Incyte Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
There is nothing to argue about on substance: $4,015.8 million of cash and marketable securities against $33.8 million of lease liabilities, a 76.6 percent equity ratio, an Altman Z-score of 11.94 and cost of sales at just 8.5 percent of product revenue. What is open is a material operating question, and it has a date attached: 82.2 percent of 2025 revenue came from one active ingredient whose U.S. patent protection ends in 2028 by the company's own account. The replacement is growing — $912.5 million of non-ruxolitinib revenue in 2025, up from $396.4 million in 2023 — but it is not yet large enough to carry the shortfall. That is not existential; a debt-free company with billions in cash does not fail over it. But it is more than housekeeping. Hence yellow: documented quality, unproven succession. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Incyte is not a stock the market overlooked. It is a stock with a date on it. The business works: $5,141.2 million of revenue and $1,286.7 million of net income in 2025, a start to 2026 up 20.9 percent, $4,015.8 million in the bank and effectively no debt. Against that sit 82.2 percent of revenue from a single active ingredient whose U.S. patent protection ends in 2028 by the company's own account, two one-time items inside the record profit, and an acquisition style that charges billion-dollar sums straight to the income statement. Buying here is not a bet on yesterday's numbers but on the pipeline of the day after tomorrow. Not investment advice.
Business and growth
Revenue rose to $5,141.2 million in 2025 after $4,241.2 million (2024) and $3,695.6 million (2023) — 39 percent in two years. The first quarter of 2026 added 20.9 percent, to $1,272.7 million. The growth increasingly comes from the younger products: NIKTIMVO climbed year over year to $55.1 million (from $13.6 million) and ZYNYZ to $41.4 million (from $3.1 million).
Balance sheet and funding
As of March 31, 2026, $4,015.8 million of cash and marketable securities stood against only $33.8 million of lease liabilities, with the revolving credit facility undrawn. The equity ratio was 76.6 percent and the Altman Z-score 11.94 (data as of July 24, 2026). This company can afford failures — and it takes that option.
Single-molecule dependency
JAKAFI, OPZELURA and the JAKAVI royalties all rest on the same molecule, ruxolitinib, and together produced $4,228.7 million, or 82.2 percent of 2025 revenue. The annual report for 2025 states that JAKAFI sales will begin to decline once patent exclusivity expires in 2028; the composition-of-matter patents end in June 2028 and the phosphate patents in December 2028.
Quality of earnings
The record 2025 net income of $1,286.7 million includes $242.3 million from the Novartis settlement and a $100.0 million upfront payment from Eli Lilly. Without the credit, operating income would have been $1,272.6 million instead of $1,514.9 million. The strong first quarter of 2026 also benefited from an effective tax rate of 11.7 percent, against 32.4 percent a year earlier.
Capital allocation
Repurchasing 33,325,849 shares at $60.00 each in June 2024 looks well timed in hindsight. On acquisitions the record is mixed: Escient cost $782.5 million in 2024, of which $679.4 million was expensed immediately — and development of both lead compounds was stopped later that year. Another $1.25 billion went out for Vega Therapeutics on July 6, 2026, again as a one-time research expense.
Valuation
At roughly $21.3 billion of market capitalization (data as of July 24, 2026), 2025 earnings imply a price-to-earnings ratio of about 17. After deducting net cash of $3,982.0 million, enterprise value equals 11.5 times 2025 operating income — 13.6 times excluding the Novartis credit, and about 14.6 times once the Vega outflow is counted. The mean analyst price target of $111.27 sits roughly 4 percent above the implied share price.
Worth Noting
Incyte reached our research list through our in-house stock scanner: the stock appears on the U.S. side of the "Fundamental Rank (A / A+)" screen, which ranks companies by the quality of their numbers (as of July 26, 2026; 38 U.S. names meet the criteria and the page shows the first 25). On the same date INCY appeared on 18 screens at once, among them Buffett criteria, Terry Smith: Quality, QARP and Peter Lynch: PEG below 1. The screens are recalculated daily.
Currency of the analysis: it evaluates the annual report 10-K for 2025 (filed February 10, 2026), the quarterly report 10-Q as of March 31, 2026 (filed April 28, 2026) and every filing made since — in particular the 8-K reports dated 08.06., 22.06. and July 6, 2026 and the SC 13D/A ownership filing of May 11, 2026. Two items in the quarterly report are therefore out of date: the CMS rebate dispute was settled on June 22, 2026, and the Vega acquisition closed on July 6, 2026.
Valuation figures are dated and evergreen: the implied share price of roughly $107 comes from market capitalization of $21.3 billion (data as of July 24, 2026) divided by the 199,782,155 shares the quarterly report reports as of April 21, 2026. Analyses are evergreen; daily prices are not a buy argument.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 81.70 $ to 129.90 $ · Last price: 127.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Incyte Corporation INCY | 25.3 | 19.1 | 9.8 | 55.7 | 25.6 | 21.2 | 50.5 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 31.8 | 19.6 | 55.7 | 23.0 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,106 | 145 | 104 | 0.54 | 305 | 419 | 1,639 |
| 2017 | 1,536 | -243 | -313 | -1.53 | -93 | 1,631 | 2,303 |
| 2018 | 1,882 | 129 | 109 | 0.51 | 336 | 1,926 | 2,646 |
| 2019 | 2,159 | 402 | 447 | 2.05 | 711 | 2,598 | 3,427 |
| 2020 | 2,667 | -264 | -296 | -1.36 | -125 | 2,611 | 3,561 |
| 2021 | 2,986 | 586 | 949 | 4.27 | 749 | 3,770 | 4,933 |
| 2022 | 3,395 | 592 | 341 | 1.52 | 970 | 4,370 | 5,841 |
| 2023 | 3,696 | 655 | 598 | 2.65 | 496 | 5,190 | 6,782 |
| 2024 | 4,241 | 101 | 33 | 0.15 | 335 | 3,448 | 5,444 |
| 2025 | 5,141 | 1,343 | 1,287 | 6.41 | 1,414 | 5,167 | 6,958 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.02 | 14.60 | 1,179 | 16.30 | 17.10 | 381 | 364 |
| 2025: Q1 | 0.80 | 7.00 | 1,053 | 19.50 | 15.00 | 266 | 263 |
| 2025: Q2 | 2.04 | – | 1,216 | 16.50 | 33.30 | 45 | 26 |
| 2025: Q3 | 2.11 | 287.40 | 1,366 | 20.00 | 31.10 | 559 | 545 |
| 2025: Q4 | 1.46 | 43.40 | 1,507 | 27.80 | 19.90 | 543 | 521 |
| 2026: Q1 | 1.47 | 83.70 | 1,273 | 20.90 | 23.80 | 369 | 359 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 21 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
- Altman Z: Balance Sheet Fortress
- Buffett Criteria (Buffettology)
- Buffett: Owner Earnings Yield
- Fundamental Rank (A / A+)
- Levermann
- Pros 80%
- QARP — Quality at a Fair Price
- Terry Smith: Quality (Fundsmith Criteria)
Aktien.Guide
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Mike Webster: Swing Trading List
- Power Trend
- Stan Weinstein: Stage 2
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.46 | 2.71 – 4.42 | 5,942 | -49.2% | 19 |
| 12/31/2027 | 8.89 | 7.54 – 9.90 | 6,265 | 157.1% | 20 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 2.0% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.92B |
|---|---|
| Market cap | $25.32B |
| Free cash flow in year ten | $2.34B |
| Terminal value as a share of market value | 48.7% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Incyte nennt im Geschäftsbericht 2025 „computational and AI-guided drug discovery“ als Teil der eigenen Forschungsplattform und kündigt im Quartalsbericht zum 31.03.2026 an, den KI-Einsatz auszuweiten — KI ist damit Werkzeug, aber keine eigene Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„These include target identification and validation, high-throughput screening, medicinal chemistry, protein sciences and technology, computational and AI-guided drug discovery, structural biology, pharmacology, translational sciences, drug metabolism and pharmacokinetics, bioanalysis, and toxicology assessment."
Dazu gehören Zielstruktur-Identifizierung und -Validierung, Hochdurchsatz-Screening, medizinische Chemie, Proteinwissenschaften und -technologie, computergestützte und KI-geleitete Wirkstoffsuche, Strukturbiologie, Pharmakologie, translationale Wissenschaften, Arzneimittelstoffwechsel und Pharmakokinetik, Bioanalytik sowie Toxikologiebewertung.
10-K · 2026-02-10 · View SEC filing
„The use of artificial intelligence is increasing in the biopharmaceutical industry for research, marketing, manufacturing and commercialization purposes, and we anticipate increasing our use of technology that incorporates artificial intelligence in the future."
