Biogen vs Incyte
Biogen is the larger business, with $9.89bn of revenue in fiscal 2025 against $5.14bn for Incyte (1.9 times as much). Incyte grew faster (21.2% against 2.2%). Incyte kept more of each dollar of sales as profit: a net margin of 25.0% against 13.1%. Incyte carries less debt relative to equity (0.0% against 36.0%).
| Latest fiscal year | BiogenBIIB, 2025 | IncyteINCY, 2025 |
|---|---|---|
| Revenue | $9.89bn | $5.14bn |
| Revenue growth | 2.2% | 21.2% |
| Net income | $1.29bn | $1.29bn |
| Operating margin | — | 29.5% |
| Net margin | 13.1% | 25.0% |
| Return on equity | 7.4% | 29.9% |
| Free cash flow | $2.05bn | $1.41bn |
| Cash | $3.01bn | $3.10bn |
| Total debt | $6.57bn | $0 |
| Debt to equity | 36.0% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $0 |
| Employees | 7,500 | 2,844 |
| Market value | $36.79bn | $24.05bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 87 (Strong) | 54 (Moderate) |
| Insider trades, 12 months | 1 buys, 4 sales | 0 buys, 47 sales |