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Nasdaq · Healthcare

INCYTE CORP (INCY)

As-reported financials and SEC filings for INCYTE CORP. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About INCYTE CORP

Incyte Corp is a global biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics. It focuses on treatments in hematology, oncology, and inflammation and autoimmunity. The company markets approved products such as JAKAFI for blood cancers and graft-versus-host disease, ICLUSIG for certain leukemias, MONJUVI/MINJUVI for lymphomas, and NIKTIMVO for chronic graft-versus-host disease.

Snapshot

Revenue
$5.14B
Revenue growth (YoY)
21.2%
Net income
$1.29B
Diluted EPS
$6.41
Gross margin
Operating margin
29.5%
Net margin
25.0%
FCF margin
ROE
24.9%
net income / fiscal-year-end equity
P/E
15.7×
trailing when available, otherwise FY EPS
Market cap
$25.34B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Incyte

  • Revenue grew 21.2% to $5.1B in FY2025, faster than the 14.8% the year before.
  • Operating margin is 29.5% in FY2025, +9.8 pp against 19.6% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $1.3B, up 20.9% from Q1 FY2025.
  • Net income rose more than tenfold to $1.3B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Incyte’s fundamentals sit among the 558 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin29.5%
94th percentile of 399
Net margin25.0%
89th percentile of 418
Revenue growth (YoY)+21.2%
69th percentile of 538
ROE24.9%
90th percentile of 473
P/E15.7×
32nd percentile of 201
Short interest6.66d
69th percentile of 557

Incyte’s operating margin of 29.5% ranks in the 94th percentile of the 399 Healthcare companies reporting it. Incyte’s return on equity of 24.9% ranks in the 90th percentile of the 473 Healthcare companies reporting it. Incyte’s net margin of 25.0% ranks in the 89th percentile of the 418 Healthcare companies reporting it.

No reported insider purchases (code P) in the last 90 days; 21 insider sales totaling $15.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+6 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$2.71B
reported long value
InvestorAs ofPosition valueSharesChange
Dodge & CoxQ2 2026$1.36B12.0MReduced
AQR Capital ManagementquantQ2 2026$603.2M5.3MReduced
Renaissance TechnologiesquantQ2 2026$398.1M3.5MReduced
Two Sigma InvestmentsquantQ2 2026$227.1M2.0MAdded
Gotham Asset ManagementQ2 2026$81.6M719.5KAdded
Bridgewater AssociatesQ2 2026$19.1M168.3KAdded
Citadel AdvisorsquantQ2 2026$16.3M143.5KAdded
Millennium ManagementquantQ2 2026$9.4M82.8KReduced
D. E. ShawquantQ2 2026$455,2544.0KNew

No longer held by: Point72 Asset Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
21
$15.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-19
filed 2026-08-20
CAGNONI PABLO JPresident, Global Head of R&DSell10.8K$125.56$1.4M
2026-08-12
filed 2026-08-14
CAGNONI PABLO JPresident, Global Head of R&DSell10.8K$120.04$1.3M
2026-08-05
filed 2026-08-07
CAGNONI PABLO JPresident, Global Head of R&DSell10.6K$122.69$1.3M
2026-08-05
filed 2026-08-07
Mayes Patrick AEVP & Chief Scientific OfficerSell2.2K$123.99$274K
2026-08-03
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell6.1K$120.43$729K
2026-07-31
filed 2026-08-04
CAGNONI PABLO JPresident, Global Head of R&DSell15.9K$119.70$1.9M
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell14.7K$119.46$1.8M
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell6.2K$119.43$737K
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell5.3K$119.42$637K
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell4.7K$119.39$561K
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell2.9K$119.40$342K
2026-07-31
filed 2026-08-04
Mayes Patrick AEVP & Chief Scientific OfficerSell2.3K$119.41$274K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
9.4M
settled 2026-08-14
Change vs prior
-8.4%
vs previous settlement
Days to cover
6.66
at avg daily volume
Avg daily volume
1.4M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-149.4M-8.4%6.66
2026-07-3110.2M-2.5%4.80
2026-07-1510.5M-0.6%6.45
2026-06-3010.6M+0.2%4.82
2026-06-1510.6M-7.4%4.74
2026-05-2911.4M+3.3%9.22
2026-05-1511.0M-2.8%8.65
2026-04-3011.4M-5.2%7.05

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$5.14B$4.24B$3.70B$3.39B$2.99B
Gross profit
Operating income$1.51B$61.4M$620.5M$579.4M$585.8M
Net income$1.29B$32.6M$597.6M$340.7M$948.6M
Diluted EPS$6.41$0.15$2.65$1.52$4.27

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$3.10B$1.69B$3.21B$2.95B$2.06B
Current assets$5.02B$3.24B$4.65B$4.09B$3.12B
Total assets$6.96B$5.44B$6.78B$5.84B$4.93B
Current liabilities$1.52B$1.64B$1.24B$1.16B$854.3M
Long-term debt
Total liabilities$1.79B$2.00B$1.59B$1.47B$1.16B
Total equity$5.17B$3.45B$5.19B$4.37B$3.77B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.41B$335.3M$496.5M$969.9M$749.5M
Capital expenditure$77.8M$181.0M
Free cash flow$892.1M$568.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$1.27B20.9%$303.3M$1.47
Q4 FY2025$1.51B27.8%$299.3M$1.46
Q3 FY2025$1.37B20.0%$424.2M$2.11
Q2 FY2025$1.22B16.5%$405.0M$2.04
Q1 FY2025$1.05B19.5%$158.2M$0.80
Q4 FY2024$1.18B16.3%$201.2M$0.97
Q3 FY2024$1.14B23.8%$106.5M$0.54
Q2 FY2024$1.04B9.3%$-444.6M$-2.04

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryServices-Commercial Physical & Biological Research
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2019
SEC CIK879169

Selected SEC filings

10-K2026-02-10
View on EDGAR →
10-K2025-02-10
View on EDGAR →
10-Q2026-07-28
View on EDGAR →
10-Q2026-04-28
View on EDGAR →
10-Q2025-10-28
View on EDGAR →
10-Q2025-07-29
View on EDGAR →
8-K2026-08-31
View on EDGAR →
8-K2026-07-28
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.