Incyte Corporation
- Open
- 125.89
- Day high
- 129.56
- Day low
- 125.89
- Prev close
- 125.01
- Volume
- 2.3M
- Mkt cap
- $26.1B
- P/E (TTM)
- 15.8
- EPS (TTM)
- $8.13
- P/B
- 4.1
- P/S
- 4.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$15.7M over the last 3 months (0 open-market buys, 21 sales)
- 🏛Institutions accumulating (13F)
Incyte Corporation (INCY) is a Healthcare company listed on NASDAQ. The stock is up 47% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 21 sales (SEC Form 4). Drillr has 1 published research article covering INCY.
Incyte Corporation (INCY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
INCY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $2.15 | $3.09 | +43.7% | $1.7B | +11.3% |
| Apr 28, 2026 | $1.38 | $1.81 | +31.2% | $1.3B | +4.7% |
| Oct 28, 2025 | $1.66 | $2.26 | +36.1% | $1.4B | +0.9% |
| Jul 29, 2025 | $1.39 | $1.57 | +12.9% | $1.2B | -3.3% |
| Apr 30, 2024 | $0.83 | $0.64 | -23.2% | $881M | -4.2% |
| Feb 13, 2024 | $1.15 | $1.06 | -8.1% | $1.0B | +1.1% |
| Oct 31, 2023 | $1.08 | $1.10 | +1.9% | $919M | -4.5% |
| Aug 1, 2023 | $0.83 | $0.99 | +19.3% | $955M | +4.9% |
| May 2, 2023 | $0.85 | $0.37 | -56.5% | $809M | -5.7% |
| Feb 7, 2023 | $0.59 | $0.62 | +5.1% | $927M | +5.5% |
| Nov 1, 2022 | $0.72 | $0.60 | -16.7% | $823M | -2.3% |
| Aug 2, 2022 | $0.79 | $1.01 | +27.8% | $911M | +11.4% |
INCY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Basi Ramitpal Kofficer: EVP, Human Resources | Tax | 504 | $129.72 |
| Aug 20, 2026 | CAGNONI PABLO Jofficer: President, Global Head of R&D | Sell | 10,801 | $125.56 |
| Aug 14, 2026 | CAGNONI PABLO Jofficer: President, Global Head of R&D | Sell | 10,803 | $120.04 |
| Aug 7, 2026 | CAGNONI PABLO Jofficer: President, Global Head of R&D | Sell | 10,640 | $122.69 |
| Aug 7, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,207 | $106.47 |
| Aug 7, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Sell | 2,207 | $123.99 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,918 | $61.18 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,284 | $64.25 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,072 | $71.93 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Sell | 2,293 | $119.41 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,864 | $77.67 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 3,148 | $68.62 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 2,623 | $74.78 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Sell | 6,055 | $120.43 |
| Aug 4, 2026 | Mayes Patrick Aofficer: EVP & Chief Scientific Officer | Option | 326 | $105.43 |
Source: INCY SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full INCY insider & 13F page →Incyte Corporation company profile
Overview
Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company founded in 1991 and headquartered in Wilmington, Delaware. The company went public in 1993 and has evolved from a genomics research company into a fully integrated biopharmaceutical enterprise focused on discovering, developing, and commercializing innovative therapeutics. Incyte operates primarily in the United States and internationally, with a strong presence in oncology, hematology, and dermatology markets. The company has successfully transitioned from a research-focused organization to one with multiple marketed products generating substantial revenue, while maintaining a robust pipeline of experimental therapies across various therapeutic areas.
Business
Incyte operates in the biopharmaceutical industry, which involves the research, development, and commercialization of drugs derived from biological sources or targeting specific biological pathways. The company's business spans three main therapeutic areas with distinct product portfolios. The hematology and oncology segment represents Incyte's largest revenue driver, anchored by Jakafi (ruxolitinib), which accounts for approximately 65-70% of total product revenues. Jakafi is a JAK1/JAK2 inhibitor used to treat blood cancers and related conditions including myelofibrosis (a bone marrow disorder causing abnormal blood cell production), polycythemia vera (a condition where the body produces too many red blood cells), and graft-versus-host disease (a complication following bone marrow transplants). The drug works by blocking specific enzymes called Janus kinases that contribute to inflammation and abnormal cell growth. Other products in this segment include Pemazyre for certain bile duct cancers and Iclusig for specific leukemias. The dermatology segment centers around Opzelura (ruxolitinib cream), representing approximately 15-20% of product revenues. This topical formulation of the same active ingredient as Jakafi treats inflammatory skin conditions including atopic dermatitis (eczema) and vitiligo (a condition causing loss of skin pigmentation). The cream works by reducing local inflammation in the skin without the systemic effects of oral medications. The emerging pipeline segment includes experimental therapies in various stages of development. Key programs include Povorcitinib for inflammatory skin conditions like hidradenitis suppurativa, Niktimvo (recently approved for chronic graft-versus-host disease), and various novel compounds targeting specific genetic mutations and cellular pathways. The company maintains partnerships and licensing agreements that generate additional royalty revenues, representing roughly 10-15% of total revenues.
Revenue model
Incyte generates revenue through multiple complementary business models. Product sales constitute the primary revenue stream, with the company selling its approved drugs directly to healthcare providers, specialty pharmacies, and distributors. Jakafi generates the majority of these sales through both direct sales in the US and international markets, while Opzelura sales come primarily from dermatology practices and retail pharmacies. Royalty and licensing revenues provide a secondary income stream through partnerships with other pharmaceutical companies. These agreements typically involve Incyte receiving milestone payments during development phases and ongoing royalties based on partner sales of licensed products. The company has notable partnerships with Novartis, Eli Lilly, and other major pharmaceutical companies. The company's customers include healthcare providers (oncologists, hematologists, dermatologists), specialty pharmacies that serve patients with rare diseases, hospital systems, and in some cases, patients who pay out-of-pocket. Insurance coverage and reimbursement policies significantly impact demand, as these specialized medications often cost tens of thousands of dollars annually. Several factors influence Incyte's profit margins. Positive margin drivers include the company's focus on rare diseases with limited competition, allowing for premium pricing; successful life-cycle management extending patent protection; manufacturing economies of scale as volumes increase; and the high-margin nature of royalty revenues. Negative margin pressures come from substantial research and development investments (typically 40-50% of revenues); increasing competition as patents expire; pricing pressure from payers and government healthcare programs; the high cost of clinical trials for rare diseases; and manufacturing complexities associated with specialized drug formulations. The company's margins also benefit from its dual-sourcing manufacturing strategy, which provides flexibility and helps mitigate potential supply chain disruptions.
Competitive moat
Incyte's competitive moat stems primarily from its specialized expertise in JAK pathway inhibition and regulatory exclusivity, though the strength varies by product. The company established early leadership in JAK inhibitors with Jakafi, creating substantial clinical experience and physician relationships that competitors find difficult to replicate quickly. This first-mover advantage in rare hematologic conditions has been reinforced by extensive clinical data demonstrating superior outcomes, particularly in overall survival for myelofibrosis patients. The company's patent portfolio and regulatory exclusivity provide medium-term protection, with Jakafi's core patents extending into the late 2020s and Opzelura protected through 2040. However, this moat faces erosion as biosimilar competition approaches for Jakafi, and generic competition is inevitable given the relatively straightforward nature of small-molecule drugs. Regulatory barriers offer some protection, as the FDA approval process for rare disease treatments requires substantial clinical investment and expertise. Incyte's experience navigating complex regulatory pathways for orphan drugs creates advantages for pipeline development, though this expertise can be replicated by well-funded competitors. The company's moat is moderately strong but narrowing. While Incyte maintains leadership positions in specific therapeutic niches, the underlying science of JAK inhibition is well-understood, and larger pharmaceutical companies with greater resources are developing competing therapies. The company's future competitive position will largely depend on its ability to successfully launch new products from its pipeline and maintain clinical differentiation through superior efficacy or safety profiles. The dermatology franchise with Opzelura represents a potential new moat, but this market faces competition from both topical and systemic therapies, limiting long-term defensibility.
Risks & safety
Incyte demonstrates strong financial safety with multiple protective factors supporting operational continuity. **Cash Position and Liquidity:** - Cash and short-term investments: $1.9 billion (Q1 2025) - No meaningful debt (debt-to-equity ratio of 0.01) - Strong free cash flow generation: $263 million (Q1 2025) - Current ratio of 2.04, indicating solid short-term liquidity **Valuation Metrics:** - Price-to-earnings ratio: 18.5x (reasonable for growth company) - EV/EBITDA: 9.6x (moderate valuation) - Price-to-book ratio: 3.2x (elevated but typical for biotech) **Other Considerations:** - Diversified revenue base reducing single-product dependency risk - Established market positions in rare diseases with limited generic competition near-term - Strong operational cash flow providing self-funding capability for R&D investments - Conservative balance sheet management with minimal financial leverage
Recent development
Over the past few years, Incyte has undergone significant strategic transformation focused on portfolio optimization and pipeline advancement. The company executed a major pipeline restructuring in 2024, discontinuing several immuno-oncology programs including oral PD-L1, LAG-3, and TIM-3 programs while reallocating resources to 12 high-potential new molecular entities. This strategic pivot reflected management's assessment that certain programs lacked sufficient differentiation potential. Strategic acquisitions have strengthened the pipeline, most notably the $783 million acquisition of Escient Pharmaceuticals, which added first-in-class medicines to the portfolio. The company also acquired exclusive global rights to tafasitamab from MorphoSys, expanding its hematology franchise. Product launches and approvals have diversified revenue streams beyond Jakafi. The FDA approved Niktimvo for chronic graft-versus-host disease, while Opzelura expanded into pediatric atopic dermatitis. The company submitted pivotal study results for multiple programs including tafasitamab in follicular lymphoma and retifanlimab in anal cancer, positioning for potential 2025 launches. Pipeline advancement has focused on inflammatory diseases and precision oncology. Povorcitinib completed Phase 3 enrollment for hidradenitis suppurativa and advanced in multiple other inflammatory conditions. Novel programs targeting specific genetic mutations (mutant CALR, JAK2 V617F) represent potential next-generation therapies for blood cancers. The CDK2 inhibitor program showed promising early data in ovarian cancer, while MRGPRX antagonists entered development for chronic urticaria. Commercial expansion included geographic growth with Opzelura launches in European markets and improved US formulary access. The company completed a $2 billion share repurchase program while maintaining substantial cash reserves for continued investment in research and development.
INCY company profile · for informational purposes only — not investment advice.
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