Incyte Corporation (INCY) earnings on July 28, 2026

Before the market opens Q2 2026

More Incyte Corporation earnings

Prior outlook: Pessimistic Outcome: Missed

Incyte released quarterly results that far exceeded what Wall Street analysts expected. The stock jumped about 11% on the news.

INCY price around the earnings

129.93

Change: +9.3%

2026-07-28, 20:00 UTC

End of the measured window
117.22 122.31 127.41 132.50 118.87
Price series around the eventClosing price per minute from before the event to the end of the measured window.
July 28, 2026
  • Price: green if it ends above the starting price; red if it ends below
  • End of the measured window
  • Market open
  • Starting price
Price series around the event

Prior thesis

Prior outlook: Pessimistic Outcome: Missed

Thesis published
Results released

Strong past earnings and trend strength are offset by analyst targets implying a pessimistic scenario and extreme retail optimism.

Context analyzed before publication

Trend
Trajectory showed an initial run-up, then sharply deteriorated into the event, suggesting a significant sell-off.

Analysts

Evidence

Analyst consensus
Buy
Consensus average (1-5)
2.31
Analysts covering the stock
22
Average price target
114.55
Lowest price target
71
Highest price target
140
Upside to price target
-3.6%
Quarterly earnings growth
91.7%
Revenue growth
20.9%
Forward EPS
9.01
Trailing EPS
7.16
Analyst moves in the last 60 days
10
  • Strong buy: 2
  • Buy: 9
  • Hold: 14
  • Sell: 1
  • Strong sell: 0
Strong buy
2
Buy
9
Hold
14
Sell
1
Strong sell
0
  • July 23, 2026 · JP Morgan: Maintains rating (Neutral → Neutral)
  • July 23, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)
  • July 21, 2026 · HC Wainwright & Co.: Reiterates rating (Buy → Buy)
  • July 14, 2026 · Barclays: Maintains rating (Overweight → Overweight)
  • July 13, 2026 · BMO Capital: Maintains rating (Market Perform → Market Perform)
  • July 7, 2026 · RBC Capital: Maintains rating (Sector Perform → Sector Perform)
  • June 29, 2026 · HC Wainwright & Co.: Reiterates rating (Buy → Buy)
  • June 26, 2026 · UBS: Maintains rating (Neutral → Neutral)
  • June 24, 2026 · HC Wainwright & Co.: Reiterates rating (Buy → Buy)
  • June 22, 2026 · Truist Securities: Maintains rating (Hold → Hold)

News and sentiment

Evidence

Sentiment
Sentiment
Constructive
Mention volume
Low
Normalized volume
33%
News
Sources (10)

Technicals

Evidence

Average true range (ATR)
2.4%
Distance to 52-week high
+0.0%
14-day change (14d)
+4.1%
30-day change (31d)
+4.5%
30-day relative strength
+3.2%
SPY change (31d)
+1.3%
Nearest support
117.99
Nearest resistance
119.01
Volume accumulation ratio (14d / 46d)
0.97

Trends

Evidence

Average earnings surprise
+18.4%
  • April 28, 2026: actual EPS 1.81 vs estimate 1.34 (surprise +35.1%)
  • February 10, 2026: actual EPS 1.8 vs estimate 1.92 (surprise -6.1%)
  • October 28, 2025: actual EPS 2.26 vs estimate 1.64 (surprise +38.0%)
  • July 29, 2025: actual EPS 1.57 vs estimate 1.47 (surprise +6.6%)

Expected move

Implied move
+2.3%
Source
Options chain

Reactions over its last 20 earnings

Median move
3.4%
75th percentile move
7.3%
90th percentile move
8.8%
Up / down moves
8 / 12
Average up move
+4.6%
Average down move
-4.3%

Monitoring and close

What Incyte Corporation reported

Status
Finished
Actual EPS3.09
EPS estimate2.12
EPS surprise+45.8%
Revenue$1,663 million
Revenue estimate$1,460 million
Revenue surprise+13.9%

Incyte beats Q2 estimates but slashes full-year guidance, triggering pessimism. Shares drop 31% pre-market.

Sources (16)

Pre-market second reading after the results

Verdict
Beat expectations

Heading into the open, the figures don't clearly confirm the prior scenario.

How the stock reacted

Outcome
Missed
Consolidated
+9.3%
Max favorable move (MFE)
1.4%
Max adverse move (MAE)
11.5%