A Business at a Glance
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INCYTE CORP
INCY
$23.6B
Mkt Cap
$117.67
+0.84%
INCYTE CORP (INCY) has a current P/E ratio of 18.4, compared to its historical median P/E of 23.7. The stock is currently considered Fair based on its historical valuation range.
INCYTE CORP (INCY) has a 5-year average return on invested capital (ROIC) of 36.6%. This indicates strong capital allocation and a potential competitive advantage.
INCYTE CORP (INCY) has a market capitalization of $23.5B. It is classified as a large-cap stock.
INCYTE CORP (INCY) does not currently pay a regular dividend.
Based on historical P/E analysis, INCYTE CORP (INCY) appears fair. The current P/E of 18.4 is 22% below its historical median of 23.7. The estimated fair value CAGR (P/E method) is 14.1%.
INCYTE CORP (INCY) operates in the Services-Commercial Physical & Biological Research industry, within the Industrials sector.
INCYTE CORP (INCY) reported annual revenue of $5.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Incyte is a global biopharmaceutical company engaged in the discovery, development, and commercialization of proprietary therapeutics across three therapeutic areas: Hematology, Oncology, and Inflammation and Autoimmunity (IAI). The company operates through a combination of direct commercialization and partnerships; it retains all development and commercialization rights to JAKAFI in the United States, marketing it through its own specialty sales force and distributing primarily through specialty pharmacy providers and wholesalers, while Novartis holds exclusive rights outside the U.S. and pays royalties on sales. The hematology franchise includes four approved products—JAKAFI (ruxolitinib) for myelofibrosis, polycythemia vera, and graft-versus-host disease; ICLUSIG (ponatinib) for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia in Europe; MONJUVI/MINJUVI (tafasitamab) for relapsed or refractory diffuse large B-cell lymphoma and follicular lymphoma; and NIKTIMVO (axatilimab) for chronic GVHD—alongside multiple clinical programs targeting myeloproliferative neoplasms and lymphomas. The oncology portfolio comprises PEMAZYRE (pemigatinib) for cholangiocarcinoma and myeloid/lymphoid neoplasms with FGFR alterations, and ZYNYZ (retifanlimab) for squamous cell anal carcinoma, with several solid-tumor programs in development targeting KRAS G12D, TGF-beta/PD-1, and CDK2 pathways. The IAI franchise centers on OPZELURA (ruxolitinib cream) for atopic dermatitis and vitiligo, and povorcitinib, an oral JAK1 inhibitor in development for hidradenitis suppurativa, vitiligo, and prurigo nodolaris. The company's business model combines product sales, milestone payments, and royalties, with geographic operations spanning the United States, Europe, Japan, and Canada, and a strategic focus on molecularly targeted therapies addressing well-defined disease drivers.
【Pipeline maturation and portfolio expansion】 Management expects 2026 to be a pivotal year with seven data readouts and 14 pivotal trials underway across hematology, oncology, and immunology by year-end, positioning the company for multiple product launches in late 2026 and early 2027. The company anticipates approval and launch of JAKAFI XR in mid-2026, with formulary access as the immediate focus over the next 12 months, and expects OPZELURA moderate atopic dermatitis approval and launch in the second half of 2026 in Europe, with the moderate AD indication having potential to contribute meaningfully to revenue beginning later in the year. In oncology, the company is advancing four pivotal trials across colorectal, ovarian, and pancreatic cancers, with efficacy and safety data from the G12D pancreatic program expected in the second half of 2026, and plans to share additional data from colorectal and ovarian programs during the year. For the IAI portfolio, povorcitinib data from vitiligo and prurigo nodolaris trials are expected by mid-2026 and year-end respectively, with regulatory applications in non-segmental vitiligo anticipated in the first half of 2027, and the company believes the INI portfolio has potential to represent approximately one-third of total revenue by 2030.
| Metric | Target | Period |
|---|---|---|
| Total net sales | $4.77 billion–$4.94 billion | FY2026 |
| JAKAFI net sales | $3.22 billion–$3.27 billion | FY2026 |
| OPZELURA net sales | $750 million–$790 million | FY2026 |
| Hematology and oncology products net sales | $800 million–$880 million | FY2026 |
Total net sales (FY2026): “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.”
JAKAFI net sales (FY2026): “This includes net sales expectations for Jakafi of $3.22 billion-$3.27 billion”
OPZELURA net sales (FY2026): “Opzelura of $750 million-$790 million”
Hematology and oncology products net sales (FY2026): “and hematology and oncology products of $800 million-$880 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.4B | 5.1B | 4.2B | 3.7B | 3.4B | 3.0B |
| Net Income | 1.4B | 1.3B | 33M | 598M | 341M | 949M |
| EPS | $7.27 | $6.41 | $0.15 | $2.65 | $1.52 | $4.27 |
| Free Cash Flow | 1.5B | 1.4B | 321M | 491M | 892M | 568M |
| ROIC | 63.3% | 69.5% | 2.4% | 32.3% | 28.2% | 50.3% |
| Gross Margin | - | 92.8% | 92.6% | 93.1% | 93.9% | 94.9% |
| Debt/Equity | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.6B | 1.5B | 61M | 621M | 579M | 586M |
| Operating Margin | 30.0% | 29.5% | 1.4% | 16.8% | 17.1% | 19.6% |
| ROE | 25.5% | 29.9% | 0.8% | 12.5% | 8.4% | 29.7% |
| Shares Outstanding | 200M | 201M | 217M | 226M | 224M | 222M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 511M | 754M | 1.1B | 1.5B | 1.9B | 2.2B | 2.7B | 3.0B | 3.4B | 3.7B | 4.2B | 5.1B | 5.4B |
| Gross Margin | 99.4% | 96.4% | 94.7% | 94.8% | 95.0% | 94.7% | 95.1% | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% | N/A |
| R&D | 348M | 480M | 582M | 1.3B | 1.2B | 1.2B | 2.2B | 1.5B | 1.6B | 1.6B | 2.6B | 2.1B | 2.1B |
| SG&A | 166M | 197M | 303M | 366M | 434M | 469M | 517M | 740M | 1.0B | 1.2B | 1.2B | 1.4B | 1.4B |
| EBIT | -4.8M | 51M | 145M | -243M | 129M | 402M | -264M | 586M | 579M | 621M | 61M | 1.5B | 1.6B |
| Op. Margin | -0.9% | 6.7% | 13.1% | -15.8% | 6.9% | 18.6% | -9.9% | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% | 30.0% |
| Net Income | -48M | 6.5M | 104M | -313M | 109M | 447M | -296M | 949M | 341M | 598M | 33M | 1.3B | 1.4B |
| Net Margin | -9.5% | 0.9% | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% | 26.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.6M | 0 | 76M | 76M |
| Returns on Capital | |||||||||||||
| ROIC | -0.6% | 8.3% | 49.0% | -22.2% | 1.2% | 3.7% | -11.2% | 50.3% | 28.2% | 32.3% | 2.4% | 69.5% | 63.3% |
| ROE | 35.3% | 14.6% | 35.3% | -30.5% | 6.2% | 19.8% | -11.4% | 29.7% | 8.4% | 12.5% | 0.8% | 29.9% | 25.5% |
| ROA | -6.8% | 0.7% | 7.9% | -15.9% | 4.4% | 14.7% | -8.5% | 22.3% | 6.3% | 9.5% | 0.5% | 20.7% | 19.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 26M | 89M | 305M | -93M | 336M | 711M | -125M | 749M | 970M | 496M | 335M | 1.4B | 1.5B |
| Free Cash Flow | -33M | 63M | 184M | -204M | 263M | 633M | -312M | 568M | 892M | 491M | 321M | 1.4B | 1.5B |
| Owner Earnings | -77M | -25M | 150M | -278M | 133M | 490M | -354M | 509M | 714M | 198M | -20M | 1.1B | 1.2B |
| CapEx | 59M | 26M | 120M | 111M | 73M | 78M | 187M | 181M | 78M | 5.1M | 14M | 25M | 3.7M |
| Maint. CapEx | 41M | 45M | 58M | 52M | 55M | 55M | 52M | 58M | 68M | 83M | 89M | 93M | 95M |
| Growth CapEx | 18M | 0 | 62M | 59M | 19M | 24M | 136M | 123M | 10.0M | 0 | 0 | 0 | 0 |
| D&A | 41M | 45M | 58M | 52M | 55M | 55M | 52M | 58M | 68M | 83M | 89M | 93M | 95M |
