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Biopharma known for Jakafi/Jakavi (blood-cancer drug) and Opzelura for vitiligo/eczema, with an oncology pipeline.
Biopharma known for Jakafi/Jakavi (blood-cancer drug) and Opzelura for vitiligo/eczema, with an oncology pipeline.
Sells Jakafi itself in the US, while Novartis sells the same drug as Jakavi elsewhere and pays Incyte royalties; royalties also come from Eli Lilly's Olumiant, a related JAK drug. Jakafi has carried the company for years, and Opzelura, a skin cream Incyte sells itself, is its second major product.
Moat: narrow (IP / patents, installed base). First-to-market JAK-inhibitor franchise with an entrenched hematology-oncology prescriber base.
Headquarters: Wilmington, Delaware, United States · Founded: 1991 · Employees: 2,844
Size Incyte (INCY) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $24.4B, the 434th largest of 3,117 United States companies the cockpit tracks. Shares closed at $119.65 on 6 Nov 2026.
Performance Over six months the shares gained 21.4%, against +8.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 24.9% over the last twelve months (peer median +21.8%); the operating margin is 11.7% (peer median 20.8%).
Valuation It trades at 15.4× forward earnings against a peer median of 23.5× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 21.6 points above its cost of capital (8.8% WACC).
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.01B | $5.14B | $4.24B | $3.70B | $3.39B |
| Revenue growth | — | +21% | +15% | +9% | — |
| Gross profit | $5.50B | $4.70B | $3.86B | $3.38B | $3.14B |
| EBITDA | $799M | $1.44B | $169M | $734M | $667M |
| Net income | $403M | $1.29B | $32.6M | $598M | $341M |
| Free cash flow | $685M | $1.35B | $249M | $464M | $892M |
| Capital expenditure | $65.1M | $83.9M | $100M | $47.5M | $77.8M |
| Total debt | $37.4M | $54.9M | $60.3M | $52.6M | $55.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Incyte INCY | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 9.7× | -12.9% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INCY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | +9.4% | 6th lowest of 21 |
| 6-month return | +21.4% | +8.2% | 7th highest of 21 |
| Distance from 52-week high | -9.8% | -11.1% | 10th highest of 21 |
| Revenue growth (TTM) | +24.9% | +21.8% | 11th highest of 21 |
| Operating margin | 11.7% | 20.8% | 7th lowest of 21 |
| Forward P/E | 15.4× | 23.5× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 14.2% | 8.9% | 6th most demanding of 18 |
| Growth delivered (Del g) | +14.0% | +11.7% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +0.2 pp | -11.6 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | +21.6 pp | +4.3 pp | 6th highest of 21 |
| EV / EBITDA | 25.7× | 16.4× | 6th most expensive of 17 |
| Net debt / EBITDA | -4.8× | -0.0× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 11.6× | -11.0% | +11.4% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |