Incyte Corporation (INCY)
Fair ValueFundamental
80
Price
$115.71
Market Cap
$22.92B
Part 1 · What the company is worth
Overview
Incyte discovers and sells prescription drugs, built almost entirely around one medicine: Jakafi, which treats blood disorders and graft-versus-host disease and still generates most of the company's revenue more than a decade after launch. It also sells Opzelura, a topical cream for skin conditions like vitiligo and eczema, and a smaller group of cancer therapies, while collecting royalties on drugs it licensed to other companies that sell versions of Jakafi outside the United States.
How it makes money
Incyte earns money by selling its own approved drugs directly to specialty pharmacies and wholesalers, who then reach patients, plus a steady royalty stream from partners selling licensed versions of its drugs abroad. Because a handful of medicines drive nearly all revenue, growth depends on expanding what Jakafi and Opzelura are approved to treat and on new drugs reaching the market well before patent protection on the older ones finally expires.
Revenue by segment
Treatment for myelofibrosis, polycythemia vera and graft-versus-host disease, the company's dominant product for over a decade.
A topical cream approved for vitiligo and eczema, currently the company's newest major growth driver.
Payments from partners who sell licensed versions of Incyte-discovered drugs, including Jakavi and Olumiant, outside the United States.
A group of smaller cancer treatments including Pemazyre, Monjuvi and Zynyz, growing quickly from a low base.
Competitive moat
Patents and licences · NarrowJakafi's patents and the years of clinical evidence behind it keep generic competitors out for now, and Opzelura benefits from similar regulatory exclusivity while it is the only approved topical treatment of its kind for some patients. That protection has a clock on it: Jakafi's patents run through the late 2020s, and once they expire generic versions can erode the revenue that still funds most of the company.
What drives demand
DefensiveDemand for Incyte's drugs is driven by disease incidence and physician treatment decisions rather than household spending power, so it holds up well through economic cycles. The more relevant swing factor is regulatory and competitive: new approved uses for existing drugs expand demand, while new rival therapies or the eventual loss of patent protection can shrink it regardless of the broader economy.
Key risks
- Jakafi patent expiration — Jakafi still generates the majority of Incyte's revenue, and its patent protection runs out later this decade, after which generic competition could sharply reduce sales of the company's most important drug.
- Distributor concentration — A limited number of specialty pharmacies and wholesalers handle most of Incyte's product sales, and losing one or seeing a significant drop in its purchases would directly hurt revenue.
- Pipeline dependency — Future growth depends on new drugs and new approved uses reaching the market, and clinical trial failures or regulatory setbacks would leave the company more reliant on its aging core products.
- Reimbursement pressure — Maintaining adequate reimbursement from payers is necessary to sustain prices, and pressure to lower drug costs from governments or insurers could compress margins on approved products.
Customer concentration
Not disclosed as a percentage, but the company states that a limited number of specialty pharmacies and wholesalers account for a significant portion of revenue from Jakafi and most other products.
The case for
Buyers argue that Opzelura and the growing oncology portfolio are diversifying revenue away from Jakafi faster than the market gives Incyte credit for, and that continued expansion of approved uses for existing drugs can offset the eventual patent cliff.
