# Incyte Corporation (INCY)

> Source: Nexqual · https://nexqual.com/INCY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Incyte Corporation (INCY), nexqual.com/INCY" · informational, not investment advice.

**Price:** USD 116.93 (+3.08% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 113.44 · day 112.76–117.17 · 52w 84.02–132.6 · market cap $23.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.82B, net income $1.61B (27.7% margin) (SEC filings).
- Valuation: P/E 14.7x (avg 161.6x at the last 3 fiscal year-ends).
- 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)
| 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)
P/E 14.7x · P/S 4.1x · P/B 3.7x · Earnings yield 6.80%
P/E at fiscal year-ends: Dec 2025 15.4x, Dec 2024 445.8x, Dec 2023 23.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
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
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)
|  | 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) |

## Peers (Biotechnology)
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%

## More
Full page: https://nexqual.com/INCY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INCY's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/879169/000087916926000010/incy-20251231.htm):

| 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 hem…" |
| 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 …" |
| 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 licen…" |
| 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 …" |
| 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")." |

Other companies that name INCY in their own reports (relationship from INCY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AGENUS INC (AGEN) | 10-K 2026-03-16 | "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 2026-03-10 | "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 "Sha…" |
| partner | MACROGENICS INC (MGNX) | 10-K 2026-03-09 | "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 th…" |
| partner | GERON CORP (GERN) | 10-K 2026-03-02 | "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 2026-02-26 | "the success of our collaboration with Incyte Corporation, or Incyte, to further develop and commercialize axatilimab;" |
| partner | Xencor Inc (XNCR) | 10-K 2026-02-25 | "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 2025-10-16 | "Bria-IMT™ Phase 1/2 combination study with retifanlimab (an anti-PD1 antibody manufactured by Incyte) confirmed tolerability and" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-06-30: 20%, 19%, 12%, 11%, 10%, 7% of revenue from unnamed direct customers (10-Q, filed 2026-07-28).

## Company outlook (8-K filed 2026-07-28)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-3.84 | $-3.49 | +10.0% | $1.47B | 16 |
| Next quarter (ends 2026-12-31) | $1.94 | $2.16 | -10.2% | $1.52B | 17 |
| Current fiscal year (ends 2026-12-31) | $3.11 | $2.69 | +15.7% | $5.94B | 19 |
| Next fiscal year (ends 2027-12-31) | $8.68 | $8.74 | -0.8% | $6.25B | 20 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±10.6%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 47.2% | ±10.6% |
| 2026-12-18 | 56 | 49.1% | ±15.3% |
| 2027-01-15 | 84 | 43.7% | ±16.6% |
| 2027-03-19 | 147 | 38.2% | ±19.2% |
| 2027-06-17 | 237 | 36.6% | ±23.3% |