# Incyte Genomics Inc (INCY) — Stock CV

Incyte Genomics Inc 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.

> 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.

## Identity

- **Ticker**: INCY
- **Sector**: Healthcare
- **Industry**: Services-Commercial Physical & Biological Research
- **Headquarters**: WILMINGTON, DE
- **Employees**: 2 844
- **Website**: https://www.incyte.com
- **Market cap**: $22.9B
- **Last price**: $112.79
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $5.82B
- **Net income**: $1.61B
- **Free cash flow**: $1.98B
- **P/E**: 14.2
- **Revenue growth (YoY)**: 26.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 32 |
| Profitability | 100 |
| Health | 43 |
| Quality | 37 |
| Moat | 48 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +26.9% YoY
- [x] Profitable — $1.61B TTM
- [x] Profit growing — +61.5% YoY
- [x] Generates cash — $1.98B TTM
- [x] Debt under control — current ratio 4.59
- [x] Established company — $22.9B market cap
- [x] Not printing shares — -8.0% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — health score 43/100
- [x] Valuation not extreme — P/E 14.2

## Experience (career milestones)

- **FY2025** — Best year on record: $1.29B net income
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **FY2016** — First recorded profitable year: $104M net income
- **FY2016** — Revenue already above $1B: $1.11B in first reported year

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.99B | $949M | $568M |
| FY2022 | $3.39B | $341M | $892M |
| FY2023 | $3.70B | $598M | $496M |
| FY2024 | $4.24B | $32.6M | $335M |
| FY2025 | $5.14B | $1.29B | $1.41B |

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Source: https://stockcv.com/INCY — derived from company filings; may be delayed or incomplete. Information, not investment advice.