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Incyte
(NASDAQ:INCY)
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Rating:81Outperform
Price Target:
$135.00
▲(38.01% Upside)
Action:Reiterated
Date:07/07/26
INCY’s score is driven primarily by strong current financial quality (high margins, robust TTM free cash flow, and extremely low leverage) and supportive earnings-call fundamentals (reaffirmed double-digit FY2026 growth guidance and accelerating core ex-Jakafi performance). Offsetting factors are momentum that looks near-term extended (RSI/Stoch elevated), valuation support limited by no dividend, and execution/safety and spend risks highlighted in both the call and recent corporate developments.
Positive Factors
Balance sheet strength
Extremely low leverage gives Incyte durable financial flexibility to fund late‑stage trials, launches, and M&A without stressing liquidity. This capacity supports multi-year R&D programs and absorbs one‑time charges, preserving optionality through multi-quarter setbacks.
Negative Factors
Jakafi concentration
Jakafi's continued dominance leaves material single‑product concentration risk: setbacks, competitive pressure, or slower XR uptake would disproportionately affect revenues. Long‑term stability depends on successful launches and commercialization of diversified assets to lower this structural exposure.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Extremely low leverage gives Incyte durable financial flexibility to fund late‑stage trials, launches, and M&A without stressing liquidity. This capacity supports multi-year R&D programs and absorbs one‑time charges, preserving optionality through multi-quarter setbacks.
Read all positive factors
Incyte Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business units or product lines, highlighting which areas drive growth and profitability, and where strategic focus might be needed.
Analyzes revenue from different business units or product lines, highlighting which areas drive growth and profitability, and where strategic focus might be needed.
Data provided by:
The Fly
The FlyIncyte (INCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.43B
Dividend YieldN/A
Average Volume (3M)2.02M
Price to Earnings (P/E)16.1
Beta (1Y)0.39
Revenue Growth21.48%
EPS Growth1853.63%
CountryUS
Employees2,617
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)7.30
Shares Outstanding199,782,150
10 Day Avg. Volume1,822,168
30 Day Avg. Volume2,020,376
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.73
Price to Sales (P/S)3.75
P/FCF Ratio14.23
Enterprise Value/Market Cap0.70
Enterprise Value/Revenue3.05
Enterprise Value/Gross Profit3.30
Enterprise Value/Ebitda8.74
Forecast
1Y Price Target
$113.65Price Target Upside16.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
EPS Forecast (FY)7.65
Revenue Forecast (FY)$5.66B
Incyte Business Overview & Revenue Model
Company Description
Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, ...
How the Company Makes Money
Incyte makes money primarily through (1) net product revenues from medicines it commercializes and (2) collaboration and licensing revenues from partnerships that monetize its intellectual property and pipeline.
1) Net product revenues (commercia...
Incyte Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call presented strong commercial momentum and substantial pipeline/regulatory progress: double‑digit top‑line growth (Q1 revenue +21%, net sales +20%), outsized core ex‑Jakafi growth (+63% YoY), multiple late‑stage programs and regulatory acceptances (povorcitinib, 989 EOP meeting, 734 Phase III) and leadership hires to support launches. Offsetting risks include elevated R&D/operating spend, a small safety review and administrative hold related to pneumonitis in the 734 program, and continued revenue concentration in Jakafi. On balance the positives—robust revenue growth, core business acceleration, and clear late‑stage catalysts—outweigh the lowlights, though execution and safety monitoring remain important near‑term considerations.Positive Updates
Strong Top-Line Growth
Total revenue of $1.27B in Q1 2026, up 21% year-over-year; net sales $1.10B, up 20% YoY. Reaffirmed full-year 2026 net sales guidance of $4.77B–$4.94B (up ~10%–13% vs prior year).
