Incyte 2026 Revenue Forecast Weaker Than Expected, Clouds Jakafi Patent Outlook (INCY)

Incyte lowered its 2026 revenue guidance to a range of $4.77B-$4.94B, below analysts’ average of $5.52B, as Opzelura is forecast to generate $750M-$790M, underperforming expectations of $801.5M. This weak outlook intensifies concerns about offsetting Jakafi’s patent expiration in 2028, with the company projecting 2026 Jakafi sales of $3.22B-$3.27B. Fourth-quarter Jakafi sales rose 7% to $828.2M,(Opzelura sales up 28% to $207.3M). Q4 adjusted earnings were $1.80 per share, missing $1.93, while revenue of $1.51B included a $100M milestone payment. Pre-market shares of INCY fell over 4%.