Incyte vs Amgen: Which Is the Stronger Buy Today?
Even as Amgen surged 7.8% during the past Day, its peer Incyte may be a better choice. Consistently evaluating alternatives is core to sound investment approach. Incyte (INCY) stock offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Amgen (AMGN) stock, suggesting you may be better off investing in INCY
- INCY’s quarterly revenue growth was 20.0%, vs. AMGN’s 12.4%.
- In addition, its Last 12 Months revenue growth came in at 18.1%, ahead of AMGN’s 10.6%.
- INCY’s LTM margin is higher: 26.1% vs. AMGN’s 24.1%.
A single stock can be risky, but there is a huge value to a broader, diversified approach we take with the Trefis High Quality Portfolio. That is one way to look at stocks. The Trefis High Quality Portfolio evaluates much more, and is designed to reduce stock-specific risk while giving upside exposure.
AMGN develops and delivers human therapeutics targeting inflammation, oncology, bone health, cardiovascular, nephrology, and neuroscience, including treatments for psoriasis, arthritis, and cardiovascular risk reduction. INCY develops proprietary therapeutics, including ruxolitinib for chronic GVHD and Retifanlimab in Phase II trials for various cancers. Incorporated in 1991, headquartered in Wilmington, Delaware.
Valuation & Performance Overview
| AMGN | INCY | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 19.8 | 16.5 | INCY |
| Revenue Growth | |||
| Last Quarter | 12.4% | 20.0% | INCY |
| Last 12 Months | 10.6% | 18.1% | INCY |
| Last 3 Year Average | 11.2% | 13.1% | INCY |
| Operating Margins | |||
| Last 12 Months | 24.1% | 26.1% | INCY |
| Last 3 Year Average | 25.4% | 13.8% | AMGN |
| Momentum | |||
| Last 3 Year Return | 30.8% | 36.7% | INCY |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: AMGN Revenue Comparison | INCY Revenue Comparison
See more margin details: AMGN Operating Income Comparison | INCY Operating Income Comparison
But do these numbers tell the full story? Read Buy or Sell INCY Stock to see if Incyte’s edge holds up under the hood or if Amgen still has cards to play (see Buy or Sell AMGN Stock).
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| AMGN Return | -2% | 2% | 20% | 13% | -7% | 26% | 49% | ||
| INCY Return | -0% | -16% | 9% | -22% | 10% | 53% | 7% | ||
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% | <=== | |
| Monthly Win Rates [3] | |||||||||
| AMGN Win Rate | 67% | 33% | 58% | 58% | 50% | 50% | 53% | ||
| INCY Win Rate | 42% | 50% | 67% | 58% | 58% | 80% | 59% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | 64% | <=== | |
| Max Drawdowns [4] | |||||||||
| AMGN Max Drawdown | -24% | -10% | -2% | -17% | -8% | -1% | -10% | <=== | |
| INCY Max Drawdown | -28% | -27% | -10% | -35% | -18% | -20% | -23% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | ||
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 11/5/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read INCY Dip Buyer Analyses to see how the stock has fallen and recovered in the past.
Whatever your view on either of these stocks, investing in one or two stocks remains a risky proposition. Instead, the Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.