Incyte Corp
INCYHealthcare|Biotechnology|USA
$93.59
-1.27 (-1.34%)
DCF (FCF)
$55.64
Tangible Book
$24.78
Graham Number
$61.53
Earnings Power
$50.38
Financials
Financial Snapshot
Market Cap
$18.63B
Enterprise Value
$3.54B
Revenue (TTM)
$5.14B
Net Income (TTM)
$1.29B
Cash & Equivalents
$3.59B
Net Cash/Share
$9.02
Free Cash Flow (TTM)
$1.33B
Operating CF (TTM)
$1.41B
Debt/Equity
0.01
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $808.5M | $1.17B | $1.44B | $2.12B | $1.80B | $2.35B | $3.24B | $3.66B | $2.16B | $3.58B | $3.58B | |
| Operating Cash Flow | $304.8M | $-93.0M | $336.2M | $710.7M | $-124.6M | $749.5M | $969.9M | $496.5M | $335.3M | $1.41B | $1.41B | |
| Free Cash Flow | $184.5M | $-204.0M | $262.7M | $632.6M | $-312.0M | $568.5M | $892.1M | $449.0M | $235.2M | $1.33B | $1.33B | |
| Capital Expenditure | $-120.3M | $-111.0M | $-73.5M | $-78.1M | $-187.4M | $-181.0M | $-77.8M | $-47.5M | $-100.2M | $-83.9M | $-83.9M | |
| Financing Cash Flow | $44.6M | $690.2M | $14.7M | $45.7M | $71.7M | $6.2M | $-794.0K | $-20.0M | $-2.02B | $101.0M | $101.0M |
R&D Spending
R&D (TTM)
$2.05B
R&D Intensity
39.9%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.54B | $1.88B | $2.16B | $2.67B | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B | $5.14B | |
| R&D Expense | $581.9M | $1.33B | $1.20B | $1.15B | $2.22B | $1.46B | $1.59B | $1.63B | $2.61B | $2.05B | $2.05B | |
| R&D % of Revenue | 52.6% | 86.3% | 63.7% | 53.5% | 83.1% | 48.8% | 46.7% | 44.0% | 61.5% | 39.9% | 39.9% | |
| SG&A | $303.3M | $366.3M | $434.4M | $468.7M | $516.9M | $739.6M | $1.00B | $1.16B | $1.22B | $1.38B | $1.38B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.54B | $1.88B | $2.16B | $2.67B | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B | $5.14B | |
| Cost of Goods Sold | $58.2M | $79.5M | $94.1M | $114.2M | $131.3M | $151.0M | $207.0M | $255.0M | $312.1M | $372.1M | $372.1M | |
| Gross Profit | $1.05B | $1.46B | $1.79B | $2.04B | $2.54B | $2.84B | $3.19B | $3.44B | $3.93B | $4.77B | $4.77B | |
| R&D | $581.9M | $1.33B | $1.20B | $1.15B | $2.22B | $1.46B | $1.59B | $1.63B | $2.61B | $2.05B | $2.05B | |
| SG&A | $303.3M | $366.3M | $434.4M | $468.7M | $516.9M | $739.6M | $1.00B | $1.16B | $1.22B | $1.38B | $1.38B | |
| Operating Income | $162.4M | $-235.7M | $155.4M | $421.7M | $-240.2M | $600.5M | $591.6M | $655.4M | $101.3M | $1.34B | $1.34B | |
| Interest Expense | $-38.7M | $-6.9M | $-1.5M | $-1.9M | $-2.2M | $-1.9M | $-2.7M | $-2.6M | $-2.3M | $-2.4M | $-2.4M | |
| Pretax Income | $107.4M | $-312.3M | $115.3M | $486.8M | $-232.2M | $570.4M | $529.1M | $834.2M | $316.6M | $1.66B | $1.66B | |
| Net Income | $104.2M | $-313.1M | $109.5M | $446.9M | $-295.7M | $948.6M | $340.7M | $597.6M | $32.6M | $1.29B | $1.29B | |
| EPS (Diluted) | 0.54 | -1.53 | 0.51 | 2.05 | -1.36 | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 | 6.41 | |
