Tearsheet

Incyte (INCY)

Market Price (12/18/2025): $97.63 | Market Cap: $19.1 Bil
Sector: Health Care | Industry: Biotechnology

Incyte (INCY)

Market Price (12/18/2025): $97.63
Market Cap: $19.1 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 7.1%	Weak multi-year price returns 3Y Excs Rtn is -50%	Key risks INCY key risks include [1] significant revenue concentration on its lead drug Jakafi ahead of its 2028 patent expiration and [2] a challenging history of setbacks and failures in its clinical development pipeline.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
4	Low stock price volatility Vol 12M is 34%
5	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0%, FCF Yield is 7.1%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
4	Low stock price volatility Vol 12M is 34%
5	Megatrend and thematic drivers Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
6	Weak multi-year price returns 3Y Excs Rtn is -50%
7	Key risks INCY key risks include [1] significant revenue concentration on its lead drug Jakafi ahead of its 2028 patent expiration and [2] a challenging history of setbacks and failures in its clinical development pipeline.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$97.63	$69.07	$62.79	$80.32	$73.40
Market Cap CYE ($ Bil)	19.1	13.3	14.1	17.9	16.2
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	2.9	2.2	3.7	3.2	2.3
Enterprise Value ($ Bil)	16.2	13.3	14.1	17.9	16.2
Valuation Ratios
P/S TTM	3.45	3.37	3.80	5.25	5.42
P/EBIT TTM	10.43	44.86	16.78	33.53	28.27
P/FCF TTM	14.16	60.83	31.27	19.99	28.46
P/E TTM	13.96	438.60	23.50	52.34	17.06
Sector Ratios
P/S TTM (Sector)	4.05	3.50	3.89	4.47	7.09
P/EBIT TTM (Sector)	-1.61	-1.38	-1.65	-1.32	-2.79
P/FCF TTM (Sector)	-1.70	-1.40	-1.37	-1.47	-3.23
P/E TTM (Sector)	-1.79	-1.53	-1.49	-1.29	-2.77

	12/18/25	2024	2023
Share Price CYE	$97.63	$69.07	$62.79
Market Cap CYE ($ Bil)	19.1	13.3	14.1
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	2.9	2.2	3.7
Enterprise Value ($ Bil)	16.2	13.3	14.1
Valuation Ratios
P/S TTM	3.45	3.37	3.80
P/EBIT TTM	10.43	44.86	16.78
P/FCF TTM	14.16	60.83	31.27
P/E TTM	13.96	438.60	23.50
Sector Ratios
P/S TTM (Sector)	4.05	3.50	3.89
P/EBIT TTM (Sector)	-1.61	-1.38	-1.65
P/FCF TTM (Sector)	-1.70	-1.40	-1.37
P/E TTM (Sector)	-1.79	-1.53	-1.49

	INCY	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	4.8
Rev Chg Q	20.0%	7.3%
Rev Chg LTM	18.1%	6.0%
Rev Chg 3Y Avg	13.1%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	1.3
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	1.2
Op Mgn LTM	26.1%	18.8%
CFO/Rev LTM	26.0%	20.4%
Net Inc Mgn	24.7%	13.1%
VALUATION	LOW
P/S	3.4	3.2
P/CFO	13.3	16.0
P/FCF	14.2	20.7
P/E	14.0	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.46	0.07

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Metric	Value	Date	Source
Net product revenues- Jakafi	$791.07 million	9302025	Link
Net product revenues- Opzelura	$187.97 million	9302025	Link
Net product revenues- Minjuvi/ Monjuvi	$41.99 million	9302025	Link
Net product revenues- Iclusig	$37.58 million	9302025	Link
Net product revenues - Niktimvo	$45.83 million	9302025	Link
Net product revenues- Zynyz	$22.67 million	9302025	Link
Net product revenues- Pemazyre	$22.74 million	9302025	Link
Royalty revenues- Olumiant	$37.11 million	9302025	Link
Royalty revenues- Jakavi	$114.19 million	12312024	Link
Royalty revenues- Tabrecta	$6.63 million	6302025	Link

Upcoming
2/09/2026	Earnings Release	Rev: - EPS: -

INCY Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why Incyte (INCY) stock moved by 15.4% in the approximate time period from August 31, 2025, to December 18, 2025:

1. Strong Third Quarter 2025 Earnings Exceeding Expectations and Raised Guidance: Incyte reported robust financial results for the third quarter of 2025, with total revenues reaching $1.37 billion, a 20.1% increase year-over-year, and comfortably surpassing analyst estimates of $1.26 billion. The company's non-GAAP diluted earnings per share (EPS) of $2.26 significantly exceeded the consensus estimate of $1.66 by 36.14%. Following this strong performance, Incyte also raised its full-year 2025 net product revenue guidance to a range of $4.23 billion to $4.32 billion, signaling confidence in continued growth.

2. FDA Approval of Opzelura for Pediatric Atopic Dermatitis: On September 18, 2025, the U.S. Food and Drug Administration (FDA) approved Opzelura® (ruxolitinib) cream 1.5% for the short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis in non-immunocompromised children two years of age and older. This approval expands the eligible patient population for a key product, contributing to anticipated revenue growth.

3. Breakthrough Therapy Designation for INCA033989: Incyte announced on December 7, 2025, that the FDA granted Breakthrough Therapy designation to INCA033989, its investigational mutCALR-targeted monoclonal antibody, for the treatment of essential thrombocythemia (ET) in patients with a Type 1 CALR mutation who are resistant or intolerant to at least one cytoreductive therapy. This designation is expected to accelerate the development and review process for this promising new therapy.

4. European Commission Approval of Minjuvi for Follicular Lymphoma: On December 17, 2025, the European Commission (EC) approved Minjuvi® (tafasitamab) in combination with lenalidomide and rituximab for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL) after at least one line of systemic therapy. This marks the second indication for Minjuvi in Europe and provides a new chemotherapy-free treatment option for patients.

