Healthcare · Biotechnology
Price
$113.75
Market Cap
$22.7B
Employees
2,617
Beta
0.79
Avg Volume
1,611,874
CEO
William J. Meury
Business Description
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.
Business History
Price Overview
Last updated: Jun 27, 2026 11:03am (just now)$113.75
+6.22 (+5.78%)
Day Range
$109.50 – $115.56
52-Week Range
$66.83 – $115.56
50-Day MA
$99.26
200-Day MA
$97.33
Volume
3,788,192.00
Analyst Price Targets
Low
$90.00
Consensus
$108.92
High
$140.00
(56 analysts)
Share Structure
Outstanding
199,782,155.00
Float
197,569,014.00
Free Float
98.9%
High free float
— 98.9% of shares trade freely, ~1.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
15.84
Stock Price: $113.75
EPS (Diluted): 6.59
EPS (Diluted): 6.59
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
3.73
Stock Price: $113.75
Total Equity: $5.17B
Shares: 200,700,000
Total Equity: $5.17B
Shares: 200,700,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
10.31
Market Cap: $22.73B
Total Debt: $24.72M
Cash: $3.10B
EBITDA: $1.76B
Total Debt: $24.72M
Cash: $3.10B
EBITDA: $1.76B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$16.3B
Market Cap: $22.73B
Total Debt: $24.72M
Cash: $3.10B
Total Debt: $24.72M
Cash: $3.10B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
92.8%
Gross Profit: $4.77B
Revenue: $5.14B
Revenue: $5.14B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
26.1%
Operating Income: $1.34B
Revenue: $5.14B
Revenue: $5.14B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
25.0%
Net Income: $1.29B
Revenue: $5.14B
Revenue: $5.14B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
29.3%
Net Income: $1.29B
Total Equity: $5.17B
Total Equity: $5.17B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
20.1%
Operating Income: $1.34B
Tax Rate: 22.7%
Equity: $5.17B
Total Debt: $24.72M
Cash: $3.10B
Tax Rate: 22.7%
Equity: $5.17B
Total Debt: $24.72M
Cash: $3.10B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.32
Current Assets: $5.02B
Current Liabilities: $1.52B
Current Liabilities: $1.52B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $10.21M
Long-Term Debt: $14.51M
Total Debt: $24.72M
Total Equity: $5.17B
Long-Term Debt: $14.51M
Total Debt: $24.72M
Total Equity: $5.17B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$25.62
Revenue: $5.14B
Shares: 200,700,000
Shares: 200,700,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$25.75
Total Equity: $5.17B
Shares: 200,700,000
Shares: 200,700,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$6.75
Operating CF: $1.41B
CapEx: -$58.87M
Shares: 200,700,000
CapEx: -$58.87M
Shares: 200,700,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $113.75
Stock Price: $113.75
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.29B
Net Income: $1.29B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares INCY against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:13pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.0B | $3.4B | $3.7B | $4.2B | $5.1B |
| Cost of Revenue | $151.0M | $207.0M | $255.0M | $312.1M | $372.1M |
| Gross Profit | $2.8B | $3.2B | $3.4B | $3.9B | $4.8B |
| Operating Expenses | $2.2B | $2.6B | $2.8B | $3.8B | $3.4B |
| Operating Income | $585.8M | $591.6M | $655.4M | $101.3M | $1.3B |
| Net Income | $948.6M | $340.7M | $597.6M | $32.6M | $1.3B |
| EBITDA | $630.2M | $599.6M | $919.4M | $408.2M | $1.8B |
| EPS | $4.30 | $1.53 | $2.67 | $0.16 | $6.59 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:13pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.1B | $3.0B | $3.2B | $1.7B | $3.1B |
| Total Current Assets | $3.1B | $4.1B | $4.6B | $3.2B | $5.0B |
| Total Assets | $4.9B | $5.8B | $6.8B | $5.4B | $7.0B |
| 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 |
| Total Equity | $3.8B | $4.4B | $5.2B | $3.4B | $5.2B |
| Retained Earnings | -$777.9M | -$437.2M | $160.4M | -$1.1B | $213.8M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:13pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Acquisitions (net) | $181.0M | $709,000 | $47.5M | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$2.0B | -$19.1M |
| Net Change in Cash | $544.4M | $894.0M | $262.1M | -$1.5B | $1.4B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 5:25pm (17h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.2B $5.8B – $6.6B
|
$6.5B $6.5B – $6.6B
|
$4.7B $4.5B – $4.9B
|
$4.9B $4.7B – $5.1B
|
| EBITDA |
$1.3B $1.3B – $1.4B
|
$1.4B $1.4B – $1.4B
|
$1.0B $973.9M – $1.1B
|
$1.0B $1.0B – $1.1B
|
| Net Income |
$1.7B $1.6B – $2.2B
|
$1.8B $1.5B – $2.4B
|
$784.0M $751.6M – $842.8M
|
$865.3M $829.6M – $930.3M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:13pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.7% | +8.9% | +14.8% | +21.2% |
| Gross Profit Growth | +12.4% | +7.9% | +14.2% | +21.4% |
| Operating Income Growth | +1.0% | +10.8% | -84.5% | +1,225.6% |
| Net Income Growth | -64.1% | +75.4% | -94.5% | +3,845.0% |
| EBITDA Growth | -4.8% | +53.3% | -55.6% | +331.2% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-08 | BAKER BROS. ADVISORS LP | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | BAKER BROS. ADVISORS LP | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | BAKER BROS. ADVISORS LP | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | HARRIGAN EDMUND | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | HARRIGAN EDMUND | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | Clancy Paul J | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | Clancy Paul J | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | FOUSE JACQUALYN A | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | FOUSE JACQUALYN A | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | BIENAIME JEAN JACQUES | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | BIENAIME JEAN JACQUES | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | High Katherine A | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | High Katherine A | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-08 | BRAWLEY OTIS W | A-Award | 1,642.00 | $0.00 | $0 |
| 2026-06-08 | BRAWLEY OTIS W | A-Award | 6,111.00 | $100.64 | $615,011 |
| 2026-06-04 | Tray Thomas | M-Exempt | 2,639.00 | $83.83 | $221,227 |
| 2026-06-04 | Tray Thomas | S-Sale | 2,639.00 | $100.00 | $263,900 |
| 2026-06-04 | Tray Thomas | M-Exempt | 2,639.00 | $83.83 | $221,227 |
| 2026-05-26 | Tray Thomas | S-Sale | 2,051.00 | $97.35 | $199,665 |
| 2026-05-26 | BIENAIME JEAN JACQUES | M-Exempt | 15,000.00 | $84.53 | $1.3M |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for INCY — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30