| EBITDA | $204.6M | $-253.2M | $171.9M | $543.2M | $-178.2M | $630.2M | $599.6M | $919.4M | $408.2M | $1.76B | $1.76B | |
| Shares Out. (M) | 194.13 | 204.58 | 215.63 | 217.66 | 218.07 | 222.07 | 223.96 | 225.93 | 210.53 | 200.70 | 204.59 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $652.3M | $899.5M | $1.16B | $1.83B | $1.51B | $2.06B | $2.95B | $3.21B | $1.69B | $3.10B | $3.10B | |
| Marketable Securities | $156.2M | $270.1M | $274.3M | $284.9M | $288.4M | $290.8M | $287.5M | $442.7M | $470.3M | $482.8M | $482.8M | |
| Total Current Assets | $994.2M | $1.50B | $1.83B | $2.48B | $2.36B | $3.12B | $4.09B | $4.65B | $3.24B | $5.02B | $5.02B | |
| Total Assets | $1.64B | $2.30B | $2.65B | $3.43B | $3.56B | $4.93B | $5.84B | $6.78B | $5.44B | $6.96B | $6.96B | |
| Total Current Liabilities | $273.5M | $375.4M | $425.3M | $513.3M | $631.2M | $854.3M | $1.16B | $1.24B | $1.64B | $1.52B | $1.52B | |
| Long-Term Debt | $651.5M | $16.6M | $17.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.22B | $672.0M | $719.8M | $828.3M | $949.6M | $1.16B | $1.47B | $1.59B | $2.00B | $1.79B | $1.79B | |
| Stockholders' Equity | $419.5M | $1.63B | $1.93B | $2.60B | $2.61B | $3.77B | $4.37B | $5.19B | $3.45B | $5.17B | $5.17B | |
| Retained Earnings | $-1.67B | $-1.99B | $-1.88B | $-1.43B | $-1.73B | $-777.9M | $-437.2M | $160.4M | $-1.07B | $213.8M | $213.8M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $304.8M | $-93.0M | $336.2M | $710.7M | $-124.6M | $749.5M | $969.9M | $496.5M | $335.3M | $1.41B | $1.41B | |
| Capital Expenditure | $-120.3M | $-111.0M | $-73.5M | $-78.1M | $-187.4M | $-181.0M | $-77.8M | $-47.5M | $-100.2M | $-83.9M | $-83.9M | |
| Free Cash Flow | $184.5M | $-204.0M | $262.7M | $632.6M | $-312.0M | $568.5M | $892.1M | $449.0M | $235.2M | $1.33B | $1.33B | |
| Investing Cash Flow | $-232.5M | $-350.0M | $-86.4M | $-87.5M | $-269.0M | $-207.7M | $-78.5M | $-207.7M | $157.5M | $-102.6M | $-102.6M | |
| Financing Cash Flow | $44.6M | $690.2M | $14.7M | $45.7M | $71.7M | $6.2M | $-794.0K | $-20.0M | $-2.02B | $101.0M | $101.0M | |
| Issuance of Stock | $0.00 | $649.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-2.00B | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-445.0K | $-8.9M | $0.00 | $-822.0K | $-836.0K | $-2.4M | $-2.9M | $-3.4M | $-3.8M | $-4.5M | $-4.5M | |
| Stock Based Comp. | $96.2M | $133.1M | $148.2M | $166.6M | $177.9M | $183.0M | $188.4M | $215.9M | $266.1M | $249.3M | $249.3M | |
| Net Change in Cash | $116.9M | $247.2M | $264.6M | $668.7M | $-318.9M | $544.4M | $894.0M | $262.1M | $-1.53B | $1.41B | $1.41B |
Dilution Tracker
Shares Outstanding
205M
5-Year Share Growth
-7.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 194.13 | 204.58 | 215.63 | 217.66 | 218.07 | 222.07 | 223.96 | 225.93 | 210.53 | 200.70 | 204.59 | |
| YoY Change % | — | 5.4% | 5.4% | 0.9% | 0.2% | 1.8% | 0.8% | 0.9% | -6.8% | -4.7% | 1.9% | |
| Stock Issuance | $0.00 | $649.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-2.00B | $0.00 | $0.00 | |
| Stock Based Comp. | $96.2M | $133.1M | $148.2M | $166.6M | $177.9M | $183.0M | $188.4M | $215.9M | $266.1M | $249.3M | $249.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 94.7% | 94.8% | 95.0% | 94.7% | 95.1% | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% | 92.8% | |
| Operating Margin % | 14.7% | -15.3% | 8.3% | 19.5% | -9.0% | 20.1% | 17.4% | 17.7% | 2.4% | 26.1% | 26.1% | |
| Net Margin % | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% | 25.0% | |
| EBITDA Margin % | 18.5% | -16.5% | 9.1% | 25.2% | -6.7% | 21.1% | 17.7% | 24.9% | 9.6% | 34.2% | 34.2% | |
| FCF Margin % | 16.7% | -13.3% | 14.0% | 29.3% | -11.7% | 19.0% | 26.3% | 12.1% | 5.5% | 25.9% | 25.9% | |
| ROE % | 35.3% | -30.5% | 6.2% | 19.8% | -11.4% | 29.7% | 8.4% | 12.5% | 0.8% | 29.9% | 30.5% | |
| ROA % | 7.9% | -15.9% | 4.4% | 14.7% | -8.5% | 22.3% | 6.3% | 9.5% | 0.5% | 20.7% | 21.2% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)14.60
Historical14.04 / 41.75 / 595.57
Industry Med.27.95
P/S3.66
Historical2.63 / 6.75 / 26.17
Industry Med.9.84
P/B3.59
Historical2.15 / 6.51 / 69.93
Industry Med.2.92
EV/EBITDA8.57
Historical-1494.86 / 19.39 / 141.66
Industry Med.12.92
EV/Revenue2.93
Historical2.02 / 6.08 / 26.21
Industry Med.8.79
P/FCF14.21
Historical13.72 / 31.41 / 10575.71
Industry Med.35.03
Intrinsic Value Models
DCF (FCF Based)
$55.64
Tangible Book
$24.78
Net Current Assets
$16.290
Graham Number
$61.53
Median P/S Value
$178.76
Net-Net Working Capital
$13.15
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 185.69 | At Loss | 124.69 | 42.60 | At Loss | 17.19 | 52.84 | 23.69 | 460.47 | 15.41 | 14.80 | |
| PS Ratio | 17.60 | 12.61 | 7.29 | 8.80 | 7.11 | 5.46 | 5.30 | 3.84 | 3.43 | 3.86 | 3.72 | |
| PB Ratio | 45.15 | 12.27 | 7.04 | 7.26 | 7.31 | 4.30 | 4.09 | 2.71 | 3.88 | 3.79 | 3.64 | |
| EV/EBITDA | 91.79 | -74.50 | 70.76 | 30.96 | -97.27 | 22.10 | 24.50 | 11.38 | 27.55 | 9.13 | 8.71 | |
| EV/Revenue | 16.98 | 12.28 | 6.46 | 7.79 | 6.50 | 4.66 | 4.33 | 2.83 | 2.65 | 3.12 | 2.98 |
Analyst Estimates & Quality
Altman Z-Score
8.58
Safe
Piotroski F-Score
9
Strong
Beneish M-Score
-2.58
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $5,569M | $6,180M | $6,361M |
| Net Income | $1,553M | $1,913M | $1,984M |
| EPS | 6.42 | 7.50 | 7.83 |
| Book Value per Share | 33.47 | 42.93 | 53.23 |
| Operating Cash Flow per Share | 8.57 | 9.89 | 10.60 |
| Operating CF | $1,753.29M | $2,023.35M | $2,168.60M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Global discovery, development and commercialization of proprietary therapeutics | $5.14B |
By Geography
| Segment | 2025 |
|---|---|
| United States | $4.80B |
| Europe | $323.7M |
| Other countries | $17.6M |