Incyte Corp

Company facts

Industry

Services-Commercial Physical & Biological Research

Headquarters

Wilmington, Delaware

Most recent report

8-K, filed Aug 31, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 879169

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 10 sections worth reading, with 2 positive, 11 notable, and 5 negative flags.

• Financial Statements (Item 1)

  Key one-time CMS benefit, strong cash flow, and a $1.25B post-period acquisition.
  Notable

  • OPZELURA revenue includes $246M non-cash benefit from CMS settlement resolving the line extension dispute.
  • Genesis AI collaboration: $80M upfront and $40M equity investment for drug discovery.
  • Post-period: acquired Vega Therapeutics for $1.25B cash consideration on July 6, 2026.
  Negative

  • Six customers make up 63% of accounts receivable at June 30, 2026, high concentration.
  • $345M inventory classified as non-current; expected to sell over up to 35 months.

• Management's Discussion (Item 2)

  Company-specific financials, one-time CMS benefit, Vega acquisition, pipeline progress in Q2 2026.
  Positive

  • Net income Q2 2026 $585.6M, up 45% from $405.0M in Q2 2025.
  • Operating cash flow H1 2026 was $877.0M, up from $310.8M in H1 2025.
  Notable

  • JAKAFI XR extended release approved by FDA in May 2026 for MF, PV, and GVHD.
  • Recorded one-time, non-cash $246.0M benefit from OPZELURA CMS settlement in Q2 2026.

• Risk Factors (Item 1A)

  Multiple company-specific patent, generic challenge, and regulatory policy updates.
  Notable

  • ORPHAN Cures Act extended the timeline for potential Medicare negotiation on ruxolitinib phosphate.
  • May 2025 executive order directs HHS to establish MFN price targets for certain drugs.
  • Incyte acquired Vega Therapeutics in June 2026 for novel antibody therapies for rare blood disorders.
  • One Big Beautiful Bill Act enacted July 2025; allows R&D expensing starting 2025, but raises tax on foreign income.
  • OECD released Side-by-Side Safe Harbor package in Jan 2026; Incyte plans to elect for 2026 tax year.
  • New risk factor added: increasing use of AI-based software creates risks and challenges.
  Negative

  • JAKAFI patent exclusivity expires 2028; nine generic filers with paragraph IV certifications.
  • Nine ANDA/505(b)(2) filers for JAKAFI; five settled, four still in litigation.
  • Four OPZELURA generic ANDA filers with paragraph IV certifications; patent infringement suits pending.

What changed: Jun 2026 vs. Mar 2026

About 5% of INCY's Jun 2026 10-Q is new information. 30 paragraphs were added, 135 changed, and 27 removed. Below are the most important lines SECSift identified.

• Item 2 48
• Item 1 43
• Item 1A 24
• Item 6 8
• Item 5 4
• Item 4 3
• Item 3 1