Incyte Corporation (INCY) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Incyte Corporation (INCY) posted $5.14B in revenue for fiscal 2025 (up 21.2% year over year), at a 25.0% net margin, and has compounded revenue about 14.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Incyte Corporation
Incyte Corporation has grown revenue from $1.11B to $5.14B over the last 10 fiscal years, compounding about 14% a year. The most recent year was up 21.2%, so growth is actually accelerating.
Net margin sits at 25%, up 24.2 points year over year on a 92.8% gross margin.
At today's valuation the market is pricing in roughly 11.9% annual free-cash-flow growth. The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from Incyte Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Incyte Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.54B | $1.88B | $2.16B | $2.67B | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B |
| Gross profit | $1.05B | $1.46B | $1.79B | $2.04B | $2.54B | $2.84B | $3.19B | $3.44B | $3.93B | $4.77B |
| Net income | $104.22M | $-313.14M | $109.49M | $446.91M | $-295.70M | $948.58M | $340.66M | $597.60M | $32.62M | $1.29B |
| Net margin | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
Source: Incyte Corporation SEC filings (10-K). 17 years of history available in the interactive view.
Incyte Corporation: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 71.7% versus revenue 21.2% — possible overproduction or softening demand.
What growth is priced into INCY stock?
At today's market cap of $24.23B, Incyte Corporation is priced for free-cash-flow growth of about 11.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $892.11M from the FY ending 2022-12-31). For comparison, revenue 14%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Incyte Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeOr start a 7-day free trial to track INCY in your portfolio →
Incyte Corporation financial history by metric
Compare Incyte Corporation with peers
About Incyte Corporation
Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan. The company offers JAKAFI for the treatment of myelofibrosis (MF), polycythemia vera, and steroid-refractory acute graft-versus-host disease; ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; MONJUVI/ MINJUVI for the treatment of diffuse large B-cell lymphoma and Follicular Lymphoma; NIKTIMVO for the treatment of chronic graft-versus-host disease. It also provides INCA033989 for the treatment of essential thrombocythemia and MF; INCA035784 for the treatment of anti-mutant calreticulin and myeloproliferative neoplasms (MPNs); INCB160058 for the treatment of MPNs; PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor for the treatment of unresectable biliary tract cancer, metastatic cholangiocarcinoma, and myeloid/lymphoid neoplasms; ZYNYZ to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma. The company's clinical stage products include INCB123667 for ovarian cancer; INCB161734 for solid tumors; INCA33890 for cancers; Ruxolitinib cream for atopic dermatitis, hidradenitis suppurativa (HS), and prurigo nodularis; Povorcitinib for HS, nonsegmental vitiligo, prurigo nodularis, and asthma; and INCB00928 for the treatment of fibrodysplasia ossificans progressive. It has collaboration and license agreement with Novartis, Lilly, and Syndax. The company sells its products to specialty and retail pharmacies, hospital pharmacies, and distributors. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.
Incyte Corporation — frequently asked questions
What is Incyte Corporation's revenue?
Incyte Corporation (INCY) reported revenue of $5.14B for fiscal year 2025, up 21.2% from the prior year, according to its SEC filings.
Is Incyte Corporation profitable?
Yes. INCY earned net income of $1.29B in fiscal 2025, a net margin of 25.0%.
What is INCY's P/E ratio?
Incyte Corporation trades at a price-to-earnings ratio of about 15.2 based on the latest data in our nightly-refreshed cache.
How fast is Incyte Corporation growing?
INCY's revenue grew at roughly 14.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Incyte Corporation have?
As of fiscal year 2025, INCY carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Incyte Corporation's gross margin?
INCY's gross margin was 92.8% in fiscal 2025 — gross profit of $4.77B on revenue of $5.14B.
What is Incyte Corporation's market cap?
Incyte Corporation (INCY) has a market capitalization of about $24.23B, based on the latest data in our nightly-refreshed cache.
When does Incyte Corporation's fiscal year end?
INCY's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into INCY stock?
At today's market cap of $24.23B, Incyte Corporation is priced for free-cash-flow growth of about 11.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $892.11M from the FY ending 2022-12-31). For comparison, revenue 14%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Incyte Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.