— Know what they know.
/
Not Investment Advice

INCY

NASDAQ · USD
Incyte Corporation
Healthcare · Biotechnology
CEO William J. Meury Employees 2,844 R&D / revenue 38.6%
Last price
$113.07−0.18%last session
Market cap
$22.9B
P/E (TTM)
13.9x
From 52w high
−14.7%
From 52w low
+34.6%
1-year return
+29.5%
RSI 14 · vs SMA200
39.4 · +5.2%
IS score
90.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

INCY   SPY   XLV (sector ETF) · weekly closes
100110120130140150Jan 26Apr 26Jul 26Oct 26INCY 130XLV 124SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
100
Profitability
79
Growth
67
Value
99
Momentum
100
Risk (safety)
97
Quality
96
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Net cash✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Network EffectsPiotroski 8 / 9Altman Z 11.8Beta 0.773 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
25 open-market sales, $20.1M
Form 144 notices (12m): 45, $102.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+45
123 new holders, 71 closed
858 filers hold 102.1% · 364 added, 273 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+266
1,118 funds adding shares
852 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
67.6%
20-day avg 68.1%, 50-day avg 65.1%
Latest 0.5 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.1B
Revenue growth YoY+21.2%
Gross margin91.5%
Operating income$1.3B
Operating margin26.1%
Net income$1.3B
Net margin25.0%
EPS (diluted)$6.41
Cash flow
Operating cash flow$1.4B
Capital expenditure$58.9M
Free cash flow$1.4B
FCF conversion (FCF / OCF)95.8%
Stock-based compensation$249.3M
FCF less SBC$1.1B
Buybacks$19.1M
Dividends$0
Balance sheet & returns
Cash & short-term investments$3.6B
Total debt$24.7M
Net cash$3.6B
Shareholders' equity$5.2B
Goodwill & intangibles$250.1M
Debt / equity0.01
ROE (TTM)29.7%
ROIC (TTM)24.6%
Operating margin by fiscal year
21.3%FY202117.7%FY202217.6%FY20231.9%FY202426.4%FY2025
Revenue $3.0B (FY2021) to $5.1B (FY2025), a 14.5% CAGR.

Valuation

P/E (TTM)13.9x
EV / EBITDA9.2x
Price / sales3.94x
Price / FCF11.9x
FCF yield8.38%
Buyback yield0.08%
SBC / revenue3.2%
Price / book3.57x
Forward P/E FY202634.5x
Forward P/E FY202713.8x
Forward P/E FY202812.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $132.84 across 19 analysts last quarter is theirs, not ours.

INCY vs industry median

1260 companies in Biotechnology
Gross margin 92.6% 84.4% Operating margin 31.6% -207.9% Net margin 27.7% -206.2% ROIC 24.6% 11.1%
INCY (TTM)Industry median Asset turnover 0.74 vs industry 0.01 · financial leverage 1.24

Earnings delivery

Next report 2026-10-29 · consensus EPS $-3.57
50%
beat rate, 6 of 12 quarters
−1.8%
median EPS surprise
3
longest beat streak
+19+1-9-24-333-4-9+15+13+36-5+31
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-01 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
INCY Incyte Corporation $22.9B13.9x29.7%27.7%+21.2% +29.5%
UTHR United Therapeutics Corporat $22.9B17.6x19.3%42.5%+2.5% +23.2%
GMAB Genmab A/S $22.8B29.4x4.0%26.2%−77.7% +13.0%
ROIV Roivant Sciences Ltd. $24.2Bn/m-6.2%—−67.6% +96.0%
INSM Insmed Incorporated $21.0Bn/m-87.2%-3.1%+185.8% −41.0%
ALNY Alnylam Pharmaceuticals, Inc $31.0B38.0x100.7%12.7%+95.1% —
EXEL Exelixis, Inc. $15.6B18.9x44.4%33.7%+9.2% —
HALO Halozyme Therapeutics, Inc. $13.8B34.6x173.7%47.8%+41.2% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-31Other Events
2026-07-28Earnings Release; Exhibits
2026-07-06Other Events; Exhibits
2026-06-22Other Events
2026-06-09Shareholder Vote
2026-06-08Other Events

Context

Shares outstanding202,697,746
Free float99.1%
Institutional ownership102.1%
Beta0.77
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$121.94 / $107.43
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where INCY sits among 137 scored companies in Biotechnology (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureINCYIndustry medianIndustry percentileSector median
P/E (TTM) 14.2x 18.8x
35th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.21 0.38
11th		 1.28
Price / sales 3.9x 8.8x
21st		 3.7x
Price / book 3.6x 3.9x
45th		 3.6x
Price / tangible book 3.9x 5.0x
33rd		 5.8x
Price / free cash flow 11.9x 22.0x
17th		 21.2x
Price / operating cash flow 11.6x 18.0x
17th		 17.1x
Enterprise value $18.4B $1.6B
93rd		 $2.5B
EV / sales 3.2x 8.2x
22nd		 3.8x
EV / EBITDA 8.9x 20.2x
22nd		 16.2x
EV / EBIT 9.4x 21.8x
22nd		 23.0x
EV / free cash flow 9.6x 21.3x
12th		 24.6x
Earnings yield 7.0% -5.4%
90th		 -0.3%
FCF yield 8.4% -4.2%
95th		 1.7%
Operating cash flow yield 8.6% -3.9%
95th		 2.9%
Graham number (per share) $72.86 $17.65
72nd		 $26.70

Profitability (TTM)

MeasureINCYIndustry medianIndustry percentileSector median
Gross margin 92.6% 86.5%
65th		 65.1%
EBITDA margin 35.5% -37.5%
88th		 6.6%
Operating margin 31.8% -43.4%
87th		 3.5%
EBIT margin 33.8% -50.9%
89th		 2.4%
Net margin 27.7% -51.7%
85th		 0.3%
NOPAT margin 26.0% -36.4%
85th		 2.7%
FCF margin 33.0% -48.6%
89th		 4.3%
Operating cash flow margin 34.0% -47.2%
89th		 7.1%
R&D / revenue 37.0% 47.3%
41st		 12.4%
SG&A / revenue 24.0% 65.7%
11th		 37.9%
Stock comp / revenue 3.2% 13.2%
9th		 4.5%
Effective tax rate 18.0% 21.0%
18th		 21.0%

Returns on capital

MeasureINCYIndustry medianIndustry percentileSector median
ROE (on average equity) 30.7% -26.1%
88th		 0.8%
ROA 23.5% -17.4%
90th		 -0.3%
ROIC 82.1% 3.2%
83rd		 5.5%
ROCE 30.0% -15.9%
95th		 2.3%
Return on tangible assets 28.8% -16.5%
94th		 1.7%
Cash ROIC (OCF / invested capital) 107.2% -14.5%
97th		 9.7%
Gross profitability (GP / assets) 68.5% 27.4%
89th		 29.9%
ROIC, 3-yr average —
ROIC, 5-yr average -56.2% -5.4%
29th		 3.2%
ROE, 5-yr average 16.1% -32.6%
93rd		 -4.9%
Incremental ROIC 37.0% 14.8%
62nd		 17.2%

Growth

MeasureINCYIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 26.9% 19.5%
57th		 10.5%
Revenue growth (QoQ) 31.5% 15.4%
72nd		 7.2%
Revenue CAGR, 3 yr 18.3% 24.6%
41st		 10.7%
Revenue CAGR, 5 yr 16.4% 18.6%
48th		 12.1%
Gross profit CAGR, 3 yr 18.7% 19.1%
49th		 10.6%
Operating income CAGR, 3 yr 61.0% 20.7%
82nd		 11.7%
Net income growth (TTM YoY) 85.1% 61.9%
61st		 17.5%
Net income CAGR, 3 yr 63.9% 14.9%
85th		 11.3%
EPS growth (TTM YoY) 76.7% 58.1%
61st		 19.2%
EPS CAGR, 3 yr 68.3% 14.3%
85th		 14.0%
EPS CAGR, 5 yr 38.5% 17.4%
80th		 8.1%
FCF growth (TTM YoY) 103.1% 37.2%
75th		 18.6%
FCF CAGR, 3 yr 40.1% 28.7%
62nd		 15.4%
Operating cash flow CAGR, 3 yr 36.4% 24.8%
75th		 11.9%
Book value CAGR, 3 yr 13.2% -2.2%
72nd		 2.1%
Dividend CAGR, 3 yr —
Sustainable growth rate 30.7% 22.1%
57th		 12.2%

