Incyte (INCY) Q3 FY2026 earnings: revenue $1.6 billion, up 14.0% on the year

Incyte Corp. (INCY) announced its results for Q3 FY2026, the quarter ended 30 September 2026, on 29 October 2026. Revenue was $1.6 billion, up 14.0% on the same quarter a year earlier. Net income was -$785 million, and diluted earnings per share -$3.86. The figures are from the company's earnings press release; the 10-Q with the full statements is not filed yet, and this page fills in when it is.

Revenue$1.6 billionup 14.0%

Net income-$785 million

Diluted EPS-$3.86$2.11 a year earlier

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 3 raised, 3 kept.

Total revenue rose 14%: Total revenue was $1.56 billion, up 14% from the third quarter of 2025, with the increase primarily from total net sales across marketed products.
GAAP operating loss from Vega charge: GAAP operating loss was $708.4 million, against operating income of $443.5 million a year earlier. Management attributed the change mainly to the Vega acquisition.
Jakafi grew 4% with normal inventory: Jakafi net sales were $827 million, up 4%, with growth across all indications. Jakafi inventory was within normal range at quarter end.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	1,557	1,674	1,366	+14.0%
Net income	-785	586	424	n/a
Diluted EPS	-$3.86	$2.81	$2.11	n/a

$ million except per share.

Q3 FY2026 is from the company's press release of 29 October 2026; the other columns are from its 10-Q and 10-K filings. A release figure is shown when the release's own figure for an earlier quarter matches the filed one, so the line and its units are read right.

Quarterly results, the last 20 quarters filed

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	813	863	733	911	823	927	809	955	919	1,013	881	1,044	1,138	1,179	1,053	1,216	1,366	1,507	1,273	1,674
Cost of revenue	39.9	43.9	42.6	50.6	54.6	59.2	56.8	68.3	60.1	69.8	61.0	76.6	86.0	88.5	73.2	78.8	99.0	121	105	105
Gross profit	773	819	691	861	769	868	752	886	859	944	820	967	1,052	1,090	980	1,137	1,267	1,386	1,168	1,569
Gross margin	95%	95%	94%	94%	93%	94%	93%	93%	93%	93%	93%	93%	92%	92%	93%	94%	93%	92%	92%	94%
R&D	335	473	353	347	384	501	407	401	376	444	429	1,138	573	466	437	495	507	611	516	517
SG&A	191	226	210	253	266	273	316	284	268	294	300	306	309	327	326	331	329	390	328	352
Operating income	235	111	117	254	138	70.1	24.8	194	215	187	91.9	-478	146	302	205	530	444	336	301	698
Operating margin	29%	13%	16%	28%	17%	8%	3%	20%	23%	18%	10%	-46%	13%	26%	19%	44%	32%	22%	24%	42%
Interest expense	0.4	0.8	0.7	0.7	0.6	0.7	0.5	0.7	0.6	0.8	0.4	0.7	0.8	0.4	0.7	0.6	0.6	0.6	0.6	0.6
Pre-tax income	209	120	70.5	229	149	80.6	51.9	278	234	271	236	-390	157	314	234	558	482	390	344	752
Tax rate	13%	-370%	46%	30%	24%	65%	58%	27%	27%	26%	28%	n/a	32%	36%	32%	27%	12%	23%	12%	22%
Net income	182	564	38.0	161	113	28.5	21.7	204	171	201	170	-445	106	201	158	405	424	299	303	586
Net margin	22%	65%	5%	18%	14%	3%	3%	21%	19%	20%	19%	-43%	9%	17%	15%	33%	31%	20%	24%	35%
Diluted EPS	$0.82	$2.54	$0.17	$0.72	$0.50	$0.13	$0.10	$0.90	$0.76	$0.89	$0.75	-$2.04	$0.54	$1.02	$0.80	$2.04	$2.11	$1.46	$1.47	$2.81
Operating cash flow	255	115	216	174	296	284	-106	307	148	148	219	-576	311	381	266	44.7	559	543	369	508
Capital expenditure	32.2	34.5	17.0	11.7	27.8	21.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	223	80.9	199	162	269	262	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.1	n/a	n/a	n/a	0.0	n/a	n/a	n/a
Shares outstanding	221m	221m	221m	222m	222m	223m	223m	223m	224m	224m	225m	192m	193m	193m	194m	194m	196m	198m	200m	201m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Earnings press release for the quarter ended 30 September 2026, filed with the SEC on 29 October 2026 with a Form 8-K: the release.