Negative Updates
Elevated R&D and Operating Spend
GAAP R&D rose to $516M (up 18% YoY) as the company invests in late‑stage programs (989, 734, CDK2 etc.). Full‑year guidance for total GAAP R&D and SG&A of $3.495B–$3.675B implies continued heavy investment that could pressure near‑term GAAP profitability and cash burn.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue of $1.27B in Q1 2026, up 21% year-over-year; net sales $1.10B, up 20% YoY. Reaffirmed full-year 2026 net sales guidance of $4.77B–$4.94B (up ~10%–13% vs prior year).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 net sales guidance of $4.77–$4.94 billion (≈10–13% growth), including Jakafi sales of $3.22–$3.27 billion, Opzelura $750–$790 million and hematology/oncology products $800–$880 million; total GAAP R&D plus SG&A operating expenses are guided to $3.495–$3.675 billion, with cost of sales expected to be ~9% of net sales and a revenue mix of ~80% U.S./20% international. In Q1 they reported $1.27 billion total revenue (+21% YoY) and $1.10 billion net sales (+20%), with Jakafi at $758 million (+7%), core business ex‑Jakafi up 63%, hematology/oncology sales $204 million (+116%), GAAP R&D $516 million (+18%) and GAAP SG&A $328 million (+1%); management also highlighted product targets including Jakafi XR approval/launch mid‑2026 (XR could be 10–30% of Jakafi by 2029), Opzelura Europe launch in H2 2026, core ex‑Jakafi potential ~$3–4 billion by 2030 and I&I potentially ~1/3 of total revenue by 2030.Incyte Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.36B | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B |
| Gross Profit | 4.96B | 4.77B | 3.93B | 3.44B | 3.19B | 2.84B |
| EBITDA | 1.87B | 1.76B | 408.16M | 919.43M | 599.64M | 630.20M |
| Net Income | 1.43B | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M |
Balance Sheet | ||||||
| Total Assets | 7.34B | 6.96B | 5.44B | 6.78B | 5.84B | 4.93B |
| Cash, Cash Equivalents and Short-Term Investments | 4.02B | 3.58B | 2.16B | 3.66B | 3.24B | 2.35B |
| Total Debt | 33.83M | 69.43M | 43.54M | 38.29M | 41.46M | 44.82M |
| Total Liabilities | 1.79B | 1.80B | 2.00B | 1.59B | 1.47B | 1.16B |
| Stockholders Equity | 5.55B | 5.17B | 3.45B | 5.19B | 4.37B | 3.77B |
Cash Flow | ||||||
| Free Cash Flow | 1.45B | 1.35B | 249.07M | 449.00M | 892.11M | 568.48M |
| Operating Cash Flow | 1.52B | 1.41B | 335.34M | 496.49M | 969.94M | 749.49M |
| Investing Cash Flow | -191.91M | -102.61M | 157.52M | -207.68M | -78.54M | -207.70M |
| Financing Cash Flow | 198.54M | 101.04M | -2.02B | -20.03M | -794.00K | 6.18M |
Incyte Technical Analysis
Positive
97.82
Price Trends
101.99
Positive
99.09
Positive
98.41
Positive
Market Momentum
4.67
Negative
68.19
Neutral
87.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INCY, the sentiment is Positive. The current price of 97.82 is below the 20-day moving average (MA) of 108.57, below the 50-day MA of 101.99, and below the 200-day MA of 98.41, indicating a bullish trend. The MACD of 4.67 indicates Negative momentum. The RSI at 68.19 is Neutral, neither overbought nor oversold. The STOCH value of 87.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INCY.
Incyte Risk Analysis
Incyte disclosed 40 risk factors in its most recent earnings report. Incyte reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Incyte Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $14.10B | 17.98 | 40.21% | ― | 3.33% | 38.64% | |
82 Outperform | $23.53B | 18.94 | 19.24% | ― | 5.87% | 8.18% | |
81 Outperform | $23.43B | 16.06 | 29.31% | ― | 21.48% | 1853.63% | |
71 Outperform | $11.55B | 42.68 | 4.41% | ― | 12.53% | -49.09% | |
63 Neutral | $17.27B | 21.75 | 14.53% | ― | 21.02% | -24.83% | |
61 Neutral | $17.29B | 29.61 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INCY
Incyte
117.26
46.92
66.70%
BMRN
BioMarin Pharmaceutical
59.75
0.93
1.58%
EXEL
Exelixis
56.11
10.94
24.22%
UTHR
United Therapeutics
554.34
254.18
84.68%
ASND
Ascendis Pharma
277.18
100.69
57.05%
GMAB
Genmab
29.54
7.68
35.13%
Incyte Corporate Events
Business Operations and StrategyM&A Transactions
Incyte Acquires Vega Therapeutics, Expands Hematology Pipeline
Positive
Jul 6, 2026
On July 6, 2026, Incyte completed its $1.25 billion acquisition of Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, in a deal that also includes up to $750 million in sales milestone payments and will be recorded as a one-time RD...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Incyte Resolves Opzelura Medicaid Dispute, Gains One-Time Benefit
Positive
Jun 22, 2026
Incyte Corporation has reached an agreement with the Centers for Medicare Medicaid Services to resolve litigation over the application of Medicaid rebate rules to Opzelura, its ruxolitinib cream. CMS agreed not to treat Opzelura as a line extensi...
Executive/Board ChangesShareholder Meetings
Incyte Shareholders Back Board, Pay and Auditor Choices
Positive
Jun 9, 2026
At Incyte Corporation’s Annual Meeting of Shareholders held on June 8, 2026, investors elected all nominated directors, including Julian C. Baker, Jean-Jacques Bienaimé and Otis W. Brawley, signaling broad support for the company’...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Incyte to Acquire Vega Therapeutics in $2B Deal
Positive
Jun 8, 2026
On June 8, 2026, Incyte announced a definitive agreement to acquire Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics, for $1.25 billion upfront, plus up to $750 million in sales-based milestones, for potential total consideration ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.