Margin history & stability

MeasureINCYIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 91.8% 82.4%
74th		 62.6%
Operating margin, 3-yr average 18.1% -129.3%
87th		 1.0%
Net margin, 3-yr average 16.4% -111.8%
85th		 -2.6%
FCF margin, 3-yr average 16.7% -109.9%
85th		 3.2%
Revenue stability (0-1) 0.92 0.64
81st		 0.80
Earnings stability (0-1) 0.32 0.38
42nd		 0.37
Margin stability (0-1) 0.99 0.83
94th		 0.93

Liquidity (latest quarter)

MeasureINCYIndustry medianIndustry percentileSector median
Cash & short-term investments $4.5B $456.5M
96th		 $330.9M
Net cash (− = net debt) $4.5B $253.5M
98th		 $8.4M
Working capital $4.8B $441.4M
97th		 $381.1M
Current ratio 4.66 5.12
43rd		 3.02
Quick ratio 4.58 4.88
45th		 2.51
Cash ratio (cash + ST investments / current liabilities) 3.46 4.14
44th		 1.43
Defensive interval (days) 584 days 531 days
61st		 415 days

Leverage & solvency (latest quarter)

MeasureINCYIndustry medianIndustry percentileSector median
Total debt $38.3M $92.5M
30th		 $289.1M
Debt / equity 0.01 0.15
7th		 0.45
Net debt / equity −0.71 −0.63
47th		 −0.13
Debt / assets 0.5% 12.4%
6th		 24.4%
Debt / capital 0.6% 13.1%
7th		 31.1%
Debt / EBITDA 0.02 0.84
2nd		 2.62
Net debt / EBITDA −2.17 −1.05
30th		 1.42
Interest coverage (EBIT / interest) 847.5x −2.6x
99th		 2.1x
Cash interest coverage 851.9x −2.3x
99th		 3.6x
Debt payback (years of OCF) 0.0 yrs 0.8 yrs
2nd		 2.7 yrs
Liabilities / assets 19.4% 31.5%
29th		 49.8%
IS credit model rating AAA — —
Implied credit spread (bps) 50 225
0th		 225

Efficiency

MeasureINCYIndustry medianIndustry percentileSector median
Asset turnover 0.85 0.36
86th		 0.56
Fixed asset turnover 7.92 4.58
60th		 4.87
Inventory turnover 4.4 2.4
75th		 2.7
Receivables turnover 5.9 5.9
50th		 6.4
Days sales outstanding 62 days 58 days
53rd		 57 days
Days inventory outstanding 83 days 152 days
25th		 136 days
Days payables outstanding 209 days 173 days
55th		 59 days
Cash conversion cycle (days) −64 days 12 days
35th		 70 days
Capex / revenue 1.0% 1.6%
40th		 2.6%
Capex / depreciation 0.60 0.39
64th		 0.55
Operating expense ratio 52.0% 104.5%
15th		 56.5%

Cash flow & earnings quality

MeasureINCYIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.23 1.18
51st		 1.61
FCF / net income 1.19 1.08
54th		 1.36
FCF / operating cash flow 97.0% 97.0%
51st		 81.2%
Capex / operating cash flow 3.0% 3.0%
49th		 18.8%
Accruals ratio -5.4% -5.4%
51st		 -5.4%
Sloan accruals ratio 34.2% 4.4%
80th		 -1.3%
Earnings quality score (0-1) 0.75 0.75
38th		 0.75

Dividends & buybacks

MeasureINCYIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.0% 0.0%
76th		 0.0%
Shareholder yield (dividends + buybacks) 0.0% 0.0%
75th		 0.0%
Share count change (YoY) 4.8% 6.8%
45th		 2.0%
Buybacks, last 5 years $90.3M $0
90th		 $0

Scores & forensic checks

MeasureINCYIndustry medianIndustry percentileSector median
IS score 91 38
100th		 46
IS profitability 100 20
96th		 22
IS growth 79 61
74th		 60
IS value 67 36
93rd		 39
IS momentum 99 60
95th		 67
IS risk (safety) 100 90
52nd		 80
IS quality 97 44
100th		 49
IS balance sheet 96 66
97th		 55
IS earnings quality 69 51
86th		 56
IS cash flow 96 30
97th		 41
Piotroski F-score (0-9) 8 4
97th		 5
Altman Z-score 11.8 3.9
80th		 3.2
Beneish M-score −2.45 −2.35
46th		 −2.62
Ohlson O-score −13.29 −6.14
4th		 −7.16
IS credit score 97 65
96th		 62

Per share

MeasureINCYIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.74 −$0.64
94th		 −$0.03
Book value per share $30.47 $3.68
93rd		 $7.10
Tangible book per share $30.48 $3.47
95th		 $1.91
Revenue per share $27.95 $1.94
93rd		 $9.38
FCF per share $9.22 −$0.66
96th		 $0.46
Operating cash flow per share $9.51 −$0.59
96th		 $0.93
Cash per share $21.78 $3.93
91st		 $3.51

Size (TTM)

MeasureINCYIndustry medianIndustry percentileSector median
Market cap $22.9B $1.9B
95th		 $2.4B
Revenue $5.8B $204.6M
97th		 $770.2M
EBITDA $2.1B −$55.6M
97th		 $56.1M
Net income $1.6B −$85.2M
98th		 −$3.3M
Free cash flow $1.9B −$75.1M
99th		 $41.2M
Total assets $7.9B $744.5M
94th		 $1.3B
Shareholders' equity $6.3B $425.4M
96th		 $568.4M
Employees 2,844 325
93rd		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Heeson Lee
EVP, Head of Incyte Intl
 Tax withholding 463$117.14$54,23637,578
2026-09-30Clancy Paul J
Director
 Award / grant 203$121.35$24,63425,838
2026-09-30Harrigan Edmund
Director
 Award / grant 206$121.35$24,99823,225
2026-09-30Baker Bros. Advisors Lp
Director, 10 percent owner:
Award / grant 322——2,835,403
2026-09-30Baker Bros. Advisors Lp
Director, 10 percent owner:
Award / grant 322——28,206,082
2026-09-22Gardner David H
EVP, Chief Strategy Officer
 Tax withholding 920$126.93$116,77615,904
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Option exercise 2,957$61.76$182,624186,157
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Option exercise 4,551$61.18$278,430190,708
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Option exercise 6,477$64.25$416,147197,185
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Option exercise 9,233$71.93$664,130206,418
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Open-market sale 9,233$120.50$1.1M197,185
2026-09-15Cagnoni Pablo J
President, Global Head of R&D
 Open-market sale 13,985$120.49$1.7M183,200

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired58891,146$48.8M
Open-market saleDisposed25172,408$20.1M
Option exerciseAcquired26133,831$10.7M
Option exerciseDisposed25118,831$9.4M
Tax withholdingDisposed1775,404$8.5M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 45 notices · 997,041 shares · $102.7M
FiledFilerShares proposedEst. proceeds
2026-10-15Pablo Cagnoni2,642$297,780
2026-09-15Pablo Cagnoni23,218$2.8M
2026-08-19Pablo Cagnoni10,801$1.4M
2026-08-12Pablo Cagnoni10,803$1.3M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2025-05-15Rob BresnahanHouseSale$1,001 - $15,0002025-06-02
2025-05-14Robert P. BresnahanHouseSale (Full)$1,001 - $15,0002025-06-02
2024-09-09Ro KhannaHouseSale$1,001 - $15,0002024-10-08
2018-11-12Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002018-12-08
2018-11-12Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002018-12-07
2018-11-12Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002018-12-07
2017-09-08Shelley Moore CapitoSenatePurchase$1,001 - $15,0002017-10-06
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.18,032,718$2.0B8.90%
DODGE & COX11,957,326$1.4B5.90%
VANGUARD CAPITAL MANAGEMENT LLC11,024,289$1.2B5.44%
STATE STREET CORP9,722,336$1.1B4.80%
VANGUARD PORTFOLIO MANAGEMENT LLC7,791,091$883.2M3.84%
GEODE CAPITAL MANAGEMENT, LLC4,750,735$536.5M2.34%
LSV ASSET MANAGEMENT4,123,759$467.5M2.03%
Invesco Ltd.4,080,461$462.6M2.01%
WELLINGTON MANAGEMENT GROUP LLP3,575,521$405.3M1.76%
RENAISSANCE TECHNOLOGIES LLC3,512,132$398.1M1.73%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP2,744,958$311.2M1.35%
MORGAN STANLEY2,559,341$290.1M1.26%
Robeco Institutional Asset Management B.V.2,441,735$276.8M1.20%
GOLDMAN SACHS GROUP INC2,305,782$261.4M1.14%
DIMENSIONAL FUND ADVISORS LP2,280,803$258.6M1.13%

