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Incyte (INCY) stock

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NASDAQ: INCY Nasdaq Biotechnology Next results ~February 9, 2027

B+ Fundamentals grade

Incyte is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$91

Cash-flow model

Base case. Range ~$72–$110 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 25% below it.

Price used: $120.04, November 2, 2026

Incyte valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 47 sales by directors and officers, last 12 monthsInsider trades
  • Funds473 adding, 339 cuttingOf 67 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Incyte files

10-Q filed October 29: Incyte

Model value −13.8%

Incyte generated $6.01bn in revenue over the twelve months to September 2026, up 24.9% on a year earlier, a pace slightly below the 26.9% growth recorded a quarter earlier. Profitability has weakened more sharply: free-cash-flow margin dropped to 10.8% from 24.1%, while operating margin narrowed to 10.4% from 30.8% over the same period. Shareholders have also been diluted, with the diluted share count rising 2.9% year on year. Despite this, the fundamentals grade improves from B to B+. Our model value has been cut from $180 to $155 a share, still well above the current share price of $116. The rating remains Buy.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Incyte stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.82bn, up 26.9% on a year earlier, faster than 21.5% a quarter earlier. That growth ranks 1 of 8 among the biotechnology companies we cover. Free-cash-flow margin rose to 34.0% from 21.9% a year earlier. Operating margin widened to 30.6% from 25.8%. The diluted share count is up 3.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $120 a share, against a share price of $116.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Incyte's trailing-twelve-month revenue grew 24.9% year on year, with a free-cash-flow margin of 10.8%. Where it stands out: stock pay as % of revenue of 4.4% ranks 29 of 179 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$91 per share in the base case (~$72–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 44.2% while net income fell 66.1%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.9% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Net cash. Cash exceeds long-term debt by $3.3bn.

Things to watch

  • Priced above our value. The share price of $120.04 is 25% above our value per share of $91.
  • Margins narrowing. Operating margin is down 20.3 points on a year ago.
  • Share dilution. Diluted shares rose 2.9% in a year.
  • High earnings multiple. The shares trade at 61 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 10 insiders sold $58M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Growth easing. The growth rate is 2.0 points lower than a quarter earlier.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$3.60 against an average estimate of -$3.87: beat by 6.9%
Revenue
$1.56bn, up 14.0% on a year earlier
Share reaction
+3.0% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
total net sales $5,130m to $5,260m (full year 2026); opzelura net sales $1,050m to $1,100m (full year 2026)
Next report
October 29, 2026; average EPS estimate $2.05

Incyte's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.3%
  • 1 week+5.9%
  • 1 month+4.1%
  • This year+21.5%
  • 1 year+28.4%
  • 5 years+79.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6B
Operating margin
10.4%
Net margin
6.7%
EPS (TTM, diluted)
$1.96

Growth

Revenue growth
+24.9%
Change in growth rate
−2.0 pts
Share count change
+2.9%

Cash

Free cash flow (TTM)
$647M
FCF margin
10.8%
Stock pay % of revenue
4.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Announcement
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results
  10. Guidance
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Incyte valuation models and calculator

What the price is pricing in

The share price implies about 21.9% a year of cash-flow growth for five years.That is faster than the 15.0% a year revenue growth Incyte has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in21.9%
  • Last 12 months24.9%
  • 3 years a year18.5%
  • 5 years a year15.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($120.22, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$91
Price used
$120.22close November 3, 2026
Implied change
▼ 25%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Incyte's free cash flow after stock-based pay with after-tax interest added back ($423M, FY2026 Q3 TTM), growing 4.9% and 14% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$72–~$110 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Incyte's free cash flow after stock-based pay ( $423M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Incyte as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$91 ~$72–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$99–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$60 ~$40–$93 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$57 ~$48–$69 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$81 ~$57–$110 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Incyte with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −21%
  • Revenue growth 5 points higher ▲ +27%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −53%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $46$57$71$90$114$145
8.5% $39$47$57$70$88$110
10% $35$41$49$59$72$89

