NASDAQ: INCY
Incyte
Health Care · Services-Commercial Physical & Biological Research
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$24.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $19.0B |
| FY2017, ended Dec 31, 2017 | $20.0B |
| FY2018, ended Dec 31, 2018 | $13.6B |
| FY2019, ended Dec 31, 2019 | $18.9B |
| FY2020, ended Dec 31, 2020 | $19.1B |
| FY2021, ended Dec 31, 2021 | $16.2B |
| FY2022, ended Dec 31, 2022 | $17.9B |
| FY2023, ended Dec 31, 2023 | $14.1B |
| FY2024, ended Dec 31, 2024 | $13.4B |
| FY2025, ended Dec 31, 2025 | $19.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $24.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$6.01B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.11B |
| FY2017, ended Dec 31, 2017 | $1.54B |
| FY2018, ended Dec 31, 2018 | $1.88B |
| FY2019, ended Dec 31, 2019 | $2.16B |
| FY2020, ended Dec 31, 2020 | $2.67B |
| FY2021, ended Dec 31, 2021 | $2.99B |
| FY2022, ended Dec 31, 2022 | $3.39B |
| FY2023, ended Dec 31, 2023 | $3.70B |
| FY2024, ended Dec 31, 2024 | $4.24B |
| FY2025, ended Dec 31, 2025 | $5.14B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $6.01B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $104M | $184M |
| FY2017, ended Dec 31, 2017 | −$313M | −$204M |
| FY2018, ended Dec 31, 2018 | $109M | $263M |
| FY2019, ended Dec 31, 2019 | $447M | $633M |
| FY2020, ended Dec 31, 2020 | −$296M | −$312M |
| FY2021, ended Dec 31, 2021 | $949M | $568M |
| FY2022, ended Dec 31, 2022 | $341M | $892M |
| FY2023, ended Dec 31, 2023 | $598M | $464M |
| FY2024, ended Dec 31, 2024 | $32.6M | $249M |
| FY2025, ended Dec 31, 2025 | $1.29B | $1.35B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $403M | $685M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$3.28B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $652M |
| FY2017, ended Dec 31, 2017 | $900M |
| FY2018, ended Dec 31, 2018 | $1.16B |
| FY2019, ended Dec 31, 2019 | $1.83B |
| FY2020, ended Dec 31, 2020 | $1.51B |
| FY2021, ended Dec 31, 2021 | $2.06B |
| FY2022, ended Dec 31, 2022 | $2.95B |
| FY2023, ended Dec 31, 2023 | $3.21B |
| FY2024, ended Dec 31, 2024 | $1.69B |
| FY2025, ended Dec 31, 2025 | $3.10B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $3.28B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $750M |
| FY2017, ended Dec 31, 2017 | $26.8M |
| FY2018, ended Dec 31, 2018 | $19.1B |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 7.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.204M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 189M |
| FY2017, ended Dec 31, 2017 | 212M |
| FY2018, ended Dec 31, 2018 | 214M |
| FY2019, ended Dec 31, 2019 | 217M |
| FY2020, ended Dec 31, 2020 | 220M |
| FY2021, ended Dec 31, 2021 | 221M |
| FY2022, ended Dec 31, 2022 | 223M |
| FY2023, ended Dec 31, 2023 | 225M |
| FY2024, ended Dec 31, 2024 | 194M |
| FY2025, ended Dec 31, 2025 | 199M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 204M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $263M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $96.2M | — |
| FY2017, ended Dec 31, 2017 | — | $133M | $649M |
| FY2018, ended Dec 31, 2018 | — | $148M | — |
| FY2019, ended Dec 31, 2019 | — | $167M | — |
| FY2020, ended Dec 31, 2020 | — | $178M | — |
| FY2021, ended Dec 31, 2021 | — | $183M | — |
| FY2022, ended Dec 31, 2022 | $0 | $188M | — |
| FY2023, ended Dec 31, 2023 | $0 | $216M | — |
| FY2024, ended Dec 31, 2024 | $2.00B | $266M | — |
| FY2025, ended Dec 31, 2025 | $0 | $249M | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $263M | — |
Revenue (TTM)
$6.01B
+24.9% YoY
Net income (TTM)
$403M
−66.1% YoY
Cash
$3.28B
+33.4% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $24.5B
- P/E
- 60.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.1×
- Price / Book
- 4.3×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $6.01B
- Revenue Growth YoY
- 24.9%
- Revenue CAGR 3Y
- 14.8%
- Revenue CAGR 5Y
- 14.0%
- EPS Growth YoY
- −66.8%
- Net Income Growth YoY
- −66.1%
Profitability
Trailing 12 months- Gross Margin
- 92.7%
- Operating Margin
- 10.4%
- Net Margin
- 6.7%
- FCF Margin
- 11.4%
- Return on Equity
- 7.8%
Earnings
Trailing 12 months- Net Income
- $403M
- EPS (diluted)
- $1.96
- EBITDA
- $725M
- Operating Income
- $627M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $3.28B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $7.29B
- Total Liabilities
- $1.64B
- Shareholders' Equity
- $5.64B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $745M
- Capital Expenditure
- $60.1M
- Free Cash Flow
- $685M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 0.73
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 24.9% year over year, at $6.01B.
Watch
Operating margin narrowed 20.3 pts in a year, to 10.4%.
Note
Free cash flow of $685M, 11.4% of revenue.
Watch
Share count is up 3.8% in a year, diluting holders.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K72Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 10, 2026 · Read the filing on EDGAR
- Revenue rose about 21% to $5,141.2 million, and net income jumped to $1,286.7 million from $32.6 million, when acquisition charges depressed profit.
- Settling the Novartis royalty dispute produced a $242.2 million gain and cut the US JAKAFI royalty rate by half.
- Cash and marketable securities rose to $3.6 billion from $2.2 billion, with no borrowings outstanding.
- Incyte expects JAKAFI sales to start declining when exclusivity ends in 2028, and it settled with two of the generic challengers.
Business momentum
Strong improvement
“We recorded net income for the years ended December 31, 2025 and 2024 of $1,286.7 million and $32.6 million, respectively.”
Outlook
Cautious
“However, we expect that JAKAFI product sales will begin to decline upon the expiration of our patent exclusivity in 2028.”
Financial stress
None
“As of December 31, 2025, we had no outstanding borrowings and were in compliance with all covenants under this facility.”
Tone against the previous report
More positive
Red flags
- Minor
Large write-down
“we recorded an asset impairment charge of $76.3 million on our consolidated statement of operations for the year ended December 31, 2025”
Positives
Novartis settlement cut JAKAFI royalty costs
“agreed to reduce by 50% the royalty rate payable by us on future net sales of JAKAFI in the United States beginning January 1, 2025”
JAKAFI sales grew on higher demand
“The increase in JAKAFI product revenues from 2024 to 2025 was primarily driven by an increase in paid demand across all indications.”
New product NIKTIMVO added sales in its first year
“NIKTIMVO net product revenues for 2025 reflect continued strong uptake of the product following its commercial launch during the first quarter of 2025.”
Concerns
Main product JAKAFI loses exclusivity in 2028, so new products must replace those sales
“We must develop and commercialize new products to achieve revenue growth and to offset revenue losses from the loss of product exclusivity of JAKAFI in 2028 and the launch of competing products.”
Reserve for possible extra OPZELURA rebates grew to $218.5 million from $127.6 million
“As of December 31, 2025, we have accrued approximately $218.5 million within accrued and other current liabilities on the consolidated balance sheet”
Patent lawsuits against remaining generic JAKAFI challengers are unresolved
“The actions against the other generic companies remain pending.”
New risks since the previous report
US "most favored nation" drug pricing could tie US prices to lower foreign prices
“Our revenue, results of operations, and cash flows could be materially and adversely affected by changes in government pricing policies, including recently proposed or enacted “most favored nation” (MFN) pricing legislation or executive actions.”
Disruptions at the FDA and other regulators could affect the business
“disruptions at the FDA and other regulatory agencies could prevent those agencies from performing normal business functions on which the operation of our business relies”
Biggest risks named
- Heavy dependence on JAKAFI and its 2028 loss of exclusivity
- Generic competition and patent challenges to JAKAFI and OPZELURA
- Government price controls, including most favored nation pricing and the Inflation Reduction Act
- Insurance coverage limits and rebate demands, especially for OPZELURA
- Clinical trial failures and regulatory setbacks
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | +2 | |
| Red flags | −1.5 | |
| New risks | −1 | |
| Score | 72 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 10, 2026 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 10, 2025 | 39 | Sharp deterioration | 2 medium | |
| 10-K | Feb 13, 2024 | 69 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 7, 2023 | 43 | Sharp deterioration | None | |
| 10-K | Feb 8, 2022 | 68 | Strong improvement | 1 medium2 minor | |
| 10-K | Feb 9, 2021 | 39 | Sharp deterioration | None | |
| 10-K | Feb 13, 2020 | 70 | Strong improvement | 2 minor | |
| 10-K | Feb 14, 2019 | 71 | Strong improvement | 1 medium | |
| 10-K | Feb 15, 2018 | 27 | Sharp deterioration | 1 medium2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR