Incyte Corp (INCY)
NASDAQ:INCY
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Incyte
(NASDAQ:INCY)
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Rating:74Outperform
Price Target:
$103.00
▲(11.64% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by strong financial strength (low leverage) and the 2025 profitability/cash generation rebound, supported by positive 2026 guidance. The biggest offsets are weak current technical momentum and execution/regulatory risks highlighted by higher R&D needs and recent setbacks (Opsilora PN delay and the Zynyz CRL).
Positive Factors
Conservative balance sheet / low leverage
Extremely low leverage and a strengthened equity base provide durable financial flexibility to fund late-stage trials, remediate regulatory issues, and withstand product setbacks without immediate reliance on dilutive financing, supporting multi‑year R&D and commercialization plans.
Negative Factors
FDA Complete Response Letter for Zynyz NSCLC
Regulatory compliance problems at a fill‑finish partner delay label expansion for Zynyz in NSCLC, postponing a meaningful commercial upside, requiring remediation effort and coordination with authorities — a structural risk to timing of non‑Jakafi revenue growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Extremely low leverage and a strengthened equity base provide durable financial flexibility to fund late-stage trials, remediate regulatory issues, and withstand product setbacks without immediate reliance on dilutive financing, supporting multi‑year R&D and commercialization plans.
Read all positive factors
Incyte (INCY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.97B
Dividend YieldN/A
Average Volume (3M)1.65M
Price to Earnings (P/E)15.0
Beta (1Y)0.52
Revenue Growth18.09%
EPS Growth3563.21%
CountryUS
Employees2,617
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.80
Shares Outstanding199,014,480
10 Day Avg. Volume1,845,128
30 Day Avg. Volume1,648,289
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 Cap0.83
Enterprise Value/Revenue2.91
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda8.49
Forecast
1Y Price Target
$109.87Price Target Upside19.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)7.5
Revenue Forecast (FY)$5.60B
Incyte Business Overview & Revenue Model
Company Description
Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosi...
How the Company Makes Money
Incyte makes money primarily through (1) net product revenues from selling its marketed medicines and (2) collaboration and license revenues from partnerships.
1) Net product revenues (commercial drug sales): Incyte generates the majority of its ...
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 Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive commercial and pipeline narrative: strong 2025 revenue growth, robust core business expansion (ex-Jakafi), multiple high-impact late-stage programs, and constructive 2026 guidance. Offsetting risks include an Opsilora PN setback requiring another study, rising R&D spending to support numerous pivotal trials, pricing/formulary tradeoffs, and the need to successfully launch and gain approvals for several products to replace Jakafi over the coming years. Overall, the positives—notably broad-based revenue growth, accelerating non-Jakafi franchises, and deepened late-stage pipeline—outweigh the challenges and execution risks outlined.Positive Updates
Strong Top-Line Growth
Total revenues of $1.51B in Q4 2025 (up 28% YoY) and $5.14B for full-year 2025 (up 21% YoY). Product/net sales of $1.22B in Q4 (up 20% YoY) and $4.35B for the full year (up 20% YoY).
Negative Updates
Opsilora Prurigo Nodularis (PN) Setback
One of two phase III PN trials missed the primary itch endpoint (one positive, one narrowly missed). FDA advised an additional efficacy study will be required; company has paused further PN development pending decision—introduces delay and incremental cost/risk.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Total revenues of $1.51B in Q4 2025 (up 28% YoY) and $5.14B for full-year 2025 (up 21% YoY). Product/net sales of $1.22B in Q4 (up 20% YoY) and $4.35B for the full year (up 20% YoY).
Read all positive updates
Company Guidance
In the call Incyte guided full‑year 2026 revenues of $4.77–$4.94 billion (up 10–13% vs. 2025), explicitly calling for Jakafi net sales of $3.22–$3.27 billion (prescriptions expected to grow high single‑digits), Opsalora net sales of $750–$790 million (roughly a 15% increase at the midpoint; U.S. pediatric launch already annualizing ≈$30 million), and hematology/oncology net sales of $800–$880 million (≈40–50% growth); core business ex‑Jakafi is guided to $1.57–$1.69 billion (≈30% growth at the midpoint). They expect total GAAP R&D plus SG&A operating expenses of $3.495–$3.675 billion in 2026 (midpoint ≈ +4% vs. 2025), with R&D up roughly 10% (≈80% of R&D focused on seven programs) and cost of goods stable at ~8–9% of net sales. For context, FY2025 total revenues were $5.14 billion (+21% YoY) and product revenues $4.35 billion (+20%); Q4 revenues were $1.51 billion (+28%) and Q4 product revenues $1.22 billion (+20%); FY2025 Jakafi sales were $3.093 billion (+11%; Q4 $828 million, +7%), Opsalora $678 million (+33%; Q4 $207 million, +28%), and hematology/oncology product sales $583 million (+83%; Q4 $187 million, +121%).Incyte Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B |
| Gross Profit | 4.70B | 3.86B | 3.38B | 3.14B | 2.80B |
| EBITDA | 1.76B | 408.16M | 919.43M | 599.64M | 630.20M |
| Net Income | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M |
Balance Sheet | |||||
| Total Assets | 6.96B | 5.44B | 6.78B | 5.84B | 4.93B |
| Cash, Cash Equivalents and Short-Term Investments | 3.58B | 2.16B | 3.66B | 3.24B | 2.35B |
| Total Debt | 69.43M | 43.54M | 38.29M | 41.46M | 44.82M |
| Total Liabilities | 1.80B | 2.00B | 1.59B | 1.47B | 1.16B |
| Stockholders Equity | 5.17B | 3.45B | 5.19B | 4.37B | 3.77B |
Cash Flow | |||||
| Free Cash Flow | 1.35B | 249.07M | 449.00M | 892.11M | 568.48M |
| Operating Cash Flow | 1.41B | 335.34M | 496.49M | 969.94M | 749.49M |
| Investing Cash Flow | -102.61M | 157.52M | -207.68M | -78.54M | -207.70M |
| Financing Cash Flow | 101.04M | -2.02B | -20.03M | -794.00K | 6.18M |
Incyte Technical Analysis
Neutral
92.26
Price Trends
99.38
Negative
100.73
Negative
90.13
Positive
Market Momentum
-2.40
Positive
39.57
Neutral
43.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INCY, the sentiment is Neutral. The current price of 92.26 is below the 20-day moving average (MA) of 94.63, below the 50-day MA of 99.38, and above the 200-day MA of 90.13, indicating a neutral trend. The MACD of -2.40 indicates Positive momentum. The RSI at 39.57 is Neutral, neither overbought nor oversold. The STOCH value of 43.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $22.91B | 16.17 | 19.30% | ― | 13.50% | 17.16% | |
76 Outperform | $10.79B | 12.10 | 36.88% | ― | 9.93% | 54.33% | |
74 Outperform | $17.97B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
68 Neutral | $10.41B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
66 Neutral | $15.97B | 19.82 | 14.32% | ― | 24.98% | 127.06% | |
57 Neutral | $13.32B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INCY
Incyte
90.30
29.70
49.01%
BMRN
BioMarin Pharmaceutical
54.14
-17.30
-24.22%
EXEL
Exelixis
41.53
4.83
13.16%
UTHR
United Therapeutics
522.83
215.86
70.32%
ASND
Ascendis Pharma
216.95
62.27
40.26%
GMAB
Genmab
25.82
5.92
29.75%
Incyte Corporate Events
Business Operations and StrategyExecutive/Board Changes
Incyte Announces Major Executive Leadership and Commercial Reorganization
Positive
Mar 26, 2026
On March 25, 2026, Incyte announced a series of executive leadership changes designed to support its strategic focus and long-term growth plans. Pablo J. Cagnoni was appointed President, Incyte and Global Head of Research and Development, replacin...
Product-Related AnnouncementsRegulatory Filings and Compliance
Incyte Faces FDA Setback on Zynyz Lung Cancer Expansion
Negative
Mar 6, 2026
On February 27, 2026, the U.S. Food and Drug Administration issued a Complete Response Letter to Incyte for its supplemental Biologics License Application seeking to expand Zynyz’s use to adult patients with metastatic non-small cell lung ca...
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.