SEC EDGAR · 10-Q
10-Q – 2026-07-28 – incy-20260630.htm

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Omsättning
Revenues: | Net sales $ 1,488,149 $ 1,059,414 $ 2,592,633 $ 1,981,688 | Product royalty revenues 174,690 151,115 325,882 281,739
Costs, expenses and other: | Cost of sales (including definite-lived intangible amortization) 104,957 78,766 209,480 151,954 | Contract dispute settlement — ( 242,251 ) — ( 242,251 )
In September 2025, the FASB issued ASU No. 2025-06, “ Intangibles - Goodwill and Other - Internal-Use (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ” This amended guidance applies to all entities and serves to modernize the accounting for software costs that are accounted for under Subtopic 305-40, Intangibles - Goodwill and Other - Internal-Use Software (referred to as “internal-use software”). The amendments in this update are effective for all entities | In September 2025, the FASB issued ASU No. 2025-07, “ Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. ” This amended guidance applies to all entities and refines the scope of derivative accounting and clarifies rules for share-based noncash consideration in revenue contracts. Specifically, this update is intended to address | In December 2025, the FASB issued ASU No. 2025-10, “ Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. ” This accounting standard update establishes specific rules for the recognition, measurement, and presentation of government grants received by business entities. For public business entities, this amended guidance is applicable for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is
Note 3. Revenues | Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers . The following table presents our disaggregated revenue for the periods presented (in thousands):
2026 2025 2026 2025 | JAKAFI net sales 1 | $ 816,659 $ 763,788 $ 1,574,414 $ 1,473,200
$ 816,659 $ 763,788 $ 1,574,414 $ 1,473,200 | OPZELURA net sales 2 | 449,736 164,499 592,751 283,204
449,736 164,499 592,751 283,204 | ICLUSIG net sales 34,394 32,729 69,857 62,273 | PEMAZYRE net sales 23,418 22,192 45,961 40,632
ICLUSIG net sales 34,394 32,729 69,857 62,273 | PEMAZYRE net sales 23,418 22,192 45,961 40,632 | MINJUVI/MONJUVI net sales 53,686 31,131 102,913 60,682
Rörelseresultat
Acquisition-related contingent consideration, which consists of our future royalty obligations to ARIAD/Takeda, was recorded on the acquisition date, June 1, 2016, at the estimated fair value of the obligation, in accordance with the acquisition method of accounting. The change in fair value of the acquisition-related contingent consideration for the three and six months ended June 30, 2026 was a loss of $2.5 million and $2.3 million, respectively, which is recorded in loss on change in fair val | Non-operating Income and Expenses | Interest income
Periodens resultat
Provision for income taxes 165,909 153,013 206,179 229,000 | Net income $ 585,605 $ 404,999 $ 888,935 $ 563,202
Net income per share: | Basic $ 2.92 $ 2.09 $ 4.45 $ 2.91
Shares used in computing net income per share: | Basic 200,378 193,995 199,860 193,853
2026 2025 2026 2025 | Net income $ 585,605 $ 404,999 $ 888,935 $ 563,202
Other comprehensive loss — — ( 3,148 ) — ( 3,148 ) | Net income — — — 303,330 303,330 | Balances at March 31, 2026 $ 200 $ 5,083,234 $ 22,314 $ 517,099 $ 5,622,847
Other comprehensive loss — — ( 2,596 ) — ( 2,596 ) | Net income — — — 585,605 585,605 | Balances at June 30, 2026 $ 201 $ 5,221,804 $ 19,718 $ 1,102,704 $ 6,344,427
Other comprehensive income — — 6,883 — 6,883 | Net income — — — 158,203 158,203 | Balances at March 31, 2025 $ 193 $ 4,588,286 $ ( 6,238 ) $ ( 914,678 ) $ 3,667,563
Other comprehensive income — — 19,677 — 19,677 | Net income — — — 404,999 404,999 | Balances at June 30, 2025 $ 194 $ 4,666,949 $ 13,439 $ ( 509,679 ) $ 4,170,903
Kassaflöde
Cash, cash equivalents, and restricted cash at end of period $ 3,984,191 $ 1,956,813 | Supplemental Schedule of Cash Flow Information | Income taxes paid $ 6,445 $ 177,919
We believe that our cash flow from operations, together with our cash, cash equivalents and marketable securities and funds available under our revolving credit facility, will be adequate to satisfy our capital needs for the foreseeable future. Our cash requirements depend on numerous factors, including our expenditures in connection with our drug discovery and development programs and commercialization operations; expenditures in connection with litigation or other legal proceedings; costs for | To the extent we seek to augment our existing cash resources and cash flow from operations to satisfy our cash requirements for future acquisitions or other strategic purposes, we expect that additional funding can be obtained through equity or debt financings or from other sources. The sale of equity or convertible debt securities in the future may be dilutive to our stockholders, and may provide for rights, preferences or privileges senior to those of our holders of common stock. Debt financin
Likvida medel
Current assets: | Cash and cash equivalents $ 3,982,375 $ 3,097,817 | Marketable securities—available-for-sale (amortized cost $ 555,856 and $ 480,793 as of June 30, 2026 and December 31, 2025, respectively; allowance for credit losses $ 0 as of June 30, 2026 and December 31, 2025)
June 30, 2026 | Cash and cash equivalents $ 3,982,375 $ — $ — $ 3,982,375 | Debt securities (government) — 553,365 — 553,365
December 31, 2025 | Cash and cash equivalents $ 3,097,817 $ — $ — $ 3,097,817 | Debt securities (government) — 482,787 — 482,787
Nettoskuld
Net income $ 888,935 $ 563,202 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation and amortization 50,278 45,281
Accrued and other liabilities ( 289,050 ) ( 401,883 ) | Net cash provided by operating activities 877,013 310,808 | Cash flows from investing activities:
Maturities of marketable securities 101,700 101,807 | Net cash used in investing activities ( 139,996 ) ( 17,775 ) | Cash flows from financing activities:
Payment of contingent consideration ( 9,565 ) ( 10,334 ) | Net cash provided by (used in) financing activities 150,278 ( 23,922 ) | Effect of exchange rates on cash, cash equivalents, and restricted cash ( 2,773 ) ( 1,749 )
• our ability to obtain additional capital when needed; | • fluctuations in net cash provided and used by operating, financing and investing activities;
At June 30, 2026, we had available cash, cash equivalents and marketable securities of $4.5 billion. Subsequently, in July 2026, we paid cash consideration of $1.25 billion to acquire Vega Therapeutics, Inc. Our cash and marketable securities balances are primarily held in a variety of interest-bearing instruments, including money market accounts and U.S. government debt securities. Available cash is invested in accordance with our investment policy’s primary objectives of liquidity, safety of p | Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was $877.0 million and $310.8 million, respectively. The increase in cash provided by operating activities was due primarily to the increased net income for the 2026 period. | Our investing activities, other than purchases and maturities of marketable securities, have consisted predominantly of capital expenditures and purchases of long term investments. Net cash used in investing activities was $140.0 million for the six months ended June 30, 2026, which primarily represented purchases of marketable securities of $174.1 million, purchases of long term investments of $40.0 million and capital expenditures of $22.6 million, offset in part by maturities of marketable se
Net cash provided by operating activities for the six months ended June 30, 2026 and 2025 was $877.0 million and $310.8 million, respectively. The increase in cash provided by operating activities was due primarily to the increased net income for the 2026 period. | Our investing activities, other than purchases and maturities of marketable securities, have consisted predominantly of capital expenditures and purchases of long term investments. Net cash used in investing activities was $140.0 million for the six months ended June 30, 2026, which primarily represented purchases of marketable securities of $174.1 million, purchases of long term investments of $40.0 million and capital expenditures of $22.6 million, offset in part by maturities of marketable se | Net cash provided by financing activities was $150.3 million for the six months ended June 30, 2026, primarily representing proceeds from issuance of common stock under our stock plans. Net cash used in financing activities was $23.9 million for the six months ended June 30, 2025, primarily representing the $19.1 million paid for excise taxes relating to the June 2024 share repurchase, cash paid for tax withholdings related to restricted and performance share vesting and cash paid to ARIAD/Taked
Our investing activities, other than purchases and maturities of marketable securities, have consisted predominantly of capital expenditures and purchases of long term investments. Net cash used in investing activities was $140.0 million for the six months ended June 30, 2026, which primarily represented purchases of marketable securities of $174.1 million, purchases of long term investments of $40.0 million and capital expenditures of $22.6 million, offset in part by maturities of marketable se | Net cash provided by financing activities was $150.3 million for the six months ended June 30, 2026, primarily representing proceeds from issuance of common stock under our stock plans. Net cash used in financing activities was $23.9 million for the six months ended June 30, 2025, primarily representing the $19.1 million paid for excise taxes relating to the June 2024 share repurchase, cash paid for tax withholdings related to restricted and performance share vesting and cash paid to ARIAD/Taked | In August 2021, we entered into a $500.0 million, senior unsecured revolving credit facility, which was subsequently amended in May 2023 and June 2024 (as amended, the “Credit Agreement”). The June 2024 amendment to the Credit Agreement extended the maturity date of the revolving credit facility from August 2024 to June 2027. We may increase the maximum revolving commitments or add one or more incremental term loan facilities, subject to obtaining commitments from any participating lenders and c
Eget kapital
Condensed Consolidated Statements of Stockholders’ Equity | 6
LIABILITIES AND STOCKHOLDERS’ EQUITY | Current liabilities:
Stockholders’ equity: | Preferred Stock, $ 0.001 par value; 5,000,000 shares authorized; none issued or outstanding
Retained earnings 1,102,704 213,769 | Total stockholders’ equity 6,344,427 5,167,478 | Total liabilities and stockholders’ equity $ 7,872,647 $ 6,957,973
Total stockholders’ equity 6,344,427 5,167,478 | Total liabilities and stockholders’ equity $ 7,872,647 $ 6,957,973
INCYTE CORPORATION | CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | (unaudited, in thousands, except number of shares)
INCYTE CORPORATION | CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED) | (unaudited, in thousands, except number of shares)
Basis of presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June | Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
Antal aktier
CONDENSED CONSOLIDATED BALANCE SHEETS | (in thousands, except number of shares and par value)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | (unaudited, in thousands, except number of shares)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED) | (unaudited, in thousands, except number of shares)
Weighted average common shares outstanding 200,378 193,995 199,860 193,853
Weighted average common shares outstanding 200,378 193,995 199,860 193,853 | Dilutive stock options and awards 7,838 4,749 7,810 4,673
Dilutive stock options and awards 7,838 4,749 7,810 4,673 | Weighted average shares used to compute diluted net income per share 208,216 198,744 207,670 198,526
Antal anställda
Note 11. Stock Compensation | 2010 Stock Incentive Plan. Under our Amended and Restated 2010 Stock Incentive Plan, as amended (the “2010 Stock Plan”), we may issue common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”). A total of 74,953,475 shares of common stock are reserved for issuance pursuant to the 2010 Stock Plan. | 2024 Inducement Stock Incentive Plan. Our Board of Directors has adopted the Incyte Corporation 2024 Inducement Stock Incentive Plan, as amended (the “2024 Inducement Plan”). In reliance on Nasdaq Marketplace Rule 5635(c)(4), stockholder approval was not obtained. A total of 2,000,000 shares of common stock are reserved for issuance pursuant to the 2024 Inducement Plan.
The risk-free interest rate is derived from the U.S. Federal Reserve rate in effect at the time of grant. The expected life calculation is based on the observed and expected time to the exercise of options by our employees based on historical exercise patterns for similar type options. Expected volatility is based on the historical volatility of our common stock over the period commensurate with the expected life of the options. A dividend yield of zero is assumed based on the fact that we have | Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows:
RSUs and PSUs are granted to our employees at the share price on the date of grant. Each RSU represents the right to acquire one share of our common stock. Each RSU granted in connection with our annual equity awards will vest 25 % annually over four years , while each RSU granted as outstanding merit awards or as part of retention award programs will vest in a single installment at the end of four years , subject to customary retirement provisions that may accelerate the requisite service perio | We grant PSUs with performance and/or service-based milestones with graded and/or cliff vesting over three to six years . The shares of our common stock into which each PSU may convert is subject to a multiplier based on the level at which the financial, developmental and market performance conditions are achieved over the service period. Compensation expense for PSUs with financial and developmental performance conditions is recorded over the estimated service period for each milestone when the
Defined Contribution Plans | We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three and six months ended June 30, 2026 was $ 6.3 million and $ 12.7 million, respectively. Defined contribution expense for the three and s | Defined Benefit Pension Plans
Defined Benefit Pension Plans | We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy.
The accounting policies for our single operating segment are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2025. Our single operating segment generates net sales from the development and commercialization of oncology and dermatology pharmaceutical products, which are developed by our research and development department, as well as from product royalties, milestone and contract revenues from the out- | For our segment, the chief operating decision maker uses net income or loss, that also is reported on the condensed consolidated statements of operations as consolidated net income, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net income or loss, along with non-financial inputs and qualitative information, to evaluate our performance, establ
• As most of our drug discovery and development operations are conducted at our headquarters in Wilmington, Delaware, the loss of access to this facility would negatively impact our business. | • The loss of the services of any of our key employees or our inability to attract and retain additional personnel would affect our ability to expand our drug discovery and development programs and achieve our objectives. | • If we fail to manage our growth effectively, our ability to develop and commercialize products could suffer.
Cost of sales includes all product related costs, reserves for obsolescence, employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products, royalties and profit sharing under our collaborative agreements and amortization of our licensed intellectual property rights for ICLUSIG and capitalized milestone payments . The increase in cost of sales for the three and six months ended June 30, 2026 as compared to the corresponding peri | Contract Dispute Settlement
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to               
Commission File Number: 001-12400
INCYTE CORPORATION
(Exact name of registrant as specified in its charter)

Delaware 94-3136539
(State or other jurisdiction of
incorporation or organization) (IRS Employer
Identification No.)

1801 Augustine Cut-Off
Wilmington , DE 19803
19803

(Address of principal executive offices) (Zip Code)

( 302 ) 498-6700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of exchange on which registered
Common Stock, $.001 par value per share INCY The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer o

Non-accelerated filer o
Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
The number of outstanding shares of the registrant’s Common Stock, $.001 par value, was 202,697,746 as of July 21, 2026.

Table of Contents

INCYTE CORPORATION
INDEX

PART I: FINANCIAL INFORMATION
3

Item 1.
Financial Statements
3

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Operations
4

Condensed Consolidated Statements of Comprehensive Income
5

Condensed Consolidated Statements of Stockholders’ Equity
6

Condensed Consolidated Statements of Cash Flows
8

Notes to Condensed Consolidated Financial Statements
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
29

Forward-Looking Statements
29

Summary Risk Factors
32

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
50

Item 4.
Controls and Procedures
50

PART II: OTHER INFORMATION

Item 1 .
Legal Proceedings
51

Item 1A.
Risk Factors
51

Item 5.
Other Information
79

Item 6.
Exhibits
80

Signatures
81

2

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

INCYTE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)

June 30,
2026 December 31,
2025*
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,982,375   $ 3,097,817  
Marketable securities—available-for-sale (amortized cost $ 555,856 and $ 480,793 as of June 30, 2026 and December 31, 2025, respectively; allowance for credit losses $ 0 as of June 30, 2026 and December 31, 2025)
553,365   482,787  
Accounts receivable 1,125,203   1,024,407  
Inventory 112,542   101,060  
Prepaid expenses and other current assets 253,087   317,831  
Total current assets 6,026,572   5,023,902  

Restricted cash 1,816   1,852  
Long term equity investments 104,387   47,991  
Inventory 345,026   342,232  
Property and equipment, net 709,469   730,885  
Finance lease right-of-use assets, net 25,559   27,520  
Other intangible assets, net 103,196   117,131  
Goodwill 133,000   133,000  
Deferred income tax asset 336,863   515,294  
Other assets, net 86,759   18,166  
Total assets $ 7,872,647   $ 6,957,973  

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 250,401   $ 209,938  
Accrued compensation 148,319   228,071  
Accrued and other current liabilities 870,306   1,031,501  
Finance lease liabilities 4,259   4,516  
Acquisition-related contingent consideration 38,811   41,144  
Total current liabilities 1,312,096   1,515,170  

Acquisition-related contingent consideration 63,189   79,856  
Finance lease liabilities 28,420   30,199  
Other liabilities 124,515   165,270  
Total liabilities 1,528,220   1,790,495  

Commitments and contingencies (Note 15)

Stockholders’ equity:
Preferred Stock, $ 0.001 par value; 5,000,000 shares authorized; none issued or outstanding
—   —  
Common Stock, $ 0.001 par value; 400,000,000 shares authorized; 200,977,687 and 198,460,009 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
201   198  
Additional paid-in capital 5,221,804   4,928,049  
Accumulated other comprehensive income 19,718   25,462  
Retained earnings 1,102,704   213,769  
Total stockholders’ equity 6,344,427   5,167,478  
Total liabilities and stockholders’ equity $ 7,872,647   $ 6,957,973  

* The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited consolidated financial statements at that date.
See accompanying notes.

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INCYTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Revenues:
Net sales $ 1,488,149   $ 1,059,414   $ 2,592,633   $ 1,981,688  
Product royalty revenues 174,690   151,115   325,882   281,739  
Milestone and contract revenues 11,200   5,000   28,200   5,000  
Total revenues 1,674,039   1,215,529   2,946,715   2,268,427  

Costs, expenses and other:
Cost of sales (including definite-lived intangible amortization) 104,957   78,766   209,480   151,954  
Contract dispute settlement —   ( 242,251 ) —   ( 242,251 )
Research and development 516,950   494,917   1,032,853   932,196  
Selling, general and administrative 351,735   331,022   679,822   656,713  
Asset impairment and related disposal costs —   —   23,214   —  
Loss on change in fair value of acquisition-related contingent consideration 2,499   22,761   2,331   34,333  
Total costs, expenses and other 976,141   685,215   1,947,700   1,532,945  

Income from operations 697,898   530,314   999,015   735,482  
Interest income 38,118   25,136   71,805   48,065  
Interest expense ( 582 ) ( 594 ) ( 1,151 ) ( 1,254 )
Gain (loss) on equity investments 9,805   ( 4,151 ) 16,396   ( 5,494 )
Other, net 6,275   7,307   9,049   15,403  
Income before provision for income taxes 751,514   558,012   1,095,114   792,202  
Provision for income taxes 165,909   153,013   206,179   229,000  
Net income $ 585,605   $ 404,999   $ 888,935   $ 563,202  

Net income per share:
Basic $ 2.92   $ 2.09   $ 4.45   $ 2.91  
Diluted $ 2.81   $ 2.04   $ 4.28   $ 2.84  

Shares used in computing net income per share:
Basic 200,378 193,995 199,860 193,853
Diluted 208,216 198,744 207,670 198,526

See accompanying notes.

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INCYTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Net income $ 585,605   $ 404,999   $ 888,935   $ 563,202  

Other comprehensive (loss) income:
Foreign currency translation (loss) gain ( 826 ) 19,065   ( 1,723 ) 24,505  
Unrealized (loss) gain on marketable securities, net of tax ( 2,000 ) 36   ( 4,485 ) 967  
Defined benefit pension gain, net of tax 230   576   464   1,088  
Other comprehensive (loss) income ( 2,596 ) 19,677   ( 5,744 ) 26,560  

Comprehensive income $ 583,009   $ 424,676   $ 883,191   $ 589,762  

See accompanying notes.

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INCYTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited, in thousands, except number of shares)

Common
Stock Additional
Paid-in Capital Accumulated Other
Comprehensive Income (Loss) Retained Earnings Total
Stockholders’
Equity
Balances at January 1, 2026 $ 198   $ 4,928,049   $ 25,462   $ 213,769   $ 5,167,478  
Issuance of 1,473,992 shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes
2   90,967   —  —  90,969  
Issuance of 955 shares of Common Stock for services rendered
—  92   —  —  92  
Stock compensation —  64,126   —  —  64,126  
Other comprehensive loss —  —  ( 3,148 ) —  ( 3,148 )
Net income —  —  —  303,330   303,330  
Balances at March 31, 2026 $ 200   $ 5,083,234   $ 22,314   $ 517,099   $ 5,622,847  
Issuance of 795,114 shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes, and 202,281 shares of Common Stock under the ESPP
1   71,215   —  —  71,216  
Issuance of 907 shares of Common Stock for services rendered
—  92   —  —  92  
Stock compensation —  67,263   —  —  67,263  
Other comprehensive loss —  —  ( 2,596 ) —  ( 2,596 )
Net income —  —  —  585,605   585,605  
Balances at June 30, 2026 $ 201   $ 5,221,804   $ 19,718   $ 1,102,704   $ 6,344,427  

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INCYTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
(unaudited, in thousands, except number of shares)

Common
Stock Additional
Paid-in Capital Accumulated Other
Comprehensive (Loss) Income (Accumulated Deficit) Total
Stockholders’
Equity
Balances at January 1, 2025 $ 193   $ 4,533,437   $ ( 13,121 ) $ ( 1,072,881 ) $ 3,447,628  
Issuance of 363,987 shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes
—  ( 6,215 ) —  —  ( 6,215 )
Issuance of 1,208 shares of Common Stock for services rendered
—  82   —  —  82  
Stock compensation —  60,982   —  —  60,982  
Other comprehensive income —  —  6,883   —  6,883  
Net income —  —  —  158,203   158,203  
Balances at March 31, 2025 $ 193   $ 4,588,286   $ ( 6,238 ) $ ( 914,678 ) $ 3,667,563  
Issuance of 64,400 shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes, and 261,762 shares of Common Stock under the ESPP
1   13,972   —  —  13,973  
Issuance of 1,220 shares of Common Stock for services rendered
—  82   —  —  82  
Stock compensation —  64,609   —  —  64,609  
Other comprehensive income —  —  19,677   —  19,677  
Net income —  —  —  404,999   404,999  
Balances at June 30, 2025 $ 194   $ 4,666,949   $ 13,439   $ ( 509,679 ) $ 4,170,903  

See accompanying notes.

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INCYTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Six Months Ended June 30,
2026 2025
Cash flows from operating activities:
Net income $ 888,935   $ 563,202  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 50,278   45,281  
Stock-based compensation 131,389   125,591  
Deferred income taxes 179,037   110,071  
Other, net 14,385   ( 3,220 )
(Gain) loss on equity investments ( 16,396 ) 5,494  
Loss on change in fair value of acquisition-related contingent consideration 2,331   34,333  

Changes in operating assets and liabilities:
Accounts receivable ( 100,822 ) 10,726  
Prepaid expenses and other assets ( 4,849 ) ( 148,440 )
Inventory ( 24,105 ) ( 48,099 )
Accounts payable 45,880   17,752  
Accrued and other liabilities ( 289,050 ) ( 401,883 )
Net cash provided by operating activities 877,013   310,808  
Cash flows from investing activities:
Purchase of long term investments ( 40,000 ) —  
Sale of equity investments —   7  
Capital expenditures ( 22,613 ) ( 22,243 )
Payments for intangible assets ( 5,000 ) —  
Purchases of marketable securities ( 174,083 ) ( 97,346 )
Maturities of marketable securities 101,700   101,807  
Net cash used in investing activities ( 139,996 ) ( 17,775 )
Cash flows from financing activities:

Excise tax paid on repurchase of Common Stock —   ( 19,100 )
Proceeds from issuance of Common Stock under stock plans 173,073   18,123  
Tax withholdings related to restricted and performance share vesting ( 10,888 ) ( 10,366 )
Payment of finance lease liabilities ( 2,342 ) ( 2,245 )
Payment of contingent consideration ( 9,565 ) ( 10,334 )
Net cash provided by (used in) financing activities 150,278   ( 23,922 )
Effect of exchange rates on cash, cash equivalents, and restricted cash ( 2,773 ) ( 1,749 )
Net increase in cash, cash equivalents, and restricted cash 884,522   267,362  
Cash, cash equivalents, and restricted cash at beginning of period 3,099,669   1,689,451  
Cash, cash equivalents, and restricted cash at end of period $ 3,984,191   $ 1,956,813  
Supplemental Schedule of Cash Flow Information
Income taxes paid $ 6,445   $ 177,919  
Cash paid for contract dispute settlement $ —   $ 294,881  
Unpaid purchase of intangible asset $ —   $ 25,000  
Unpaid purchases of property and equipment $ 2   $ 4,046  
Leased assets obtained in exchange for new operating lease liabilities $ 572   $ 1,768  
Leased assets obtained in exchange for new finance lease liabilities $ 279   $ 304  

See accompanying notes.

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INCYTE CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2026
(Unaudited)

Note 1. Organization and Business
Incyte Corporation (including its subsidiaries, “Incyte,” “we,” “us,” or “our”) is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products JAKAFI®/JAKAFI XR TM (ruxolitinib), ICLUSIG® (ponatinib), PEMAZYRE® (pemigatinib), OPZELURA® (ruxolitinib cream), MINJUVI® (tafasitamab), MONJUVI® (tafasitamab-cxix), ZYNYZ® (retifanlimab-dlwr), as well as NIKTIMVO™ (axatilimab-csfr), which is co-commercialized. Our operations are treated as one operating segment.

Note 2. Summary of Significant Accounting Policies
Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2025 has been derived from our audited consolidated financial statements.
Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Recent Accounting Pronouncements and Regulatory Updates
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-03, “ Disaggregation of Income Statement Expenses (DISE).” This new guidance applies to all public entities and requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. Public entities must adopt the new standard prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are currently evaluating the impact ASU No. 2024-03 will have on our consolidated financial statements and related disclosures.

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In July 2025, the FASB issued ASU No. 2025-05, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ” This amended guidance applies to all entities and aims to simplify the estimation of expected credit losses for current accounts receivable and contract assets by providing a practical expedient for all companies. The amendments are effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual periods. We formally adopted ASU 2025-05, effective January 1, 2026, and elected the practical expedient provided to all companies. This adoption and related practical expedient election did not have and is not expected to have a material impact on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU No. 2025-06, “ Intangibles - Goodwill and Other - Internal-Use (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ” This amended guidance applies to all entities and serves to modernize the accounting for software costs that are accounted for under Subtopic 305-40, Intangibles - Goodwill and Other - Internal-Use Software (referred to as “internal-use software”). The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Entities may adopt the new guidance using a prospective, modified, or retrospective transition approach. We are currently evaluating the impact ASU No. 2025-06 will have on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU No. 2025-07, “ Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. ” This amended guidance applies to all entities and refines the scope of derivative accounting and clarifies rules for share-based noncash consideration in revenue contracts. Specifically, this update is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities may adopt the new guidance prospectively, or on a modified retrospective basis. We are currently evaluating the impact ASU No. 2025-07 will have on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-10, “ Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. ” This accounting standard update establishes specific rules for the recognition, measurement, and presentation of government grants received by business entities. For public business entities, this amended guidance is applicable for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. Entities may adopt the new guidance using a modified prospective, modified retrospective, or full retrospective approach. We are currently evaluating the impact ASU No. 2025-10 will have on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, “ Interim Reporting (Topic 270): Narrow-Scope Improvements. ” The amendments in this update aim to enhance the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. Lastly, this updated guidance incorporates a principle that requires entities to disclose significant events since the end of the last annual reporting period. The amendments in this update apply to all entities that provide interim financial statements and notes in accordance with U.S. GAAP. For public business entities, this amended guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments in this update can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact ASU No. 2025-11 will have on our future condensed consolidated financial statements and related disclosures.

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Note 3. Revenues
Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers . The following table presents our disaggregated revenue for the periods presented (in thousands):

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
JAKAFI net sales 1
$ 816,659   $ 763,788   $ 1,574,414   $ 1,473,200  
OPZELURA net sales 2
449,736   164,499   592,751   283,204  
ICLUSIG net sales 34,394   32,729   69,857   62,273  
PEMAZYRE net sales 23,418   22,192   45,961   40,632  
MINJUVI/MONJUVI net sales 53,686   31,131   102,913   60,682  
NIKTIMVO net sales 60,309   36,154   115,397   49,767  
ZYNYZ net sales 49,947   8,921   91,340   11,930  
Total net sales 1,488,149   1,059,414   2,592,633   1,981,688  
JAKAVI product royalty revenues 124,190   109,714   229,746   201,859  
OLUMIANT product royalty revenues 38,479   33,482   74,886   64,282  
TABRECTA product royalty revenues 6,691   6,632   12,673   13,045  
Other product royalty revenues 5,330   1,287   8,577   2,553  
Total product royalty revenues 174,690   151,115   325,882   281,739  
Milestone and contract revenues 11,200   5,000   28,200   5,000  
Total revenues $ 1,674,039   $ 1,215,529   $ 2,946,715   $ 2,268,427  

1 Second quarter 2026 JAKAFI net sales include JAKAFI and JAKAFI XR following the launch of JAKAFI XR in the second quarter of 2026.
2 Second quarter 2026 OPZELURA net sales includes $ 246.0 million related to our agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to OPZELURA . Refer to Note 15 for further information.
For further information on our revenue-generating contracts, refer to Note 7.

Note 4. Fair Value of Financial Instruments
The following is a summary of our marketable security portfolio for the periods presented (in thousands):

Amortized
Cost Unrealized Gains Unrealized Losses
Fair Value
June 30, 2026
Debt securities (government) $ 555,856   $ 266   $ ( 2,757 ) $ 553,365  

December 31, 2025
Debt securities (government) $ 480,793   $ 2,028   $ ( 34 ) $ 482,787  

The table below summarizes the contractual maturities of our available-for-sale debt securities as of June 30, 2026 (in thousands):

Total Less than 1 Year 1-5 Years
Fair value of debt securities (government) $ 553,365   $ 205,695   $ 347,670  

Debt security assets were assessed for risk of expected credit losses. As of June 30, 2026 and December 31, 2025, the available-for-sale debt securities were held in U.S.-government backed securities and in Treasury bonds and were assessed on an individual security basis to have a de minimis risk of credit loss.