5. Strong Performance of Key Products Driving Revenue Growth: Beyond the overall strong quarterly results, individual key products demonstrated significant growth. In Q3 2025, Opzelura's net product revenue surged by 35% year-over-year to $188 million, while Niktimvo™, a recently launched product, contributed $46 million in net product revenue in its third full quarter on the market. These strong product performances underpin the company's financial health and future growth prospects.

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Stock Movement Drivers

Fundamental Drivers

The 15.1% change in INCY stock from 9/17/2025 to 12/17/2025 was primarily driven by a 30.0% change in the company's Net Income Margin (%).

	9172025	12172025	Change
Stock Price ($)	84.80	97.63	15.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4585.00	4813.10	4.98%
Net Income Margin (%)	18.99%	24.69%	30.01%
P/E Multiple	18.89	16.07	-14.92%
Shares Outstanding (Mil)	194.00	195.67	-0.86%
Cumulative Contribution			15.12%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
INCY	15.1%
Market (SPY)	1.9%	22.5%
Sector (XLV)	12.1%	41.5%

Fundamental Drivers

The 43.0% change in INCY stock from 6/18/2025 to 12/17/2025 was primarily driven by a 5023.8% change in the company's Net Income Margin (%).

	6182025	12172025	Change
Stock Price ($)	68.27	97.63	43.01%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4413.23	4813.10	9.06%
Net Income Margin (%)	0.48%	24.69%	5023.81%
P/E Multiple	621.75	16.07	-97.42%
Shares Outstanding (Mil)	193.71	195.67	-1.01%
Cumulative Contribution			42.99%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
INCY	43.0%
Market (SPY)	12.7%	15.9%
Sector (XLV)	16.0%	40.4%

Fundamental Drivers

The 40.7% change in INCY stock from 12/17/2024 to 12/17/2025 was primarily driven by a 2998.7% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	69.40	97.63	40.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4075.86	4813.10	18.09%
Net Income Margin (%)	0.80%	24.69%	2998.71%
P/E Multiple	411.56	16.07	-96.09%
Shares Outstanding (Mil)	192.63	195.67	-1.58%
Cumulative Contribution			40.64%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
INCY	40.7%
Market (SPY)	12.1%	32.5%
Sector (XLV)	11.9%	42.6%

Fundamental Drivers

The 19.0% change in INCY stock from 12/18/2022 to 12/17/2025 was primarily driven by a 44.5% change in the company's Total Revenues ($ Mil).

	12182022	12172025	Change
Stock Price ($)	82.03	97.63	19.02%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3330.79	4813.10	44.50%
Net Income Margin (%)	26.30%	24.69%	-6.11%
P/E Multiple	20.83	16.07	-22.83%
Shares Outstanding (Mil)	222.41	195.67	12.02%
Cumulative Contribution			17.30%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
INCY	61.1%
Market (SPY)	44.9%	26.4%
Sector (XLV)	17.8%	38.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
INCY Return	-0%	-16%	9%	-22%	10%	40%	11%
Peers Return	4%	26%	13%	-7%	1%	14%	60%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
INCY Win Rate	42%	50%	67%	58%	58%	75%
Peers Win Rate	45%	55%	52%	40%	53%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
INCY Max Drawdown	-28%	-27%	-10%	-35%	-18%	-20%
Peers Max Drawdown	-19%	-7%	-13%	-22%	-16%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BMY, GILD, AMGN, REGN, PFE. See INCY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	INCY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-48.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	92.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	735 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-27.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	38.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	16 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-61.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	161.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	505.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	365 days	1,480 days

Compare to ILMN, MRNA, ACSB, AIXC, ALPS

In The Past

Incyte's stock fell -48.1% during the 2022 Inflation Shock from a high on 1/25/2021. A -48.1% loss requires a 92.7% gain to breakeven.

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About Incyte (INCY)

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia. Its clinical stage products include ruxolitinib, a steroid-refractory chronic graft-versus-host-diseases (GVHD); itacitinib, which is in Phase II/III clinical trial to treat naïve chronic GVHD; and pemigatinib for treating bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and tumor agnostic. In addition, the company engages in developing Parsaclisib, which is in Phase II clinical trial for follicular lymphoma, marginal zone lymphoma, and mantel cell lymphoma. Additionally, it develops Retifanlimab that is in Phase II clinical trials for MSI-high endometrial cancer, merkel cell carcinoma, and anal cancer, as well as in Phase II clinical trials for patients with non-small cell lung cancer. It has collaboration agreements with Novartis International Pharmaceutical Ltd.; Eli Lilly and Company; Agenus Inc.; Calithera Biosciences, Inc; MacroGenics, Inc.; Merus N.V.; Syros Pharmaceuticals, Inc.; Innovent Biologics, Inc.; Zai Lab Limited; Cellenkos, Inc.; and Nimble Therapeutics, as well as clinical collaborations with MorphoSys AG and Xencor, Inc. to investigate the combination of tafasitamab, plamotamab, and lenalidomide in patients with relapsed or refractory diffuse large B-cell lymphoma, and relapsed or refractory follicular lymphoma. The company was incorporated in 1991 and is headquartered in Wilmington, Delaware.

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Gilead Sciences for innovative cancer and inflammatory disease treatments.
Regeneron Pharmaceuticals for oncology and autoimmune conditions.

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Jakafi (ruxolitinib): A prescription medicine used to treat myelofibrosis, polycythemia vera, and steroid-refractory acute graft-versus-host disease.
Opzelura (ruxolitinib cream): A topical cream used to treat atopic dermatitis and nonsegmental vitiligo.
Monjuvi (tafasitamab-cxix): A prescription medicine for adults with relapsed or refractory diffuse large B-cell lymphoma.
Pemazyre (pemigatinib): A prescription medicine used to treat certain types of cholangiocarcinoma and myeloid/lymphoid neoplasms.

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Incyte (INCY) primarily sells its pharmaceutical products to other companies, specifically major drug wholesalers and distributors.

The major customer companies for Incyte and their respective symbols are:

Cardinal Health, Inc. (CAH)
McKesson Corporation (MCK)
Cencora, Inc. (COR) (formerly AmerisourceBergen Corporation)

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Bill Meury, President and Chief Executive Officer

Bill Meury joined Incyte in 2025 as President, Chief Executive Officer, and a member of the Company's Board of Directors. He has over three decades of industry experience, including expertise in organizational strategy, pipeline and commercial execution, and capital allocation. Prior to joining Incyte, Mr. Meury was CEO of Anthos, which was acquired by Novartis for $925 million in 2025. Before Anthos, he served as President and CEO of Karuna Therapeutics, leading its transition into a fully integrated R&D and commercial organization, before its $14 billion merger with Bristol Myers Squibb in 2024. Earlier in his career, Mr. Meury served as a Partner at Hildred Capital Management, a private equity firm. He spent more than two decades at Allergan, where he was Chief Commercial Officer, managing a global business with fifty products and $16 billion in revenue. He also served as Allergan's President, Branded Pharma, and Executive Vice President, Commercial, North American Brands, and as Executive Vice President Commercial Operations at Forest Laboratories prior to its acquisition by Allergan. He has been involved with over 20 U.S. FDA approvals and new product launches, as well as 25 different business development and licensing (BD&L) transactions.

Christiana Stamoulis, Former Executive Vice President and Chief Financial Officer

Christiana Stamoulis joined Incyte as Executive Vice President and Chief Financial Officer in February 2019. She stepped down from her role at Incyte on September 16, 2025, to pursue another opportunity, becoming President and Chief Financial Officer of Mallinckrodt, effective September 22, 2025. Prior to Incyte, Ms. Stamoulis was President and Chief Financial Officer of Unum Therapeutics. Before Unum, she served as Senior Vice President of Corporate Strategy and Business Development at Vertex Pharmaceuticals. Ms. Stamoulis spent nearly 15 years in the investment banking and management consulting industries, including as a Managing Director at Citigroup's Investment Banking division and a senior investment banker in the Healthcare Investment Banking Group at Goldman Sachs. She began her career as a strategy consultant at The Boston Consulting Group. Ms. Stamoulis currently serves on the Board of Directors of Hologic Inc.

Pablo J. Cagnoni, M.D., President, Head of Research & Development

Pablo J. Cagnoni, M.D., joined Incyte in 2023 as President, Head of Research & Development. In this role, he oversees Incyte's research and development efforts across its portfolio in Oncology, Hematology, Inflammation and Autoimmunity, including Dermatology. Prior to joining Incyte, Dr. Cagnoni served as the Chief Executive Officer of Laronde, a company focused on developing endless RNA (eRNA), and held the CEO position at Rubius Therapeutics. He also held leadership roles at Tizona Therapeutics, Onyx Pharmaceuticals, and Novartis Oncology. Throughout his career, Dr. Cagnoni has been instrumental in advancing the development of breakthrough treatments and has played a key role in the development, approval, and commercialization of more than 20 life-changing medicines.

Steven H. Stein, M.D., Executive Vice President and Chief Medical Officer

Steven H. Stein, M.D., joined Incyte in 2015 and currently serves as the Company's Executive Vice President and Chief Medical Officer. In this role, he oversees various verticals including clinical development, clinical operations, pharmacovigilance, statistics and data management, and regulatory affairs. Before joining Incyte, Dr. Stein worked at Novartis Pharmaceuticals Corporation, most recently as Senior Vice President, U.S. Clinical Development & Medical Affairs for Novartis Oncology.

Maria E. Pasquale, Executive Vice President and General Counsel

Maria E. Pasquale serves as Incyte's Executive Vice President and General Counsel. She has been with Incyte for over 15 years, having joined the company in 2008 as Vice President, Legal. Before joining Incyte, Ms. Pasquale worked in the corporate and securities group at Hogan & Hartson LLP (now Hogan Lovells). She earned her law degree from Georgetown University Law Center and her undergraduate degree from Georgetown University.

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Incyte Corporation (INCY) faces several significant risks to its business, primarily stemming from its reliance on key products, the inherent challenges of drug development, and intense market competition. The most significant risk to Incyte's business is:

1. Patent Cliff and Revenue Concentration on Jakafi

Incyte's financial performance is heavily dependent on its top-selling drug, Jakafi (ruxolitinib), which accounts for a substantial portion of the company's total revenue. The patent for Jakafi in the U.S. is anticipated to expire in 2028. This looming patent cliff poses a major threat, as the introduction of biosimilar competition could lead to significant revenue erosion and impact the company's financial stability. Incyte is actively working to diversify its product portfolio to mitigate this "single-asset syndrome." Additional key risks include:

2. Pipeline Development and Clinical Trial Success

The success of Incyte's long-term growth and revenue diversification hinges on its ability to discover, develop, and commercialize new drug candidates and secure additional indications for existing products. However, drug development is inherently risky, with a high rate of failure in clinical trials. Incyte has experienced setbacks, including the pausing or discontinuation of development for certain acquired drugs in 2024 due to toxicology findings or lack of efficacy (e.g., INCB000262 and INCB000547). Historically, other promising candidates like epacadostat and itacitinib have also failed in late-stage studies. Regulatory hurdles, the ability to enroll sufficient patients in trials, and obtaining timely regulatory approvals from agencies like the FDA and EMA are critical and unpredictable factors.

3. Intense Competition and Market Access

The biopharmaceutical industry is highly competitive, particularly within Incyte's core therapeutic areas of hematology, oncology, and inflammation/immunology. Incyte faces significant rivalry from both large, established pharmaceutical companies and specialized biotechnology firms that are developing alternative therapies and new mechanisms of action. This intense competition can challenge Incyte's market share for existing products and make it difficult for new products to gain traction. Furthermore, securing favorable market access and reimbursement from government and third-party payors is crucial for commercial success, presenting an ongoing challenge.

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Incyte faces clear emerging threats from competitor drugs targeting its key therapeutic areas:

Increased competition in Myelofibrosis (MF) targeting specific patient populations: Newer drugs have recently been approved that directly compete with Incyte's flagship product, Jakafi (ruxolitinib), by addressing specific unmet needs or limitations within the MF patient population. Examples include Momelotinib (Ojjaara, GSK), approved in 2023 for MF with anemia, and Pacritinib (Vonjo, Sobi), approved in 2022 for MF with severe thrombocytopenia. These competitors segment the market, directly threatening Jakafi's dominance and market share among specific subsets of MF patients where Jakafi may have limitations or associated side effects like anemia.
Emergence of novel bispecific antibody therapies in Relapsed/Refractory Diffuse Large B-cell Lymphoma (DLBCL): Incyte's Monjuvi (tafasitamab) for relapsed/refractory DLBCL is facing significant competition from a new class of effective therapies. Bispecific antibodies like Epkinly (epcoritamab, Genmab/AbbVie), approved in 2023, and Lunsumio (mosunetuzumab, Genentech), approved in 2022, offer alternative mechanisms of action with strong efficacy in the same patient population as Monjuvi. These readily accessible therapies directly compete for market share, posing a substantial threat to Monjuvi's commercial uptake and long-term positioning.

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Incyte Corporation (INCY) has several main products addressing various market segments. The addressable market sizes for their key products are identified below:

Jakafi (ruxolitinib)
- Myelofibrosis: The global myelofibrosis treatment market was valued at USD 786.1 million in 2021 and is projected to reach USD 1,160.29 million by 2031. The total myelofibrosis treatment market size in the leading markets (the United States, EU4, the United Kingdom, and Japan) was USD 2.2 billion in 2024.
- Polycythemia Vera: The global polycythemia vera treatment market size was valued at USD 1.70 billion in 2024 and is expected to reach USD 3.56 billion by 2032. The polycythemia vera market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.5 billion in 2024 and is expected to reach USD 3.4 billion by 2035.
- Graft-versus-host disease (GVHD): The global graft versus host disease (GvHD) treatment market size was valued at USD 2.8 billion in 2023 and is forecast to reach USD 4.53 billion by 2030. The graft versus host disease market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.6 billion in 2024 and is expected to reach USD 7.3 billion by 2035.
Opzelura (ruxolitinib cream)
- Nonsegmental Vitiligo: The global vitiligo treatment market size was valued at USD 1.74 billion in 2024 and is projected to grow to USD 2.38 billion by 2032.
- Atopic Dermatitis (AD): Incyte indicates a potential U.S. addressable market size of greater than USD 3 billion for atopic dermatitis.
Monjuvi (tafasitamab-cxix)
- Follicular Lymphoma (FL): Follicular Lymphoma represents a global market of USD 2.5 billion.
Niktimvo (axatilimab-csfr)
- Chronic Graft-versus-host disease (cGVHD): This product targets chronic GVHD, which is a segment of the overall graft versus host disease market. The global GVHD market was valued at USD 2.8 billion in 2023 and is forecast to reach USD 4.53 billion by 2030. The GVHD market across the top 7 markets (the United States, EU4, the United Kingdom, and Japan) reached a value of USD 1.6 billion in 2024 and is expected to reach USD 7.3 billion by 2035.
Pemazyre (pemigatinib): null
Tabrecta (capmatinib): null
Iclusig (ponatinib): null
Zynyz (retifanlimab-dlwr): null

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Incyte (INCY) is expected to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:

Continued Growth of Key Marketed Products: Incyte anticipates sustained revenue growth from its established products, Jakafi (ruxolitinib) and Opzelura (ruxolitinib cream). Jakafi continues to demonstrate strong demand across its approved indications, including myelofibrosis, polycythemia vera, and graft-versus-host disease (GVHD). The company raised its 2025 net product revenue guidance for Jakafi to between $3.050 billion and $3.075 billion. Opzelura has shown robust performance, with global sales increasing by 35% year-over-year in Q3 2025, driven by its success in atopic dermatitis and vitiligo. Incyte is focused on optimizing promotional strategies for these key products to sustain their growth.
Recent and Upcoming Product Launches: The launch of new products is a significant driver of future revenue. Niktimvo (axatilimab), approved in August 2024 and launched in January 2025 for chronic GVHD, is expected to contribute meaningfully to sales growth. Additionally, Incyte plans to launch Ruxolitinib XR, an extended-release version of Jakafi, in 2026, which offers a more convenient once-daily dosing and is anticipated to be a substantial contributor. Povorcitinib, a JAK1 specific inhibitor, is also expected to launch for hidradenitis suppurativa (HS) within the next two years. These new launches are projected to generate approximately $1 billion in incremental revenue by 2029.
Geographic Expansion of Opzelura: Incyte is expanding the market reach of its dermatology product, Opzelura. Specifically, the launch of Opzelura for atopic dermatitis in Europe is planned, which will open new revenue streams for the product outside of its strong U.S. market. Incyte currently has operations in North America, Europe, and Asia, providing a foundation for international growth.
Advancement of Pipeline Candidates: Incyte's commitment to advancing its late-stage pipeline is another key driver. The company is strategically prioritizing its research and development programs, focusing on high-value initiatives. For example, INCA033989, a first-in-class mutant calreticulin (mutCALR)-targeted monoclonal antibody, is showing promising new Phase 1 monotherapy and combination data in myelofibrosis (MF) and updated data in essential thrombocythemia (ET). These pipeline developments are crucial for long-term growth and for potentially offsetting the impact of Jakafi's patent expiration in 2028.

AI Generated Analysis | Feedback

Share Repurchases

In May 2024, Incyte's Board of Directors authorized a $2.0 billion share repurchase program.
In June 2024, Incyte completed a tender offer and a separate agreement, repurchasing approximately 33.3 million shares for a total of about $2.0 billion.
This repurchase represented approximately 14.8% of the company's total outstanding shares as of early June 2024.

Share Issuance

No significant capital-raising share issuances by Incyte were identified over the last 3-5 years. The company regularly issues restricted stock units and stock options to employees as part of compensation.

Outbound Investments

In April 2024, Incyte acquired Escient Pharmaceuticals for $750 million, adding clinical-stage molecules for inflammatory diseases.
In 2022, Incyte acquired Villaris Therapeutics for approximately $1.4 billion, which included an upfront payment and milestones, expanding its portfolio for vitiligo and other autoimmune conditions.
In November 2025, Incyte made an upfront payment of $35 million and a $25 million equity investment (total $60 million) in Prelude Therapeutics as part of an exclusive option agreement to acquire its JAK2V617F JH2 inhibitor program.

Capital Expenditures

Capital expenditures were $86.3 million in 2024 and $32.5 million in 2023.
Incyte's capital expenditures have fluctuated, with a high of $181 million in 2021 and a low of $32.5 million in 2023 within the last 3-5 years.
Capital expenditures are predominantly for operational needs, including research and development efforts, and generally reflect investments in facilities and equipment.

Better Bets than Incyte (INCY)

	INCY	Better Performance than INCY
Metric	Value	INDUSTRY: Biotechnology
Rev Chg LTM	18.1%	BBIO (62.5%), ALNY (53.2%), INSM (30.3%), IONS (20.4%), NBIX (19.6%)
Rev Chg 3Y Avg	13.1%	BBIO (727.6%), ALNY (51.4%), NBIX (24.6%), INSM (22.8%), UTHR (19.0%)
Op Mgn LTM	26.1%	RPRX (65.2%), UTHR (48.7%), GILD (38.3%), EXEL (35.8%), REGN (26.7%)
CFO/Rev LTM	26.0%	AMGN (36.5%), REGN (35.6%), ABBV (35.0%), GILD (33.2%), VRTX (31.7%)
FCF/Rev LTM	24.4%	ABBV (33.0%), AMGN (32.1%), GILD (31.5%), VRTX (28.5%), REGN (27.2%)
Total Yield	7.2%	GILD (8.8%), REGN (8.3%), AMGN (7.9%), BIIB (7.8%), RPRX (7.5%)
P/S	3.4	HRMY (1.9), BIIB (2.0), PTCT (2.7), APLS (2.8), BMRN (3.4)
P/Op Inc	13.2	BIIB (8.2), RPRX (9.9), HALO (11.7), UTHR (12.1), GILD (12.4)

	INCY	Better Performance than INCY
Metric	Value	SECTOR: Health Care
Rev Chg LTM	18.1%	ALNY (53.2%), LLY (36.8%), ISRG (22.2%), BSX (21.6%), CI (20.9%)
Rev Chg 3Y Avg	13.1%	ALNY (51.4%), LLY (23.4%), ISRG (16.3%), BSX (15.6%), CI (13.6%)
Op Mgn LTM	26.1%	LLY (43.0%), GILD (38.3%), MRK (34.9%), ISRG (29.3%), JNJ (26.2%)
CFO/Rev LTM	26.0%	AMGN (36.5%), ABBV (35.0%), ISRG (30.8%), MRK (26.6%), JNJ (26.3%)
FCF/Rev LTM	24.4%	ABBV (33.0%), AMGN (32.1%), BMY (31.9%), GILD (31.5%), VRTX (28.5%)
Total Yield	7.2%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), AMGN (7.9%), ABT (7.7%)
P/S	3.4	UNH (0.7), HCA (1.4), BMY (1.9), PFE (2.3), MRK (3.3)
P/Op Inc	13.2	HCA (9.2), MRK (9.4), PFE (9.4), UNH (11.9), GILD (12.4)

	INCY	Better Performance than INCY
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	18.1%	NVDA (65.2%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%), META (21.3%)
Rev Chg 3Y Avg	13.1%	NVDA (91.6%), AVGO (24.0%), BRK-B (19.8%), META (17.3%), MSFT (13.2%)
Op Mgn LTM	26.1%	NVDA (58.8%), MSFT (46.3%), META (43.2%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	26.0%	META (56.8%), MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	24.4%	V (53.9%), MA (52.5%), AVGO (41.6%), NVDA (41.3%), MSFT (26.6%)
Total Yield	7.2%	WFC (9.9%), XOM (9.8%), CVX (8.3%), BAC (7.7%), KO (7.5%)
P/S	3.4	WMT (1.2), XOM (1.5), COST (1.5), HD (2.1), BRK-B (2.7)
P/Op Inc	13.2	VZ (5.9), BUD (7.7), T (8.3), BN (8.4), COP (9.4)

		Best Bets In Health Care Sector
	INCY	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	14.0	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	10.4	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	20.0%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	18.1%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	13.1%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	13.5%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Incyte Earnings Notes
2	Incyte Stock May Have More Upside	Actionable
3	Day 5 of Gains Streak for Incyte Stock with 17% Return (vs. 53% YTD) [11/5/2025]	Notification
4	Halozyme Therapeutics or Incyte: Which Stock Has More Upside?	Counter-Intuitive Comparisons
5	Day 5 of Gains Streak for Incyte Stock with 8% Return (vs. 35% YTD) [10/27/2025]	Notification
6	Is Incyte Stock Built to Withstand More Downside?	Return
7	INCY's 11% Single Week Rise Brings Valuations Into Focus - Is LLY a Better Deal?	Counter-Intuitive Comparisons
8	Day 7 of Gains Streak for Incyte Stock with 12% Return (vs. 26% YTD) [8/15/2025]	Notification
9	Day 6 of Gains Streak for Incyte Stock with 11% Return (vs. 25% YTD) [8/14/2025]	Notification
10	How Does Incyte Stock Stack Up Against Its Peers?
11	ARTICLES
12	S&P 500 Movers \| Winners: PSKY, WBD, MU \| Losers: APD, DG, INCY		December 8th, 2025
13	S&P 500 Stocks Trading At 52-Week High		November 12th, 2025
14	Incyte vs Amgen: Which Is the Stronger Buy Today?		November 6th, 2025
15	Incyte Stock On Fire: Up 17% With 5-Day Winning Streak		November 6th, 2025
16	Which Stock Will Rally: Halozyme Therapeutics or Incyte?		November 5th, 2025

	Title
0	DASHBOARDS
1	Incyte Earnings Notes
2	Incyte Stock May Have More Upside
3	Day 5 of Gains Streak for Incyte Stock with 17% Return (vs. 53% YTD) [11/5/2025]
4	Halozyme Therapeutics or Incyte: Which Stock Has More Upside?
5	Day 5 of Gains Streak for Incyte Stock with 8% Return (vs. 35% YTD) [10/27/2025]
6	Is Incyte Stock Built to Withstand More Downside?
7	INCY's 11% Single Week Rise Brings Valuations Into Focus - Is LLY a Better Deal?
8	Day 7 of Gains Streak for Incyte Stock with 12% Return (vs. 26% YTD) [8/15/2025]
9	Day 6 of Gains Streak for Incyte Stock with 11% Return (vs. 25% YTD) [8/14/2025]
10	How Does Incyte Stock Stack Up Against Its Peers?
11	ARTICLES
12	S&P 500 Movers \| Winners: PSKY, WBD, MU \| Losers: APD, DG, INCY
13	S&P 500 Stocks Trading At 52-Week High
14	Incyte vs Amgen: Which Is the Stronger Buy Today?
15	Incyte Stock On Fire: Up 17% With 5-Day Winning Streak
16	Which Stock Will Rally: Halozyme Therapeutics or Incyte?

Trade Ideas

Select past ideas related to INCY. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.3%	16.3%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.1%	-7.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.6%	3.6%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.6%	1.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.1%	14.1%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.3%	16.3%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.1%	-7.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.6%	3.6%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	1.6%	1.6%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.1%	14.1%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Incyte

Peers to compare with:

Financials

	INCY	BMY	GILD	AMGN	REGN	PFE	Median
Name	Incyte	Bristol-.	Gilead S.	Amgen	Regenero.	Pfizer
Mkt Price	97.63	53.55	121.36	326.01	749.79	25.04	109.50
Mkt Cap	19.1	109.0	150.9	175.4	77.7	142.4	125.7
Rev LTM	4,813	48,034	29,086	35,971	14,248	62,786	32,528
Op Inc LTM	1,256	11,420	11,151	8,671	3,807	15,417	9,911
FCF LTM	1,172	15,302	9,162	11,539	3,881	10,376	9,769
FCF 3Y Avg	585	13,598	8,815	9,067	3,853	8,927	8,871
CFO LTM	1,251	16,621	9,667	13,126	5,071	13,077	11,372
CFO 3Y Avg	662	14,846	9,364	10,322	4,848	12,127	9,843

Growth & Margins

	INCY	BMY	GILD	AMGN	REGN	PFE	Median
Name	Incyte	Bristol-.	Gilead S.	Amgen	Regenero.	Pfizer
Rev Chg LTM	18.1%	1.3%	2.8%	10.6%	2.9%	3.9%	3.4%
Rev Chg 3Y Avg	13.1%	1.0%	2.3%	11.2%	1.4%	-13.2%	1.9%
Rev Chg Q	20.0%	2.8%	3.0%	12.4%	0.9%	-5.9%	2.9%
QoQ Delta Rev Chg LTM	5.0%	0.7%	0.8%	3.0%	0.2%	-1.6%	0.7%
Op Mgn LTM	26.1%	23.8%	38.3%	24.1%	26.7%	24.6%	25.3%
Op Mgn 3Y Avg	13.8%	19.0%	39.2%	25.4%	30.0%	19.4%	22.4%
QoQ Delta Op Mgn LTM	4.4%	2.9%	0.9%	0.6%	-0.9%	-1.4%	0.8%
CFO/Rev LTM	26.0%	34.6%	33.2%	36.5%	35.6%	20.8%	33.9%
CFO/Rev 3Y Avg	15.3%	31.7%	33.1%	32.7%	35.4%	18.9%	32.2%
FCF/Rev LTM	24.4%	31.9%	31.5%	32.1%	27.2%	16.5%	29.4%
FCF/Rev 3Y Avg	13.5%	29.0%	31.2%	28.8%	28.2%	13.9%	28.5%

Valuation

	INCY	BMY	GILD	AMGN	REGN	PFE	Median
Name	Incyte	Bristol-.	Gilead S.	Amgen	Regenero.	Pfizer
Mkt Cap	19.1	109.0	150.9	175.4	77.7	142.4	125.7
P/S	3.4	1.9	4.7	4.2	4.1	2.3	3.8
P/EBIT	10.4	9.2	12.7	13.7	11.2	12.2	11.7
P/E	14.0	15.2	17.0	21.7	12.7	14.7	15.0
P/CFO	13.3	5.5	14.3	11.6	11.5	11.1	11.5
Total Yield	7.2%	12.0%	8.8%	7.9%	8.3%	13.5%	8.5%
Dividend Yield	0.0%	5.4%	2.9%	3.3%	0.5%	6.7%	3.1%
FCF Yield 3Y Avg	3.9%	13.2%	8.0%	5.9%	4.9%	5.5%	5.7%
D/E	0.0	0.6	0.2	0.4	0.0	0.4	0.3
Net D/E	-0.2	0.4	0.1	0.3	-0.1	0.3	0.2

Returns

	INCY	BMY	GILD	AMGN	REGN	PFE	Median
Name	Incyte	Bristol-.	Gilead S.	Amgen	Regenero.	Pfizer
1M Rtn	-6.3%	14.4%	-1.6%	-4.6%	6.5%	-0.2%	-0.9%
3M Rtn	15.1%	17.6%	8.8%	19.5%	28.2%	5.9%	16.4%
6M Rtn	43.0%	17.4%	13.9%	14.3%	46.4%	8.5%	15.9%
12M Rtn	40.7%	-2.5%	34.4%	26.6%	1.9%	1.6%	14.2%
3Y Rtn	19.0%	-16.8%	55.4%	34.2%	4.3%	-42.1%	11.6%
1M Excs Rtn	-7.0%	13.7%	-2.3%	-5.3%	5.7%	-0.9%	-1.6%
3M Excs Rtn	12.2%	17.7%	6.2%	17.7%	24.0%	4.2%	14.9%
6M Excs Rtn	30.6%	5.0%	1.5%	1.9%	34.0%	-3.8%	3.5%
12M Excs Rtn	31.3%	-10.3%	24.7%	13.3%	-8.0%	-6.1%	3.6%
3Y Excs Rtn	-49.9%	-90.9%	-14.8%	-38.8%	-66.9%	-111.3%	-58.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/28/2025	2/10/2025	2/13/2024	2/7/2023	2/8/2022	2/9/2021	2/13/2020
Key Financials
Total Revenue	4,813	4,241	3,696	3,395	2,986	2,667	2,159
EBITDA	1,683	408	919	600	630	-178	543
Operating Income	1,256	101	650	592	601	-240	422
Net Income	1,189	33	598	341	949	-296	447
EPS	6.12	0.16	2.67	1.53	4.30	-1.36	2.08
Growth Rates
Total Revenue Growth	18.1%	14.8%	8.9%	13.7%	12.0%	23.5%	14.7%
EBITDA Growth	361.2%	-55.6%	53.3%	-4.8%	453.6%	-132.8%	216.1%
Operating Income Growth	20581.4%	-84.4%	9.8%	-1.5%	350.0%	-157.0%	171.4%
Net Income Growth	3559.2%	-94.5%	75.4%	-64.1%	420.8%	-166.2%	308.2%
Margins
EBITDA Margin	35.0%	9.6%	24.9%	17.7%	21.1%	-6.7%	25.2%
Operating Income Margin	26.1%	2.4%	17.6%	17.4%	20.1%	-9.0%	19.5%
Net Income Margin	24.7%	0.8%	16.2%	10.0%	31.8%	-11.1%	20.7%
Cash & Debt
Total Cash	2,930	2,158	3,656	3,239	2,348	1,801	2,118
Total Debt	41	44	38	41	45	48	60
Net Debt / (Cash)	-2,889	-2,115	-3,618	-3,198	-2,303	-1,754	-2,057
Cash Flows
Net Cash from Operations	1,251	335	496	970	749	-125	711
Free Cash from Operations	1,172	235	449	892	568	-312	633
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	2,005	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/28/2025	7/29/2025	4/29/2025	2/10/2025	10/29/2024	7/30/2024	4/30/2024	2/13/2024	10/31/2023	8/1/2023	5/2/2023	2/7/2023
Key Financials Quarterly
Total Revenue	1,366	1,216	1,053	1,179	1,138	1,044	881	1,013	919	955	809	927
Ebitda	507	582	257	337	180	-367	259	294	256	299	72	100
Operating Income	431	311	217	297	169	-457	91	202	214	202	31	94
Net Income	424	405	158	201	106	-445	170	201	171	204	22	28
EPS	2.17	2.09	0.82	1.04	0.55	-2.04	0.76	0.90	0.76	0.91	0.10	0.13
Key Financials TTM
Total Revenue TTM	4,813	4,585	4,413	4,241	4,076	3,857	3,768	3,696	3,609	3,513	3,470	3,395
Ebitda TTM	1,683	1,355	407	408	365	441	1,106	919	725	636	584	600
Operating Income TTM	1,256	994	227	101	6	51	710	650	542	444	500	592
Net Income TTM	1,189	871	21	33	32	97	745	598	425	366	324	341
Growth Rates Quarterly
Total Revenue Growth	20.0%	16.5%	19.5%	16.3%	23.8%	9.3%	8.9%	9.3%	11.6%	4.7%	10.3%	7.4%
EBITDA Growth	181.9%	258.4%	-0.5%	14.8%	-29.7%	-222.9%	261.4%	195.0%	54.2%	21.1%	-18.4%	-26.6%
Operating Income Growth	154.5%	168.0%	137.2%	47.0%	-20.9%	-326.0%	194.7%	114.2%	84.0%	-21.6%	-74.8%	-16.0%
Net Income Growth	298.4%	191.1%	-6.7%	0.1%	-37.8%	-318.4%	681.2%	606.5%	51.9%	26.1%	-42.9%	-95.0%
Margins Quarterly
EBITDA Margin	37.1%	47.8%	24.4%	28.6%	15.8%	-35.2%	29.3%	29.0%	27.8%	31.3%	8.8%	10.7%
Operating Income Margin	31.6%	25.6%	20.6%	25.2%	14.9%	-43.8%	10.4%	20.0%	23.3%	21.2%	3.8%	10.2%
Net Income Margin	31.1%	33.3%	15.0%	17.1%	9.4%	-42.6%	19.2%	19.8%	18.6%	21.3%	2.7%	3.1%
Cash & Debt
Total Cash	2,930	2,422	2,409	2,158	1,775	1,519	3,851	3,656	3,516	3,423	3,113	3,239
Total Debt	41	42	43	44	37	38	37	38	38	40	40	41
Net Debt / (Cash)	-2,889	-2,379	-2,366	-2,115	-1,738	-1,482	-3,813	-3,618	-3,478	-3,384	-3,072	-3,198
Cash Flows Quarterly
FCF from Operations	559	45	266	381	311	-576	219	148	148	307	-106	284
Cash Flows TTM
FCF from Operations TTM	1,251	1,003	383	335	102	-61	821	496	632	781	649	970
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	82.1%	39.2%	26.4%	31.7%	17.0%	-63.1%	21.0%	42.5%	42.0%	37.8%	2.9%	8.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	50.9%	29.8%	0.7%	0.4%	0.0%	0.5%	41.5%	33.0%	23.9%	18.6%	17.6%	23.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Global discovery, development and commercialization of proprietary therapeutics	3,696
Milestone and contract revenues		165	95	205	78
Product revenues, net		2,747	2,322	2,069	1,775
Product royalty revenues		483	569	393	306
Total	3,696	3,395	2,986	2,667	2,159

Price Behavior

Price Behavior

Market Price	$97.63
Market Cap ($ Bil)	19.1
First Trading Date	11/04/1993
Distance from 52W High	-9.8%
	50 Days	200 Days
DMA Price	$97.18	$77.54
DMA Trend	up	up
Distance from DMA	0.5%	25.9%
	3M	1YR
Volatility	31.8%	33.9%
Downside Capture	60.05	57.08
Upside Capture	125.87	84.47
Correlation (SPY)	23.3%	32.7%

INCY Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.67	0.48	0.41	0.64	0.57	0.48
Up Beta	-0.61	0.12	0.12	0.53	0.36	0.34
Down Beta	-0.01	0.53	0.26	0.37	0.61	0.54
Up Capture	231%	142%	113%	142%	82%	23%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	25	37	72	141	388
Down Capture	40%	-10%	8%	23%	71%	79%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	6	15	24	51	105	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of INCY With Other Asset Classes (Last 1Y)
	INCY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	37.8%	10.5%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	33.9%	17.4%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	0.99	0.41	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		41.9%	32.4%	-8.6%	2.9%	36.2%	10.8%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of INCY With Other Asset Classes (Last 5Y)
	INCY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.8%	8.1%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	29.4%	14.5%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.16	0.38	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		40.7%	32.3%	1.2%	3.5%	30.0%	13.0%

Based On 10-Year Data

		Comparison of INCY With Other Asset Classes (Last 10Y)
	INCY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-1.0%	9.9%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	35.5%	16.7%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.07	0.49	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		48.2%	39.1%	-1.8%	10.7%	27.0%	9.2%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	9,149,380
Short Interest: % Change Since 11152025	-3.6%
Average Daily Volume	1,873,652
Days-to-Cover Short Interest	4.88
Basic Shares Quantity	195,670,000
Short % of Basic Shares	4.7%

Returns Analyses

	Title
0	Is Incyte Stock Built to Withstand More Downside?
1	INCY YTD Stock Return Of -22% Outperforms ILMN by 9.3% and Underperforms ALXN by -22%
2	Incyte Stock Return Comparison
3	[10/13/2021] Incyte (INCY) Stock Price Forecast: AI Forecasts INCY Stock Price To Be Around $66.20 In A Month (Up 3.1%)
4	Incyte Total Shareholder Return (TSR): 9.4% in 2022 and -2.7% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/28/2025	-1.5%	9.1%	13.4%
7/29/2025	10.3%	11.2%	19.7%
4/29/2025	1.5%	4.4%	9.1%
2/10/2025	-7.9%	-5.0%	-8.2%
10/29/2024	12.0%	15.3%	13.9%
7/30/2024	-1.2%	-9.6%	-4.3%
4/30/2024	-1.0%	2.9%	8.3%
2/13/2024	2.6%	1.7%	1.9%
...
SUMMARY STATS
# Positive	8	10	9
# Negative	16	14	15
Median Positive	3.2%	4.5%	8.3%
Median Negative	-4.2%	-5.0%	-6.3%
Max Positive	12.0%	15.3%	19.7%
Max Negative	-8.5%	-12.7%	-18.3%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10282025	10-Q 9/30/2025
6302025	7292025	10-Q 6/30/2025
3312025	4292025	10-Q 3/31/2025
12312024	2102025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	7302024	10-Q 6/30/2024
3312024	4302024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2072023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2082022	10-K 12/31/2021

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Incyte (INCY)

Market Price (12/18/2025): $97.63 | Market Cap: $19.1 BilSector: Health Care | Industry: Biotechnology

Incyte (INCY)

Market Price (12/18/2025): $97.63Market Cap: $19.1 BilSector: Health CareIndustry: Biotechnology

Valuation, Metrics & Events

INCY Stock

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About Incyte (INCY)

1. Patent Cliff and Revenue Concentration on Jakafi

2. Pipeline Development and Clinical Trial Success

3. Intense Competition and Market Access

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Market Price (12/18/2025): $97.63 | Market Cap: $19.1 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/18/2025): $97.63
Market Cap: $19.1 Bil
Sector: Health Care
Industry: Biotechnology