| CapEx/OCF | 226.1% | 29.1% | 39.5% | N/A | 21.9% | 11.0% | N/A | 24.2% | 8.0% | 1.0% | 0.8% | 0.3% | 0.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.0B | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.3% | N/A | 0.0% |
| Stock-Based Comp | 62M | 70M | 96M | 133M | 148M | 167M | 178M | 183M | 188M | 216M | 266M | 249M | 252M |
| Debt Repayment | 0 | 1.7M | 445K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 930M | 42M | -59M | -1.1B | 17.7B | -2.1B | -1.7B | -2.3B | -3.2B | -3.6B | -1.9B | -3.3B | -3.6B |
| Cash & Equiv. | 452M | 521M | 652M | 900M | 1.2B | 1.8B | 1.5B | 2.1B | 3.0B | 3.2B | 1.7B | 3.1B | 3.6B |
| Long-Term Debt | 841M | 750M | 750M | 27M | 19.1B | 32M | 33M | 32M | 30M | 29M | 34M | 30M | 29M |
| Debt/Equity | -18.74 | 4.38 | 1.79 | 0.02 | 9.92 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Interest Coverage | -0.1 | 1.1 | 3.7 | -35.3 | 83.7 | 216.7 | -121.3 | 307.0 | 217.3 | 243.2 | 47.2 | 1165.3 | 1332.3 |
| Equity | -82M | 171M | 419M | 1.6B | 1.9B | 2.6B | 2.6B | 3.8B | 4.4B | 5.2B | 3.4B | 5.2B | 5.6B |
| Total Assets | 796M | 1.0B | 1.6B | 2.3B | 2.6B | 3.4B | 3.6B | 4.9B | 5.8B | 6.8B | 5.4B | 7.0B | 7.3B |
| Total Liabilities | 878M | 836M | 1.2B | 672M | 720M | 828M | 950M | 1.2B | 1.5B | 1.6B | 2.0B | 1.8B | 1.7B |
| Intangibles | 2.0M | 12M | 270M | 237M | 215M | 194M | 172M | 151M | 129M | 124M | 114M | 117M | 110M |
| Retained Earnings | -1.8B | -1.8B | -1.7B | -2.0B | -1.9B | -1.4B | -1.7B | -778M | -437M | 160M | -1.1B | 214M | 517M |
| Working Capital | 459M | 674M | 721M | 1.1B | 1.4B | 2.0B | 1.7B | 2.3B | 2.9B | 3.4B | 1.6B | 3.5B | 4.0B |
| Current Assets | 680M | 842M | 994M | 1.5B | 1.8B | 2.5B | 2.4B | 3.1B | 4.1B | 4.6B | 3.2B | 5.0B | 5.5B |
| Current Liabilities | 221M | 168M | 274M | 375M | 425M | 513M | 631M | 854M | 1.2B | 1.2B | 1.6B | 1.5B | 1.5B |
| Per Share Data | |||||||||||||
| EPS | -0.29 | 0.03 | 0.54 | -1.53 | 0.51 | 2.05 | -1.36 | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 | 7.27 |
| Owner EPS | -0.46 | -0.12 | 0.78 | -1.36 | 0.62 | 2.25 | -1.63 | 2.29 | 3.18 | 0.88 | -0.09 | 5.33 | 5.85 |
| Book Value | -0.49 | 0.79 | 2.17 | 7.97 | 8.97 | 11.92 | 12.01 | 16.97 | 19.50 | 23.01 | 15.86 | 25.74 | 28.12 |
| Cash Flow/Share | 0.16 | 0.41 | 1.58 | -0.45 | 1.57 | 3.26 | -0.57 | 3.37 | 4.33 | 2.20 | 1.54 | 7.04 | 7.63 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 167.2M | 217.7M | 193.0M | 204.7M | 214.7M | 218.0M | 217.4M | 222.2M | 224.1M | 225.5M | 217.4M | 200.7M | 199.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 187.2 | N/A | 122.1 | 43.1 | N/A | 17.2 | 52.3 | 23.7 | 461.5 | 15.6 | 16.2 |
| P/FCF | N/A | 376.6 | 105.8 | N/A | 50.9 | 30.5 | N/A | 28.6 | 20.0 | 28.8 | 46.8 | 14.5 | 15.5 |
| EV/EBIT | N/A | 472.2 | 134.2 | N/A | 240.2 | 42.7 | N/A | 23.8 | 25.2 | 12.5 | 191.0 | 9.2 | 12.4 |
| Price/Book | N/A | 139.5 | 46.5 | 12.0 | 6.9 | 7.4 | 7.2 | 4.3 | 4.1 | 2.7 | 4.4 | 3.9 | 4.2 |
| Price/Sales | 18.6 | 29.5 | 14.6 | 16.2 | 8.3 | 8.3 | 7.2 | 5.8 | 4.9 | 4.0 | 3.2 | 3.0 | 4.4 |
| FCF Yield | -0.3% | 0.3% | 0.9% | -1.0% | 2.0% | 3.3% | -1.7% | 3.5% | 5.0% | 3.5% | 2.1% | 6.9% | 6.4% |
| Market Cap | 12.4B | 23.9B | 19.5B | 19.5B | 13.4B | 19.3B | 18.8B | 16.3B | 17.8B | 14.1B | 15.1B | 20.1B | 23.5B |
| Avg. Price | 56.87 | 102.26 | 83.71 | 121.24 | 73.09 | 81.79 | 88.82 | 78.11 | 74.71 | 66.29 | 62.93 | 77.12 | 117.67 |
| Year-End Price | 73.89 | 109.68 | 101.10 | 95.38 | 62.28 | 88.39 | 86.34 | 73.30 | 79.44 | 62.73 | 69.23 | 100.11 | 117.67 |
INCYTE CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
INCYTE CORP trades at 18.4x trailing earnings, compared to its 15-year median P/E of 23.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.6x vs a median of 28.8x. The company's 5-year average ROIC is 36.6% with a gross margin of 93.5%. At current prices, the estimated annualized return to fair value is +18.2%.
INCYTE CORP (INCY) has a net profit margin of 25.0%. This is a strong margin indicating high profitability.
INCYTE CORP (INCY) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
INCYTE CORP (INCY) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
INCYTE CORP (INCY) reported earnings per share (EPS) of $6.41 in its most recent fiscal year.
INCYTE CORP (INCY) has a return on equity (ROE) of 29.9%. This indicates the company generates strong returns for shareholders.
INCYTE CORP (INCY) has a 5-year average gross margin of 93.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for INCYTE CORP (INCY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
INCYTE CORP (INCY) has a book value per share of $25.74, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a pivotal year with seven data readouts and 14 pivotal trials underway across hematology, oncology, and immunology by year-end, positioning the company for multiple product launches in late 2026 and early 2027. The company anticipates approval and launch of JAKAFI XR in mid-2026, with formulary access as the immediate focus over the next 12 months, and expects OPZELURA moderate atopic dermatitis approval and launch in the second half of 2026 in Europe, with the moderate AD indication having potential to contribute meaningfully to revenue beginning later in the year. In oncology, the company is advancing four pivotal trials across colorectal, ovarian, and pancreatic cancers, with efficacy and safety data from the G12D pancreatic program expected in the second half of 2026, and plans to share additional data from colorectal and ovarian programs during the year. For the IAI portfolio, povorcitinib data from vitiligo and prurigo nodolaris trials are expected by mid-2026 and year-end respectively, with regulatory applications in non-segmental vitiligo anticipated in the first half of 2027, and the company believes the INI portfolio has potential to represent approximately one-third of total revenue by 2030.
Based on recent SEC filings and earnings calls, INCYTE CORP (INCY) has provided the following forward guidance: Total net sales: $4.77 billion–$4.94 billion (FY2026); JAKAFI net sales: $3.22 billion–$3.27 billion (FY2026); OPZELURA net sales: $750 million–$790 million (FY2026); Hematology and oncology products net sales: $800 million–$880 million (FY2026).
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