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Fair Value Measurements
FASB accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (“the exit price”) in an orderly transaction between market participants at the measurement date. The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, we use quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:
Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.
Level 3—Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement.
Recurring Fair Value Measurements
Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale.
At June 30, 2026 and December 31, 2025, our Level 2 U.S. government debt securities were valued using readily available pricing sources which utilize market observable inputs, including the current interest rate and other characteristics for similar types of investments. Our long term equity investments classified as Level 1 were valued using their respective closing stock prices on The Nasdaq Stock Market. We did not experience any transfers of financial instruments between the fair value hierarchy levels during the three and six months ended June 30, 2026.
The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):

Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Balance as of
June 30, 2026
Cash and cash equivalents $ 3,982,375   $ —   $ —   $ 3,982,375  
Debt securities (government) —   553,365   —   553,365  
Long term equity investments (Note 7)
64,387   —   40,000   104,387  
Total assets $ 4,046,762   $ 553,365   $ 40,000   $ 4,640,127  

Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Assets
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Balance as of
December 31, 2025
Cash and cash equivalents $ 3,097,817   $ —   $ —   $ 3,097,817  
Debt securities (government) —   482,787   —   482,787  
Long term equity investments (Note 7)
47,991   —   —   47,991  
Total assets $ 3,145,808   $ 482,787   $ —   $ 3,628,595  

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The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis (in thousands):

Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Balance as of
June 30, 2026
Acquisition-related contingent consideration $ —   $ —   $ 102,000   $ 102,000  
Total liabilities $ —   $ —   $ 102,000   $ 102,000  

Fair Value Measurement at Reporting Date Using:
Quoted Prices in
Active Markets for
Identical Liabilities
(Level 1) Significant Other
Observable
Inputs
(Level 2) Significant
Unobservable
Inputs
(Level 3) Balance as of
December 31, 2025
Acquisition-related contingent consideration $ —   $ —   $ 121,000   $ 121,000  
Total liabilities $ —   $ —   $ 121,000   $ 121,000  

The following is a roll forward of our Level 3 liabilities (in thousands):

2026
Balance at January 1, $ 121,000  
Contingent consideration earned during the period but not yet paid ( 10,499 )
Payments made during the period ( 10,832 )
Change in fair value of contingent consideration 2,331  
Balance at June 30, $ 102,000  

The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net sales of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10 %. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the condensed consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of June 30, 2026 and December 31, 2025 included a discount rate of 10 %, updated projections of future net sales of ICLUSIG in the European Union and other countries for the approved third line treatment, and related applicable royalty rates. The change in fair value of the contingent consideration during the three and six months ended June 30, 2026 was due primarily to updated projections of future net sales of ICLUSIG, including the impacts from fluctuations in foreign currency exchange rates, and the passage of time.
We generally make payments to Takeda Pharmaceutical Company Limited quarterly based on the royalties earned in the previous quarter. As of June 30, 2026 and December 31, 2025, contingent consideration earned but not yet paid was $ 10.5 million and $ 12.1 million, respectively, and was included in accrued and other current liabilities.

Note 5. Concentration of Credit Risk and Current Expected Credit Losses
In November 2009, we entered into a collaboration and license agreement with Novartis Pharma AG (formerly known as Novartis Pharmaceutical International Ltd.) (“Novartis”). In December 2009, we entered into a license, development and commercialization agreement with Eli Lilly and Company (“Lilly”). The above collaboration partners comprised, in aggregate, 15 % and 17 % of the accounts receivable balance as of June 30, 2026 and December 31, 2025, respectively. For further information relating to these collaboration and license agreements, refer to Note 7.

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The concentration of credit risk related to our JAKAFI and OPZELURA sales is as follows:

Percentage of Total Net
Sales for the
Three Months Ended Percentage of Total Net
Sales for the
Six Months Ended
June 30, June 30,
2026 2025 2026 2025
Customer A 11   % 13   % 12   % 14   %
Customer B 7   % 9   % 8   % 10   %
Customer C 20   % 20   % 21   % 20   %
Customer D 19   % 19   % 19   % 19   %
Customer E 12   % 11   % 11   % 10   %
Customer F 10   % 9   % 10   % 9   %

We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D, E and F comprised, in the aggregate, 63 % and 54 % of the accounts receivable balance as of June 30, 2026 and December 31, 2025, respectively. The concentration of credit risk relating to our other sales or accounts receivable is not significant.
We assessed our collaborative and customer receivable assets as of June 30, 2026 according to our accounting policy for applying reserves for expected credit losses, noting minimal history of uncollectible receivables and the continued perceived creditworthiness of our third party sales relationships, upon which the expected credit losses were considered de minimis. As of June 30, 2026 and December 31, 2025, we had a de minimus amount of allowance for doubtful accounts.

Note 6. Inventory
Our inventory balance consists of the following (in thousands):

June 30,
2026 December 31,
2025
Raw materials $ 49,778   $ 27,860  
API and work-in-process 337,757   343,678  
Finished goods 70,033   71,754  
Total inventory $ 457,568   $ 443,292  

Inventories, stated at the lower of cost and net realizable value, consist of raw materials, active pharmaceutical ingredients (“API”), work-in-process, and finished goods, inclusive of freight and inventoriable overhead. At June 30, 2026, $ 112.5 million of inventory was classified as current on the condensed consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At June 30, 2026, $ 345.0 million of inventory was classified as non-current on the condensed consolidated balance sheet as we do not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.
We capitalize inventory after regulatory approval as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to regulatory approval are recorded as research and development expense in our condensed consolidated statements of operations. At June 30, 2026, inventory with approximately $ 39.1 million of product costs incurred prior to regulatory approval had not yet been sold. We expect to sell the pre-commercialization inventory over the next 6 to 35 months and, as a result, cost of sales will reflect a lower average per unit cost of materials.

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Note 7. Collaborative and Other Relationships
Novartis
In November 2009, we entered into a Collaboration and License Agreement with Novartis. Under the terms of the agreement, Novartis received exclusive development and commercialization rights outside of the United States to our JAK inhibitor ruxolitinib and certain back-up compounds for hematologic and oncology indications, including all hematological malignancies, solid tumors and myeloproliferative diseases. We retained exclusive development and commercialization rights to JAKAFI (ruxolitinib) in the United States and in certain other indications. Novartis also received worldwide exclusive development and commercialization rights to our MET inhibitor compound capmatinib and certain back-up compounds in all indications.
Under this agreement, each company is responsible for costs relating to the development and commercialization of ruxolitinib in its respective territories, with costs of collaborative studies shared equally. Novartis is also responsible for all costs relating to the development and commercialization of capmatinib.
We were initially eligible to receive up to $ 174.0 million for the achievement of development milestones, up to $ 495.0 million for the achievement of regulatory milestones and up to $ 500.0 million for the achievement of sales milestones. In addition, we were initially eligible to receive up to $ 75.0 million of additional potential development and regulatory milestones relating to graft-versus-host-disease (“GVHD”). Since the inception of the agreement through June 30, 2026, we have recognized and received, in the aggregate, $ 157.0 million for the achievement of development milestones, $ 345.0 million for the achievement of regulatory milestones, and $ 200.0 million for the achievement of sales milestones.
We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States. On May 11, 2025, we and Novartis entered into a settlement agreement (the “Settlement Agreement”) with respect to litigation initiated by Novartis relating to the duration of royalty payments owed by us to Novartis under the Collaboration and License Agreement. As of March 31, 2025, we had approximately $ 537.1 million of accrued royalties relating to the dispute with Novartis included in accrued and other current liabilities on our condensed consolidated balance sheet. Under the Settlement Agreement, we paid Novartis $ 280.0 million as the settlement of disputed royalties on net sales of JAKAFI in the United States through December 31, 2024, and agreed to reduce by 50 % the royalty rate payable by us on future net sales of JAKAFI in the United States beginning January 1, 2025 for a period defined in the Settlement Agreement. The reduced royalty paid for the quarter ended March 31, 2025, was approximately $ 14.9 million. The difference of $ 242.2 million between the total accrued royalties and the total amount paid by us to Novartis as disclosed above was recorded in Contract dispute settlement on our condensed consolidated statement of operations for three and six months ended June 30, 2025.
During the three and six months ended June 30, 2026, such royalties on net sales within the United States totaled $ 20.0 million and $ 36.1 million, respectively, and were reflected in cost of sales on the condensed consolidated statements of operations. During the three and six months ended June 30, 2025, such royalties on net sales within the United States totaled $ 18.7 million and $ 48.5 million, respectively, and were reflected in cost of sales on the condensed consolidated statements of operations. At June 30, 2026 and December 31, 2025, approximately $ 20.0 million and $ 20.3 million, respectively, of accrued royalties were included in accrued and other current liabilities on the condensed consolidated balance sheets.
We also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI (the trade name used by Novartis for ruxolitinib sales outside of the United States) net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12 % to 14 %. Product royalty revenue related to Novartis’ net sales of JAKAVI outside of the United States for the three and six months ended June 30, 2026, was $ 124.2 million and $ 229.7 million, respectively. Product royalty revenue related to Novartis’ net sales of JAKAVI outside of the United States for the three and six months ended June 30, 2025, was $ 109.7 million and $ 201.9 million, respectively. Product royalty revenue related to Novartis’ net sales of TABRECTA worldwide for the three and six months ended June 30, 2026, was $ 6.7 million and $ 12.7 million, respectively. Product royalty revenue related to Novartis’ net sales of TABRECTA worldwide for the three and six months ended June 30, 2025, was $ 6.6 million and $ 13.0 million, respectively.

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Lilly – Baricitinib
In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to our JAK inhibitor baricitinib, and certain back-up compounds for inflammatory and autoimmune diseases.
Under this agreement, we were initially eligible to receive up to $ 150.0 million for the achievement of development milestones, up to $ 365.0 million for the achievement of regulatory milestones and up to $ 150.0 million for the achievement of sales milestones. In October 2025, the parties amended the agreement to enable Lilly to commercialize baricitinib for the treatment of Type 1 diabetes mellitus and to restructure the royalty obligations on net sales of baricitinib, certain developmental and regulatory milestones associated with baricitinib, and the marketing and sales support obligations of Lilly. Beginning in October 2025, we are now eligible to receive either a fixed royalty amount or tiered royalties based on defined levels of quarterly global net sales, with the tiered royalties up to a rate in the mid-teens. Since the inception of the agreement through June 30, 2026, we recognized and received, in aggregate, $ 149.0 million for the achievement of development milestones, $ 335.0 million for the achievement of regulatory milestones, $ 50.0 million for the achievement of sales milestones, and $ 100.0 million for the functional intellectual property transfer related to Type 1 diabetes mellitus.
Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three and six months ended June 30, 2026 was $ 38.5 million and $ 74.9 million, respectively. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three and six months ended June 30, 2025 was $ 33.5 million and $ 64.3 million, respectively.
MacroGenics
In October 2017, we entered into a Global Collaboration and License Agreement with MacroGenics, Inc. (“MacroGenics”). Under this agreement, we received exclusive development and commercialization rights worldwide to MacroGenics’ INCMGA0012 (formerly MGA012), an investigational monoclonal antibody that inhibits PD-1. Except as set forth in the succeeding sentence, we have sole authority over and bear all costs and expenses in connection with the development and commercialization of INCMGA0012 in all indications, whether as a monotherapy or as part of a combination regimen. MacroGenics has retained the right to develop and commercialize, at its cost and expense, its pipeline assets in combination with INCMGA0012. In addition, MacroGenics has the right to manufacture a portion of both companies’ global clinical and commercial supply needs of INCMGA0012.
Since the inception of the agreement, inclusive of amendments to the agreement, through June 30, 2026, we have paid MacroGenics developmental and regulatory milestones totaling $ 215.0 million. After these amendments and subsequent payments, MacroGenics will be eligible to receive up to an additional $ 210.0 million in future contingent development and regulatory milestones, and up to $ 330.0 million in sales milestones as well as tiered royalties ranging from 15 % to 24 % of global net sales. In June 2025, MacroGenics sold certain of its rights to such future tiered royalties on and after June 30, 2025 to Sagard Healthcare Partners (Delaware) II LP.
Syndax
In September 2021, we entered into a Collaboration and License Agreement with Syndax Pharmaceuticals, Inc. (“Syndax”), covering the worldwide development and commercialization of SNDX-6352 (“axatilimab”). Under the terms of our agreement, we received exclusive commercialization rights to axatilimab outside of the United States and share commercialization rights in the United States with Syndax. We are responsible for leading the commercialization strategy and booking all revenue from sales of axatilimab globally. Incyte and Syndax share equally the profits and losses from the co-commercialization efforts in the United States. Sales of axatilimab outside the United States are subject to our royalty payment obligations to Syndax, as set forth below. We and Syndax have agreed to co-develop axatilimab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55 % of such costs and Syndax responsible for 45 % of such costs. Each company is responsible for funding any independent development activities.

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Inclusive of an upfront, non-refundable payment, since the inception of the agreement through June 30, 2026, we have made payments of $ 129.5 million to Syndax, which were previously recorded in research and development expense or in other intangible assets, as discussed above. Syndax is eligible to receive up to $ 207.5 million in future contingent development and regulatory milestones and up to $ 225.0 million in sales milestones as well as tiered royalties ranging in the mid-teens on net sales in Europe and Japan and low double digit percentage on net sales in the rest of the world outside of the United States. Syndax’s right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of patent rights in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product comprising axatilimab in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country.
As of June 30, 2026, we held an investment of approximately 1.4 million shares of Syndax common stock. The fair market value of our long term investment in Syndax as of June 30, 2026 and December 31, 2025 was $ 31.1 million and $ 29.9 million, respectively. For the three and six months ended June 30, 2026, we recorded an unrealized loss of $ 2.1 million and an unrealized gain of $ 1.2 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. For the three and six months ended June 30, 2025, we recorded an unrealized loss of $ 4.2 million and $ 5.5 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods.
Research and development expenses for the three and six months ended June 30, 2026, includes $ 4.9 million and $ 10.3 million, respectively, related to our 55 % share of the co-development costs for axatilimab. Research and development expenses for the three and six months ended June 30, 2025, includes $ 5.3 million and $ 10.0 million, respectively, related to our 55 % share of the co-development costs for axatilimab. At June 30, 2026 and December 31, 2025, $ 1.4 million and $ 2.4 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheet for amounts due to Syndax under the agreement.
In connection with the United States co-commercialization efforts, Syndax’s 50 % share of profit for the three and six months ended June 30, 2026 was $ 20.2 million and $ 34.6 million, respectively, which is reflected in cost of sales on the condensed consolidated statement of operations. At June 30, 2026 and December 31, 2025, $ 26.5 million and $ 27.6 million, respectively, was included in accrued and other liability on the consolidated balance sheet for amounts due to Syndax related to United States co-commercialization activities.
Prelude
In November 2025, we entered into an exclusive purchase option agreement with Prelude Therapeutics Incorporated (“Prelude”). Under the terms of the agreement, we secured an exclusive option to acquire Prelude’s mutant selective JAK2V617F JH2 inhibitor program, including Prelude’s library of preclinical candidates. We paid Prelude a total of $ 60.0  million, comprised of an upfront payment of $ 35.0  million, plus a $ 25.0  million equity investment in Prelude. The $ 35.0  million upfront payment was recorded in research and development expense during the fourth quarter of 2025. We purchased 6.25 million shares of Prelude non-voting common stock at a price of $ 4.00 per share. Of this $ 25.0  million equity investment, approximately $ 17.1  million was expensed in research and development during the fourth quarter of 2025 as a premium above fair value of the stock purchase. The remaining $ 7.9  million is the initial fair value of our investment in Prelude. We are accounting for our shares held in Prelude at fair value whereby the investment is marked to market through earnings in each reporting period. Given our intent to hold the investment for the foreseeable future, we have classified the investment within long term investments on the accompanying condensed consolidated balance sheets. For the three and six months ended June 30, 2026, we recorded an unrealized gain of $ 11.9  million and $ 15.2  million, respectively based on the change in fair value of Prelude’s common stock during the period. The fair market value of our total long term investment in Prelude as of June 30, 2026 and December 31, 2025 was $ 33.3  million and $ 18.1  million, respectively.
Prelude expects to advance the JAK2V617F program to pre-defined milestones. We may elect to exercise our exclusive option during the option period to acquire the program and associated assets from Prelude for $ 100.0  million. In addition, if we exercise our option, Prelude would be eligible to receive up to $ 775.0  million in additional clinical and regulatory milestones, and single digit royalties on global net sales.
If we elect to not exercise our option to acquire the program, all JAK2V617F global program rights and interests would remain in the sole ownership and control of Prelude.

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Genesis
In May 2026, we entered into a License, Research and Collaboration Agreement with Genesis Molecular AI, Inc. (“Genesis”), covering the building and deployment of artificial intelligence to accelerate the discovery of novel molecules for collaboration targets. Under the terms of the agreement, we will identify targets and Genesis will subsequently use the Genesis Exploration of Molecular Space artificial intelligence platform to identify molecular structures directed at each target. All preclinical costs related to the collaboration are subject to joint research plans. We will be responsible for leading the clinical development and global commercialization efforts.
Based on the terms of the agreement, we paid Genesis a total of $ 120.0 million, comprised of an upfront non-refundable payment of $ 80.0 million plus a $ 40.0 million equity investment in Genesis. In addition, Genesis is eligible to receive up to $ 135.0 million for the achievement of development milestones, up to $ 475.0 million for the achievement of regulatory milestones and up to $ 550.0 million for the achievement of sales milestones on the initial target programs.
The $ 80.0 million upfront payment was determined to be a prepayment for future research and development services and thus will be amortized over the five-year term of the agreement. Research and development expenses during the three and six months ended June 30, 2026, includes $ 2.7 million relating to the amortization of this upfront payment. Additionally, as of June 30, 2026, $ 16.0 million and $ 61.3 million were recorded in prepaid expenses and other current assets and other assets, net, respectively, on the condensed consolidated balance sheet relating to this upfront payment.
We purchased approximately 4.3 million shares of Genesis Series B-3 Preferred Stock for $ 40.0 million, at a price of $ 9.332 per share. As there is no readily determinable fair value for the shares we hold in Genesis, we have elected to account for our investment using the measurement alternative under ASC 321 whereby our investment is measured at cost, less any impairment, and adjusted for observable price changes in orderly transactions for identical or similar securities of Genesis. We monitor the investment for any observable price changes or impairment indicators. Any subsequent changes in fair value of our investment will be recognized within gain (loss) on equity investments on our condensed consolidated statements of operations. Given our intent to hold the investment for the foreseeable future, we have classified the investment within long term equity investments on the accompanying condensed consolidated balance sheets. For the three months ended June 30, 2026, we did not identify any impairment or observable price changes related to our investment in Genesis.
Other Agreements
In addition to the license and collaboration agreements discussed above, we have various other license and collaboration agreements that are not individually material to our operating results or financial condition at this time. Pursuant to the terms of those agreements, we may be required to pay, or we may receive, additional amounts contingent upon the occurrence of various future events such as future discovery, development, regulatory or commercial milestones, which in the aggregate could be material. In addition, if any products related to these collaborations are approved for sale, we may be required to pay, or we may receive, royalties on future sales. The payment or receipt of these amounts, however, is contingent upon the occurrence of various future events, the likelihood of which cannot presently be determined.

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Note 8. Property and Equipment, net
Property and equipment, net consists of the following (in thousands):

June 30,
2026 December 31,
2025
Office equipment $ 25,487   $ 24,411  
Laboratory equipment 261,337   258,003  
Computer equipment 167,619   152,156  
Land 11,156   11,273  
Building and leasehold improvements 606,693   610,027  
Operating lease right-of-use assets 14,365   19,596  
Construction in progress 26,726   30,485  
1,113,383   1,105,951  
Less accumulated depreciation and amortization ( 403,914 ) ( 375,066 )
Property and equipment, net $ 709,469   $ 730,885  

In May 2024, we purchased additional property in Wilmington, Delaware, including land, office buildings and parking garages for a purchase price of $ 48.7 million. Subsequent to the purchase, we incurred additional construction costs of approximately $ 28.6 million through December 2025. During December 2025, the downtown Wilmington, Delaware properties met the criteria to be classified as assets held for sale. As a result of this classification, we recorded an asset impairment charge of $ 76.3 million on our consolidated statement of operations for the year ended December 31, 2025 relating to the downtown Wilmington properties in order to reflect the properties at the lower of their carrying amount or estimated fair value less cost to sell as of December 31, 2025. The estimated fair value less cost to sell of the properties was recorded within the Prepaid expenses and other current assets line item on our consolidated balance sheet as of December 31, 2025. During the three months ended March 31, 2026, we sold these downtown properties, and recognized an additional $ 23.2 million of expenses relating to disposal costs, which are included in Asset impairment and related disposal costs in the condensed consolidated statements of operations.

Note 9. Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following (in thousands):

June 30,
2026 December 31,
2025
Royalties $ 42,796 $ 40,678
Clinical related costs 164,368 175,932
Sales allowances 526,435 642,468
Sales and marketing 60,341 71,248
Accrued taxes 2,239 4,755
Operating lease liabilities 5,588 5,697
Other current liabilities 68,539 90,723
Total accrued and other current liabilities $ 870,306 $ 1,031,501

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Note 10. Other Comprehensive Income (Loss)
The following tables summarize the activity related to each component of accumulated other comprehensive income (loss) during the six months ended June 30, 2026 and 2025:

(Amounts presented net of taxes) Foreign Currency Translation Gains (Loss) Net Unrealized Gains (Losses) on Marketable Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2026 $ 51,433   $ 1,994   $ ( 27,965 ) $ 25,462  
Other comprehensive loss before reclassifications ( 1,723 ) ( 4,485 ) —   ( 6,208 )
Net amount reclassified from accumulated other comprehensive income (loss) —   —   464   464  
Net other comprehensive (loss) income ( 1,723 ) ( 4,485 ) 464   ( 5,744 )
Balances at June 30, 2026 $ 49,710   $ ( 2,491 ) $ ( 27,501 ) $ 19,718  

(Amounts presented net of taxes) Foreign Currency Translation Gains Net Unrealized Gains on Marketable Securities Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2025 $ 26,456   $ 346   $ ( 39,923 ) $ ( 13,121 )
Other comprehensive income before reclassifications 24,505   967   —   25,472  
Net amount reclassified from accumulated other comprehensive income —   —   1,088   1,088  
Net other comprehensive income 24,505   967   1,088   26,560  
Balances at June 30, 2025 $ 50,961   $ 1,313   $ ( 38,835 ) $ 13,439  

Note 11. Stock Compensation
2010 Stock Incentive Plan. Under our Amended and Restated 2010 Stock Incentive Plan, as amended (the “2010 Stock Plan”), we may issue common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”). A total of 74,953,475 shares of common stock are reserved for issuance pursuant to the 2010 Stock Plan.
2024 Inducement Stock Incentive Plan. Our Board of Directors has adopted the Incyte Corporation 2024 Inducement Stock Incentive Plan, as amended (the “2024 Inducement Plan”). In reliance on Nasdaq Marketplace Rule 5635(c)(4), stockholder approval was not obtained. A total of 2,000,000 shares of common stock are reserved for issuance pursuant to the 2024 Inducement Plan.
We recorded $ 67.3 million and $ 131.4 million of stock compensation expense on our condensed consolidated statements of operations for the three and six months ended June 30, 2026, respectively. We recorded $ 64.6 million and $ 125.6 million of stock compensation expense on our condensed consolidated statements of operations for the three and six months ended June 30, 2025, respectively. Stock compensation expense included within our condensed consolidated statements of operations included research and development expense of $ 38.2 million, $ 77.4 million, $ 37.7 million and $ 74.4 million for the three and six months ended June 30, 2026 and 2025, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included selling, general and administrative expense of $ 28.2 million, $ 52.2 million, $ 26.1 million and $ 49.5 million for the three and six months ended June 30, 2026 and 2025, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included cost of sales of $ 0.9 million, $ 1.8 million, $ 0.8 million and $ 1.7 million, respectively, for the three and six months ended June 30, 2026 and 2025.

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We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions:

Employee Stock Options Employee Stock Purchase Plan
For the Three Months Ended For the Six Months Ended For the Three Months Ended For the Six Months Ended
June 30, June 30,
2026 2025 2026 2025 2026 2025 2026 2025
Average risk-free interest rates 4.18   % 3.89   % 3.85   % 4.24   % 4.01   % 4.29   % 3.79   % 4.22   %
Average expected life (in years) 5.58 5.46 4.91 4.89 0.50 0.50 0.50 0.50
Volatility 31   % 31   % 30   % 29   % 38   % 32   % 34   % 37   %
Weighted-average fair value (in dollars) $ 36.50   $ 25.04   $ 34.05   $ 23.35   $ 20.63   $ 12.63   $ 21.51   $ 14.49  

The risk-free interest rate is derived from the U.S. Federal Reserve rate in effect at the time of grant. The expected life calculation is based on the observed and expected time to the exercise of options by our employees based on historical exercise patterns for similar type options. Expected volatility is based on the historical volatility of our common stock over the period commensurate with the expected life of the options. A dividend yield of zero is assumed based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Nonemployee awards are measured on the grant date by estimating the fair value of the equity instruments to be issued using the expected term, similar to our employee awards.
Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows:

Shares Subject to
Outstanding Options
Shares Weighted Average
Exercise Price
Balance at December 31, 2025 10,859,861 $ 83.46  
Options granted 421,118 $ 104.23  
Options exercised ( 2,058,609 ) $ 78.41  
Options cancelled ( 238,870 ) $ 92.18  
Balance at June 30, 2026 8,983,500 $ 85.36  

Our annual stock option grants generally have a 10 -year term and vest over four years , with 25 % vesting after one year and the remainder vesting in 36 equal monthly installments, subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes.

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RSU and PSU award activity under the 2010 Stock Plan and 2024 Inducement Plan was as follows:

Shares Subject to
Outstanding Awards
Shares Grant Date Value
Balance at December 31, 2025 9,275,450 $ 66.86  
RSUs granted 372,558 $ 102.78  
PSUs granted 13,171 $ 116.63  
Additional PSUs earned 63,187 $ 61.76  
RSUs released ( 347,182 ) $ 69.02  
PSUs released ( 18,750 ) $ 82.86  
RSUs cancelled ( 272,605 ) $ 67.74  
PSUs cancelled ( 16,599 ) $ 84.44  
Balance at June 30, 2026 9,069,230 $ 68.20  

RSUs and PSUs are granted to our employees at the share price on the date of grant. Each RSU represents the right to acquire one share of our common stock. Each RSU granted in connection with our annual equity awards will vest 25 % annually over four years , while each RSU granted as outstanding merit awards or as part of retention award programs will vest in a single installment at the end of four years , subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes.
We grant PSUs with performance and/or service-based milestones with graded and/or cliff vesting over three to six years . The shares of our common stock into which each PSU may convert is subject to a multiplier based on the level at which the financial, developmental and market performance conditions are achieved over the service period. Compensation expense for PSUs with financial and developmental performance conditions is recorded over the estimated service period for each milestone when the performance conditions are deemed probable of achievement. For PSUs containing performance conditions which were not deemed probable of achievement, no stock compensation expense is recorded. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. For the three and six months ended June 30, 2026, we recorded $ 8.4 million and $ 15.4 million, respectively, of stock compensation expense for PSUs on our condensed consolidated statements of operations. For the three and six months ended June 30, 2025 we recorded $ 6.9 million and $ 10.0 million, respectively, of stock compensation expense for PSUs on our condensed consolidated statements of operations.
The following table summarizes our shares available for grant under the 2010 Stock Plan and 2024 Inducement Plan. Each RSU and PSU grant reduces the available share pool by one share.

Shares Available
for Grant
Balance at December 31, 2025 9,059,040

Options, RSUs and PSUs granted and issuance of shares for services rendered ( 871,896 )
Options, RSUs and PSUs cancelled 528,074
Balance at June 30, 2026 8,715,218

We estimate an annualized forfeiture rate for our options, RSUs and PSUs. Under the true-up provisions of the stock compensation guidance, we will record additional expense if the actual forfeiture rate is lower than we estimated, and will record a recovery of prior expense if the actual forfeiture is higher than we estimated.
Total compensation cost of options granted but not yet vested, as of June 30, 2026, was $ 20.8 million, which is expected to be recognized over the weighted average period of approximately 1.1 years. Total compensation cost of RSUs granted but not yet vested, as of June 30, 2026, was $ 177.1 million, which is expected to be recognized over the weighted average period of approximately 1.2 years. Total compensation cost of PSUs granted but not yet vested, as of June 30, 2026, was $ 28.0 million, which is expected to be recognized over the weighted average period of 1.9 years, should the underlying performance conditions be deemed probable of achievement.

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Note 12. Income Taxes
For the three and six months ended June 30, 2026 and 2025, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes (in thousands):

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Income before provision for income taxes $ 751,514   $ 558,012   $ 1,095,114   $ 792,202  
Provision for income taxes 165,909   153,013   206,179   229,000  

Effective tax rate 22.1 % 27.4 % 18.8 % 28.9 %

Our effective tax rates for the three and six months ended June 30, 2026 were favorably impacted by tax benefits associated with the generation of tax credits and foreign tax effects. This was mostly offset by a net increase in valuation allowances against certain U.S. federal and state deferred tax assets. In addition, our effective tax rate for the six months ended June 30, 2026 was favorably impacted by changes in unrecognized tax benefits. Our effective tax rates for the three and six months ended June 30, 2025 were unfavorably impacted by an increase in valuation allowances against certain U.S. federal and state deferred tax assets. This was partially offset by tax rate benefits associated with the generation of tax credits and the effects of cross-border tax laws.
The effective tax rates for the three and six months ended June 30, 2026 were favorable as compared to the three and six months ended June 30, 2025 due to reversals of certain foreign valuation allowances and the impacts of the One Big Beautiful Bill Act (“OBBBA”) discussed below. The effective tax rate for the six months ended June 30, 2026 was also favorably impacted as compared to the prior year due to the recognition of previously unrecognized tax benefits and reversals of certain U.S. valuation allowances.
We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.
One or more of our legal entities file income tax returns in the U.S. and in certain foreign jurisdictions. Our income tax returns may be examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues such as the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws and regulations and relevant facts. We were under U.S. federal audit for the 2021 tax year; during the first quarter of 2026, the federal audit for tax year 2021 was completed with no material matters identified.
The Organization for Economic Cooperation and Development Pillar 2 guidelines, supported by over 130 countries worldwide, establish a 15% global minimum tax on adjusted financial results. Pillar 2 legislation has been enacted in multiple jurisdictions in which we operate and became effective beginning in 2024. We have evaluated the impact of Pillar 2 on our business, and determined there are no material impacts on our effective tax rate at this time. We will continue to monitor additional enactments and guidance as they occur and assess any future impacts in the period they become effective.
In July 2025, the U.S. enacted the OBBBA, which modified certain provisions of the Tax Cuts and Jobs Act of 2017, including those related to the expensing of domestic research and development costs, the deduction for foreign-derived intangible income, and the global intangible low-taxed income regime. The OBBBA also introduced multiple elections related to the treatment of domestic research and development expenditures. As a result of these changes, we expect to fully deduct certain expenditures for which deferred tax assets had previously been recorded and, accordingly, no longer maintain a valuation allowance against such amounts. The absence of these deferred tax assets and related valuation allowance continues to have a favorable impact on our effective tax rate for the current period. We will continue to evaluate the application of the OBBBA’s various elections in connection with the preparation of our income tax return.

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Note 13. Net Income Per Share
Net income per share was calculated as follows for the periods indicated below:

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Basic net income $ 585,605   $ 404,999   $ 888,935   $ 563,202  

Weighted average common shares outstanding 200,378 193,995 199,860 193,853

Basic net income per share $ 2.92   $ 2.09   $ 4.45   $ 2.91  

Diluted net income $ 585,605   $ 404,999   $ 888,935   $ 563,202  

Weighted average common shares outstanding 200,378 193,995 199,860 193,853
Dilutive stock options and awards 7,838 4,749 7,810 4,673  
Weighted average shares used to compute diluted net income per share 208,216 198,744 207,670 198,526

Diluted net income per share $ 2.81   $ 2.04   $ 4.28   $ 2.84  

The potential common shares that were excluded from the diluted net income per share computation are as follows:

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Outstanding stock options and awards 2,337,323 12,368,632 2,325,579 11,955,851

Note 14. Employee Benefit Plans
Defined Contribution Plans
We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three and six months ended June 30, 2026 was $ 6.3 million and $ 12.7 million, respectively. Defined contribution expense for the three and six months ended June 30, 2025 was $ 5.7 million and $ 11.5 million, respectively.
Defined Benefit Pension Plans
We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy.

