Incyte Corp.

Strong 2Q26 results; growth broad-based (but includes one-time items): Total revenue $1.67B (+38% YoY); total net sales $1.49B (+40% YoY). Net sales growth included a one-time CMS-related noncash benefit (described as $246M recorded in 2Q) that inflated reported growth. Excluding the one-time benefit, total net sales grew 17%. All marketed products grew YoY in both the U.S. and internationally.

Jakafi remains the “funding engine,” and XR is ramping but still early: Jakafi sales $817M (+7% YoY) with prescription demand +9%, driven largely by PV. Jakafi XR launched in 2Q; commercial ramp has two phases: - Coverage: on track for 50%–70% formulary goal by year-end, supported by wins at major payers (ESI, CVS, Optum, and 10+ regional plans). - Adoption: expected to build gradually through 2026; acceleration expected in 2027. - XR generated ~$10M sales in 2Q (mostly inventory build). Full-year XR sales guide: ~$40M–$50M, included in Jakafi guidance.

Opzelura shows momentum internationally and “normalizing” economics after CMS resolution (opportunity + execution risk): Opzelura $450M in 2Q sales; includes $204M net product sales plus the $246M noncash CMS benefit (reversal of previously accrued balances tied to Medicaid rebate litigation). U.S. Opzelura (excluding one-time benefit) up 22%, with prescriptions +26% YoY and strong new patient capture (Opzelura 46% of branded topical NBRx volume). Internationally $43M (+34% YoY) with vitiligo strength; Europe moderate atopic dermatitis approval/launch targeted in 3Q26. Company expects Opzelura to become a multi-year franchise but emphasized it’s not “autopilot”—pricing/reimbursement and access discipline remain key risks.