Incyte (INCY) official guidance

GAAP cost of goods was $105 million, representing 7% of total net sales. This is in line with our expectations, and we expect COGS to be between 8%-9% for the full year.

On coverage, we're on track to achieve our year-end formulary goal of 50%-70%, supported by recent wins at ESI, CVS Health, Optum, and more than 10 regional plans.

At the same time, our core business, excluding Jakafi, continues to grow and is solidly on track to reach $3 billion-$4 billion in net sales by 2030.

As we've discussed, our core business ex-Jakafi has the potential to approach $3 billion-$4 billion by 2030, reflecting the strength of the portfolio and continued execution.

This core business is expected to grow over 30% in 2026 and has the potential to grow at a 15%-20% five-year CAGR and approach $3 billion-$4 billion by 2030.

| Hematology and Oncology net sales(3) | $890 - $910 million | $860 - $890 million |

Regarding our hematology and oncology portfolio, we are narrowing and raising full-year guidance range to $860 million-$890 million based on strong performance in the first half of the year.

| Hematology and Oncology net sales(3) | $860 - $890 million | $800 - $880 million |

This includes net sales expectations for Jakafi of $3.22 billion-$3.27 billion, Opzelura of $750 million-$790 million, and hematology and oncology products of $800 million-$880 million.

| Hematology and Oncology net sales(3) | $800 - $880 million |

Looking ahead, we've set our full-year guidance for the hematology and oncology business at $800 million-$880 million for the year, representing approximately a 40%-50% increase compared to our performance in 2025.

| Hematology and Oncology net product revenue(1) | $800 - $880 million |

We expect XR sales to approach $40 million-$50 million for the full year, which is captured in our full-year Jakafi guidance.

| Opzelura net sales(2) | $1,100 - $1,120 million | $1,050 - $1,100 million |

For Opzelura, we are updating full-year 2026 net sales guidance to $1.05 billion-$1.10 billion.

| Opzelura net sales(2) | $1,050 - $1,100 million | $750 - $790 million |

This includes net sales expectations for Jakafi of $3.22 billion-$3.27 billion, Opzelura of $750 million-$790 million, and hematology and oncology products of $800 million-$880 million.

| Opzelura net sales(2) | $750 - $790 million |

In 2026, we expect sales of $750 million-$790 million, representing roughly a 15% increase at the midpoint.

Incyte's guidance for the fiscal year 2026 is summarized below. Total net product revenue guidance of $4,770 to $4,940 million comprises: Jakafi net product revenue of $3,220 to $3,270 million and includes the initial launch of Jakafi XR, if approved; Opzelura net product revenue of $750 to $790 million and includes the anticipated ex-U.S. launch of Opzelura in moderate AD in late-2026; and Hematology and Oncology net product revenue of $800 to $880 million.

| Total net sales | $5,210 - $5,300 million | $5,130 - $5,260 million |

Starting with net sales, we are raising our full-year 2026 total net sales guidance to $5.13 billion-$5.26 billion.

| Total net sales | $5,130 - $5,260 million | $4,770 - $4,940 million |

Total net sales guidance for the full year 2026 is $4.77 billion-$4.94 billion, representing a 10%-13% increase from the prior year.

| Total net sales | $4,770 - $4,940 million |

As mentioned earlier, we have set full-year 2026 revenue guidance of $4.77 billion-$4.94 billion, representing a 10%-13% increase from prior year.

Incyte's guidance for the fiscal year 2026 is summarized below. Total net product revenue guidance of $4,770 to $4,940 million comprises: Jakafi net product revenue of $3,220 to $3,270 million and includes the initial launch of Jakafi XR, if approved; Opzelura net product revenue of $750 to $790 million and includes the anticipated ex-U.S. launch of Opzelura in moderate AD in late-2026; and Hematology and Oncology net product revenue of $800 to $880 million.

We are updating our full year 2026 operating expense guidance. We are narrowing and raising our 2026 GAAP R&D and SG&A operating expense guidance to $4.915 billion-$4.995 billion.

Total GAAP R&D and SG&A operating expense guidance is $4,915 - $4,995 million and total non-GAAP R&D and SG&A operating expense guidance is $4,625 - $4,695 million.

Total GAAP, R&D, and SG&A operating expenses are expected to be $3.495 billion-$3.675 billion for the full year.

| Total GAAP R&D and SG&A operating expenses | $3,495 - $3,675 million |

We expect total GAAP R&D and SG&A operating expenses to be $3.495 billion-$3.675 billion in 2026.

| Total GAAP R&D and SG&A operating expenses | $3,495 - $3,675 million |

We are also raising total non-GAAP R&D and SG&A operating expenses to $4.625 billion-$4.695 billion.

Total GAAP R&D and SG&A operating expense guidance is $4,915 - $4,995 million and total non-GAAP R&D and SG&A operating expense guidance is $4,625 - $4,695 million.

| Total Non-GAAP R&D and SG&A operating expenses(4) | $3,205 - $3,375 million |

| Total non-GAAP R&D and SG&A operating expenses(2) | $3,205 - $3,375 million |

| Jakafi net sales(1) | unchanged | $3,220 - $3,270 million |

This includes net sales expectations for Jakafi of $3.22 billion-$3.27 billion, Opzelura of $750 million-$790 million, and hematology and oncology products of $800 million-$880 million.

| Jakafi net sales(1) | $3,220 - $3,270 million |

In 2026, we expect net sales to be $3.22 billion-$3.27 billion. Prescriptions are expected to grow at a high single-digit rate, representing mid-single-digit sales growth compared to 2025.

Incyte's guidance for the fiscal year 2026 is summarized below. Total net product revenue guidance of $4,770 to $4,940 million comprises: Jakafi net product revenue of $3,220 to $3,270 million and includes the initial launch of Jakafi XR, if approved; Opzelura net product revenue of $750 to $790 million and includes the anticipated ex-U.S. launch of Opzelura in moderate AD in late-2026; and Hematology and Oncology net product revenue of $800 to $880 million.

As a result of the agreement with CMS,* the total estimated incremental impact on Opzelura net sales for the full year 2026 is $300 - $310 million which includes the reversal of previously established accrual balances through the first quarter of 2026 and effects of an improved gross-to-net (GTN) profile on a go-forward basis as summarized in the table below.

| Estimated impact on third and fourth quarters of 2026 net sales from improved GTN | $40 - $50 million |

Finally, we anticipate cost of goods to remain relatively stable in the 8%-9% range of net sales.