Incyte Genomics Inc

Services-Commercial Physical & Biological Research

INCYMixed9 of 10 basics passed

$112.79

+0.04%

Market cap $22.9B

$112.79

+0.04%

Market cap $22.9B

Incyte focuses on the discovery and development of small-molecule drugs. The firm's leading drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis.

It is a $22.9B healthcare company. Revenue grew 26.9% over the last year, and it keeps 28¢ of every dollar of sales as profit. It trades at 14.2× earnings — near the lowest of its own history.

Website: incyte.com
Location: Wilmington, DE
Employees: 2 844
Sector: Healthcare

Share price · 3 years

$57.24 → $112.79+97.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $5.82B
Profit: keeps 28¢ of every $1 sold; $1.61B
Free cash flow: cash left after running the business; $1.98B
P/E: years of profit in the price; 14.2
EPS: earnings per share, TTM; $8.03
Shares: up 3% since 2016 — dilution; 200.7M
Volatility: beta vs the market — under 1 swings less; 0.78

Revenue, last 10 years

52-week range

Low $83.80$112.79High $129.93

Today's price is 63% of the way from the year's low to its high.

P/E vs its history5y

14.2×median 19.8×

Higher than 4% of past days — near the lowest of its own history.

Valuation vs own history

P/E

14.2×

96%

P/S

3.9×

58%

EV/EBITDA

10.2×

95%

P/B

3.6×

67%

FCF yield

8.4%

99%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$2.80Mnet selling

Purchases$0

Sales$2.80M

Insiders trading, last 14d0 buy · 0 sell

Standing in Healthcare

Size$22.9Btop 54%
Revenue growth+15%top 30%
Net margin28%top 10%
Return on equity30%top 21%
P/E14.2×top 13%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and profitability; Growth, Health, Quality and Moat lag behind.

Valuation90

P/E vs own history4th pct · 25/25
FCF yield8.7% · 25/25
P/S3.9x · 20/25
EV/EBITDA10.5x · 20/25

Growth32

Revenue CAGR14.5% · 20/25
Net income CAGR7.9% · 12/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth-18.4% · 0/25

Profitability100

ROIC62.2% · 25/25
ROE29.6% · 25/25
Net margin27.7% · 25/25
Operating margin30.6% · 25/25

Health43

Altman Zn/a · 0/25
Current ratio4.59 · 25/25
Interest coverage6.9x · 18/25
Net cash / debtn/a · 0/25

Quality37

Piotroski F8/9 · 25/25
Beneish M-2.21 · 12/25
FCF conversionn/a · 0/25
Margin stabilityσ 25.9% · 0/25

Moat48

ROIC >12% years6/9 yrs · 13/25
Median gross margin94.7% · 25/25
FCF-positive years5/7 yrs · 10/25
Worst-year net marginworst -20.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.29B net income
FY2021Financial
Positive free cash flow every year since
5-year streak
FY2016Financial
First recorded profitable year
$104M net income
FY2016Financial
Revenue already above $1B
$1.11B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$15 613 today — price return only

$5.1B revenue in FY2025

Revenue up 26.9% year over year

Profitable 5 years in a row

Positive free cash flow 5 years in a row

2 844 employees

ROIC of 62.2%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (93.1%)
Strongly profitable — 27.7% net margin
Revenue growing 26.9% year over year
Strong cash conversion — FCF is 34.0% of revenue
Interest covered 6.9× by operating earnings

Watch-outs

Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+26.9% YoY
Profitable — makes more than it spends$1.61B TTM
Profit growing — earnings are higher than last year+61.5% YoY
Generates cash — cash left after running and investing$1.98B TTM
Debt under control — could handle its obligationscurrent ratio 4.59
Established company — not a micro-cap — lower blow-up risk$22.9B market cap
Not printing shares — share count not ballooning — you keep your slice-8.0% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 14.2

Peer comparisonIncyte Genomics Inc vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
INCY this company	$22.9B	14.2	+26.9%	27.7%	Mixed
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: INCY vs LLY · INCY vs JNJ · INCY vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 10Hold 17

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $5.82B · net income $1.61B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$5.82B

YoY 26.9%

Net income (TTM)

$1.61B

Margin 27.7%

Gross margin

93.1%

Operating margin

30.6%

P/E ratio

14.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.7	3.0	3.4	3.7	4.2	5.1
Gross profit	2.5	2.8	3.2	3.4	3.9	4.8
Operating income (EBIT)	-0.3	0.6	0.6	0.6	0.1	1.5
Net income	-0.3	0.9	0.3	0.6	0.0	1.3
EPS (diluted)	-1.36	4.27	1.52	2.65	0.15	6.41

Cash flowFree cash flow $1.98B · operating cash flow $1.98B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.98B

Margin 34.0%

Operating cash flow (TTM)

$1.98B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.1	0.7	1.0	0.5	0.3	1.4
Capital expenditure	-0.2	-0.2	-0.1	—	—	—
Free cash flow	-0.3	0.6	0.9	0.5	0.3	1.4
FCF margin	-11.7%	19.0%	26.3%	13.4%	7.9%	27.5%

Balance sheetAssets $6.96B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.96B of assets is financed

26%

74%

Liabilities $1.79B — borrowed moneyEquity $5.17B — owners' stake

Interest coverage

6.9x

EBIT ÷ interest expense

ROE

29.6%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.8	2.3	3.2	3.7	1.7	3.1
Total assets	3.6	4.9	5.8	6.8	5.4	7.0
Total liabilities	0.9	1.2	1.5	1.6	2.0	1.8
Total debt	—	—	—	—	—	—
Equity	2.6	3.8	4.4	5.2	3.4	5.2
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of INCY on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $112.79 · market cap $22.9B.