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$108.45$100.27$94.71$63.59$87.32$86.98$73.40$80.32$62.79$69.07$98.77$120.04
Market value$20.3bn$19.5bn$19.4bn$13.7bn$19.0bn$19.0bn$16.3bn$18.0bn$14.2bn$14.5bn$19.8bn$24.7bn
+ Net debt (− = net cash)$228m$97m−$873m−$1.1bn−$1.8bn−$1.5bn−$2.1bn−$3.0bn−$3.2bn−$1.7bn−$3.1bn−$3.3bn
Enterprise value$20.5bn$19.6bn$18.5bn$12.6bn$17.2bn$17.5bn$14.2bn$15.0bn$11.0bn$12.9bn$16.7bn$21.4bn
Multiples
Price / sales 26.9x17.6x12.6x7.3x8.8x7.1x5.5x5.3x3.8x3.4x3.9x4.1x
Price / earnings n/m186.8x—125.2x42.5x—17.2x52.8x23.7xn/m15.4x61.2x
Price / free cash flow n/m105.5x—52.2x30.0x—28.7x20.2x28.6x43.4x14.0x33.1x
EV / EBITDA n/m96.2x—68.2x37.7x—22.1x23.2x15.6x85.3x10.4x29.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

54 /100

Moderate moat

How hard Incyte's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 6.1% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 94.2%, moving by 1.0 percentage points (standard deviation) across 9 years.

  • Durability 3 / 20

    Operating margin has been a median 12.2%; its worst year was -13.6%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 8 of 10 years, at a median 13.0% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 7.3% over five years; stock-based pay has been a median 6.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (59 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.53 −48% $6.1bn +18%
Next $8.75 +148% $6.3bn +4%

Next year's EPS estimate has moved +0.2% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 0 analysts raised Incyte's forecast and 3 cut it.

Consensus EPS forecast Incyte, last 90 days
$0.00 $5.00 $10.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.54 Current fiscal year, 60 days ago: $3.50 Current fiscal year, 30 days ago: $3.45 Current fiscal year, 7 days ago: $3.10 Current fiscal year, Now: $3.53 $3.53 Next fiscal year, 90 days ago: $8.73 Next fiscal year, 60 days ago: $8.88 Next fiscal year, 30 days ago: $8.80 Next fiscal year, 7 days ago: $8.64 Next fiscal year, Now: $8.75 $8.75

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.54$8.73
60 days ago $3.50$8.88
30 days ago $3.45$8.80
7 days ago $3.10$8.64
Now $3.53$8.75

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$3.87 −$3.60 +6.9%
Jun 2026 $2.15 $3.09 +44.0%
Mar 2026 $1.34 $1.81 +35.1%
Dec 2025 $1.92 $1.80 −6.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • total net sales full year 2026 $5,130m to $5,260m Raised
    “Incyte is raising its full year 2026 total net sales guidance to $5,130 - $5,260 million, reflecting the impact of the agreement with CMS related to the Opzelura line extension, * as well as the continued strong performance of its Hematology and Oncology growth products, including Niktimvo, Monjuvi/Minjuvi and Zynyz.” source
  • Opzelura net sales full year 2026 $1,050m to $1,100m Raised
    “Incyte is raising its full year 2026 Opzelura net sales guidance to $1,050 - $1,100 million and full year 2026 Hematology and Oncology net sales guidance to $860 - $890 million.” source
  • Hematology and Oncology net sales full year 2026 $860m to $890m Raised
    “Incyte is raising its full year 2026 Opzelura net sales guidance to $1,050 - $1,100 million and full year 2026 Hematology and Oncology net sales guidance to $860 - $890 million.” source
  • Jakafi net sales fiscal year 2026 $3,220m to $3,270m Maintained
    “Jakafi net sales (1) unchanged $3,220 - $3,270 million” source
  • Total GAAP R&D and SG&A operating expenses full year 2026 $4,915m to $4,995m GAAP Raised
    “Total GAAP R&D and SG&A operating expense guidance is $4,915 - $4,995 million and total non-GAAP R&D and SG&A operating expense guidance is $4,625 - $4,695 million.” source
  • Total non-GAAP R&D and SG&A operating expenses full year 2026 $4,625m to $4,695m Non-GAAP Raised
    “Total GAAP R&D and SG&A operating expense guidance is $4,915 - $4,995 million and total non-GAAP R&D and SG&A operating expense guidance is $4,625 - $4,695 million.” source
Show 2 more items
  • total estimated incremental impact on Opzelura net sales full year 2026 $300m to $310m
    “As a result of the agreement with CMS, * the total estimated incremental impact on Opzelura net sales for the full year 2026 is $300 - $310 million which includes the reversal of previously established accrual balances through the first quarter of 2026 and effects of an improved gross-to-net (GTN) profile on a go-forward basis as summarized in the table below.” source
  • Estimated impact on third and fourth quarters of 2026 net sales from improved GTN · Opzelura third and fourth quarters of 2026 $40m to $50m
    “Estimated impact on third and fourth quarters of 2026 net sales from improved GTN $40 - $50 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Incyte's revenue by +4.9% next year and +14.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.5%, weight 54%) , management guidance (-11.3%, weight 20%) and the company's own record (+20.0%, weight 26%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy1346%
Hold1450%
Sell14%

