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)
- Last four reported quarters (through Jun 30, 2026): revenue $5.82B, net income $1.61B (27.7% margin) (SEC filings).
- 2 of 80 tracked superinvestors hold INCY (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Total return with dividends: 1Y +30.9% vs S&P 500 +14.9%; 5Y +77.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD -3.84, revenue estimate $1.47B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (INCY)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| 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 margin | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% | — |
| Operating margin | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% | 30.6% |
| Net margin | 31.8% | 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.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 2.64% | $85.9M | Reduced -1.3% |
| Dodge & Cox Funds | Dodge & Cox | 0.71% | $1.36B | Reduced -2.4% |
Analysts (INCY)
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $138 → $140 |
| 2026-10-14 | Truist Securities | Target raised | Hold | $105 → $115 |
| 2026-10-13 | HC Wainwright & Co. | Reiterated | Buy | $152 |
| 2026-10-08 | RBC Capital | Target raised | Sector Perform | $109 → $114 |
| 2026-10-05 | Stifel | Target raised | Buy | $145 → $157 |
| 2026-10-01 | Wells Fargo | Target raised | Equal-Weight | $116 → $128 |
| 2026-09-28 | JP Morgan | Target raised | Neutral | $120 → $123 |
| 2026-09-28 | HC Wainwright & Co. | Target raised | Buy | $150 → $152 |
| 2026-09-22 | RBC Capital | Reiterated | Sector Perform | $109 |
| 2026-08-20 | Canaccord Genuity | Initiated | Buy | $152 |
| 2026-08-20 | HC Wainwright & Co. | Reiterated | Buy | $150 |
| 2026-08-17 | Piper Sandler | Target raised | Overweight | $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)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Net sales | $1.49B | 88.9% | +40.5% |
| — JAKAFI (part of Net sales) | $816.7M | 48.8% | +6.9% |
| — OPZELURA (part of Net sales) | $449.7M | 26.9% | +173.4% |
| — Product royalty revenues (part of Net sales) | $174.7M | 10.4% | +15.6% |
| — ICLUSIG (part of Net sales) | $34.4M | 2.1% | +5.1% |
| — Milestone and contract revenues (part of Net sales) | $11.2M | 0.7% | +124.0% |
| NIKTIMVO | $60.3M | 3.6% | +66.8% |
| MINJUVI/MONJUVI | $53.7M | 3.2% | +72.5% |
| ZYNYZ | $49.9M | 3.0% | +459.9% |
| PEMAZYRE | $23.4M | 1.4% | +5.5% |
| Total revenue | $1.67B | 100% | — |
INCY revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $1.56B | 93.2% | +37.8% |
| Europe | $105.1M | 6.3% | +33.4% |
| Other countries | $8.8M | 0.5% | +102.3% |
| Total revenue | $1.67B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
INCY suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Eli 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.” |
| Partner | Novartis 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.” |
| Partner | MorphoSys | “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.” |
| Partner | MACROGENICS 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").” |
| Partner | Syndax 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.” |
| Partner | Xencor 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.” |
| Partner | AGENUS 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.” |
| Partner | Enable 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.” |
| Partner | Merus | “In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. ("Merus").” |
| Partner | Prelude 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 INCY | Company | Filing | Sentence |
|---|---|---|---|
| partner | AGENUS 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.” |
| partner | Prelude 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.” |
| partner | MACROGENICS 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.” |
| partner | GERON 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” |
| partner | Syndax Pharmaceuticals Inc (SNDX) | 10-K Feb 26, 2026 | “the success of our collaboration with Incyte Corporation, or Incyte, to further develop and commercialize axatilimab;” |
| partner | Xencor 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.” |
| customer | BriaCell 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)
- “Incyte is raising its full year 2026 total net sales guidance to $5,130 - $5,260 million, reflecting the impact of the agreement with CMS related to the Opzelura line extension, * as well as the continued strong performance of its Hematology and Oncology growth products, including Niktimvo, Monjuvi/Minjuvi and Zynyz.”
- “Incyte is raising its full year 2026 Opzelura net sales guidance to $1,050 - $1,100 million and full year 2026 Hematology and Oncology net sales guidance to $860 - $890 million.”
- “Incyte is also raising its full year 2026 operating expense guidance.”
- “Total GAAP R&D and SG&A operating expense guidance is $4,915 - $4,995 million and total non-GAAP R&D and SG&A operating expense guidance is $4,625 - $4,695 million.”
Quoted word-for-word from the SEC 8-K results press release.
INCY analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-3.84 | $-3.49 | +10.0% | $1.47B | 16 |
| Next quarter (ends Dec 2026) | $1.94 | $2.16 | -10.2% | $1.52B | 17 |
| Current fiscal year (ends Dec 2026) | $3.11 | $2.69 | +15.7% | $5.94B | 19 |
| Next fiscal year (ends Dec 2027) | $8.68 | $8.74 | -0.8% | $6.25B | 20 |
Key Statistics (as of October 23, 2026 at 09:21 UTC)
| Price | USD 116.93 |
|---|---|
| Change | ▲ 3.08% (up) |
| Previous Close | USD 116.93 |
| Open | USD 116.93 |
| Day Range | USD 112.76 – 117.17 |
| 52-Week Range | USD 84.02 – 132.6 |
| Volume | 2,235,198 shares |
| Market Cap | — |
| Exchange | NMS |
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 Signal | SELL |
|---|---|
| RSI (14) | 49.13 (neutral) |
| vs SMA50 | Below (USD 121.36) |
| MACD | -2.07 (negative) |
Earnings (INCY)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD -3.84 |
| Revenue Estimate | $1.47B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 3.09 vs est 2.15 ▲ beat |
| 2026-03-31 | USD 1.81 vs est 1.34 ▲ beat |
| 2025-12-31 | USD 1.8 vs est 1.92 ▼ miss |
| 2025-09-30 | USD 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 / Equity | 0.01 |
| Current Ratio | 4.59 |
| 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 Outstanding | 202.70M |
| Float | 170.41M |
| 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)
- We submitted a Type II variation Marketing Authorization Application ("MAA") to the European Medicines Agency ("EMA") and, in January 2026, we announced that the Committee for Medicinal Products for Human Use ("CHMP") issued a positive opinion for ZYNYZ in combination with carboplatin and paclitaxel (platinum-based chemotherapy) for the first-line treatment of adult patients with metastatic or with inoperable locally recurrent SCAC.
- In September 2025, the FDA approved the supplemental New Drug Application ("NDA") for OPZELURA for the short-term and non-continuous chronic treatment of mild to moderate AD in non-immunocompromised children two years of age and older whose disease is not well controlled with topical prescription therapies, or when those therapies are not advisable.
Partnerships
- 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.
- In May 2020, we amended our agreement with Lilly to enable Lilly to commercialize baricitinib for the treatment of COVID-19.
Legal & Regulatory Risks (Item 1A, quoted)
- We may be unsuccessful in defending or pursuing these lawsuits, claims or other legal proceedings.
- We may be unable to adequately protect or enforce our proprietary information, which may result in its unauthorized use, a loss of revenue under a collaboration agreement or loss of sales to generic versions of our products or otherwise reduce our ability to compete in developing and commercializing products.
- Increasing use of social media and new technology, including artificial intelligence, could give rise to liability, breaches of data security, or reputational damage.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BNTX | BioNTech SE | USD 89.67 | ▼ 1.77% |
| GMAB | Genmab A/S | USD 40 | ▲ 1.09% |
| INSM | Insmed Incorporated | USD 95.06 | ▲ 1.08% |
| ROIV | Roivant Sciences Ltd. | USD 37.45 | ▲ 1.77% |
| ALNY | Alnylam Pharmaceuticals, Inc. | USD 227.28 | ▲ 0.97% |
| EXEL | Exelixis, 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