| INCY |
Report |
Total Revenue (Q2'26) |
BEAT |
pred ~$1.48B vs. cons $1.40B |
MEDIUM |
| INCY |
Report |
Non-GAAP Diluted EPS (Q2'26) |
BEAT |
pred ~$2.00 vs. cons $1.85 |
MEDIUM |
| INCY |
Report |
Opzelura Net Sales (Q2'26) |
BEAT |
pred ~$260M vs. cons $214.7M |
LOW |
| INCY |
Guide |
FY2026 Total Net Sales Guidance |
BETTER |
guide ~$5.05B vs. cons $4.90B (FY2026) |
HIGH |
| INCY |
Guide |
FY2026 Opzelura Net Sales Guidance |
BETTER |
guide ~$980M vs. cons $820M (FY2026) |
HIGH |
| INCY |
Guide |
FY2026 GAAP R&D+SG&A (opex) Guidance |
LOWER |
guide ~$4.75B vs. cons $3.65B (FY2026, reflects Vega $1.25B upfront R&D charge) |
MEDIUM |
| INCY |
Guide |
Jakafi XR Exit Run-Rate Commentary (FY2026) |
BETTER |
guide ~$70M annualized vs. cons $50M implied (by YE2026) |
MEDIUM |
| INCY |
Return |
Day-1 residual (stock − beta × S&P 500) |
+1.8% |
— |
MEDIUM |
| INCY |
Return |
5-day cumulative residual |
+0.5% (FADE) |
Much of the print is mechanical: the $246M CMS/Opzelura accrual reversal and the Vega deal were both disclosed 3-7 weeks ago and are already reflected in consensus and the stock's 20%+ run-up since Q1. The FY26 guidance raise largely mirrors the known one-time item plus a modest structural Opzelura gross-to-net benefit rather than a fresh structural upside surprise, while GAAP opex guidance must absorb the ~$1.25B Vega IPR&D charge landing in Q3 (implicit out-period EPS headwind). With core Jakafi growth still mid-single-digit and R&D spend elevated across 10+ Phase 3 programs, expect the initial beat-and-raise pop to partially fade over the week as investors rotate focus to the Q3 GAAP EPS air-pocket and question whether underlying (ex-settlement) growth justifies the re-rating. |
MEDIUM |