $1.37B | +20.0% | $2.11 | +290.7% | 31.6% | 31.1% | $545M |
| FY2025 Q4 | $1.51B | +27.8% | $1.46 | +43.1% | 25.5% | 19.9% | $521M |
| FY2026 Q1 | $1.27B | +20.9% | $1.47 | +83.8% | 25.5% | 23.8% | $359M |
| FY2026 Q2 | $1.67B | +37.7% | $2.81 | +37.7% | 41.7% | 35.0% | $495M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What INCY and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Now when it comes to Prelude, we see that as a next-generation program potentially for us.”
Incyte holds a time-based option on a Prelude Therapeutics next-generation JAK2 V617F molecule, which it will weigh against its internal 058 program before exercising.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jessica Fye | JPMorgan | 8 (0%) |
| Michael Schmidt | Guggenheim | 7 (14%) |
| Tazeen Ahmad | Bank of America | 7 (0%) |
| Salveen Richter | Goldman Sachs | 6 (17%) |
| Jay Olson | Oppenheimer | 6 (0%) |
| Evan Seigerman | BMO Capital Markets | 6 (0%) |
| Kripa Devarakonda | Truist Securities | 5 (0%) |
| Marc Frahm | TD Cowen | 5 (0%) |
| Brian Abrahams | RBC Capital Markets | 4 (0%) |
| Stephen Willey | Stifel | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 8 (0%) |
| Guggenheim | 1 | 7 (14%) |
| Bank of America | 1 | 7 (0%) |
| BMO Capital Markets | 1 |
| 6 (0%) |
| Goldman Sachs | 1 | 6 (17%) |
| Oppenheimer | 1 | 6 (0%) |
| TD Cowen | 1 | 5 (0%) |
| Truist Securities | 1 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
INCY Incyte | 9 | +20.9% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INSM Insmed Incorporated | 8 | +229.6% | |
| MRNA Moderna | 8 | +263.6% | |
| REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |