Incyte Swings to Q3 Loss on $1.23 Billion Vega R&D Charge, Raises 2026 Sales Outlook

Incyte Corp. (INCY) reported a third-quarter net loss of $784.80 million, or $3.86 per share, reversing a year-earlier profit of $424.17 million, or $2.11 per share, driven by a one-time $1.23 billion in-process R&D expense tied to its July 2026 acquisition of Vega Therapeutics. Operating loss was $708.36 million versus a profit of $443.52 million a year earlier. R&D expenses surged to $1.792 billion from $506.58 million. On an adjusted basis, the loss was $730.80 million, or $3.60 per share. Total revenue rose 14% to $1.566 billion from $1.366 billion, with net sales up 14% to $1.32 billion on stronger demand across marketed products. Incyte raised its full-year 2026 net sales guidance to $5.210 billion to $5.300 billion from a prior range of $5.130 billion to $5.260 billion, reaffirming all other guidance categories. Shares were down 0.15% in pre-market trading on the Nasdaq after closing at $116.87 on Wednesday.