Incyte (INCY)
Health Care · $25.6B market cap · SEC CIK 0000879169
fundamentals score out of 100
Next reports on Oct 26, 2026, with analysts expecting $-3.46 in earnings per share.
The case for INCY
- Revenue up 26.9% on the year.
- Earns 30% back on shareholder equity.
- 28% of revenue drops through to net profit.
- Earnings per share up 80.3%.
- Reasonably priced at 15.9× earnings.
- A PEG of 0.20: a P/E of 15.9× is low for EPS growing 80%.
The case against
- Weakest against its peers: price/sales of 4.4× is higher than 60% of Health Care companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 68 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 87 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 91 |
| Momentumhow the price has behaved lately | 88 |
| Stabilityhow violently it moves, what it owes and what it pays you | 85 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 15.9× |
|---|---|
| Price / book | 3.57× |
| Price / sales | 4.4× |
| Revenue growth (YoY) | +26.9% |
| EPS growth (YoY) | +80.3% |
| Gross margin | 93% |
| Operating margin | 31% |
| Net margin | 28% |
| Return on equity | 30% |
| Debt / equity | 0.01× |
| Current ratio | 4.59 |
| Dividend yield | none |
| Beta | 0.78 |
| 52-week range | $81.09 – $132.60 |
| Position in that range | 89% of the way up |
| 3-month return | +26.9% |
| 1-year return | +44.1% |
Five years of financials, as filed
Pulled from Incyte's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.1B | $4.2B | $3.7B | $3.4B | $3.0B |
| Operating income | $1.5B | $61.4M | $621M | $579M | $586M |
| Net income | $1.3B | $32.6M | $598M | $341M | $949M |
| Operating cash flow | $1.4B | $335M | $496M | $970M | $749M |
| Capital expenditure | — | — | — | $77.8M | $181M |
| Total assets | $7.0B | $5.4B | $6.8B | $5.8B | $4.9B |
| Total liabilities | $1.8B | $2.0B | $1.6B | $1.5B | $1.2B |
| Shareholder equity | $5.2B | $3.4B | $5.2B | $4.4B | $3.8B |
| Cash | $3.1B | $1.7B | $3.2B | $3.0B | $2.1B |
| Free cash flow | — | — | — | $892M | $568M |
| Operating margin | 29.5% | 1.4% | 16.8% | 17.1% | 19.6% |
| Net margin | 25.0% | 0.8% | 16.2% | 10.0% | 31.8% |
| Diluted shares | 201M | 211M | 226M | 224M | 222M |
Share count is down 9.6% over 4 years. Buybacks have been shrinking the pie.
What Incyte says it does
Overview Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal. We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity ("IAI"). Hematology Our hematology franchise includes four approved products, JAKAFI (ruxolitinib), ICLUSIG (ponatinib), MONJUVI (tafasitamab-cxix)/MINJUVI…
Risk factors INCY lists in its 10-K
- If we are unable to establish and maintain effective sales, marketing and distribution capabilities, or to enter into agreements with third parties to do so, we will not be able to successfully commercialize our products
- If we fail to comply with applicable laws and regulations, we could lose our approval to market our products or be subject to other governmental enforcement activity
- If we market our products in a manner that violates various laws and regulations, we may be subject to civil or criminal penalties
- Competition for our products could harm our business and result in a decrease in our revenue
- We may be unsuccessful in our efforts to discover and develop drug candidates and commercialize drug products
- Changes in government pricing policies, including the enactment of "most favored nation" pricing legislation, could adversely affect our business
- If we fail to enter into additional licensing agreements or if these arrangements are unsuccessful, our business and operations might be adversely affected
- Public health epidemics and pandemics, such as the COVID-19 pandemic, have adversely affected and could in the future adversely affect our business, results of operations, and financial condition
- Even if a drug candidate that we develop receives regulatory approval, we may decide not to commercialize it if we determine that commercialization of that product would require more money and time than we are willing to invest
- We have limited capacity to conduct preclinical testing and clinical trials, and our resulting dependence on other parties could result in delays in and additional costs for our drug development efforts
- If we fail to comply with the extensive legal and regulatory requirements affecting the healthcare industry, we could face increased costs, penalties and a loss of business
- The illegal distribution and sale by third parties of counterfeit or unfit versions of our or our collaborators’ products or stolen products could harm our business and reputation
- As most of our drug discovery and development operations are conducted at our headquarters in Wilmington, Delaware, the loss of access to this facility would negatively impact our business
- If we fail to manage our growth effectively, our ability to develop and commercialize products could suffer