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The net periodic benefit cost was as follows (in thousands):

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Service cost $ 4,043   $ 3,964   $ 8,130   $ 7,606  
Interest cost 688   476   1,383   913  
Expected return on plan assets ( 1,933 ) ( 1,819 ) ( 3,887 ) ( 3,491 )
Amortization of prior service cost 105   226   212   420  
Amortization of actuarial losses 125   350   252   668  
Net periodic benefit cost $ 3,028   $ 3,197   $ 6,090   $ 6,116  

The components of net periodic benefit cost other than the service cost component are included in Other, net on the condensed consolidated statements of operations. We expect to contribute a total of $ 12.6 million to the pension plans in 2026 inclusive of the amounts contributed to the plan during the current period.

Note 15. Commitments and Contingencies
Commitments
In August 2021, we entered into a revolving credit and guaranty agreement, which was subsequently amended in May 2023 and June 2024 (as amended, the “Credit Agreement”), among Incyte Corporation, as borrower, our subsidiary Incyte Holdings Corporation, as a guarantor, a group of lenders (the “Lenders”), and J.P. Morgan Chase Bank, N.A., as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $ 500.0 million. The June 2024 amendment to the Credit Agreement extended the maturity date of the revolving credit facility from August 2024 to June 2027. We may increase the maximum revolving commitments or add one or more incremental term loan facilities to the Credit Agreement, subject to obtaining commitments from any participating lenders and certain other conditions, in an amount not to exceed (1) $ 250.0 million plus (2) an additional amount, so long as after giving effect to the incurrence of such additional amount, our pro forma consolidated leverage ratio would not exceed 0.25 :1.00 above our consolidated leverage ratio in effect immediately prior to giving effect to such increase.
Loans under the Credit Agreement will bear interest, at our option, at a per annum rate equal to either (a) a base rate (but not less than 1.00 %) plus an applicable rate per annum varying from 0.125 % to 0.875 % depending on our consolidated leverage ratio or (b) a rate based on the secured overnight financing rate (“SOFR”) plus a credit spread adjustment of 0.10 % (but not less than 0.00 %), plus an applicable rate per annum varying from 1.125 % to 1.875 % depending on our consolidated leverage ratio. Commitment fees payable on the undrawn commitment range from 0.15 % per annum to 0.225 % per annum, based on our consolidated leverage ratio. We may, at our option, prepay any borrowings under the Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty, subject to customary exceptions. As of June 30, 2026 and December 31, 2025, we had no outstanding borrowings or letters of credit outstanding and were in compliance with all covenants under this facility.
Contingencies
In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. The outcome of these disputes, regardless of the merits, is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect us, our results of operations, financial condition or cash flows. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.
We have entered into the collaboration agreements described in Note 7, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products.

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We brought a lawsuit against CMS alleging that a regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program was too broad and had the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. In the second quarter of 2026, we reached an agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to OPZELURA (ruxolitinib) cream. Under the agreement, CMS will not apply the line extension regulation to OPZELURA as if it were a line extension of JAKAFI (ruxolitinib). In the second quarter of 2026, we recorded a one-time, non-cash benefit of $ 246.0 million in net sales on the condensed consolidated statements of operations, associated with the reversal of previously established accrual balances through March 31, 2026, related to liabilities associated with the potential application of the line extension regulations to OPZELURA. We will no longer accrue for the potential application of the line extension regulations to OPZELURA.
In addition, we have various patent disputes and litigation initiated by us related to potential generic or other competition for our products, as described under Part II, Item 1A. “Risk Factors—Risks Relating to Commercialization of Our Products— Competition for our products could harm our business and result in a decrease in our revenue” below.

Note 16. Segment Information
We operate in one operating segment, and therefore one reportable segment, focused on the global discovery, development and commercialization of proprietary therapeutics. We manage business activities on a consolidated basis through the development and commercialization of oncology and dermatology products, which are sold to U.S. and international customers. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our chief operating decision maker is the Chief Executive Officer.
The accounting policies for our single operating segment are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2025. Our single operating segment generates net sales from the development and commercialization of oncology and dermatology pharmaceutical products, which are developed by our research and development department, as well as from product royalties, milestone and contract revenues from the out-licensing of our intellectual property to third parties.
For our segment, the chief operating decision maker uses net income or loss, that also is reported on the condensed consolidated statements of operations as consolidated net income, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net income or loss, along with non-financial inputs and qualitative information, to evaluate our performance, establish compensation, monitor budget versus actual results, and decide the level of investment in our various operating activities and other capital allocation activities. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

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Net income for our segment was as follows (in thousands):

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
Net sales $ 1,488,149   $ 1,059,414   $ 2,592,633   $ 1,981,688  
Product royalty revenues 174,690   151,115   325,882   281,739  
Milestone and contract revenues 11,200   5,000   28,200   5,000  
Total revenues 1,674,039   1,215,529   2,946,715   2,268,427  

Costs, expenses and other:
Cost of sales (including definite-lived intangible amortization) 104,957   78,766   209,480   151,954  
Contract dispute settlement —   ( 242,251 ) —   ( 242,251 )
Research and development - internal 1
268,615   236,686   528,791   465,031  
Research and development - external 2
248,335   245,681   491,462   439,115  
Other research and development 3
—   12,550   12,600   28,050  
Sales and marketing 285,752   256,311   545,315   513,963  
General and administrative 65,983   74,711   134,507   142,750  
Asset impairment and related disposal costs —   —   23,214   —  
Loss on change in fair value of acquisition-related contingent consideration 2,499   22,761   2,331   34,333  
Other segment items 4
112,293   125,315   110,080   172,280  
Net income $ 585,605   $ 404,999   $ 888,935   $ 563,202  

1. Research and development - internal is comprised of internally generated costs such as salaries, travel, regulatory costs, lab costs, contracting, etc.
2. Research and development - external is comprised of specific program spend with external vendors (i.e. contract manufacturing organizations, contract research organizations and lab vendors for clinical, technical operations and toxicology services).
3. Other research and development is comprised of all other costs including certain one-time costs resulting from the acquisition of IPR&D assets and one-time development milestone expenses.
4. Other segment items is comprised of interest income, interest expense, realized and unrealized gain (loss) on equity investments, other, net, and provision for income taxes .
Total Revenues by Geographic Location
Total revenues by geographic region consisted of the following (in thousands):

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
United States $ 1,560,110   $ 1,132,353   $ 2,731,578   $ 2,113,910  
Europe 105,131   78,826   197,560   147,438  
Other countries 8,798   4,350   17,577   7,079  
Total revenues $ 1,674,039   $ 1,215,529   $ 2,946,715   $ 2,268,427  

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Property and Equipment, Net by Geographic Location
Property and equipment, net by geographic location was as follows (in thousands):

June 30,
2026 December 31,
2025
United States $ 394,985   $ 406,829  
Switzerland 301,442   309,802  
Other countries 13,042   14,254  
Total property and equipment, net $ 709,469   $ 730,885  

Note 17. Subsequent Event
On June 8, 2026, we entered into an agreement with Star Therapeutics LLC (“Star”) to acquire Vega Therapeutics, Inc. (“Vega”), a wholly owned subsidiary of Star. We completed the acquisition of Vega on July 6, 2026. Vega is a clinical-stage drug development company developing novel antibody therapies for rare blood disorders, focusing on von Willebrand disease. Based on the terms of the agreement, we acquired Vega for cash consideration of $ 1.25 billion, with up to $ 750.0 million in additional payments due to Star upon achievement of specified sales milestones. We expect to account for the acquisition as an asset acquisition, as substantially all of the fair value of the assets acquired is concentrated in a single in-process research and development asset. We expect to allocate substantially all of the upfront consideration to the in-process research and development asset and to record the expense within Research and development expense in our condensed consolidated statements of operations during the third quarter of 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations as of and for the three and six months ended June 30, 2026 should be read in conjunction with the unaudited condensed consolidated financial statements and notes to those statements included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 previously filed with the SEC.

Forward-Looking Statements
This report contains forward-looking statements that involve risks and uncertainties. These statements relate to future periods, future events or our future operating or financial plans or performance. Often, these statements include the words “believe,” “expect,” “target,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “potential,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” or “may,” or the negative of these terms, and other similar expressions. These forward-looking statements include, among other things, statements as to:
• the discovery, development, formulation, manufacturing and commercialization of our compounds, our drug candidates and JAKAFI ® /JAKAFI XR TM /JAKAVI ® (ruxolitinib), PEMAZYRE ® (pemigatinib), ICLUSIG ® (ponatinib), MONJUVI ® (tafasitamab-cxix) / MINJUVI ® (tafasitamab), OPZELURA ® (ruxolitinib) cream, ZYNYZ ® (retifanlimab-dlwr) and NIKTIMVO TM (axatilimab);
• our collaboration and strategic relationship strategy, and anticipated benefits and disadvantages of entering into collaboration agreements;
• our licensing, investment and commercialization strategies, including our plans to commercialize our drug products and drug candidates;
• the regulatory approval process, including obtaining U.S. Food and Drug Administration and other international regulatory authorities’ approval for our products in the United States and abroad;
• the safety, effectiveness and potential benefits and indications of our drug candidates and other compounds under development;
• the timing, structure and size of our clinical trials; the compounds expected to enter clinical trials; the nature and timing of clinical trial results;
• our ability to manage expansion of our drug discovery and development operations;
• future required expertise relating to clinical trials, manufacturing, sales and marketing;
• obtaining and terminating licenses to products, drug candidates or technology, or other intellectual property rights;
• the receipt from or payments pursuant to collaboration or license agreements resulting from milestones or royalties;
• plans to develop and commercialize products on our own;
• plans for our manufacturing operations, including plans relating to the use of third-party manufacturers;
• expected expenses and expenditure levels; expected uses of cash; expected revenues and sources of revenues; expectations with respect to inventory;
• expectations with respect to reimbursement for our products; expectations with respect to the impact on our revenues of U.S. or other government proposals regarding drug pricing;
• the expected impact of recent accounting pronouncements and changes in tax laws;
• expected losses, the fluctuation of losses and the currency translation impact associated with non-U.S. operations and collaboration royalties;
• our profitability, the adequacy of our capital resources to continue operations and our expectations with respect to the need or ability to raise additional capital;
• the costs and other financial impacts associated with resolving matters in litigation and governmental proceedings;

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• our expectations regarding competition;
• our investments, including anticipated expenditures, losses and expenses; and
• our patent prosecution and maintenance efforts.
These forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from those projected and include, but are not limited to:
• our ability to discover, develop, formulate, manufacture and successfully commercialize our drug products and drug candidates;
• our ability to obtain, or maintain at anticipated levels, coverage and reimbursement for our products from government health administration authorities, private health insurers and other organizations;
• changes in drug pricing and reimbursement in the markets in which we or our collaborators and licensees commercialize our drug products;
• our ability to establish and maintain effective sales, marketing and distribution capabilities;
• our ability to obtain and maintain regulatory approvals to market our products;
• our ability to achieve a significant market share in order to achieve or maintain profitability;
• civil or criminal penalties if we market our products in a manner that violates healthcare fraud and abuse and other applicable laws, rules and regulations;
• unanticipated delays in, or discontinuations of, research and development efforts;
• that previous preclinical testing or clinical trial results are not necessarily indicative of future clinical trial results;
• the conduct of our clinical trials, including geopolitical risks;
• changing regulatory requirements;
• adverse safety findings;
• that results of our clinical trials do not support submission of a marketing approval application for our drug candidates;
• our reliance on third-party manufacturers, collaborators, and clinical research organizations;
• the development of new products and their use by us and our current and potential collaborators;
• our ability to maintain or obtain adequate product liability and other insurance coverage;
• the impact of technological advances and competition to develop and commercialize drug products similar to our own, including potential generic competition;
• our ability to obtain and maintain patent protection and freedom to operate for our discoveries and to continue to be effective in prosecuting, maintaining, defending and enforcing patent claims and other intellectual property rights;
• the impact of changing laws on our patent portfolio;
• developments in, and expenses relating to, litigation and governmental proceedings;
• our ability to in-license drug candidates or other technology;
• unanticipated delays or changes in plans or regulatory agency interactions or other issues relating to our large molecule production facility;
• the impact of tariffs and trade conflicts and the effects of any economic slowdown;
• our ability to integrate successfully acquired businesses, development programs or technology;
• our ability to obtain additional capital when needed;
• fluctuations in net cash provided and used by operating, financing and investing activities;

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• changes in tax laws and regulations and our ability to analyze the effects of new accounting pronouncements and apply new accounting rules;
• our ability to sustain profitability;
• public health pandemics such as the COVID-19 pandemic, natural disasters, or geopolitical events such as the Russian invasion of Ukraine and conflicts in the Middle East; and
• the risks set forth under “Risk Factors” in Item 1A of this Quarterly Report on Form 10-Q.
Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Except as required by federal securities laws, we undertake no obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
In this report all references to “Incyte,” “we,” “us,” “our” or the “Company” mean Incyte Corporation and our subsidiaries, except where it is made clear that such term means only the parent company.
Incyte, JAKAFI, MINJUVI, MONJUVI, OPZELURA, PEMAZYRE and ZYNYZ are our registered trademarks and NIKTIMVO and JAKAFI XR are our trademarks. We also refer to trademarks of other corporations and organizations in this Quarterly Report on Form 10-Q.

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Summary Risk Factors
Our business is subject to numerous risks and uncertainties that could affect our ability to successfully implement our business strategy and affect our financial results. You should carefully consider all of the information in this report and, in particular, the following principal risks and all of the other specific factors described in Item 1A. “Risk Factors” of this report before deciding whether to invest in our company.
• We depend heavily on our lead product, JAKAFI (ruxolitinib), which is marketed as JAKAVI outside the United States. If we are unable to maintain revenues from JAKAFI/JAKAVI or those revenues decrease, our business may be materially harmed.
• If we or our collaborators are unable to obtain, or maintain at anticipated levels, coverage and reimbursement for our products from government health administration authorities, private health insurers and other organizations, our pricing may be affected and our product sales, results of operations and financial condition could be harmed.
• We depend upon a limited number of specialty pharmacies and wholesalers for a significant portion of any revenues from JAKAFI and most of our other drug products, and the loss of, or significant reduction in sales to, any one of these specialty pharmacies or wholesalers could adversely affect our operations and financial condition.
• If we are unable to establish and maintain effective sales, marketing and distribution capabilities, or to enter into agreements with third parties to do so, we will not be able to successfully commercialize our products.
• If we fail to comply with applicable laws and regulations, we could lose our approval to market our products or be subject to other governmental enforcement activity, and we could face increased costs, penalties and a loss of business.
• If we market our products in a manner that violates various laws and regulations, we may be subject to civil or criminal penalties.
• Competition for our products could harm our business and result in a decrease in our revenue.
• We or our collaborators may be unsuccessful in our efforts to discover and develop drug candidates and commercialize drug products.
• If we or our collaborators are unable to obtain regulatory approval for our drug candidates in the United States or foreign jurisdictions, we or our collaborators will not be permitted to commercialize products resulting from our research.
• Healthcare reform measures could impact the pricing and profitability of pharmaceuticals, and adversely affect the commercial viability of our or our collaborators’ products and drug candidates.
• If we are unable to establish collaborations to fully exploit our drug discovery and development capabilities or if such collaborations are unsuccessful, our research, development and commercialization efforts may be unsuccessful, which could adversely affect our results of operations, financial condition and future revenue prospects.
• If we fail to enter into additional licensing agreements or if these arrangements are unsuccessful, our business and operations may be adversely affected.
• Even if a drug candidate that we develop receives regulatory approval, we may decide not to commercialize it if we determine that commercialization of that product would require more money and time than we are willing to invest.
• We have limited capacity to conduct preclinical testing and clinical trials, and our resulting dependence on other parties could result in delays in and additional costs for our drug development efforts.
• Our reliance on third parties for manufacture of certain of our drug products and drug candidates could result in short supply of the drugs, delays in clinical trials or drug development, increased costs, and withdrawal or denial of a regulatory authority’s approval.

