$INCY 8-K earnings — Q2 FY26

EPS of $1.38 missed consensus of $1.50 (-8%), while total revenue of $1.67B beat estimates (+5%). Revenue surged 38% YoY, but $246M of that was a one-time non-cash Opzelura CMS settlement benefit; excluding it, net sales grew 17%. The key nuance: the EPS miss stems from higher R&D spend (+4% YoY) as the company funds 10 data readouts in H2, not operational weakness—core Jakafi grew 7% and Opzelura ex-benefit rose 24%.

EPS of $1.38 missed consensus of $1.50 (-8%), while total revenue of $1.67B beat estimates (+5%). Revenue surged 38% YoY, but $246M of that was a one-time non-cash Opzelura CMS settlement benefit; excluding it, net sales grew 17%. The key nuance: the EPS miss stems from higher R&D spend (+4% YoY) as the company funds 10 data readouts in H2, not operational weakness—core Jakafi grew 7% and Opzelura ex-benefit rose 24%.