Institutional ownership by quarter

2023-092026-06102.1%
% of shares held by 13F filers
2023-092026-06858
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30858102.1%12336427371
2026-03-31813101.9%110319288101
2025-12-31820100.4%17433623249
2025-09-3071499.0%12626223662
2025-06-3066098.2%10026323864
2025-03-3163395.0%7626022182
2024-12-3165191.2%12924321157
2024-09-3059190.9%8317026271
2024-06-3058498.6%7422422266
2024-03-31586108.5%8921720153
2023-12-31558109.1%10019719861
2023-09-30528106.9%5224916345

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management6.3%12,591,630
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-10SCHEDULE 13D/ABaker Bros. Advisors (GP) LLC15.5%30,852,922
2026-02-10SCHEDULE 13D/AFelix J. Baker15.7%31,213,417
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.03%$664.6M
VSMPX0.03%$664.6M
VTI0.03%$664.6M
VTSAX0.03%$664.6M
VFIAX0.03%$542.8M
VFINX0.03%$542.8M

Share structure

Shares outstanding202,697,746
Float200,844,732
Free float99.1%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.0B$3.4B$3.7B$4.2B$5.1B
Cost of revenue$187.3M$253.4M$315.1M$377.7M$438.7M
Gross profit$2.8B$3.1B$3.4B$3.9B$4.7B
R&D$1.5B$1.6B$1.6B$2.6B$2.0B
SG&A$703.2M$955.8M$1.1B$1.2B$1.4B
Operating income$637.5M$599.6M$651.8M$80.1M$1.3B
EBITDA$630.2M$599.6M$919.4M$408.2M$1.8B
Pretax income$570.4M$529.1M$834.2M$316.6M$1.7B
Income tax−$378.1M$188.5M$236.6M$284.0M$377.8M
Net income$948.6M$340.7M$597.6M$32.6M$1.3B
EPS, diluted$4.27$1.52$2.65$0.15$6.41
Diluted shares222.1M224.0M225.9M210.5M200.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.3B$3.2B$3.7B$2.2B$3.6B
Receivables$616.3M$644.9M$743.6M$853.2M$1.0B
Inventory$27.9M$42.0M$63.0M$58.9M$101.1M
Total current assets$3.1B$4.1B$4.6B$3.2B$5.0B
PP&E, net$751.5M$765.6M$777.0M$794.2M$758.4M
Goodwill & intangibles$306.3M$284.8M$279.1M$269.4M$250.1M
Total assets$4.9B$5.8B$6.8B$5.4B$7.0B
Accounts payable$172.1M$277.5M$109.6M$197.5M$209.9M
Total current liabilities$854.3M$1.2B$1.2B$1.6B$1.5B
Long-term debt$0$0$0$0$14.5M
Total liabilities$1.2B$1.5B$1.6B$2.0B$1.8B
Shareholders' equity$3.8B$4.4B$5.2B$3.4B$5.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$948.6M$340.7M$597.6M$32.6M$1.3B
Depreciation & amortization$57.8M$67.9M$82.7M$89.2M$93.3M
Stock-based compensation$183.0M$188.4M$215.9M$266.1M$249.3M
Change in working capital−$14.6M$198.8M−$248.7M$138.2M−$527.2M
Operating cash flow$749.5M$969.9M$496.5M$335.3M$1.4B
Capital expenditure−$181.0M−$77.8M−$47.5M−$86.3M−$58.9M
Free cash flow$568.5M$892.1M$449.0M$249.1M$1.4B
Investing cash flow−$207.7M−$78.5M−$207.7M$157.5M−$102.6M
Net debt issued / repaid−$2.4M−$2.9M−$3.4M−$3.8M−$4.5M
Buybacks$0$0$0−$2.0B−$19.1M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin93.7%92.5%91.5%91.1%92.1%
Operating margin21.3%17.7%17.6%1.9%26.4%
Net margin31.8%10.0%16.2%0.8%25.0%
FCF margin19.0%26.3%12.1%5.5%26.3%
ROE29.7%8.4%12.5%0.8%29.9%
ROIC72.3%32.9%29.7%0.6%63.2%
ROA22.3%6.3%9.5%0.5%20.7%
Debt / equity0.010.010.010.010.01
Interest coverage300.0x199.5x328.0x139.9x686.5x
Current ratio3.653.543.751.973.32
Revenue growth+12.0%+13.7%+8.9%+14.8%+21.2%
EPS growth+419.7%−64.5%+74.4%−93.7%+3,703.5%
P/E at year end17.2x53.0x23.8x418.1x15.7x
EV / EBITDA at year end22.2x24.8x11.5x28.2x9.5x
FCF yield at year end3.49%4.94%3.16%1.72%6.70%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2024FY2025
J A K A F I$338.0M$2.7B$3.2B$3.6B
OPZELURA$4.9M$128.7M$508.3M$678.5M
Olumiant Royalty$220.9M$134.5M$135.6M$144.6M
Milestone And Contract Revenue$95.0M$165.0M$43.0M$150.0M
M I N J U V I$68.5M$19.7M$119.2M$144.6M
I C L U S I G$4.7M$105.8M$114.3M$134.1M
PEMAZYRE Royalty Revenues$109.4M$84.7M$83.9M$86.7M
ZYNYZ——$3.2M$66.4M
Tabrecta Royalty Revenues$10.4M$15.4M$22.7M$26.7M