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• The illegal distribution and sale by third parties of counterfeit or unfit versions of our or our collaborators’ products or stolen products could harm our business and reputation.
• As most of our drug discovery and development operations are conducted at our headquarters in Wilmington, Delaware, the loss of access to this facility would negatively impact our business.
• The loss of the services of any of our key employees or our inability to attract and retain additional personnel would affect our ability to expand our drug discovery and development programs and achieve our objectives.
• If we fail to manage our growth effectively, our ability to develop and commercialize products could suffer.
• We may acquire businesses or assets, form joint ventures or make investments in other companies that may be unsuccessful, divert our management’s attention and harm our operating results and prospects.
• Risks associated with our operations outside of the United States could adversely affect our business.
• If product liability lawsuits are brought against us, we could face substantial liabilities and may be required to limit commercialization of our products and our results of operations could be harmed.
• Because our activities involve the use of hazardous materials, we may be subject to claims relating to improper handling, storage or disposal of these materials that could be time consuming and costly.
• We may incur losses in the future, and we expect to continue to incur significant expenses to discover and develop drugs, which may make it difficult for us to achieve sustained profitability on a quarterly or annual basis in the future.
• We may need additional capital in the future. If we are unable to generate sufficient funds from operations, the capital markets may not permit us to raise additional capital at the time that we require it, which could result in limitations on our research and development or commercialization efforts or the loss of certain of our rights in our technologies or drug candidates.
• Our marketable securities and equity investments are subject to risks that could adversely affect our overall financial position, and changes in tax laws or regulations could adversely affect our results of operations, business and financial condition.
• If we are unable to achieve milestones, develop product candidates to license or renew or enter into new collaborations, our revenues may decrease, and future milestone and royalty payments may not contribute significantly to revenues for several years, and may never result in revenues.
• If we are subject to arbitration, litigation and infringement claims, they could be costly and disrupt our drug discovery and development efforts.
• We may be unable to adequately protect or enforce our proprietary information, which may result in its unauthorized use, a loss of revenue under a collaboration agreement or loss of sales to generic versions of our products or otherwise reduce our ability to compete in developing and commercializing products.
• If the effective term of our patents is decreased or if we need to refile some of our patent applications, the value of our patent portfolio and the revenues we derive from it may be decreased.
• International patent protection is particularly uncertain and costly, and our involvement in opposition proceedings may result in the expenditure of substantial sums and management resources.
• Significant disruptions of information technology systems, breaches of data security or unauthorized disclosures of personal information (including sensitive personal information) could adversely affect our business, and could subject us to liability or reputational damage.
• Increasing use of social media could give rise to liability, breaches of data security, or reputational damage.
• Increasing use of artificial intelligence-based software and tools creates new risks and challenges that could adversely affect our business or cause reputational harm.

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Overview
Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal.
We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity (“IAI”).
Hematology
Our hematology franchise includes five approved products, JAKAFI (ruxolitinib), JAKAFI XR (ruxolitinib), ICLUSIG (ponatinib), MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) and NIKTIMVO (axatilimab-csfr), as well as multiple clinical development programs.
Approved Products
JAKAFI (ruxolitinib)
JAKAFI (ruxolitinib) was approved by the U.S. Food and Drug Administration (“FDA”) in November 2011 for the treatment of adults with intermediate or high-risk myelofibrosis (“MF”); in December 2014 for the treatment of adults with polycythemia vera (“PV”) who have had an inadequate response to or are intolerant of hydroxyurea; in May 2019 for the treatment of steroid-refractory acute graft-versus-host disease ( “ GVHD ” ) in adult and pediatric patients 12 years and older; and in September 2021 for the treatment of chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older . MF and PV are both myeloproliferative neoplasms (“MPNs”), a group of rare blood cancers, and GVHD is an adverse immune response to an allogeneic hematopoietic stem cell transplant (“HSCT”).

The FDA has granted JAKAFI orphan drug status for MF, PV and GVHD. Because of these orphan designations, the ORPHAN Cures Act extended the period before ruxolitinib phosphate becomes eligible for selection for Medicare drug price negotiation under the Inflation Reduction Act.
Myelofibrosis. MF, a rare, life-threatening condition, is considered the most serious of the MPNs and can occur either as primary MF or as secondary MF in patients who previously had PV or essential thrombocythemia (“ET”). In November 2011, the FDA approved JAKAFI for the treatment of adults with intermediate or high-risk MF, including primary MF, post-PV MF and post-ET MF. There were no FDA approved therapies for MF until the approval of JAKAFI.
Polycythemia Vera. PV is an MPN typically characterized by elevated hematocrit, the volume percentage of red blood cells in whole blood, which can lead to a thickening of the blood and an increased risk of blood clots, as well as an elevated white blood cell and platelet count. In December 2014, the FDA approved JAKAFI for the treatment of patients with PV who have had an inadequate response to or are intolerant of hydroxyurea.
Graft-versus-host disease. GVHD is a condition that can occur after an allogeneic HSCT (the transfer of genetically dissimilar stem cells or tissue) where the donated bone marrow or peripheral blood stem cells view the recipient’s body as foreign and attack various tissues. In May 2019, the FDA approved JAKAFI for the treatment of steroid-refractory acute GVHD in adult and pediatric patients 12 years and older. In September 2021, the FDA approved JAKAFI for the treatment of chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older.
Under our collaboration agreement with Novartis Pharmaceutical International Ltd. (“Novartis”), Novartis received exclusive development and commercialization rights to ruxolitinib outside of the United States for all hematologic and oncologic indications and sells ruxolitinib outside of the United States under the name JAKAVI. We are eligible to receive development and sales milestones as well as royalties from product sales outside the United States.

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We have retained all development and commercialization rights to JAKAFI in the United States. We market JAKAFI in the United States through our own specialty sales force and commercial team. JAKAFI is distributed primarily through a network of specialty pharmacy providers and wholesalers that allow for efficient delivery of the medication by mail directly to patients or direct delivery to the patient’s pharmacy.
We hold patents that cover the composition of matter and use of ruxolitinib and its salt. These patents, including applicable extensions, currently expire in mid and late 2028, respectively.
JAKAFI XR (ruxolitinib)
In May 2026, the FDA approved JAKAFI XR (ruxolitinib) extended release tablets for the treatment of adults with intermediate- or high-risk MF, adults with PV who have had an inadequate response to or are intolerant to hydroxyurea, as well as adults and children aged 12 years and older with steroid-refractory acute GVHD or chronic GVHD after failure of one or two lines of systemic therapy.
ICLUSIG (ponatinib)
In June 2016, we acquired the European operations of ARIAD Pharmaceuticals, Inc. and obtained an exclusive license to develop and commercialize ICLUSIG (ponatinib), a kinase inhibitor, in Europe and other select countries. The primary target for ICLUSIG is BCR-ABL, an abnormal tyrosine kinase that is expressed in chronic myeloid leukemia (“CML”) and Philadelphia-chromosome positive acute lymphoblastic leukemia (“Ph+ ALL”).
In the European Union, ICLUSIG is approved for the treatment of adult patients with chronic phase, accelerated phase or blast phase CML who are resistant to dasatinib or nilotinib; who are intolerant to dasatinib or nilotinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation. In the European Union, ICLUSIG also is approved for the treatment of adult patients with Ph+ ALL who are resistant to dasatinib; who are intolerant to dasatinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation. In July 2026, the European Union approved ICLUSIG for the treatment of pediatric patients 6 years of age or older with chronic phase CML who are resistant to dasatinib or nilotinib; who are intolerant to dasatinib or nilotinib and for whom subsequent treatment with imatinib is not clinically appropriate; or who have the T315I mutation.
MONJUVI (tafasitamab-cxix) / MINJUVI (tafasitamab)
In January 2020, we and MorphoSys AG (“MorphoSys”) entered into a collaboration and license agreement to further develop and commercialize MorphoSys’ proprietary anti-CD19 antibody tafasitamab (formerly MOR208) globally. In February 2024, we entered into a purchase agreement with MorphoSys relating to tafasitamab. As a result, we now hold exclusive global rights for tafasitamab, and the collaboration and license agreement was terminated.
Diffuse Large B-cell Lymphoma. In July 2020, the FDA approved MONJUVI (tafasitamab-cxix), in combination with lenalidomide, for the treatment of adult patients with relapsed or refractory (“r/r”) diffuse large B-cell lymphoma (“DLBCL”) not otherwise specified, including DLBCL arising from low grade lymphoma, and who are not eligible for autologous stem cell transplant (“ASCT”). In August 2021, the European Commission granted conditional marketing authorization for MINJUVI (tafasitamab) in combination with lenalidomide, followed by MINJUVI monotherapy, for the treatment of adult patients with r/r DLBCL who are not eligible for ASCT. In June 2026, MINJUVI was approved by Japan’s Ministry of Health, Labour and Welfare (“MHLW”) for the treatment of adults with r/r DLBCL in combination with lenalidomide.
Follicular Lymphoma. In June 2025, MONJUVI (tafasitamab-cxix) was approved by the FDA for the treatment of adult patients with r/r follicular lymphoma (“FL”) in combination with rituximab and lenalidomide. In December 2025, MINJUVI (tafasitamab) was approved by the European Commission in combination with lenalidomide and rituximab for the treatment of adult patients with r/r FL (Grade 1-3a) after at least one line of systemic therapy. Also in December 2025, MINJUVI (tafasitamab) was approved by the MHLW in combination with rituximab and lenalidomide for adult patients with r/r FL (2L+ FL).
NIKTIMVO (axatilimab-csfr)
In September 2021, we entered into an exclusive worldwide collaboration and license agreement with Syndax Pharmaceuticals, Inc. (“Syndax”) to develop and commercialize axatilimab, Syndax’s anti-CSF-1R monoclonal antibody.

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In August 2024, the FDA approved NIKTIMVO (axatilimab-csfr) for the treatment of chronic GVHD after failure of at least two prior lines of systemic therapy in adult and pediatric patients. NIKTIMVO is the first approved anti-CSF-1R antibody targeting the drivers of inflammation and fibrosis seen in chronic GVHD. The U.S. commercial launch of NIKTIMVO commenced in January 2025.
Clinical Programs in Hematology
INCA033989 (mutCALR)
INCA033989 is an Incyte-discovered, investigational, novel, anti-mutant calreticulin (“CALR”)-targeted monoclonal antibody in clinical development for the treatment of adults with mutCALR-positive ET and MF.
Essential Thrombocythemia. INCA033989 is being evaluated for the treatment of adults with mutCALR-positive ET who are resistant or intolerant to at least one cytoreductive therapy. In 2025, we presented data from our Phase 1 study demonstrating a rapid and durable normalization of platelet counts and a reduction in peripheral blood mutCALR variant allele frequency (“VAF”) correlating with hematologic response with INCA033989 treatment. INCA033989 was well tolerated with no dose limiting toxicities reported. In December 2025, we announced that the FDA granted Breakthrough Therapy designation to INCA033989 for the treatment of patients with ET harboring a Type 1 CALR mutation who are resistant or intolerant to at least one cytoreductive therapy. Based on positive feedback received from the FDA, a Phase 3 registrational study evaluating INCA033989 in Type 1 and non-Type 1 mutCALR positive patients with ET was initiated in mid-2026.
Myelofibrosis. INCA033989 is being evaluated for the treatment of adults with mutCALR-positive MF. In December 2025, at the 2025 American Society of Hematology Annual Meeting, we presented data from our Phase 1 studies evaluating INCA033989 as a monotherapy and in combination with ruxolitinib in patients with mutCALR positive MF. The data demonstrated rapid and robust reductions in spleen volume and symptoms, and improvements in anemia with INCA033989 treatment, and a favorable safety profile with no dose limiting toxicities reported. Additionally, exploratory analyses from clinical studies demonstrate the potential for disease modifying activity by directly inhibiting and eliminating oncogenic mutCALR cells, while sparing healthy cells and restoring normal blood cell production in MF patients with a CALR mutation. The planned initiation of a Phase 3 trial evaluating INCA033989 in MF is anticipated in the second half of 2026.
In October 2025, we announced an agreement with Enable Injections, Inc. (“Enable”) to develop for use with specific assets in our portfolio, including INCA033989, Enable’s enFuse on-body delivery system. Under the terms of the agreement, we obtained a worldwide, exclusive license to use the enFuse technology with INCA033989 in ET and MF, with the potential to expand to additional assets and indications . In the first quarter of 2026, a Phase 1 study evaluating the pharmacokinetics, safety and tolerability of INCA033989 as a subcutaneous (“SC”) administration in healthy adult participants was initiated and completed. A Phase 1 study evaluating INCA033989 as a SC administration in mutCALR positive patients was initiated in the second quarter of 2026.
INCA035784 (mutCALRxCD3 bispecific)
INCA035784 is a novel, equipotent T-cell redirecting mutCALR x CD3 bispecific antibody developed by Incyte using Merus N.V.’s licensed bispecific platform and is being evaluated for patients with mutCALR positive MPNs. Phase 1 data evaluating INCA035784 in MF and ET patients with a CALR mutation are anticipated in 2027.
INCB160058 (JAK2V617Fi)
INCB160058 is an Incyte-discovered, novel JAK2V617F mutant-specific inhibitor for patients with MPNs harboring a JAK2V617F mutation. Following a comprehensive review of available data, we discontinued further development of INCB160058 to prioritize our next-generation JAK2V617F-targeted pipeline.

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Axatilimab-csfr
Axatilimab is a colony stimulating factor-1 receptor (CSF-1R)-blocking antibody targeting monocytes and macrophages, reducing inflammation and fibrosis associated with chronic GVHD. A Phase 2 trial evaluating axatilimab in combination with ruxolitinib in patients with newly diagnosed chronic GVHD is ongoing, with results anticipated in the second half of 2026. A Phase 3 trial evaluating axatilimab in combination with corticosteroids as an initial treatment in patients with chronic GVHD is ongoing, with results anticipated in early 2028.
Tafasitamab
Tafasitamab is a humanized Fc-modified cytolytic CD19 targeting monoclonal antibody that is being evaluated in combination with lenalidomide added to rituximab plus chemotherapy as a first-line therapy for patients with DLBCL.
In January 2026, we announced positive topline results from the pivotal Phase 3 frontMIND trial evaluating tafasitamab and lenalidomide in combination with R-CHOP as a first-line therapy for patients with DLBCL. The trial met the primary endpoint of progression free survival by investigator assessment and also met the key secondary endpoint of event-free survival by investigator assessment. No new safety signals were observed. Additional frontMIND data will be presented at an upcoming scientific meeting. Global regulatory submissions for tafasitamab and lenalidomide in addition to R-CHOP for the first-line treatment of adult patients with newly diagnosed DLBCL we submitted and accepted in the second quarter of 2026. A potential approval and launch in the U.S. is anticipated in the first quarter of 2027.
Latarcibart (formerly VGA039)
In July 2026, we completed the acquisition of Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, which has been developing latarcibart, a novel investigational monoclonal antibody that modulates Protein S to restore hemostasis. Latarcibart has received Breakthrough Therapy, Fast Track, orphan drug and rare pediatric disease designations from the FDA and is currently in Phase 3 development for patients with von Willebrand disease (“VWD”)
In July 2026, data from the Phase 1/2 multidose study of latarcibart in patients with VWD were presented at the 2026 International Society on Thrombosis and Haemostasis (ISTH) Congress, demonstrating that once-monthly SC treatment with latarcibart resulted in an 81% median reduction in annualized bleeding rate (“ABR”) across all bleeding categories and VWD types. Latarcibart is currently being evaluated in a global, Phase 3, single-arm crossover study (VIVID-6) assessing the safety and efficacy of once-monthly SC administration of latarcibart as prophylaxis for bleeding in patients with all types of VWD. Topline data from the VIVID-6 study are anticipated in early 2029.
Oncology
Our oncology franchise includes two approved products, PEMAZYRE (pemigatinib) and ZYNYZ (retifanlimab-dlwr), as well as several clinical development programs.
Approved Products
PEMAZYRE (pemigatinib)
Cholangiocarcinoma. In April 2020, the FDA approved PEMAZYRE (pemigatinib), a selective fibroblast growth factor receptor kinase inhibitor, for the treatment of adults with previously treated, unresectable locally advanced or metastatic cholangiocarcinoma with a fibroblast growth factor receptor 2 (“FGFR2”) fusion or other rearrangement as detected by an FDA-approved test. Cholangiocarcinoma is a rare cancer that arises from the cells within the bile ducts. PEMAZYRE is the first FDA-approved treatment for this indication.
In March 2021, PEMAZYRE was approved by the MHLW for the treatment of patients with unresectable biliary tract cancer with an FGFR2 fusion gene, worsening after cancer chemotherapy. Also in March 2021, PEMAZYRE was approved by the European Commission for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with an FGFR2 fusion or rearrangement that has progressed after at least one prior line of systemic therapy.

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In July 2021, the U.K.’s National Institute for Health and Care Excellence (“NICE”) recommended PEMAZYRE for patients with cholangiocarcinoma with an FGFR2 fusion or rearrangement that have progressed after at least one prior line of systemic therapy. NICE’s guidance enables all eligible patients in England and Wales to have access to PEMAZYRE through the National Health Service.
In March 2022, PEMAZYRE was approved by the National Medical Products Administration of the People’s Republic of China for the treatment of adults with locally advanced or metastatic cholangiocarcinoma with an FGFR2 fusion or rearrangement as confirmed by a validated diagnostic test that has progressed after at least one prior line of systemic therapy.
Myeloid/Lymphoid Neoplasms . In August 2022, PEMAZYRE was approved by the FDA as the first and only targeted treatment for myeloid/lymphoid neoplasms (“MLNs”) with a fibroblast growth factor receptor 1 (“FGFR1”) rearrangement. MLNs with FGFR1 rearrangements are a group of extremely rare but aggressive blood cancers. In March 2023, PEMAZYRE was approved by the MHLW for the treatment of MLNs with FGFR1 rearrangement.
ZYNYZ (retifanlimab-dlwr)
In October 2017, we and MacroGenics, Inc. (“MacroGenics”), announced an exclusive global collaboration and license agreement for MacroGenics’ retifanlimab (formerly INCMGA0012), a humanized monoclonal antibody targeting programmed death receptor-1 (“PD-1”). Under this collaboration, we obtained exclusive worldwide rights for the development and commercialization of retifanlimab in all indications.
Merkel Cell Carcinoma. In March 2023, the FDA approved ZYNYZ (retifanlimab-dlwr) under accelerated approval for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma (“MCC”). In April 2024, the European Commission approved ZYNYZ (retifanlimab) as a monotherapy for the first-line treatment of adult patients with metastatic or recurrent locally advanced MCC not amenable to curative surgery or radiation therapy.
Squamous Cell Carcinoma of the Anal Canal. In May 2025, the FDA approved ZYNYZ for the treatment of adult patients with advanced squamous cell carcinoma of the anal canal (“SCAC”) in combination with chemotherapy and as a single agent. In December 2025, the MHLW approved ZYNYZ in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of advanced SCAC. In March 2026, the European Commission approved ZYNYZ in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with metastatic or with inoperable locally recurrent SCAC.
Clinical Programs in Oncology
INCB123667 (CDK2)
INCB123667 is a novel, potent and selective oral small molecule inhibitor of serine threonine kinase (CDK2) in clinical development for the treatment of ovarian cancer in patients with Cyclin E1 overexpression.
In the fourth quarter of 2025, we initiated MAESTRA-1, a Phase 2 single-arm study of INCB123667 in patients with platinum-resistant ovarian cancer (“PROC”) with Cyclin E1 overexpression, and MAESTRA-2, a Phase 3, randomized, open-label study of INCB123667 versus investigator’s choice chemotherapy in patients with PROC with Cyclin E1 overexpression. The initiation of a Phase 3 study evaluating INCB123667 in first-line maintenance ovarian cancer is anticipated in the second half of 2026.
INCB161734 (KRAS G12D)
INCB161734 is a potent, selective and orally bioavailable KRAS G12D inhibitor that is currently being evaluated in patients with locally advanced or metastatic solid tumors with KRASG12D mutation.

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Pancreatic Ductal Adenocarcinoma. In October 2025, we presented preliminary data from the ongoing Phase 1 study at the 2025 ESMO Congress. In the study, INCB161734 demonstrated a manageable safety profile and clinical efficacy in heavily pretreated pancreatic ductal adenocarcinoma (“PDAC”) patients with a KRASG12D mutation. In the first quarter of 2026, a Phase 3 study (DAWN-303) was initiated, evaluating INCB161734 as a first-line treatment in patients with metastatic PDAC in combination with standard-of-care chemotherapy (mFOLFIRINOX or GEMNabP) versus chemotherapy alone. Additional data from the ongoing Phase 1 trial evaluating INCB161734 in combination with standard-of-care chemotherapy as a first-line treatment in patients with metastatic PDAC is anticipated in the second half of 2026.
INCA33890 (TGFβR2xPD-1)
INCA33890 is a TGFβR2xPD-1 bispecific antibody developed by Incyte using Merus N.V.’s licensed bispecific platform to avoid the known toxicity of broad TGFβ pathway blockade by specifically blocking TGFβ signaling in cells co-expressing PD-1.
Microsatellite Stable Colorectal Cancer. In October 2025, we presented data from the ongoing Phase 1 study at the 2025 ESMO Congress. INCA33890 demonstrated clinical efficacy across multiple tumor types, including microsatellite stable colorectal cancer (“MSS CRC”) in patients with and without active liver metastases. INCA33890 was generally well tolerated as monotherapy and in combination with standard-of-care treatments in patients with metastatic CRC.
In the fourth quarter of 2025, a Phase 3 study evaluating INCA33890 in combination with standard-of-care chemotherapy and bevacizumab as a first-line treatment in patients with MSS CRC was initiated. Additional data from the ongoing Phase 1 study evaluating INCA33890 in combination with bevacizumab and/or chemotherapy in patients with solid tumors is anticipated in the second half of 2026.
Inflammation and Autoimmunity
Our Inflammation and Autoimmunity franchise is comprised of one approved product, OPZELURA (ruxolitinib) cream, with several clinical programs in development.
Approved Products
OPZELURA (ruxolitinib) cream
Atopic Dermatitis . In September 2021, the FDA approved OPZELURA (ruxolitinib) cream for the topical short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis (“AD”) in non-immunocompromised patients 12 years of age and older whose disease is not adequately controlled with topical prescription therapies, or when those therapies are not advisable. AD is a skin disorder that causes long term inflammation of the skin resulting in itchy, red, swollen and cracked skin.
In September 2025, the FDA approved the supplemental New Drug Application (“NDA”) for OPZELURA for the short-term and non-continuous chronic treatment of mild to moderate AD in non-immunocompromised children two years of age and older whose disease is not well controlled with topical prescription therapies, or when those therapies are not advisable.
Vitiligo. In July 2022, the FDA approved OPZELURA for the topical treatment of nonsegmental vitiligo in adult and pediatric patients 12 years of age and older. Vitiligo is a chronic autoimmune depigmenting skin disease characterized by patches of the skin losing their pigment. OPZELURA is the first and only FDA approved treatment for repigmentation of vitiligo lesions. OPZELURA was approved for continuous use and no limits to duration as a treatment for nonsegmental vitiligo.
In April 2023, the European Commission approved OPZELURA for the topical treatment of nonsegmental vitiligo with facial involvement in adults and adolescents 12 years and older following a positive opinion from the Committee for Medicinal Products for Human Use (“CHMP”). In October 2024, OPZELURA cream 1.5% was granted a Notice of Compliance by Health Canada for the topical treatment of both mild to moderate AD and nonsegmental vitiligo in patients 12 years of age and older.

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Clinical Programs in IAI
Ruxolitinib cream
Ruxolitinib cream is a potent, selective inhibitor of JAK1 and JAK2 that provides the opportunity to directly target diverse pathogenic pathways that underlie certain immune-mediated dermatologic conditions.
Atopic Dermatitis. In July 2025, we announced positive topline results from the Phase 3 (TRuE-AD4) study evaluating ruxolitinib cream in adult patients with moderate AD. The study met the co-primary endpoints at Week 8, with a statistically significant proportion of patients achieving both Investigator’s Global Assessment Treatment Success and EASI75, which is defined as a 75% or greater improvement in the Eczema Area Severity Index score from baseline. In addition, the study met all key secondary endpoints. Ruxolitinib cream was well tolerated with no new safety signals. In June 2026, the CHMP issued a positive opinion recommending the approval of Opzelura (ruxolitinib) cream for the treatment of moderate AD in adult patients for whom topical corticosteroids and topical calcineurin inhibitors are inadequate or inappropriate. We anticipate a regulatory decision from the European Commission in the third quarter of 2026.
Hidradenitis Suppurativa. In January 2024, we announced positive topline results from a randomized controlled Phase 2 study evaluating ruxolitinib cream in hidradenitis suppurativa (“HS”). Ruxolitinib 1.5% cream twice daily met the primary efficacy endpoint as measured by a change from baseline in abscess and nodule count at Week 16 versus placebo in patients with mild to moderate HS. Ruxolitinib cream was well tolerated and consistent with its known safety profile. In June 2025, two Phase 3 studies (TRuE-HS1 and TRuE-HS2) evaluating ruxolitinib cream in mild to moderate HS were initiated, with topline results anticipated in the fourth quarter of 2026.
Povorcitinib
Povorcitinib, an oral small molecule selective JAK1 inhibitor, is being evaluated for the treatment of HS, nonsegmental vitiligo, PN and asthma.
Hidradenitis Suppurativa. In March 2025, we shared positive results from two Phase 3 studies (STOP-HS1 and STOP-HS2) evaluating povorcitinib in patients with moderate to severe HS. Both studies met their primary endpoint of Hidradenitis Suppurativa Clinical Response (“HiSCR”) at Week 12 and at both tested doses (45mg and 75mg). In addition, at Week 12, patients treated with povorcitinib achieved deep levels of clinical response with a greater proportion achieving HiSCR75, reduction in flares, and a greater than 3-point decrease in the Skin Pain NRS score and Skin Pain NRS30. Furthermore, povorcitinib demonstrated rapid onset of response, including rapid skin pain reduction .
We submitted an MAA for povorcitinib to the EMA at the end of 2025 and we anticipate a potential approval in late 2026. The NDA submission for povorcitinib in HS was accepted by the FDA in the first quarter of 2026 and we anticipate a potential approval in the U.S. by the first quarter of 2027.
Nonsegmental Vitiligo. In March and October 2023, we presented results from the Phase 2b clinical study evaluating povorcitinib in patients with extensive nonsegmental vitiligo. The results demonstrated that treatment with oral povorcitinib was associated with substantial total body and facial repigmentation, as measured by Total Vitiligo Area Scoring Index. Based on these results, two Phase 3 studies (STOP-V1 and STOP-V2) evaluating povorcitinib (30mg) in participants with extensive nonsegmental vitiligo were initiated in late 2023. In April 2026, we announced positive results from the Phase 3 program. In both STOP-V1 and STOP-V2, povorcitinib achieved the primary endpoint of > 75% reduction in Facial Vitiligo Area Scoring Index from baseline at Week 52. Across both studies, statistically significant and clinically meaningful differences were also observed in key secondary endpoints, including a > 50% reduction in Total Vitiligo Area Scoring Index at Week 52. The overall safety and tolerability profile of povorcitinib through 52 weeks was consistent with prior studies, with no new safety signals observed. We expect to share additional data from STOP-V1 and STOP-V2 in the second half of 2026. Positive results from these studies will support regulatory applications for povorcitinib in vitiligo which are planned for the first quarter of 2027.
Prurigo Nodularis. In October 2023, we announced that the Phase 2, randomized, double-blind, placebo-controlled, dose ranging study evaluating the efficacy and safety of povorcitinib in participants with PN had met its primary endpoint. In October 2024, following the positive Phase 2 results, two Phase 3 studies (STOP-PN1 and STOP-PN2) evaluating povorcitinib in patients with moderate to severe PN were initiated . Data from the Phase 3 studies are anticipated in the fourth quarter of 2026.

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Asthma. In July 2023, we initiated a Phase 2 study evaluating povorcitinib in patients with moderate to severe uncontrolled asthma. Proof-of-concept data from this study is anticipated in the second half of 2026 .
Collaborative Partnered Programs
As described below under “License Agreements and Business Relationships,” we are eligible for milestone payments and royalties on certain products that we license to third parties. These include OLUMIANT (baricitinib), which is licensed to our collaborative partner Eli Lilly and Company (“Lilly”), and JAKAVI (ruxolitinib) and TABRECTA (capmatinib), which are licensed to Novartis.
Baricitinib
We have a second JAK1 and JAK2 inhibitor, baricitinib, which is subject to our collaboration agreement with Lilly, in which Lilly received exclusive worldwide development and commercialization rights to the compound for inflammatory and autoimmune diseases.
Rheumatoid Arthritis. Rheumatoid arthritis is an autoimmune disease characterized by aberrant or abnormal immune mechanisms that lead to joint inflammation and swelling and, in some patients, the progressive destruction of joints. In February 2017, the European Commission approved baricitinib as OLUMIANT for the treatment of moderate-to-severe rheumatoid arthritis in adult patients who have responded inadequately to, or who are intolerant to, one or more disease-modifying antirheumatic drugs. In July 2017, the MHLW granted marketing approval for OLUMIANT for the treatment of rheumatoid arthritis (including the prevention of structural injury of joints) in patients with inadequate response to standard-of-care therapies. In June 2018, the FDA approved the 2mg dose of OLUMIANT for the treatment of adults with moderately-to-severely active rheumatoid arthritis who have had an inadequate response to one or more tumor necrosis factor inhibitor therapies.
Atopic Dermatitis. In October 2020, the European Commission approved baricitinib as OLUMIANT for the treatment of moderate-to-severe AD in adult patients who are candidates for systemic therapy. In December 2020, baricitinib was approved by the MHLW for the treatment of patients with moderate-to-severe AD.
Alopecia Areata . Alopecia areata is an autoimmune disorder in which the immune system attacks the hair follicles, causing hair loss in patches. In June 2022, the FDA approved 2mg and 4mg doses of OLUMIANT for the treatment of adults with severe alopecia areata, becoming the first and only systemic treatment in the indication. Also in June 2022, OLUMIANT was approved as a treatment for alopecia areata in Europe and Japan.
COVID-19. In May 2020, we amended our agreement with Lilly to enable Lilly to commercialize baricitinib for the treatment of COVID-19. The FDA’s Emergency Use Authorization provides for the use of baricitinib for the treatment of COVID-19 in hospitalized adults and pediatric patients two years of age or older requiring supplemental oxygen, non-invasive or invasive mechanical ventilation or extracorporeal membrane oxygenation (“ECMO”). In June 2022, the FDA approved baricitinib as OLUMIANT for the treatment of COVID-19 in hospitalized adults requiring supplemental oxygen, non-invasive or invasive mechanical ventilation or ECMO.
Type 1 Diabetes . In October 2025, we amended our agreement with Lilly to enable Lilly to commercialize baricitinib for the treatment of Type 1 diabetes mellitus.
Capmatinib
Capmatinib is a potent and highly selective mesenchymal-epithelial-transition factor gene (“MET”) inhibitor. Under our agreement, Novartis received worldwide exclusive development and commercialization rights to capmatinib and certain back-up compounds in all indications. Capmatinib is being evaluated in patients with hepatocellular carcinoma, non-small cell lung cancer (“NSCLC”) and other solid tumors, and may have potential utility as a combination agent.

