Incyte Corporation (INCY) Stock Price & Analysis

Incyte Corporation (INCY) closed at USD 116.93 on Thursday, October 22, 2026, up 3.08% on the day. The US market is currently closed (pre-market); this is not a live price.

The prior close was USD 116.93; the Oct 22, 2026 session ranged USD 112.76–117.17 on volume of 2,235,198 shares. Market capitalization is —, with a 52-week range of USD 84.02–132.6 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:21 UTC.

Also available as compact Markdown for AI agents: nexqual.com/INCY.md

Key facts (INCY)

Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (INCY)

USDFY2021FY2022FY2023FY2024FY2025TTM
Revenue$2.99B$3.39B$3.70B$4.24B$5.14B$5.82B
Gross profit$2.84B$3.19B$3.44B$3.93B$4.77B—
Operating income$586M$579M$621M$61.4M$1.51B$1.78B
Net income$949M$341M$598M$32.6M$1.29B$1.61B
EPS (diluted)$4.27$1.52$2.65$0.15$6.41—
Free cash flow$568M$892M————
Gross margin94.9%93.9%93.1%92.6%92.8%—
Operating margin19.6%17.1%16.8%1.4%29.5%30.6%
Net margin31.8%10.0%16.2%0.8%25.0%27.7%
Revenue growth+12.0%+13.7%+8.9%+14.8%+21.2%—
Cash + short-term investments$2.35B$3.24B$3.66B$2.16B$3.58B—

Fiscal years end Dec. EPS is split-adjusted.

Valuation (price ÷ last four quarters, through Jun 30, 2026) (INCY)

P/E at fiscal year-ends: Dec 2025 15.4x, Dec 2024 445.8x, Dec 2023 23.7x.

Superinvestors (SEC 13F-HR, Q2 2026) (INCY)

2 of 80 tracked investors hold INCY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.

InvestorFirm% of portfolioValueChange
Harry BurnSound Shore2.64%$85.9MReduced -1.3%
Dodge & Cox FundsDodge & Cox0.71%$1.36BReduced -2.4%

Analysts (INCY)

Rating changes, last 120 days:

DateFirmActionRatingPrice target
2026-10-21TD CowenTarget raisedBuy$138 → $140
2026-10-14Truist SecuritiesTarget raisedHold$105 → $115
2026-10-13HC Wainwright & Co.ReiteratedBuy$152
2026-10-08RBC CapitalTarget raisedSector Perform$109 → $114
2026-10-05StifelTarget raisedBuy$145 → $157
2026-10-01Wells FargoTarget raisedEqual-Weight$116 → $128
2026-09-28JP MorganTarget raisedNeutral$120 → $123
2026-09-28HC Wainwright & Co.Target raisedBuy$150 → $152
2026-09-22RBC CapitalReiteratedSector Perform$109
2026-08-20Canaccord GenuityInitiatedBuy$152
2026-08-20HC Wainwright & Co.ReiteratedBuy$150
2026-08-17Piper SandlerTarget raisedOverweight$110 → $130

Total return (dividends reinvested) (INCY)

1Y (from 2025-10-23)5Y (from 2021-10-18)
Total return+30.9%+77.7%
S&P 500 (SPY)+14.9%+80.3%
Per year+31.1%+12.2%
Volatility (annualized)33.6%29.7%
Max drawdown-18.3% (Jan 2026→Mar 2026)-39.7% (Jan 2023→Apr 2024)

INCY revenue by product line (quarter ended Jun 30, 2026)

LineRevenueShare of totalYoY
Net sales$1.49B88.9%+40.5%
— JAKAFI (part of Net sales)$816.7M48.8%+6.9%
— OPZELURA (part of Net sales)$449.7M26.9%+173.4%
— Product royalty revenues (part of Net sales)$174.7M10.4%+15.6%
— ICLUSIG (part of Net sales)$34.4M2.1%+5.1%
— Milestone and contract revenues (part of Net sales)$11.2M0.7%+124.0%
NIKTIMVO$60.3M3.6%+66.8%
MINJUVI/MONJUVI$53.7M3.2%+72.5%
ZYNYZ$49.9M3.0%+459.9%
PEMAZYRE$23.4M1.4%+5.5%
Total revenue$1.67B100%—

INCY revenue by region (quarter ended Jun 30, 2026)

LineRevenueShare of totalYoY
United States$1.56B93.2%+37.8%
Europe$105.1M6.3%+33.4%
Other countries$8.8M0.5%+102.3%
Total revenue$1.67B100%—

As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).

INCY suppliers, customers and competitors (named in its 10-K)

RelationshipCompanySentence in the filing
PartnerEli Lilly (LLY)“These include OLUMIANT (baricitinib), which is licensed to our collaborative partner Eli Lilly and Company ("Lilly"), and JAKAVI (ruxolitinib) and TABRECTA (capmatinib), which are licensed to Novartis.”
PartnerNovartis Pharmaceutical International“Under our collaboration agreement with Novartis Pharmaceutical International Ltd. ("Novartis"), Novartis received exclusive development and commercialization rights to ruxolitinib outside of the United States for all hematologic and oncologic indications and sells ruxolitinib outside of the United States under the name JAKAVI.”
PartnerMorphoSys“In January 2020, we and MorphoSys AG ("MorphoSys") entered into a collaboration and license agreement to further develop and commercialize MorphoSys' proprietary anti-CD19 antibody tafasitamab (formerly MOR208) globally.”
PartnerMACROGENICS INC (MGNX)“In October 2017, we and MacroGenics, Inc. ("MacroGenics"), announced an exclusive global collaboration and license agreement for MacroGenics' retifanlimab (formerly INCMGA0012), a humanized monoclonal antibody targeting programmed death receptor-1 ("PD-1").”
PartnerSyndax Pharmaceuticals Inc (SNDX)“In September 2021, we entered into an exclusive worldwide collaboration and license agreement with Syndax Pharmaceuticals, Inc. ("Syndax") to develop and commercialize axatilimab, Syndax's anti-CSF-1R monoclonal antibody.”
PartnerXencor Inc (XNCR)“Under the purchase agreement, we also became the successor to MorphoSys under its collaboration and license agreement with Xencor, Inc. ("Xencor"), pursuant to which Xencor granted MorphoSys an exclusive, worldwide license, including the right to sublicense under certain conditions, for tafasitamab.”
PartnerAGENUS INC (AGEN)“In January 2015, we entered into a License, Development and Commercialization Agreement with Agenus Inc. and its wholly-owned subsidiary, 4-Antibody AG (now known as Agenus Switzerland Inc.), which we collectively refer to as Agenus.”
PartnerEnable Injections“In October 2025, we announced an agreement with Enable Injections, Inc. ("Enable") to develop for use with specific assets in our portfolio, including INCA033989, Enable's enFuse on-body delivery system.”
PartnerMerus“In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. ("Merus").”
PartnerPrelude Therapeutics Inc (PRLD)“In November 2025, we entered into an exclusive purchase option agreement with Prelude Therapeutics Incorporated ("Prelude").”

Quoted from the company's 10-K filed Feb 10, 2026.

Companies that name INCY in their SEC reports

Relationship to INCYCompanyFilingSentence
partnerAGENUS INC (AGEN)10-K Mar 16, 2026“In January 2015, we entered into a collaboration with Incyte to discover, develop, and commercialize novel immuno-therapeutics using our antibody platforms.”
partnerPrelude Therapeutics Inc (PRLD)10-K Mar 10, 2026“Concurrently with the Option Agreement, we entered into a securities purchase agreement with Incyte (the "Securities Purchase Agreement"), pursuant to which Incyte purchased 6,250,000 shares (the "Shares") of our non-voting common stock at a price of $4.00 per share for gross proceeds of $25.0 million.”
partnerMACROGENICS INC (MGNX)10-K Mar 9, 2026“In 2017, we licensed retifanlimab, a mAb targeting PD-1, to Incyte Corporation (Incyte) under a global collaboration and license agreement (Incyte License Agreement); we retain the right to develop the molecule in combination with product candidates from our pipeline.”
partnerGERON CORP (GERN)10-K Mar 2, 2026“collaboration with Incyte; nuvisertib (TP-3654), an oral PIM kinase inhibitor by Sumitomo Pharma Co., Ltd.; and a”
partnerSyndax Pharmaceuticals Inc (SNDX)10-K Feb 26, 2026“the success of our collaboration with Incyte Corporation, or Incyte, to further develop and commercialize axatilimab;”
partnerXencor Inc (XNCR)10-K Feb 25, 2026“Our partnership and license agreements include those we have with J&J, Genentech, Vir, Amgen, Incyte, Alexion and others.”
customerBriaCell Therapeutics Corp. (BCTX)10-K Oct 16, 2025“Bria-IMT™ Phase 1/2 combination study with retifanlimab (an anti-PD1 antibody manufactured by Incyte) confirmed tolerability and”

INCY customer concentration

In the period ended Jun 30, 2026, 6 direct customers each accounted for at least 10% (20%, 19%, 12%, 11%, 10%, 7%) of revenue, per the company's 10-Q filed Jul 28, 2026. The company does not name them.

INCY company outlook (results filed Jul 28, 2026)

Quoted word-for-word from the SEC 8-K results press release.

INCY analyst estimates and revisions

PeriodEPS estimate90 days agoChangeRevenue estimateAnalysts
Current quarter (ends Sep 2026)$-3.84$-3.49+10.0%$1.47B16
Next quarter (ends Dec 2026)$1.94$2.16-10.2%$1.52B17
Current fiscal year (ends Dec 2026)$3.11$2.69+15.7%$5.94B19
Next fiscal year (ends Dec 2027)$8.68$8.74-0.8%$6.25B20

Key Statistics (as of October 23, 2026 at 09:21 UTC)

PriceUSD 116.93
Change▲ 3.08% (up)
Previous CloseUSD 116.93
OpenUSD 116.93
Day RangeUSD 112.76 – 117.17
52-Week RangeUSD 84.02 – 132.6
Volume2,235,198 shares
Market Cap—
ExchangeNMS

Technical Analysis (INCY)

Nexqual's technical model rates INCY "SELL" based on 2 bullish and 4 bearish signals across 127 daily candles, as of October 23, 2026 at 09:21 UTC.

Overall SignalSELL
RSI (14)49.13 (neutral)
vs SMA50Below (USD 121.36)
MACD-2.07 (negative)

Earnings (INCY)

Next Earnings Date2026-10-29
EPS EstimateUSD -3.84
Revenue Estimate$1.47B

Recent Earnings History

QuarterActual vs Estimate
2026-06-30USD 3.09 vs est 2.15 ▲ beat
2026-03-31USD 1.81 vs est 1.34 ▲ beat
2025-12-31USD 1.8 vs est 1.92 ▼ miss
2025-09-30USD 2.26 vs est 1.64 ▲ beat

Source: Nexqual, October 23, 2026 at 09:21 UTC.

Financials & Fundamentals (INCY)

Total Revenue$5.82B
Revenue Growth (latest quarter, YoY)+37.70%
Gross Margin+55.66%
Operating Margin+41.90%
Profit Margin+27.71%
ROE+30.67%
Debt / Equity0.01
Current Ratio4.59
Total Cash$4.54B
Total Debt$38.27M

Source: Nexqual, October 23, 2026 at 09:21 UTC.

Ownership (INCY)

Insider Ownership+1.85%
Institutional Ownership+103.82%
Shares Outstanding202.70M
Float170.41M
Short % of Float+8.40%

Source: Nexqual, October 23, 2026 at 09:21 UTC.

From Incyte Corporation's Latest SEC 10-K Filing (filed 2026-02-10)

Key Strengths & Strategy (as disclosed to the SEC)

Partnerships

Legal & Regulatory Risks (Item 1A, quoted)

Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.

Peers & Related Stocks

SymbolNamePriceChange
BNTXBioNTech SEUSD 89.67▼ 1.77%
GMABGenmab A/SUSD 40▲ 1.09%
INSMInsmed IncorporatedUSD 95.06▲ 1.08%
ROIVRoivant Sciences Ltd.USD 37.45▲ 1.77%
ALNYAlnylam Pharmaceuticals, Inc.USD 227.28▲ 0.97%
EXELExelixis, Inc.USD 65.31▲ 1.13%

Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:21 UTC. This page is informational and not investment advice.

For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt