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Thursday 12 November 2026
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Incyte Corporation
INCYIncyte Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 21.2% from fiscal 2024.
- Revenue
- +14.0%
- EPS
- −277.9%
- Free cash flow
- −233.0%
- Total debt
- −10.5%
Quarter to September 2026, against a year earlier
121.89
0.38
−0.31%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,106 | 1,536 | 1,882 | 2,159 | 2,667 | 2,986 | 3,395 | 3,696 | 4,241 | 5,141 | 6,011 | +18.6% | 6,053 | 6,309 | 6,596 | +8.7% | |
| Gross margin, % | 94.74 | 94.83 | 95.00 | 94.71 | 95.08 | 94.94 | 93.90 | 93.10 | 92.64 | 92.76 | 92.69 | (2.0) pt | ||||||
| EBT | 107 | (312) | 115 | 487 | (232) | 570 | 529 | 834 | 317 | 1,664 | 796 | +35.6% | ||||||
| EBT margin, % | 9.71 | (20.33) | 6.13 | 22.55 | (8.71) | 19.10 | 15.59 | 22.57 | 7.47 | 32.37 | 13.25 | +22.7 pt | ||||||
| Net income | 104 | (313) | 109 | 447 | (296) | 949 | 341 | 598 | 33 | 1,287 | 403 | +32.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 5.89 | 7.51 | 8.86 | 10.04 | 12.23 | 13.55 | 15.29 | 16.53 | 20.48 | 26.34 | 29.57 | +18.1% | |||||
| Earnings | 0.55 | (1.53) | 0.52 | 2.08 | (1.36) | 4.30 | 1.53 | 2.67 | 0.16 | 6.59 | 2.10 | +31.8% | ||||||
| Cash flow | 1.62 | (0.45) | 1.58 | 3.31 | (0.57) | 3.40 | 4.37 | 2.22 | 1.62 | 7.24 | 3.67 | +18.1% | ||||||
| Capex | (0.64) | (0.54) | (0.35) | (0.36) | (0.86) | (0.82) | (0.35) | (0.21) | (0.48) | (0.43) | (0.32) | (4.3%) | ||||||
| Free cash flow | 0.98 | (1.00) | 1.24 | 2.94 | (1.43) | 2.58 | 4.02 | 2.01 | 1.14 | 6.81 | 3.35 | +24.0% | ||||||
| Book value | 2.23 | 7.97 | 9.07 | 12.09 | 11.97 | 17.10 | 19.68 | 23.21 | 16.65 | 26.47 | 27.76 | +31.6% | ||||||
| Shares, m | 188 | 205 | 212 | 215 | 218 | 220 | 222 | 224 | 207 | 195 | 200 | +0.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 182.71 | 0.00 | 122.29 | 41.98 | 0.00 | 17.11 | 51.66 | 24.51 | 222.81 | 14.97 | 58.08 | 67.8 | |||||
| P/S | 17.39 | 13.44 | 7.18 | 8.69 | 7.11 | 5.42 | 5.20 | 3.96 | 3.37 | 3.75 | 4.12 | 7.6 | ||||||
| P/B | 45.83 | 12.66 | 7.01 | 7.22 | 7.26 | 4.29 | 4.04 | 2.82 | 4.15 | 3.73 | 4.39 | 9.9 | ||||||
| EV/Sales | 17.24 | 12.69 | 6.43 | 7.74 | 6.45 | 4.65 | 4.26 | 2.98 | 2.87 | 3.06 | 3.49 | 6.8 | ||||||
| EV/FCF | 103.35 | (95.56) | 46.02 | 26.40 | (55.17) | 24.41 | 16.21 | 24.55 | 51.84 | 11.84 | 30.83 | 15.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 305 | (93) | 336 | 711 | (125) | 749 | 970 | 496 | 335 | 1,413 | 745 | +18.6% | |||||
| Capex | (120) | (111) | (73) | (78) | (187) | (181) | (78) | (47) | (100) | (84) | (65) | (3.9%) | ||||||
| Free cash flow | 184 | (204) | 263 | 633 | (312) | 568 | 892 | 449 | 235 | 1,330 | 680 | +24.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 721 | 1,129 | 1,407 | 1,968 | 1,729 | 2,264 | 2,936 | 3,405 | 1,597 | 3,509 | 4,084 | +19.2% | |||||
| Net debt | (157) | (1,146) | (1,421) | (2,067) | (1,769) | (2,317) | (3,209) | (3,627) | (2,125) | (3,550) | (3,827) | +41.4% | ||||||
| Shareholders’ equity | 419 | 1,631 | 1,926 | 2,598 | 2,611 | 3,770 | 4,370 | 5,190 | 3,448 | 5,167 | 5,643 | +32.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 7.88 | (15.89) | 4.43 | 14.72 | (8.46) | 22.33 | 6.32 | 9.47 | 0.53 | 20.75 | 5.92 | +12.9 pt | |||||
| ROIC | 34.54 | (31.37) | 15.99 | 47.31 | (19.56) | 25.19 | 31.19 | 24.81 | 2.90 | 58.55 | 21.56 | +24.0 pt | ||||||
| ROE | 35.29 | (30.55) | 6.16 | 19.76 | (11.35) | 29.73 | 8.37 | 12.50 | 0.76 | 29.87 | 7.84 | (5.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 980 | 1,208 | 1,367 | 1,456 | 1,773 | 2,094 | 2,324 | 2,524 | 2,617 | 2,844 | — | +12.6% | |||||
| Revenue/emp, $m | 1.13 | 1.27 | 1.38 | 1.48 | 1.50 | 1.43 | 1.46 | 1.46 | 1.62 | 1.81 | — | +5.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Reportable Segment | 5,141 | 100.00% |
|---|---|---|
| Gross margin | 92.76% | |
| Operating margin | 29.46% | |
| Pre-tax margin | 32.37% |
Incyte Corporation vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GMAB Genmab A/S Sponsored ADR | $33.1B | 44.0× | 42.3× | +16.14% (above 0%: growing) | −14.15% (below 0%: shrinking) | −4.68% (below 0%: shrinking) | 92.59% | 36.31% | Compare |
| ROIV Roivant Sciences Ltd. | $30.3B | — (loss-making) | — (loss-making) | +2,135.58% (above 0%: growing) | n/m | +407.07% (above 0%: growing) | 90.47% | (763.22%) | Compare |
| INSM Insmed, Inc. | $26.5B | — (loss-making) | — (loss-making) | +268.43% (above 0%: growing) | n/m | +81.06% (above 0%: growing) | 85.09% | (17.04%) | Compare |
| INCY Incyte Corporation | $24.9B | 58.1× | 57.3× | +14.00% (above 0%: growing) | n/m | −232.97% (below 0%: shrinking) | 93.02% | (45.49%) | |
| BNTX BioNTech SE Sponsored ADR | $21.7B | — (loss-making) | — (loss-making) | −16.42% (below 0%: shrinking) | n/m | −123.82% (below 0%: shrinking) | 91.99% | 9.70% | Compare |
| ALNY Alnylam Pharmaceuticals, Inc. | $21.4B | 7.9× | 8.6× | +16.74% (above 0%: growing) | +747.90% (above 0%: growing) | −4.76% (below 0%: shrinking) | 75.19% | 23.72% | Compare |
| EXEL Exelixis, Inc. | $17.3B | 20.2× | 20.2× | +10.19% (above 0%: growing) | +22.75% (above 0%: growing) | −4.83% (below 0%: shrinking) | 96.02% | 40.75% | Compare |
| ASND Ascendis Pharma A/S | $17.0B | 19.3× | 15.4× | +119.88% (above 0%: growing) | n/m | +2,335.93% (above 0%: growing) | 91.85% | 64.98% | Compare |
| JAZZ Jazz Pharmaceuticals PLC | $15.9B | 66.5× | 67.4× | +10.38% (above 0%: growing) | n/m | +27.42% (above 0%: growing) | 91.10% | (33.26%) | Compare |
| Median of peers | $21.6B | 20.2× | 20.2× | +16.44% | +22.75% | +11.37% | 91.48% | 16.71% |
From the latest earnings call
- On Incyte’s Q2 call, CEO William Meury said Jakafi funds the pipeline and launches, while the business excluding Jakafi relies on multiple products.
- Meury said on the Q2 call that physician adoption of Jakafi XR should build through 2026 as coverage expands, with acceleration expected in 2027.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
99.61%
Held by the ten largest
55.65%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BAKER BROS. ADVISORS LP | 30.76m | 15.18% | +17.92k |
| Vanguard | 20.59m | 10.16% | +164.49k |
| BlackRock | 18.03m | 8.90% | −945.48k |
| Dodge & Cox | 11.96m | 5.90% | −295.03k |
| State Street | 9.72m | 4.80% | +80.95k |
| AQR Capital Management | 5.19m | 2.56% | −494.52k |
| Geode Capital Management | 4.75m | 2.34% | +47.55k |
| LSV ASSET MANAGEMENT | 4.12m | 2.03% | +203.70k |
| Invesco | 4.08m | 2.01% | +209.70k |
| Wellington Management | 3.58m | 1.76% | +309.39k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 28 April 2026
Ownership
Directors and executive officers, together
16.20%
Felix J. Baker
15.60%
Julian C. Baker
15.60%
Baker Bros. Advisors LP and affiliated entities
15.40%
The Vanguard Group and affiliates
11.30%
Dodge & Cox
8.10%
BlackRock, Inc.
7.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Incyte Corporation (INCY) Latest News
29 Oct
28 Oct
26 Oct
24 Oct
23 Oct
INCY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Incyte is a biopharmaceutical company that discovers, develops and sells medicines for blood disorders, cancer, and inflammatory and autoimmune diseases. Founded in 2001, it is headquartered in Wilmington, Delaware. William J. Meury is its president and chief executive officer.
Its hematology medicines include Jakafi, prescribed in the United States for certain patients with rare blood cancers and graft-versus-host disease, a complication that can follow a stem-cell transplant. Other blood-disorder products include Monjuvi and Niktimvo. In oncology, Incyte sells Pemazyre and Zynyz for specified cancers. Its inflammation and autoimmunity business includes Opzelura, a prescription cream for certain patients with atopic dermatitis or nonsegmental vitiligo.