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In May 2020, the FDA approved capmatinib as TABRECTA for the treatment of adult patients with metastatic NSCLC whose tumors have a mutation that leads to MET exon 14 (“METex14”) skipping as detected by an FDA-approved test. TABRECTA is the first and only treatment approved to specifically target NSCLC with this driver mutation and is approved for first-line and previously treated patients regardless of prior treatment type. In June 2020, the MHLW approved TABRECTA for METex14 mutation-positive advanced and/or recurrent unresectable NSCLC. In June 2022, the European Commission approved capmatinib as TABRECTA as a monotherapy treatment of adults with advanced NSCLC harboring alterations leading to METex14 skipping who require systemic therapy following prior treatment with immunotherapy and/or platinum-based chemotherapy.
Ruxolitinib
Graft-versus-host disease. In May 2022, the European Commission approved ruxolitinib as JAKAVI for the treatment of acute or chronic GVHD in patients aged 12 years and older who have an inadequate response to corticosteroids or other systemic therapies. In August 2023, Novartis announced that JAKAVI had been approved in Japan for use in GVHD after HSCT .
License Agreements and Business Relationships
We establish business relationships, including collaborative arrangements with other companies and medical research institutions, to assist in the clinical development and/or commercialization of certain of our drugs and drug candidates and to provide support for our research programs. We also evaluate opportunities for acquiring products or rights to products and technologies that are complementary to our business from other companies and medical research institutions.
Below is a brief description of our significant business relationships and collaborations and related license agreements that expand our pipeline and provide us with certain rights to existing and potential new products and technologies. Additional information regarding our collaboration agreements, including their financial and accounting impact on our business and results of operations, can be found in Note 5 and Note 7 of Notes to the Consolidated Financial Statements.
Out-License Agreements
Mirum
In April 2026, we entered into an exclusive license agreement with Mirum Pharmaceuticals, Inc. granting Mirum worldwide rights to zilurgisertib, an ALK2 inhibitor in development for fibrodysplasia ossificans progressiva. Under the terms of the agreement, we received an upfront payment and are eligible to receive a Priority Review Voucher, and additional development and regulatory milestone payments, as well as sales-based milestones and tiered royalties in the mid-to-high single digit percent range on worldwide net sales.
Novartis
In November 2009, we entered into a Collaboration and License Agreement with Novartis. Under the terms of the agreement, Novartis received exclusive development and commercialization rights outside of the United States to ruxolitinib and certain back up compounds for hematologic and oncology indications, including all hematological malignancies, solid tumors and myeloproliferative diseases. We retained exclusive development and commercialization rights to JAKAFI (ruxolitinib) in the United States and in certain other indications. Novartis also received worldwide exclusive development and commercialization rights to our MET inhibitor compound capmatinib and certain back up compounds in all indications. We retained options to co-develop and to co-promote capmatinib in the United States. In April 2016, we amended this agreement to provide that Novartis has exclusive research, development and commercialization rights outside of the United States to ruxolitinib (excluding topical formulations) in the GVHD field.

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Lilly
In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to baricitinib and certain back up compounds for inflammatory and autoimmune diseases. In March 2016, we entered into an amendment to the agreement with Lilly that allows us to engage in the development and commercialization of ruxolitinib in the GVHD field. In May 2020, we amended our agreement with Lilly to enable Lilly to commercialize baricitinib for the treatment of COVID-19 and, in October 2025, we further amended the agreement to enable Lilly to commercialize baricitinib for the treatment of Type 1 diabetes mellitus. We received an upfront payment of $100.0 million in connection with the 2025 amendment, which amendment also restructured the royalty obligations on net sales of baricitinib, certain developmental and regulatory milestones associated with baricitinib, and the marketing and sales support obligations of Lilly. On baricitinib sales for any indication, we are now eligible to receive either a fixed royalty amount or tiered royalties based on a defined level of quarterly global net sales, with the tiered royalties up to a rate in the mid-teens. Additionally, for the treatment of COVID-19, we still receive a premium on royalties.
In-License Agreements
Syndax
In September 2021, we entered into a Collaboration and License Agreement with Syndax covering the worldwide development and commercialization of NIKTIMVO (axatilimab-csfr), Syndax’s anti-CSF-1R monoclonal antibody. Under the terms of this agreement, we received exclusive commercialization rights to axatilimab outside of the United States, and co-commercialization rights in the United States.
Other Collaborators
We have also entered into certain agreements with other collaboration partners for the rights to develop and commercialize other assets in our pipeline.

Critical Accounting Policies and Significant Estimates
The preparation of financial statements requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form our basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates under different assumptions or conditions.
For a discussion of our critical accounting policies, refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to our critical accounting policies or estimates during the six months ended June 30, 2026.

Recent Accounting Pronouncements and Regulatory Updates
For a discussion of recently issued accounting standards, refer to Note 2 in the Notes to the Condensed Consolidated Financial Statements.

Results of Operations
We recorded net income of $585.6 million and basic net income per share of $2.92 and diluted net income per share of $2.81 for the three months ended June 30, 2026, as compared to net income of $405.0 million and basic net income per share of $2.09 and diluted net income per share of $2.04 in the corresponding period in 2025. We recorded net income of $888.9 million and basic net income per share of $4.45 and diluted net income per share of $4.28 for the six months ended June 30, 2026, as compared to net income of $563.2 million and basic net income per share of $2.91 and diluted net income per share of $2.84 in the corresponding period in 2025.

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Revenues

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
(in millions) (in millions)
JAKAFI net sales 1
$ 816.7  $ 763.8  $ 1,574.4  $ 1,473.2 
OPZELURA net sales 2
449.7  164.5  592.8  283.2 
ICLUSIG net sales 34.4  32.7  69.9  62.3 
PEMAZYRE net sales 23.4  22.2  46.0  40.6 
MINJUVI/MONJUVI net sales 53.7  31.1  102.9  60.7 
NIKTIMVO net sales 60.3  36.2  115.4  49.8 
ZYNYZ net sales 49.9  8.9  91.2  11.9 
Total net sales 1,488.1  1,059.4  2,592.6  1,981.7 
JAKAVI product royalty revenues 124.2  109.7  229.7  201.9 
OLUMIANT product royalty revenues 38.5  33.5  74.9  64.3 
TABRECTA product royalty revenues 6.7  6.6  12.7  13.0 
Other product royalty revenues 5.3  1.3  8.6  2.5 
Total product royalty revenues 174.7  151.1  325.9  281.7 
Milestone and contract revenues 11.2  5.0  28.2  5.0 
Total revenues $ 1,674.0  $ 1,215.5  $ 2,946.7  $ 2,268.4 

1 Second quarter 2026 net sales include JAKAFI and JAKAFI XR following the launch of JAKAFI XR in the second quarter of 2026.
2 Second quarter 2026 OPZELURA net sales includes $246.0 million related to our agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to OPZELURA . Refer below for further information.
The increase in JAKAFI net sales for the three months ended June 30, 2026 as compared to the corresponding period in 2025 was comprised of a volume increase of $66.3 million, offset in part by a price decrease of $13.4 million. The increase in JAKAFI net sales for the six months ended June 30, 2026 as compared to the corresponding period in 2025 reflected a volume increase of $128.8 million, offset in part by a price decrease of $27.6 million. The volume increase was primarily driven by an increase in paid demand of 9% and 8% for the three and six months ended June 30, 2026, respectively, reflecting continued demand growth across all indications. JAKAFI inventory levels were within normal range at the end of the second quarter of 2026.
We brought a lawsuit against CMS alleging that a regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program was too broad and had the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. In the second quarter of 2026, we reached an agreement with CMS to resolve our litigation related to the application of Medicaid rebate rules to OPZELURA (ruxolitinib) cream. Under the agreement, CMS will not apply the line extension regulation to OPZELURA as if it were a line extension of JAKAFI (ruxolitinib). In the second quarter of 2026, we recorded a one-time, non-cash benefit of $246.0 million in net sales on the condensed consolidated statements of operations, associated with the reversal of previously established accrual balances through March 31, 2026, related to liabilities associated with the potential application of the line extension regulations to OPZELURA. We will no longer accrue for the potential application of the line extension regulations to OPZELURA and we expect an improvement to OPZELURA’s gross-to-net on a go-forward basis.
Excluding this $246.0 million impact discussed above, the increase in OPZELURA net sales for the three months ended June 30, 2026 as compared to the corresponding period in 2025 was comprised of a volume increase of $48.2 million, offset in part by a price decrease of $9.0 million. Excluding this $246.0 million impact discussed above, the increase in OPZELURA net sales for the six months ended June 30, 2026 as compared to the corresponding period in 2025 reflected a volume increase of $93.1 million, offset in part by a price decrease of $29.5 million. The volume increase was primarily due to increased patient demand in the U.S. in both atopic dermatitis and vitiligo. Additionally, OPZELURA net sales from outside the U.S. were $42.9 million and $79.6 million during the three and six months ended June 30, 2026, respectively, as compared to $32.3 million and $55.8 million for the three and six months ended June 30, 2025, respectively, with the increase in both periods primarily driven by continued uptake in Canada and Italy, as well as entry into new markets. OPZELURA inventory levels were within normal range at the end of the second quarter of 2026.

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The increase in other hematology and oncology net sales for the three and six months ended June 30, 2026 as compared to the corresponding period in 2025 was primarily driven by increased demand of NIKTIMVO, MONJUVI/MINJUVI and ZYNYZ, reflecting continued strong uptake of these products in the U.S. and their entry into new markets outside of the U.S. The impact from changes in price was not material.
The increase in total royalty revenues for the three and six months ended June 30, 2026 as compared to the corresponding period in 2025 was primarily driven by growth in JAKAVI royalty revenue.
Our net sales may fluctuate from quarter to quarter due to our customers’ purchasing patterns over the course of the year, including as a result of increased inventory building by customers in advance of expected or announced price increases. Net sales are recorded net of estimated product returns, pricing discounts including rebates offered pursuant to mandatory federal and state government programs and chargebacks, prompt pay discounts and distribution fees and co-pay assistance. Our revenue recognition policies require estimates of the aforementioned sales allowances each period.
The following table provides a summary of activity with respect to our sales allowances and accruals (in thousands):

Six Months Ended June 30, 2026 Discounts and
Distribution
Fees Commercial & Government
Rebates and
Chargebacks Co-Pay
Assistance
and Other
Discounts Product
Returns Total
Balance at January 1, 2026 $ 38,780  $ 562,167  $ 14,189  $ 30,955  $ 646,091 
Allowances for current period sales 116,119  1,058,348  107,748  7,116  1,289,331 
Allowances for prior period sales (3,575) (222,619) (28) (3) (226,225)
Credits/payments for current period sales (73,712) (737,743) (93,926) (15) (905,396)
Credits/payments for prior period sales (35,203) (214,767) (14,161) (5,915) (270,046)
Balance at June 30, 2026 $ 42,409  $ 445,386  $ 13,822  $ 32,138  $ 533,755 

U.S. government rebates and chargebacks are the most significant component of our sales allowances. Increases in certain U.S. government reimbursement rates are limited to a measure of inflation, and when the price of a drug increases faster than this measure of inflation it will result in a penalty adjustment factor that causes a larger sales allowance to those government related entities. We expect government rebates and chargebacks as a percentage of our gross product sales will continue to increase in connection with any future product price increases greater than the rate of inflation, and any such increase in these government rebates and chargebacks will have a negative impact on our reported net sales. We adjust our estimates for government rebates and chargebacks based on new information regarding actual rebates as it becomes available.
Claims by third-party payors for rebates and chargebacks are frequently submitted after the period in which the related sales occurred, which may result in adjustments to prior period accrual balances in the period in which the new information becomes available. Our company-sponsored patient savings program in which we provide financial assistance to enable commercially-insured patients to afford their insurance premium and co-pays may fluctuate as the commercial insurance landscape evolves and may impact net sales, particularly for drugs like OPZELURA. We also adjust our allowance for product returns based on new information regarding actual returns as it becomes available.
We expect our sales allowances to fluctuate from quarter to quarter as a result of the volume of purchases eligible for government mandated discounts and rebates as well as changes in discount percentages which are impacted by potential future price increases, rate of inflation, and other factors.
Product royalty revenues on commercial sales of JAKAVI and TABRECTA by Novartis are based on net sales of licensed products in licensed territories as provided by Novartis. Product royalty revenues on commercial sales of OLUMIANT by Lilly are based on net sales of licensed products in licensed territories as provided by Lilly.
Our milestone and contract revenues for the three and six months ended June 30, 2026 were primarily derived from developmental milestones received from our third party collaborators, as well as out-licensing arrangements with our third party collaborators. Our milestone and contract revenues for the three and six months ended June 30, 2025, was derived from a $5.0 million development milestone upon approval of tafasitamab in treating follicular lymphoma.

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Cost of Sales

Three Months Ended
June 30, Six Months Ended
June 30,
2026 2025 2026 2025
(in millions) (in millions)
Product costs $ 28.4  $ 30.7  $ 69.4  $ 58.1 
Salary and benefits related 10.2  5.1  19.4  10.3 
Stock compensation 0.9  0.8  1.8  1.7 
Royalty expense 38.3  25.9  70.4  59.6 
Profit share 20.2  10.3  34.6  10.3 
Amortization of definite-lived intangible assets 7.0  6.0  13.9  12.0 
Total cost of sales $ 105.0  $ 78.8  $ 209.5  $ 152.0 

Cost of sales includes all product related costs, reserves for obsolescence, employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products, royalties and profit sharing under our collaborative agreements and amortization of our licensed intellectual property rights for ICLUSIG and capitalized milestone payments . The increase in cost of sales for the three and six months ended June 30, 2026 as compared to the corresponding period in 2025 was primarily driven by growth in net sales and NIKTIMVO profit share.
Contract Dispute Settlement
As described further in Note 7 of Notes to the Condensed Consolidated Financial Statements, during May 2025, we and Novartis entered into a settlement agreement with respect to litigation initiated by Novartis relating to the duration of royalty payments owed by us to Novartis under the our Collaboration and License Agreement. As of March 31, 2025, we had approximately $537.1 million of accrued royalties relating to the dispute with Novartis included in accrued and other current liabilities on our condensed consolidated balance sheet. Under the settlement agreement, we paid Novartis $280.0 million as the settlement of disputed royalties on net sales of JAKAFI in the United States through December 31, 2024, and agreed to reduce by 50% the royalty rate payable by us on future net sales of JAKAFI in the United States beginning January 1, 2025. The reduced royalty paid for the quarter ending March 31, 2025, was approximately $14.9 million. The difference of $242.2 million between the total accrued royalties and the total amount paid by us to Novartis as disclosed above was recorded in contract dispute settlement on our condensed consolidated statement of operations for the three and six months ended June 30, 2025.
Operating Expenses
Research and development expenses