NASDAQ: INCY · Biotechnology
Incyte
Incyte, based in Wilmington, Delaware, is a biopharmaceutical company in hematology, oncology, and inflammation and autoimmunity. Its main drug is JAKAFI (ruxolitinib) for myelofibrosis, polycythemia vera and graft-versus-host disease, with 2025 net sales of $3,093 million (60% of revenue); JAKAFI loses exclusivity in 2028. OPZELURA cream for atopic dermatitis and vitiligo sold $679 million, and newer drugs include NIKTIMVO, MONJUVI, ICLUSIG, PEMAZYRE and ZYNYZ. It also earns royalties from Novartis (JAKAVI, $458 million) and Lilly (OLUMIANT). Total revenue rose 21% to $5,141 million in 2025 and net income was $1,287 million (diluted EPS $6.41), helped by a $242 million gain on settling a royalty dispute with Novartis. Bill Meury became CEO in June 2025. In July 2026 Incyte bought Vega Therapeutics for $1.25 billion in cash plus up to $750 million in milestones.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:50 (SEC EDGAR) · Source 10-K filed: February 10, 2026
Built on10-K FY2025 · filed 2026-02-1010-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 29.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +15.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.10x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 59.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.57
Higher than 77% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 81% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 81% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 4% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 15% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$119.89close on 2026-11-04
Market cap$23.79B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 59.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 4.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 15.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.8x
Book value at FY2025 year-end
At FY2025 year-end: 10.3x
EBITDA for FY2025
At FY2025 year-end: 6.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.37B → $1.56B (vs. a year earlier)↑ +14.0%$1.37B → $1.56B (vs. a year earlier)
- Operating margin32.5% → -45.5% (vs. a year earlier)↓ −78.0 pts32.5% → -45.5% (vs. a year earlier)
- Net income$424M → −$785M (vs. a year earlier)↓ −$785M$424M → −$785M (vs. a year earlier)
- Diluted EPS$2.11 → $-3.86 (vs. a year earlier)↓ $-3.86$2.11 → $-3.86 (vs. a year earlier)
- Cash$3.98B → $3.28B (vs. previous quarter-end)↓ −17.7%$3.98B → $3.28B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook ↑ Raised
Raised 2026 Opzelura net sales guidance to $1,100–$1,120 million. Source sentence
Incyte is raising its full year 2026 net sales guidance for Opzelura to $1,100 - $1,120 million, Hematology and Oncology to $890 - $910 million and total net sales to $5,210 - $5,300 million to reflect continued strong performance across the portfolio.
Key changes
Q3 net sales $1.32B, up 14%. Source sentence
Total net sales: Total net sales were $1.32 billion, an increase of 14% compared to the third quarter of 2025, driven by increased demand across marketed products.
Jakafi net sales $827M, up 4%. Source sentence
◦ Jakafi ® /Jakafi XR ™ (ruxolitinib) net sales of $827 million, an increase of 4% compared to the same period in 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- INCYTE CORP
- Headquarters
- WILMINGTON, DE
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: INCY
- Industry
- Biotechnology
- CIK
- 879169
- Website
- https://www.incyte.com/ ↗
Workforce (as of FY2025 year-end)
Employees
2,844
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 41–44 days after quarter end (Feb 10, 2026; Feb 10, 2025; Feb 13, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–44 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 10, 2026 (+41 days) | Feb 10, 2026 10-K (+41 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 29, 2025 (+29 days) | Jul 29, 2025 10-Q (+29 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 10, 2025 (+41 days) | Feb 10, 2025 10-K (+41 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 29, 2024 10-Q (+29 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 13, 2024 (+44 days) | Feb 13, 2024 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Hematology
JAKAFI (ruxolitinib)
JAK inhibitor for myelofibrosis, polycythemia vera and graft-versus-host disease; $3,093M of 2025 net sales.
Inflammation & Autoimmunity
OPZELURA (ruxolitinib cream)
Topical treatment for atopic dermatitis and vitiligo; $679M of 2025 net sales, including $130M outside the U.S.
Hematology
NIKTIMVO (axatilimab)
Chronic graft-versus-host disease; co-commercialized in the U.S. with Syndax (50% profit share).
Oncology
MONJUVI/MINJUVI, PEMAZYRE, ZYNYZ, ICLUSIG
Diffuse large B-cell lymphoma (tafasitamab), cholangiocarcinoma (pemigatinib), Merkel cell carcinoma (retifanlimab) and CML (ponatinib, ex-U.S.).
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $5,141M (+21%); net income $1,287M; diluted EPS $6.41.
Source: Form 10-K (FY2025)
Q3 2026
Total revenue $1.56B and net sales $1.32B (both +14%); Jakafi $827M (+4%), Opzelura $255M (+36%). GAAP net loss of $784.8M after the Vega acquisition. Incyte raised 2026 guidance for Opzelura, Hematology and Oncology, and total net sales.
Source: Q3 2026 earnings release
Vega Therapeutics
Acquired July 6, 2026 for $1.25B in cash plus up to $750M in sales milestones; latarcibart for von Willebrand disease.
Source: Form 10-Q (quarter ended 2026-06-30)
CMS agreements
Resolved Opzelura Medicaid rebate litigation with CMS (June 2026); agreed Jakafi Medicaid pricing aligned with other nations (August 2026).
Source: Form 8-K (2026-08-31) — Item 8.01 pricing agreement with CMS
Capex ÷ D&A (FY2025)
0.63x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$59M ÷ $93M = 0.63x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
39.9%
formularesearch & development expense ÷ revenue × 100
e.g.$2,050M ÷ $5,141M × 100 = 39.9%
Where the money goes, over time
Unit: $M. Capex went from $187M in FY2020 to $59M in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$5.14B
As reported in the 10-K
Revenue CAGR (5 years)
+14.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($5,141M ÷ $2,667M) ^ (1÷5) − 1 = 14.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
29.5%▲favorable
+39.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,515M ÷ $5,141M × 100 = 29.5%
ROE (FY2025)
29.9%▲favorable
6-year average: 11.7%
As reported in the 10-K
P/B (FY2025 end)
3.79x
formulafiscal year-end closing price ÷ book value per share
e.g.$98.77 ÷ $26.04 = 3.79x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
10.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($19,602M + $0M − $3,098M) ÷ ($1,515M + $93M) = 10.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +14.0% a year over 5 years (strong growth)
From $2.67B in FY2020 to $5.14B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -9.9% → 29.5%
How much operating profit is left per $100 of revenue. It moved +39.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 74.3% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.7% over 6 years (latest: 29.9%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Syndax Pharmaceuticals
- Novartis
- Vega Therapeutics (Star Therapeutics)
07 · what it does
Key activities
- Hematology: JAKAFI, NIKTIMVO (with Syndax), ICLUSIG
- Oncology: MONJUVI/MINJUVI, PEMAZYRE, ZYNYZ
- Inflammation & autoimmunity: OPZELURA
06 · what it draws on
Key resources
- 2,844 employees
- Research in Wilmington; European HQ in Morges, Switzerland; offices in Japan and Canada
- In-licensed and acquired drug candidates
02 · why customers buy
Value propositions
- Its own medicines (e.g. Jakafi) and Incyte-discovered drugs sold by partners.
04 · how it keeps them
Customer relationships
- Royalty partnerships with Novartis and others.
03 · how it reaches them
Channels
- Specialty pharmacies, specialty distributors and wholesalers in the U.S.
01 · who it serves
Customer segments
- Specialty distributors and pharmacies in the U.S.
- Partners Novartis and Lilly (royalties)
09 · where money goes
Cost structure
FY2025, share of revenue ($5.14B)
- Cost of revenue7.2%
- Research & development39.9%
- Selling, general & administrative26.8%
Operating profit left: 29.5% of revenue. Depreciation & amortization (inside the costs above): $93M. Capital spending: $59M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Product revenues $4,354M (JAKAFI $3,093M, OPZELURA $679M)
- Royalties $637M
- Milestones and contracts $150M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Discovers, develops and sells its own medicines, mainly in the U.S., and earns royalties from partners selling Incyte-discovered drugs outside the U.S. or in other indications.
01 what it draws on
Inputs & resources
- 2,844 employees
- Research in Wilmington; European HQ in Morges, Switzerland; offices in Japan and Canada
- In-licensed and acquired drug candidates
02 what it does
Activities
- Hematology: JAKAFI, NIKTIMVO (with Syndax), ICLUSIG
- Oncology: MONJUVI/MINJUVI, PEMAZYRE, ZYNYZ
- Inflammation & autoimmunity: OPZELURA
03 who it serves
Customers
- Specialty distributors and pharmacies in the U.S.
- Partners Novartis and Lilly (royalties)
04 how money comes in
How it earns
- Product revenues $4,354M (JAKAFI $3,093M, OPZELURA $679M)
- Royalties $637M
- Milestones and contracts $150M (2025)
How the business makes money
- JAKAFI faces loss of exclusivity in 2028.
- Settled the JAKAFI royalty dispute with Novartis in 2025: paid $280M and halved the future U.S. royalty rate.
- $2.0B share repurchase authorization (May 2024).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Incyte’s main non-market factor is FDA regulation of its products and promotion.
Approvals & licenses
FDA approval and compliance
Products need FDA approval, and noncompliance can bring warning letters, recalls or loss of approval.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
JAKAFI
3,092.5 (60%)OPZELURA
678.5 (13%)Other products
583.3 (11%)Royalties
636.9 (12%)Milestones and contracts
150 (3%)
Source: Form 10-K (FY2025) Single reportable segment; revenue by source. Other products = NIKTIMVO $151.6M, MONJUVI/MINJUVI $144.6M, ICLUSIG $134.1M, PEMAZYRE $86.7M, ZYNYZ $66.3M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Syndax Pharmaceuticals
Co-develops axatilimab (NIKTIMVO); Incyte books all revenue and Syndax receives 50% of U.S. profit.
Source: Form 10-K (FY2025)
Licensing agreement
Novartis
Novartis sells ruxolitinib as JAKAVI outside the U.S. and pays royalties.
Source: Form 10-K (FY2025)
Pending or recent acquisition
Vega Therapeutics (Star Therapeutics)
Acquired July 6, 2026 for $1.25B plus up to $750M milestones.
Source: Form 8-K (2026-07-06) — Item 8.01 Vega Therapeutics acquisition completed
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Specialty distributors and pharmacies; partners pay royalties.
Named by the company
- Novartis — Pays royalties on JAKAVI ($457.7M in 2025) and TABRECTA; settled a JAKAFI royalty dispute in 2025.Form 10-K (FY2025)
- Eli Lilly (OLUMIANT) — OLUMIANT royalty revenues $144.6M in 2025.Form 10-K (FY2025)
Suppliers
Contract manufacturers.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Incyte faces intense competition from pharmaceutical and biotech companies, academic institutions and government agencies; many have greater resources. Its 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
2026 compensation peer group (14 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Research-focused biotech and life science companies of similar size; Alkermes, Ionis and Sarepta removed and Genmab, Illumina, Natera and PTC added.