Revenue by region · FY2025

U [S]$4.8B · 94%
Europe$323.7M · 6%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $-3.57 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.9B$5.9B – $6.0B$3.28$2.59 – $3.911434.5x
2027$6.2B$6.0B – $6.7B$8.17$7.24 – $9.151513.8x
2028$6.5B$5.4B – $7.7B$8.94$6.62 – $11.731312.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$1.38$1.81+31.2%$1.2B$1.3B+4.7%
2026-02-10$1.90$1.80−5.3%$1.4B$1.5B+11.2%
2025-10-28$1.66$2.26+36.1%$1.4B$1.4B+0.9%
2025-07-29$1.39$1.57+12.9%$1.3B$1.2B−3.3%
2025-04-29$1.01$1.16+14.9%$1.2B$1.1B−8.7%
2025-02-10$1.57$1.43−8.9%$1.0B$1.2B+17.3%
2024-10-29$1.12$1.07−4.5%$1.1B$1.1B−0.5%
2024-07-30$0.78$-1.82−333.3%$1.0B$1.0B+1.8%
2024-04-30$0.84$0.64−23.8%$921.9M$880.9M−4.4%
2024-02-13$1.16$1.06−8.6%$1.0B$1.0B+1.1%
2023-10-31$1.09$1.10+0.9%$966.9M$919.0M−5.0%
2023-08-01$0.83$0.99+19.3%$910.2M$954.6M+4.9%
2023-05-02$0.85$0.37−56.5%$857.5M$808.7M−5.7%
2023-02-07$0.59$0.62+5.1%$878.3M$926.7M+5.5%
2022-11-01$0.72$0.60−16.7%$842.7M$823.3M−2.3%
2022-08-02$0.79$1.01+27.8%$818.5M$911.4M+11.4%
2022-05-03$0.57$0.55−3.5%$750.0M$733.2M−2.2%
2022-02-08$0.84$0.10−88.1%$812.4M$862.9M+6.2%
2021-11-02$0.76$1.18+55.3%$548.8M$813.0M+48.1%
2021-08-03$0.74$0.80+8.1%$685.9M$705.7M+2.9%
2021-05-04$0.65$0.67+3.1%$656.8M$604.7M−7.9%
2021-02-09$0.82$0.93+13.4%$662.7M$789.5M+19.1%
2020-11-05$0.72$0.23−68.1%$2.0B$620.6M−69.3%
2020-08-04$0.87$1.24+42.5%$482.7M$688.0M+42.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.207-060.207-130.207-200.607-270.308-030.208-100.208-170.208-240.308-31
Week ofNotionalSharesTrades
2026-08-31$258.3M2,037,52352,779
2026-08-24$160.2M1,258,64743,350
2026-08-17$210.3M1,665,25444,463
2026-08-10$161.7M1,337,94345,036
2026-08-03$329.2M2,762,55963,089
2026-07-27$620.7M4,962,72687,785