Der Einsatz künstlicher Intelligenz nimmt in der biopharmazeutischen Branche für Forschung, Marketing, Herstellung und Vermarktung zu, und wir gehen davon aus, unseren Einsatz von Technologie mit künstlicher Intelligenz künftig auszuweiten.
10-Q · 2026-04-28 · View SEC filing
Filings Reviewed: 10-Q 2026-04-28 · 10-K 2026-02-10 · 10-Q 2025-10-28 · 10-Q 2025-07-29 · 10-Q 2025-04-29 · 10-K 2025-02-10
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 14.8%
- More than 10% revenue growth is expected for the coming year 10.7%
- Share count grows by less than 3% a year -3.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 47.6%
- Gross margin at 40% or higher and without meaningful erosion 92.8%
- Goodwill from acquisitions does not grow faster than revenue 1.9%
- Net debt below twice EBITDA 3,511 m net cash
- Operating cash flow covers the profits of the last three years 328 m
- Return on capital at 15% or higher, or up versus two years ago 24.7%
- Insiders hold at least 10% or are net buyers 1.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 18.6%
- Exp. sales growth 3Y > 5% 10.4%
- EBIT growth 10Y > 5% 28.1%
- Exp. EBIT growth 3Y > 5% 17.7%
- Net debt < 4x EBIT -2.6x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 26.2%
- ROCE > 15% 24.7%
- Expected return > 10% 24.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Basi Ramitpal K | EVP, Human Resources | Other | 504 | 129.72 | 65,379 |
| Aug 19, 2026 | Cagnoni Pablo J | President, Global Head of R&D | Sell | 10,801 | 125.56 | 1,356,174 |
| Aug 12, 2026 | Cagnoni Pablo J | President, Global Head of R&D | Sell | 10,803 | 120.04 | 1,296,792 |
| Aug 5, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Sell | 2,207 | 123.99 | 273,646 |
| Aug 5, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Other | 2,207 | 106.47 | 234,979 |
| Aug 5, 2026 | Cagnoni Pablo J | President, Global Head of R&D | Sell | 10,640 | 122.69 | 1,305,422 |
| Aug 3, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Sell | 6,055 | 120.43 | 729,204 |
| Aug 3, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Other | 6,055 | 105.43 | 638,379 |
| Jul 31, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Sell | 2,293 | 119.41 | 273,807 |
| Jul 31, 2026 | Mayes Patrick A | EVP & Chief Scientific Officer | Sell | 326 | 121.69 | 39,671 |
The company
About the Company
Incyte Corporation ist ein biopharmazeutisches Unternehmen, das in der Entdeckung, Entwicklung und Kommerzialisierung von Therapeutika in den USA, Europa, Kanada und Japan tätig ist. Das Unternehmen bietet JAKAFI zur Behandlung von Myelofibrose (MF), Polycythaemia vera und steroidrefraktärer akuter Graft-versus-Host-Erkrankung an.
- Employees
- 2,844
- Headquarters
- Wilmington, DE
- Address
- 1801 Augustine Cut-Off, 19803 Wilmington, United States
- Phone
- 302 498 6700
- Website
- incyte.com
- IPO Date
- 11/04/1993
- ISIN
- US45337C1027
- Stock Split
- 2:1 on 09/01/2000
- Stock Split
- 2:1 on 11/10/1997
Management
| Name | Title | Birth Year |
|---|---|---|
| William J. Meury | CEO & Director | 1968 |
| Pablo J. Cagnoni M.D., Ph.D. | President and Global Head of R&D | 1963 |
| Thomas Tray | Principal Financial Officer, VP of Finance & Chief Accounting Officer | 1978 |
| Steven H. Stein M.D. | Executive VP, Head of Late-stage Development & Chief Medical Officer | 1967 |
| Mohamed Khairie Issa | Executive Vice President & Head of U.S. Commercial | 1983 |
| Suketu P. Upadhyay | Executive VP & CFO | 1969 |
| Michael James Morrissey | Executive VP & Head of Global Technical Operations | 1964 |
| Alexis Smith | VP & Head of Investor Relations | – |
| Richard A. Hoffman J.D., M.B.A. | Executive VP, General Counsel & Secretary | 1962 |
| Pamela M. Murphy | VP of Investor Relations & Corporate Communications | 1951 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.