Incyte Corp (INCY)

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan. The company offers JAKAFI for the treatment of myelofibrosis (MF), polycythemia vera, and steroid-refractory acute graft-versus-host disease; ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; MONJUVI/ MINJUVI for the treatment of diffuse large B-cell lymphoma and Follicular Lymphoma; NIKTIMVO for the treatment of chronic graft-versus-host disease. It also provides INCA033989 for the treatment of essential thrombocythemia and MF; INCA035784 for the treatment of anti-mutant calreticulin and myeloproliferative neoplasms (MPNs); INCB160058 for the treatment of MPNs; PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor for the treatment of unresectable biliary tract cancer, metastatic cholangiocarcinoma, and myeloid/lymphoid neoplasms; ZYNYZ to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma. The company's clinical stage products include INCB123667 for ovarian cancer; INCB161734 for solid tumors; INCA33890 for cancers; Ruxolitinib cream for atopic dermatitis, hidradenitis suppurativa (HS), and prurigo nodularis; Povorcitinib for HS, nonsegmental vitiligo, prurigo nodularis, and asthma; and INCB00928 for the treatment of fibrodysplasia ossificans progressive. It has collaboration and license agreement with Novartis, Lilly, and Syndax. The company sells its products to specialty and retail pharmacies, hospital pharmacies, and distributors. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.

Symbol
INCY
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$23.05B
52 week range
82.82 - 132.6

Valuation

Share price
$115.30 (close of 2026-10-02)
P/E (TTM)
15.82x
Price to book
4.10x
Price to free cash flow
15.20x
Enterprise value
$19.63B
Book value per share
$28.12

Price performance

PeriodChange
1 day-1.57%
5 days-6.93%
1 month-10.50%
3 months-1.33%
6 months+20.19%
Year to date+16.74%
1 year+33.63%
3 years+98.59%
5 years+69.04%
10 years+22.28%
All time+6032.98%

Members of Congress who disclosed INCY trades

Robert Bresnahan

Super investors holding INCY

Dodge & Cox (Dodge & Cox Funds) · Harry Burn (Sound Shore Management) · Ray Dalio (Bridgewater Associates) · Ken Griffin (Citadel)

Profitability and growth

Return on equity
24.90%
Return on invested capital
53.89%
Return on assets
18.49%
Return on capital employed
27.83%
Gross margin
92.76%
Net margin
25.03%
EBITDA margin
31.28%
Revenue growth
21.22%
Net income growth
3844.96%
Free cash flow growth
321.52%

Cash flow and balance sheet

Free cash flow yield (TTM)
6.58%
Current ratio
3.68x
Net debt to EBITDA
-1.83x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$5.14B
Cost of revenue
$372.13M
Gross profit
$4.77B
EBITDA
$1.61B
Net income
$1.29B
Earnings per share
$6.59
Research and development
$2.05B
Shares outstanding
195.20M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$5.14B$4.77B$1.29B$6.59
2024-12-31$4.24B$3.93B$32.62M$0.16
2023-12-31$3.70B$3.44B$597.60M$2.67
2022-12-31$3.39B$3.19B$340.66M$1.53
2021-12-31$2.99B$2.84B$948.58M$4.30
2020-12-31$2.67B$2.54B-$295.70M$-1.36
2019-12-31$2.16B$2.04B$446.91M$2.08
2018-12-31$1.88B$1.79B$109.49M$0.52
2017-12-31$1.54B$1.46B-$313.14M$-1.53
2016-12-31$1.11B$1.05B$104.22M$0.55

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3192.76%25.03%24.90%53.89%
2024-12-3192.64%0.77%0.95%1.70%
2023-12-3193.10%16.17%11.51%19.05%
2022-12-3193.90%10.04%7.80%26.78%
2021-12-3194.94%31.76%25.16%33.04%
2020-12-3195.08%-11.09%-11.32%-22.73%
2019-12-3194.71%20.70%17.20%44.19%
2018-12-3195.00%5.82%5.69%0.62%
2017-12-3194.83%-20.38%-19.20%-32.11%
2016-12-3194.74%9.43%24.85%27.43%

Cash and debt by year

Period endCashDebt
2025-12-31$3.10B-
2024-12-31$1.69B-
2023-12-31$3.21B-
2022-12-31$2.95B-
2021-12-31$2.06B-
2020-12-31$1.51B-
2019-12-31$1.83B-
2018-12-31$1.16B$19.09B
2017-12-31$899.51M$26.80M
2016-12-31$652.34M$749.80M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.41B$249.35M
2024-12-31$335.34M$266.06M
2023-12-31$496.49M$215.89M
2022-12-31$892.11M$188.42M
2021-12-31$568.48M$183.01M
2020-12-31-$311.98M$177.88M
2019-12-31$632.59M$166.59M
2018-12-31$262.74M$148.15M
2017-12-31-$204.01M$133.06M
2016-12-31$184.48M$96.20M

Investor relations

Next earnings report

Next confirmed report
2026-10-27
Consensus EPS estimate
$-3.69

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-28Jun/2026$1.76
2026-04-28Mar/2026$1.14
2026-02-10Dec/2025$1.64
2025-10-28Sep/2025$1.38
2025-07-29Jun/2025$1.14
2025-04-29Mar/2025$0.75
2025-02-10Dec/2024$1.29
2024-10-29Sep/2024$0.88

Filings and sources

Company website
incyte.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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