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1567.6%
DateShort shareShort volumeTotal volume
2026-10-1567.6%504,081746,178
2026-10-1471.3%522,768733,229
2026-10-1377.6%840,2511,082,992
2026-10-1261.7%311,962505,898
2026-10-0968.3%313,519458,893
2026-10-0864.2%497,193774,720
2026-10-0776.8%409,939534,111
2026-10-0680.6%1,051,1961,303,837
2026-10-0563.6%459,961723,638
2026-10-0270.6%574,277813,080
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.9Jan-3.0Feb+1.1Mar+1.8Apr+2.5May-0.0Jun+3.9Jul+5.3Aug-2.3Sep+1.1Oct+2.6Nov+3.9Dec
MonthAvg returnUp yearsYears
Jan+3.9%65%20
Feb−3.0%40%20
Mar+1.1%57%21
Apr+1.8%50%20
May+2.5%45%20
Jun−0.0%60%20
Jul+3.9%55%20
Aug+5.3%60%20
Sep−2.3%25%20
Oct+1.1%45%20
Nov+2.6%55%20
Dec+3.9%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1439.4
MFI23.4
ADX26.7
Stochastic %K / %D26.8 / 18.6
Williams %R-70.1
CCI-56
TSI / signal-28.4 / -20.7
Chaikin money flow-0.27
ATR$3.34
Bollinger width19.7%
Volume vs 20-day avg0.91x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$117.50 (−3.8%)
SMA 50$121.83 (−7.2%)
SMA 200$107.50 (+5.2%)
EMA 21$116.35 (−2.8%)
EMA 50$118.52 (−4.6%)
EMA 200$108.64 (+4.1%)
Bollinger upper$129.08 (−12.4%)
Bollinger lower$105.92 (+6.8%)
Parabolic SAR$107.94 (+4.8%)
Open the live chart, 110+ indicators

About Incyte Corporation

Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types. Further advancing its research, the company is developing Parsaclisib, currently in Phase II studies for follicular lymphoma, marginal zone lymphoma, and mantle cell lymphoma. Additionally, Retifanlimab is in Phase II development for multiple indications, including MSI-high endometrial cancer, Merkel cell carcinoma, anal cancer, and non-small cell lung cancer. Incyte maintains a broad network of strategic alliances with numerous pharmaceutical and biotech companies, including key partners like Novartis International Pharmaceutical Ltd., Eli Lilly and Company, and Agenus Inc., among many others. These collaborations extend to clinical trials, notably joint efforts with MorphoSys AG and Xencor, Inc., to evaluate a combination therapy involving tafasitamab, plamotamab, and lenalidomide for patients with recurrent or resistant diffuse large B-cell lymphoma and follicular lymphoma. Established in 1991, the corporation's main offices are situated in Wilmington, Delaware.

https://www.incyte.com

Key executives

NameTitlePayBorn
Mohamed Khairie IssaExecutive Vice President & Head of U.S. Commercial$2.3M1983
Pablo J. CagnoniPresident and Global Head of Research & Development$2.1M1963
William MeuryCEO & Director$2.0M1968
Steven H. SteinExecutive VP, Head of Late-stage Development & Chief Medical Officer$1.6M1967
Suketu UpadhyayExecutive Vice President & Chief Financial Officer$1.4M1969
Thomas TrayPrincipal Financial Officer, Vice President of Finance & Chief Accounting Officer$529,8481978
Michael James MorrisseyExecutive Vice President & Head of Global Technical Operations—1964
Pamela MurphyVice President of Investor Relations & Corporate Communications—1951

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
William J. Meury Chief Executive Officer2025$647,260$27.5M$1.3M$32.1M
Mohamed Issa Executive Vice President and Head of U.S. Commercial2025$690,411$7.9M$533,610$10.6M
Pablo J. Cagnoni President and Global Head of Research and Development2025$966,516$5.0M$1.0M$8.8M
Hervé Hoppenot Former President and Chief Executive Officer2025$1.4M$2.0M$1.0M$6.4M
Steven H. Stein Executive Vice President, Chief Medical Officer and Head of Late-stage Development2025$835,067$3.5M$696,054$6.3M
Christiana Stamoulis Former Executive Vice President and Chief Financial Officer2025$520,839$3.1M$0$4.9M

Employees

1k20181k20192k20202k20212k20223k20233k20243k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Network Effects · 2026-06-30
Cost advantage63
Intangibles50
Switching costs62
Network effect82
Efficient scale34
Our component scores (0-100) and overall 58.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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