Monthly trend

  1. Oct 20262111428
  2. Sep 20262101528
  3. Aug 20262101528
  4. Jul 2026291527

Counts of recommendations published by analysts covering Incyte, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.4%
of tradable shares
Days to cover
5.61
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.8%
of shares
Employees
2,844
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +28.4%

$93.48 on October 31, 2025 to $120.04

ThenNowEffect
Revenue (last 12 months) $4.6bn $5.8bn +26.9%
Net margin 19.0% 27.7% +45.9%
P/E multiple 21.3x 15.3x −28.3%
Share count 198m 205m −3.3%

Biggest factor: net margin.

Last 3 years +118.9%

$54.85 on November 3, 2023 to $120.04

ThenNowEffect
Revenue (last 12 months) $3.5bn $5.8bn +65.6%
Net margin 10.4% 27.7% +165.6%
P/E multiple 33.7x 15.3x −54.7%
Share count 225m 205m +9.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
INCY−16%+9%−22%+10%+43%+22%
Industry peers (median)−36%−57%−17%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
INCY50%67%58%58%75%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
INCY−37%−20%−39%−23%−27%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 67% from March 15, 2017 to April 25, 2024. Getting back needed a 198% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$90.30 – $129.93
From 52-week high
−7.6%
vs 50-day average
−0.2%
vs 200-day average
+11.0%
Volatility (1 year)
34%
Beta vs S&P 500
0.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.9%
After a week
8 up, 3 down
typical move ±6.4%
After a month
8 up, 3 down
typical move ±9.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +3.0% −2.1% — —
July 28, 2026 +6.9% −1.3% +1.5% +7.8%
April 28, 2026 +3.5% −0.5% +1.8% +1.9%
February 10, 2026 −9.3% −0.3% −5.5% −15.6%
October 28, 2025 −3.1% +0.3% +10.6% +13.5%
July 29, 2025 +10.5% −0.4% +10.8% +20.9%
April 29, 2025 +5.3% +0.7% +0.2% +11.0%
February 10, 2025 −10.5% +0.8% −3.9% −8.6%
October 29, 2024 +12.5% −0.1% +17.6% +14.9%
July 30, 2024 −5.1% +1.1% −10.7% −4.3%
April 30, 2024 +0.7% −1.9% +3.4% +9.0%
February 13, 2024 +0.1% −0.5% +4.3% +1.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Incyte’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Incyte in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Incyte
$3B $4B $5B $6B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.7B Revenue (TTM), FY24 Q1: $3.8B Revenue (TTM), FY24 Q2: $3.9B Revenue (TTM), FY24 Q3: $4.1B Revenue (TTM), FY24 Q4: $4.2B Revenue (TTM), FY25 Q1: $4.4B Revenue (TTM), FY25 Q2: $4.6B Revenue (TTM), FY25 Q3: $4.8B Revenue (TTM), FY25 Q4: $5.1B Revenue (TTM), FY26 Q1: $5.4B Revenue (TTM), FY26 Q2: $5.8B Revenue (TTM), FY26 Q3: $6B $6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.7B
FY24 Q1 $3.8B
FY24 Q2 $3.9B