- Biogensite ↗
- BeOne Medicinessite ↗
- Illuminasite ↗
- Jazz Pharmaceuticalssite ↗
- argenxsite ↗
- Genmabsite ↗
- Alnylam Pharmaceuticalssite ↗
- BioMarin Pharmaceuticalsite ↗
- United Therapeuticssite ↗
- Neurocrine Biosciencessite ↗
- Exelixissite ↗
- Naterasite ↗
- Modernasite ↗
- PTCsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,667 | 2,986 | 3,395 | 3,696 | 4,241 | 5,141 |
| Operating income | -264 | 586 | 579 | 621 | 61 | 1,515 |
| Pretax income | -232 | 570 | 529 | 834 | 317 | 1,664 |
| Net income (attributable) | -296 | 949 | 341 | 598 | 33 | 1,287 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 12.0% | 13.7% | 8.9% | 14.8% | 21.2% |
| Operating margincalcoperating income ÷ revenue × 100 | -9.9% | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| Balance sheet ($M) | ||||||
| Total assets | 3,561 | 4,933 | 5,841 | 6,782 | 5,444 | 6,958 |
| Total equity | 2,611 | 3,770 | 4,370 | 5,190 | 3,448 | 5,167 |
| Equity ratio | 73.3% | 76.4% | 74.8% | 76.5% | 63.3% | 74.3% |
| ROE | -11.3% | 29.7% | 8.4% | 12.5% | 0.8% | 29.9% |
| Cash flow ($M) | ||||||
| Operating CF | -125 | 749 | 970 | 496 | 335 | 1,413 |
| Investing CF | -269 | -208 | -79 | -208 | 158 | -103 |
| Financing CF | 72 | 6 | -1 | -20 | -2,022 | 101 |
| Free cash flowcalccash flow from operations − capital expenditures | -312 | 568 | 892 | 464 | 249 | 1,355 |
| Cash and equivalents | 1,513 | 2,057 | 2,951 | 3,213 | 1,688 | 3,098 |
| Per share & other | ||||||
| EPS ($) | -1.36 | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 |
| BVPS ($) | 11.90 | 17.05 | 19.62 | 23.14 | 17.82 | 26.04 |
| P/E (x) | — | 17.2 | 52.8 | 23.7 | 460.5 | 15.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 22.0 | 23.1 | 15.5 | 77.5 | 10.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 7.31 | 4.30 | 4.09 | 2.71 | 3.88 | 3.79 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.56B+14.0% | −$708M-259.7% | −$785M-285.0% | $-3.86 |
| 2026-06-30 | $1.67B+37.7% | $698M+31.6% | $586M+44.6% | $2.81 |
| 2026-03-31 | $1.27B+20.9% | $301M+46.8% | $303M+91.7% | $1.47 |
| 2025-12-31 † | $1.51B+27.8% | $336M+11.4% | $299M+48.7% | — |
| 2025-09-30 | $1.37B | $444M | $424M | $2.11 |
| 2025-06-30 | $1.22B | $530M | $405M | $2.04 |
| 2025-03-31 | $1.05B | $205M | $158M | $0.80 |
| 2024-12-31 † | $1.18B | $302M | $201M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
23.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,515M × (1 − 32%) ÷ $4,308M × 100 = 23.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.03%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $19.6B ÷ ($19.6B + $0) = 100.0%
e.g.Debt weight: $0 ÷ ($19.6B + $0) = 0.0%
e.g.WACC: 8.0% × 100.0% + 5.0% × (1 − 32%) × 0.0% = 8.03%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.6%–9.9% and ROIC − WACC runs +14.0 to +17.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.03% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.56 (price-derived adjusted beta, but correlation with the market is low (R² 0.02), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.03%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 32% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 100% : 0%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.03%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.56 (price-derived adjusted beta. Raw β 0.35, R² 0.02, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.350 + 0.33 = 0.565
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.56 × 5.5% = 8.0%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.0% − 6.5%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+14.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.35B (operating CF − capex); enterprise value $20.7B = market cap $23.79B (latest close, 2026-11-04) + debt $0 − cash and short-term investments $3.1B; r = WACC of 8.0% using this page’s default assumptions (β 0.56, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$20.84B
FCF $1.35B ÷ (8.0% − 1.5%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% |
|---|---|---|---|---|---|
| 0% | 1.09x | 0.94x | 0.82x | 0.73x | 0.65x |
| 2% | 1.64x | 1.31x | 1.09x | 0.94x | 0.82x |
| 4% | 3.27x | 2.18x | 1.64x | 1.31x | 1.09x |
| 6% | — | 6.55x | 3.27x | 2.18x | 1.64x |
| 8% | — | — | — | 6.55x | 3.27x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 3.17x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 91%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-10
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,413M ÷ $1,287M = 1.10x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,515M ÷ $1,664M × 100 = 91%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($59M + $101M) ÷ 2 ÷ $372M × 365 = 78 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100.0%
- Directors & officers (shares)
- 16.2%
- Everyone else (est.)
- 0.0%
- Directors & officers (voting power)
- 16.2%
- Institutional-ownership rank
- 62 of 416
- Beta (adjusted)
- 0.57
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 15% of covered companies have more
above 1 = swings more than the market
- 202.7M shares reported by 858 13F filers ÷ 202.7M shares outstanding on 2026-07-21. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-28 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-21)
19
Strengths & weaknessesSite analysis
Strengths
1. Fast growth
Revenue grew from $2,667M (2020) to $5,141M (2025); Q3 2026 revenue was $1.56B (+14%), with Opzelura +36% and Hematology and Oncology +38%.
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
2. No borrowings
No outstanding borrowings under its credit facility at end-2025; cash rose to $3.1B.
Evidence: Form 10-K (FY2025)
3. Broadening portfolio
OPZELURA, NIKTIMVO and ZYNYZ added $896M of 2025 sales.
Evidence: Form 10-K (FY2025)
Weaknesses
1. JAKAFI dependence
JAKAFI was 60% of 2025 revenue and loses exclusivity in 2028.
Evidence: Form 10-K (FY2025)
2. Volatile earnings
Net income swung from −$296M (2020) to $33M (2024) and $1,287M (2025) on deal and settlement items.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
15.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.9%
(Operating CF − capex) ÷ market cap
1. Strong cash generation
Operating cash flow $1,413M in 2025; no outstanding borrowings.
- What has to hold
- JAKAFI sales stay strong until 2028.
- The other side
- Cliff after 2028.
Evidence: Form 10-K (FY2025)
2. New growth drivers
OPZELURA and newer launches growing quickly.
- What has to hold
- Launches succeed.
- The other side
- Pipeline setbacks (ZYNYZ CRL).
Evidence: Form 8-K (2026-03-06) — Item 8.01 FDA complete response letter for Zynyz in NSCLC
No interest-bearing debt is reported (no borrowings outstanding under the credit facility at end-2025). 2025 earnings include a $242.2M gain from the Novartis royalty settlement.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$3.1B vs. —
Interest coverage (operating income ÷ interest expense)
623.9x
$1.51B vs. $2M
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -90.1% in FY2024 ($621M → $61M) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable most years
Net income was positive every year 2021–2025 after a 2020 loss.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Incyte settled its JAKAFI royalty dispute with Novartis in 2025 and its Opzelura Medicaid rebate suit against CMS in 2026; it reports no other material proceedings.
1 open matter (1 flagged as major) · 3 settled or closed
Jakafi generic patent litigation
PendingPatent / IPMajorIncyte v. generic makers including MSN, Hetero and Apotex (D.N.J.)
Generic makers filed ANDAs (and an Apotex 505(b)(2) NDA) with paragraph IV challenges to Jakafi patents expiring (with pediatric extension) in June and December 2028, and Incyte sued for infringement. It has settled confidentially with Hikma, Granules, Dr. Reddy's, Eugia, Alkem and Sun; the other cases remain pending.
Source: Form 10-Q (quarter ended 2026-09-30) — Business / Legal Proceedings
JAKAFI royalty dispute with Novartis
SettledContract disputeIncyte v. Novartis
Incyte paid Novartis $280.0M for disputed royalties on U.S. JAKAFI sales through 2024 and agreed to halve the future U.S. royalty rate; the $242.2M difference from accruals was booked as a gain in 2025.
- Amounts
- $280.0M paid
Source: Form 10-K (FY2025)
Opzelura Medicaid line-extension suit
ResolvedRegulatory proceedingIncyte v. CMS
Incyte sued CMS over a rule treating OPZELURA as a line extension of JAKAFI for Medicaid rebates; in June 2026 CMS agreed not to apply the rule to Opzelura.
Source: Form 8-K (2026-06-22) — Item 8.01 Opzelura Medicaid litigation resolved with CMS
Leqselvi patent case with Sun Pharma
SettledPatent / IPIncyte v. Sun Pharmaceutical
A settlement and license agreement with Sun resolved patent infringement litigation over Leqselvi (deuruxolitinib).
Source: Form 10-K (FY2025)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
JAKAFI loss of exclusivity
- Company disclosure (summarized from the 10-K)
- New products must offset revenue lost when JAKAFI loses exclusivity in 2028 and competitors launch.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Drug pricing and Medicaid
- Company disclosure (summarized from the 10-K)
- CMS pricing rules; Incyte agreed Medicaid pricing for Jakafi aligned with other developed nations (August 2026).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Pipeline risk
- Company disclosure (summarized from the 10-K)
- FDA issued a complete response letter for ZYNYZ in lung cancer (February 2026).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Acquisitions
- Company disclosure (summarized from the 10-K)
- Vega ($1.25B) and other deals must deliver approved products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
Changes in government pricing policies, including the enactment of “most favored nation” pricing legislation, could adversely affect our business.
Our revenue, results of operations, and cash flows could be materially and adversely affected by changes in government pricing policies, including recently proposed or enacted “most favored nation” (MFN) pricing legislation or executive actions. For example, an executive order issued on May 12, 2025, directed the Department of Health and Human Services to establish MFN price targets, and, if progress toward these targets is insufficient, to pursue rulemaking that could require sale of certain products in the U.S. at prices no higher than those in comparable developed nations. The extent, timing, and ultimate effect of this policy are uncertain, and we cannot predict the potential impact on our pricing, reimbursement, or profitability.
No longer in the text (1)
In July 2024, the FDA approved a deuterated ruxolitinib product owned by Sun Pharmaceutical Industries Ltd. Read more
and Sun Pharmaceutical Industries, Inc., collectively referred to as Sun, for the treatment of severe alopecia areata to be commercialized as “Leqselvi (deuruxolitinib)”. Prior to the regulatory approval of Leqselvi, we sued Sun for infringement of our patent covering deuterated ruxolitinib analogs in the U.S. District Court for the District of New Jersey and sought a preliminary injunction to bar Sun’s launch of Leqselvi during the pendency of the litigation. On November 1, 2024, the court entered an order granting our preliminary injunction request. Sun has appealed the court’s preliminary injunction order to the U.S. Court of Appeals for the Federal Circuit. Both our underlying infringement action and Sun’s appeal of the court’s preliminary injunction order remain pending.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 10, 2026 ↗ with the 10-K filed Feb 10, 2025 ↗.
25
What to watch going forwardSite analysis
- Growth of OPZELURA and new launches before the 2028 JAKAFI exclusivity loss.
- JAKAFI XR and pipeline readouts, including latarcibart (Vega).
- Impact of CMS pricing agreements.
- Use of the $2.0B buyback authorization.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2025)
- Form 10-Q (quarter ended 2026-09-30)
- Proxy statement (2026)
- Form 8-K (2026-03-06) — Item 8.01 FDA complete response letter for Zynyz in NSCLC
- Form 8-K (2026-06-22) — Item 8.01 Opzelura Medicaid litigation resolved with CMS
- Form 8-K (2026-07-06) — Item 8.01 Vega Therapeutics acquisition completed
- Form 8-K (2026-08-31) — Item 8.01 pricing agreement with CMS
- Form 8-K (2026-10-29) — Q3 2026 earnings release
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 09:50 (SEC EDGAR) · Source 10-K filed: February 10, 2026
Built on10-K FY2025 · filed 2026-02-10Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Incyte’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.