The case against
Sellers fear that Incyte remains a one-drug company in practice, that the newer products are not yet large enough to replace Jakafi's revenue once generics arrive, and that the pipeline has not produced a second blockbuster to anchor the business beyond this decade.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$5.36B
Trailing 12 months (through 3/31/2026)
Net Income
$1.43B
Trailing 12 months (through 3/31/2026)
Free Cash Flow
-
Total Equity
$5.17B
Total Liabilities
$1.79B
Current Ratio
3.68
Interest Coverage
689.26
Debt/EBITDA
0.02
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$118.90
Current Price
$115.71
Margin of Safety
+2.7%
Fair Value Range
$99.49 - $138.30
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
16.34
ROE
24.9%
P/B Ratio
4.11
P/FCF
-
Gross Margin
92.5%
ROIC
21.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
21.8%
WACC
8.8%
ROIC − WACC
+12.9 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- ROIC 21.8%
- Gross margin 92.5%
- Debt/equity ratio
- Operating margin 30.0%
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- Low reliance on intangibles
- ROE 29.6%
- Revenue growth 5Y 14.0%
- Earnings surprise, average 24.7%
- Earnings quality (operating cash flow / net income) 1.06
- Share dilution -7.7%
- Net margin trend 26.7% vs 0.5%
- Piotroski F-Score 8/9
Failed (4)
- Price CAGR 2.20%
- P/B ratio 4.11
- Price below Graham Number
- DCF valuation (Overvalued)
Unavailable (5)
- P/FCF –
- Dividend payout –
- Positive free cash flow
- CapEx intensity
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. William J. Meury | CEO & Director | 57 |
| Dr. Pablo J. Cagnoni M.D., Ph.D. | President and Global Head of R&D | 62 |
| Mr. Thomas Tray | Principal Financial Officer, VP of Finance & Chief Accounting Officer | 47 |
| Dr. Steven H. Stein M.D. | Executive VP, Head of Late-stage Development & Chief Medical Officer | 58 |
| Mr. Mohamed Khairie Issa | Executive Vice President & Head of U.S. Commercial | 42 |
| Mr. Suketu P. Upadhyay | Executive VP & CFO | 56 |
| Mr. Michael James Morrissey | Executive VP & Head of Global Technical Operations | 61 |
| Ms. Alexis Smith | VP & Head of Investor Relations | - |
| Mr. Richard A. Hoffman J.D., M.B.A. | Executive VP, General Counsel & Secretary | 63 |
| Ms. Pamela M. Murphy | VP of Investor Relations & Corporate Communications | 74 |
Audit Risk
10
Board Risk
4
Compensation Risk
9
Shareholder Rights Risk
6
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-10
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-28
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-08-31
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much INCY moves, measured on its daily prices.
More volatile than 41% of the tracked stocks (90-day volatility).
- Volatility 30d
- 27.6%
- Volatility 90d
- 32.4%
- Beta vs S&P 500 (1y)
- 0.39Correlation 0.15
- Max drawdown (12m)
- -18.3%
- ATR (14d, % of price)
- 2.79%
Earnings reactions
How INCY moved around its past quarterly results.
Next earnings release
Oct 29, 2026 · In 5 days · Before the open
EPS estimate: -3.84Revenue estimate: $1.5B
What usually happens
- Over the last 12 releases the stock moved a median of 3.0% the next day, up or down.
- Next-day moves: up 7, down 5 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026 | During the session | 2.14 | 3.09 | +44.1% | +0.1% | +9.3% | -0.4% |
| Apr 28, 2026 | During the session | 1.40 | 1.81 | +29.4% | -1.0% | +2.1% | +1.5% |
| Feb 10, 2026 | During the session | 1.97 | 1.80 | -8.5% | -5.5% | -8.2% | -7.2% |
| Oct 28, 2025 | During the session | 1.69 | 2.26 | +33.7% | -1.0% | -1.5% | +9.1% |
| Jul 29, 2025 | During the session | n/a | n/a | n/a | +2.6% | +10.3% | +11.2% |
| Apr 29, 2025 | During the session | n/a | n/a | n/a | -0.2% | +1.5% | +4.4% |
| Feb 10, 2025 | During the session | n/a | n/a | n/a | -1.5% | -7.9% | -5.0% |
| Oct 29, 2024 | During the session | n/a | n/a | n/a | +2.8% | +12.0% | +15.3% |
| Jul 30, 2024 | During the session | n/a | n/a | n/a | +1.1% | -1.2% | -9.6% |
| Apr 30, 2024 | During the session | n/a | n/a | n/a | -4.1% | -1.0% | +2.9% |
| Feb 13, 2024 | During the session | n/a | n/a | n/a | +3.8% | +2.6% | +1.7% |
| Oct 31, 2023 | During the session | n/a | n/a | n/a | -0.4% | +3.4% | +4.6% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on INCY and what the price did next.
- 6/9/2026PositiveIncyte Bets $1.25 Billion On Rare Bleeding Disorder Drug With Blockbuster Potential
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for INCY.
- 6/9/2026POSITIVEIncyte Bets $1.25 Billion On Rare Bleeding Disorder Drug With Blockbuster Potential
Incyte Corporation is set to acquire Vega Therapeutics in a deal valued at $1.25 billion upfront. This strategic move bolsters Incyte's pipeline with a promising drug candidate targeting a rare bleeding disorder, which analysts project could achieve blockbuster status in the 2030s. The acquisition signifies Incyte's commitment to expanding its therapeutic offerings and investing in high-potential assets. Investors will be watching for the successful integration of Vega's candidate and its clinical development progress, which could drive significant future revenue growth for Incyte.