FY24 Q3 $4.1B
FY24 Q4 $4.2B
FY25 Q1 $4.4B
FY25 Q2 $4.6B
FY25 Q3 $4.8B
FY25 Q4 $5.1B
FY26 Q1 $5.4B
FY26 Q2 $5.8B
FY26 Q3 $6B
Revenue growth, TTM YoY Incyte
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.9% Revenue growth, TTM YoY, FY24 Q1: 8.6% Revenue growth, TTM YoY, FY24 Q2: 9.8% Revenue growth, TTM YoY, FY24 Q3: 12.9% Revenue growth, TTM YoY, FY24 Q4: 14.8% Revenue growth, TTM YoY, FY25 Q1: 17.1% Revenue growth, TTM YoY, FY25 Q2: 18.9% Revenue growth, TTM YoY, FY25 Q3: 18.1% Revenue growth, TTM YoY, FY25 Q4: 21.2% Revenue growth, TTM YoY, FY26 Q1: 21.5% Revenue growth, TTM YoY, FY26 Q2: 26.9% Revenue growth, TTM YoY, FY26 Q3: 24.9% 24.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.9%
FY24 Q1 8.6%
FY24 Q2 9.8%
FY24 Q3 12.9%
FY24 Q4 14.8%
FY25 Q1 17.1%
FY25 Q2 18.9%
FY25 Q3 18.1%
FY25 Q4 21.2%
FY26 Q1 21.5%
FY26 Q2 26.9%
FY26 Q3 24.9%
Operating margin (TTM) Incyte
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 16.8% Operating margin (TTM), FY24 Q1: 18.3% Operating margin (TTM), FY24 Q2: 0.4% Operating margin (TTM), FY24 Q3: -1.3% Operating margin (TTM), FY24 Q4: 1.4% Operating margin (TTM), FY25 Q1: 4.0% Operating margin (TTM), FY25 Q2: 25.8% Operating margin (TTM), FY25 Q3: 30.8% Operating margin (TTM), FY25 Q4: 29.5% Operating margin (TTM), FY26 Q1: 30.0% Operating margin (TTM), FY26 Q2: 30.6% Operating margin (TTM), FY26 Q3: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 16.8%
FY24 Q1 18.3%
FY24 Q2 0.4%
FY24 Q3 -1.3%
FY24 Q4 1.4%
FY25 Q1 4.0%
FY25 Q2 25.8%
FY25 Q3 30.8%
FY25 Q4 29.5%
FY26 Q1 30.0%
FY26 Q2 30.6%
FY26 Q3 10.4%
FCF margin (TTM) Incyte
-10% 0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.2% FCF margin (TTM), FY24 Q1: 19.5% FCF margin (TTM), FY24 Q2: -3.8% FCF margin (TTM), FY24 Q3: 0.3% FCF margin (TTM), FY24 Q4: 5.8% FCF margin (TTM), FY25 Q1: 6.6% FCF margin (TTM), FY25 Q2: 19.9% FCF margin (TTM), FY25 Q3: 24.1% FCF margin (TTM), FY25 Q4: 25.7% FCF margin (TTM), FY26 Q1: 26.5% FCF margin (TTM), FY26 Q2: 32.3% FCF margin (TTM), FY26 Q3: 10.8% 10.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.2%
FY24 Q1 19.5%
FY24 Q2 -3.8%
FY24 Q3 0.3%
FY24 Q4 5.8%
FY25 Q1 6.6%
FY25 Q2 19.9%
FY25 Q3 24.1%
FY25 Q4 25.7%
FY26 Q1 26.5%
FY26 Q2 32.3%
FY26 Q3 10.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 9 170 94 297 355 511 754 1,106 1,536 1,882 2,159 2,667 2,986 3,395 3,696 4,241 5,141 6,011
Gross profit — — — — — — — 1,048 1,457 1,788 2,045 2,535 2,835 3,188 3,441 3,929 4,769 5,571
EBITDA −123 39 −116 31 13 37 96 203 −191 184 457 −212 644 647 703 151 1,608 725
Operating income −140 14 −143 1 −16 −5 51 145 −243 129 402 −264 586 579 621 61 1,515 627
Net income −212 −32 −187 −44 −83 −48 7 104 −313 109 447 −296 949 341 598 33 1,287 403
Diluted EPS −$2.06 −$0.26 −$1.49 −$0.34 −$0.56 −$0.29 $0.03 $0.54 −$1.53 $0.51 $2.05 −$1.36 $4.27 $1.52 $2.65 $0.15 $6.41 $1.96
Growth (year on year)
Revenue — +>999% −44.4% +214.5% +19.5% +44.1% +47.4% +46.7% +38.9% +22.5% +14.7% +23.5% +12.0% +13.7% +8.9% +14.8% +21.2% +24.9%
EBITDA — — −401.5% — −57.9% +179.4% +161.0% +112.9% −194.0% — +147.9% −146.4% — +0.6% +8.6% −78.6% +967.7% −53.9%
Operating income — — <−999% — — — — +186.3% −267.9% — +211.1% −165.6% — −1.1% +7.1% −90.1% — −57.7%
Net income — — — — — — — — −400.5% — +308.2% −166.2% — −64.1% +75.4% −94.5% — −66.1%
Diluted EPS — — — — — — — — −383.3% — +302.0% −166.3% — −64.4% +74.3% −94.3% — −67.0%
Margins
Gross margin — — — — — — — 94.7% 94.8% 95.0% 94.7% 95.1% 94.9% 93.9% 93.1% 92.6% 92.8% 92.7%
EBITDA margin <−999% 22.7% −123.0% 10.5% 3.7% 7.2% 12.7% 18.4% −12.4% 9.8% 21.1% −7.9% 21.6% 19.1% 19.0% 3.6% 31.3% 12.1%
Operating margin <−999% 8.3% −151.6% 0.4% −4.5% −0.9% 6.7% 13.1% −15.8% 6.9% 18.6% −9.9% 19.6% 17.1% 16.8% 1.4% 29.5% 10.4%
Net margin <−999% −18.7% −197.5% −14.9% −23.4% −9.5% 0.9% 9.4% −20.4% 5.8% 20.7% −11.1% 31.8% 10.0% 16.2% 0.8% 25.0% 6.7%
Free-cash-flow margin 129.2% 55.2% −175.2% −32.9% 1.4% −0.3% 8.4% 16.7% −13.3% 14.0% 29.3% −11.7% 19.0% 26.3% 13.4% 7.9% 27.5% 12.4%
Cash flow
Cash from operations 12 98 −162 −95 9 26 89 305 −93 336 711 −125 749 970 496 335 1,413 745
Capital spending 0 4 4 3 4 28 26 120 111 73 78 187 181 78 0 0 0 0
Free cash flow 12 94 −166 −98 5 −2 63 184 −204 263 633 −312 568 892 496 335 1,413 745
Stock-based pay 10 15 29 38 38 62 70 96 133 148 167 178 183 188 216 266 249 263
Free cash flow after stock pay 2 79 −194 −136 −33 −64 −6 88 −337 115 466 −490 385 704 281 69 1,164 482
Balance sheet
Cash 450 418 273 224 471 452 521 652 900 1,164 1,833 1,513 2,057 2,951 3,213 1,688 3,098 3,276
Total debt 0 293 420 410 — 841 750 750 27 17 36 0 0 0 0 0 0 0
Net debt (negative = net cash) −450 −124 147 186 −471 389 228 97 −873 −1,147 −1,796 −1,513 −2,057 −2,951 −3,213 −1,688 −3,098 −3,276
Diluted shares 103m 122m 125m 130m 148m 168m 187m 194m 205m 216m 218m 218m 222m 224m 226m 211m 201m 206m
Returned to shareholders
Buybacks — — — — — — — — — — — — — 0 0 2,005 0 —
Total returned — — — — — — — — — — — — — 0 0 2,005 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 30, 2026
What it owns · $7.3bn
Short-term assets $5.5bnLonger-term assets $1.8bn
What it owes, and who funded it · $7.3bn
Short-term liabilities $1.4bnLonger-term liabilities $207mShareholders' equity $5.6bn
  • Short-term assets cover short-term liabilities $5.5bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.5bn short-term assets against $207m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $627m against $2m of interest.

From Incyte's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$2B
Diluted share count
+2.9%
year over year
R&D spending
57.2%
of revenue
Sales & admin spending
23.9%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated INCY ARGX NBIX BIIB BMRN BNTX Median
Revenue, last 12 months $6.0bn $4.2bn $3.7bn $10.3bn $3.4bn $3.2bn $56m
Revenue growth, last 12 months 24.9% 89.9% 38.0% 2.3% 11.2% 9.0% 12.6%
Revenue growth, 3-year average 18.5% — 27.5% 1.0% 15.1% — 13.7%
Revenue growth, latest quarter 14.0% — 41.2% 10.6% 19.9% — 10.2%
Gross margin 92.7% 89.1% 98.2% 74.0% 76.1% 77.6% 82.9%
Operating margin 10.4% 25.4% 24.0% 22.9% 4.4% −49.0% −189.4%
Operating margin, 3-year average 13.3% — 23.4% 34.4% 13.3% −22.6% −363.5%
Net margin 6.7% 31.1% 19.0% 3.4% 2.1% −39.6% −169.8%
Cash from operations / revenue 12.4% 16.5% 28.8% 21.8% 25.2% 15.9% −168.0%
Free-cash-flow margin 10.8% 16.4% 28.1% 20.1% 21.7% 9.8% −162.4%
Free-cash-flow margin, 3-year average 11.7% — 23.3% 21.1% 17.8% −37.0% −310.0%
Stock pay / revenue 4.4% 6.0% 6.4% 3.0% 6.3% 3.7% 20.0%
Change in share count 2.9% 1.3% 1.9% 1.2% 1.0% 0.5% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 24.9% 12.6% 74 of 172
Change in growth rate Growth -2.0pp -0.1pp 95 of 172
Gross margin Profitability 92.7% 82.4% 15 of 75
Operating margin Profitability 10.4% -189.4% 29 of 175
Net margin Profitability 6.7% -157.3% 32 of 180
Free-cash-flow margin Cash generation 10.8% -145.4% 32 of 176
Stock pay as % of revenue Cash generation 4.4% 19.2% 29 of 179
Change in share count Balance sheet 2.9% 7.9% 54 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $4.4B 85.1% ▲ 20.3%
JAKAFI $3.1B 71.0% ▲ 10.8%
Royalty $637M 14.6% ▲ 9.9%
JAKAVI Royalty Revenues $458M 10.5% ▲ 9.3%
Milestone and Contract Revenues $150M 3.4% ▲ 248.8%
OPZELURA $678M 13.3% ▲ 33.5%
NIKTIMVO $152M 22.4% —
Olumiant Royalty $145M 21.3% ▲ 6.7%
MINJUVIMONJUVI $145M 21.3% ▲ 21.3%
ICLUSIG $134M 19.8% ▲ 17.3%
ZYNYZ $66.4M 9.8% ▲ 1983.2%
TABRECTA Royalty Revenues $26.7M 3.9% ▲ 17.4%
Other Product Royalty Revenues $7.9M 1.2% ▲ 262.9%
Pemazyre $86.7M 1.7% ▲ 6.1%
Geography
Region Revenue Share YoY
United States $4.8B 93.4% ▲ 20.8%
Europe $324M 6.3% ▲ 24.3%
Other Countries $17.6M 0.3% ▲ 182.7%

From Incyte's 10-K filed February 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23B
Institutions reporting
852
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
111 / 69

Top buyers and sellers, Q2 2026: 473 institutions bought and 339 sold ; the biggest buyer was Two Sigma Investments, LP (+1.6M shares) and the biggest seller Los Angeles Capital Management LLC (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Baker Bros. Advisors LP $3.5B 30.8M 15.2% ▲ 0.1%
Blackrock, Inc. $2B 18.0M 8.9% ▼ 5.0%
Dodge & Cox $1.4B 12.0M 5.9% ▼ 2.4%
Vanguard Capital Management LLC $1.2B 11.0M 5.4% ▲ 0.9%
State Street Corp $1.1B 9.7M 4.8% ▲ 0.8%
Vanguard Portfolio Management LLC $883M 7.8M 3.8% ▲ 0.4%
AQR Capital Management LLC $603M 5.3M 2.6% ▼ 8.4%
Geode Capital Management, LLC $537M 4.8M 2.3% ▲ 1.0%
LSV Asset Management $467M 4.1M 2.0% ▲ 5.2%
Invesco Ltd. $463M 4.1M 2.0% ▲ 5.4%
Wellington Management Group LLP $405M 3.6M 1.8% ▲ 9.5%
Renaissance Technologies LLC $398M 3.5M 1.7% ▼ 3.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Incyte's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $58.3M 47 trades by 10 insiders · 100% under pre-set plans
Net ▼ $58.3M net selling
Insider Date Trade Shares Price Value
Cagnoni Pablo J President, Global Head of R&D October 15, 2026 Sell pre-set plan 2,642 $112.71 $297,780
Cagnoni Pablo J President, Global Head of R&D September 15, 2026 Sell pre-set plan 13,985 $120.49 $1.7M
Cagnoni Pablo J President, Global Head of R&D September 15, 2026 Sell pre-set plan 9,233 $120.50 $1.1M
Cagnoni Pablo J President, Global Head of R&D August 19, 2026 Sell pre-set plan 10,801 $125.56 $1.4M
Cagnoni Pablo J President, Global Head of R&D August 12, 2026 Sell pre-set plan 10,803 $120.04 $1.3M
Mayes Patrick A EVP & Chief Scientific Officer August 5, 2026 Sell pre-set plan 2,207 $123.99 $273,646
Cagnoni Pablo J President, Global Head of R&D August 5, 2026 Sell pre-set plan 10,640 $122.69 $1.3M
Mayes Patrick A EVP & Chief Scientific Officer August 3, 2026 Sell pre-set plan 6,055 $120.43 $729,204
Mayes Patrick A EVP & Chief Scientific Officer July 31, 2026 Sell pre-set plan 2,293 $119.41 $273,807
Mayes Patrick A EVP & Chief Scientific Officer July 31, 2026 Sell pre-set plan 326 $121.69 $39,671
Mayes Patrick A EVP & Chief Scientific Officer July 31, 2026 Sell pre-set plan 85 $122.19 $10,386
Mayes Patrick A EVP & Chief Scientific Officer July 31, 2026 Sell pre-set plan 1,642 $119.38 $196,022

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Incyte disclosed in the last 12 months; 4 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded May 15, 2025, filed May 31, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Sale (full), $1,001 - $15,000, traded December 22, 2020, filed January 11, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 28, 2026
  • April 28, 2026
  • February 10, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Incyte was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Incyte in brief

What does Incyte do?
Incyte is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Incyte's stock ticker?
Incyte trades under the ticker INCY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Incyte's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Incyte reported revenue of $6B, 24.9% higher than a year earlier, according to its SEC filings.
What is Incyte's free cash flow?
Incyte's free-cash-flow margin is 10.8% of revenue over the trailing twelve months, ranking 32 of the 176 biotechnology companies we cover.
What is Incyte's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Incyte's free cash flow after stock-based pay gives ~$91 per share in the base case, and ~$72–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Incyte's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Baker Bros. Advisors LP, Blackrock, Inc. and Dodge & Cox. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Incyte's market cap?
On November 2, 2026, Incyte's market capitalisation was about $24.7B, with a price-to-earnings ratio of 61.2 and net debt of -$3.3B. Market figures come from third-party market data and may be delayed.
Who are Incyte's competitors?
In our Biotechnology peer group, the companies closest to Incyte are Argenx SE, Neurocrine Biosciences Inc, Biogen, Biomarin Pharmaceutical Inc and Biontech SE. The side-by-side comparison below sets their revenue, margins and growth against Incyte's.
Are insiders buying or selling Incyte stock?
Over the last 12 months, Incyte's directors and officers reported 0 open-market purchases and 47 sales on Form 4. The insider trading page charts every trade.
When is Incyte's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Incyte announces its own schedule.