INCY

IncyteNASDAQ · Biotechnology · Health Care

Previous close

120.39

Change

+3.59 / +3.07%

FinDog View

Bullish

52-Week Range ?

89.25 – 132.60

P/E (TTM) ?

15.2

Forward P/E ?

17.4

Based on consensus earnings for the next 12 months

Market Cap

$24.4B

−0.79%

S&P 500 −0.91% over same period

Volume / Avg Volume

2.8M / 1.9M

1.50× average

Latest earnings analysisFY2026 Q2Reported 2026-07-28

Incyte Q2 2026: revenue up 38.0%, EPS beat, guidance raised

Incyte looks Bullish heading into the second half of 2026: revenue rose 38.0% and GAAP earnings per share of $2.81 beat the $2.14 consensus, while management raised full-year sales guidance. The catch is that $246 million of the quarter's Opzelura sales was a one-time, non-cash accounting reversal, so underlying net sales grew 17.0%. Read the beat as real but flattered, and expect a huge one-off charge next quarter.

Read the full analysis →

Revenue$1.67BYoY +37.70%

EPS (non-GAAP)$3.09Beatest. $2.14

Next-quarter revenue guidance$5.20B ±1.25%YoY +210.30%

Next-day move−2.18%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 15.91M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-07-28	$1.7B	3.09 / 2.14	−2.18%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-04-28	$1.3B	1.81 / 1.40	+1.39%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-10	—	— / —	−1.21%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-10-28	$1.4B	2.26 / 1.69	−1.60%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-07-29	$1.2B	1.57 / —	+0.23%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-04-29	$1.1B	1.16 / —	+3.69%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2027-02-08

in 99 days · After hours

Consensus EPS

$1.99

Last quarter EPS $3.09

Avg. next-day move over the last 6 reports

±1.7%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 7 of its 5-year rangeCheap

5-year range 14.9 – 500.1 · Median 28.3

Last 4 quarters: $0 in buybacks + $0 in dividends, 0.00% of market cap combined

P/E (TTM)

15.2

P/B

3.9

P/S

4.2

PEG

1.17

Earnings Reaction

Over the last 6 reports, the stock moved ±1.7% on average on the first trading day after, rising 3 times

Most recent −2.18%

Volatility & Correlation

1-year beta 0.33 · Correlation with S&P 500 0.13Low beta

Annualized volatility 34% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

Buy 0 · $0.00MSell 9 · $15.0MNet selling $15.0M

10-15CAGNONI PABLO JPresident, Global Head of R&DSell$0.30M2,642 shares · Avg price 112.71
09-15CAGNONI PABLO JPresident, Global Head of R&DSell$2.8M23,218 shares · 2 trades · Avg price 120.49
08-19CAGNONI PABLO JPresident, Global Head of R&DSell$1.4M10,801 shares · Avg price 125.56
08-12CAGNONI PABLO JPresident, Global Head of R&DSell$1.3M10,803 shares · Avg price 120.04
08-05Mayes Patrick AEVP & Chief Scientific OfficerSell$0.27M2,207 shares · Avg price 123.99
08-05CAGNONI PABLO JPresident, Global Head of R&DSell$1.3M10,640 shares · Avg price 122.69
08-03Mayes Patrick AEVP & Chief Scientific OfficerSell$0.73M6,055 shares · Avg price 120.43
07-31Mayes Patrick AEVP & Chief Scientific OfficerSell$5.0M41,899 shares · 11 trades · Avg price 119.46

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q3	1.56	+14.0%	93.0%	-0.71	-0.78	-0.68	-3.86
FY2026 Q2	1.67	+37.7%	93.7%	0.70	0.59	0.51	2.81
FY2026 Q1	1.27	+20.9%	91.8%	0.30	0.30	0.37	1.47
FY2025 Q4	1.51	+27.8%	92.0%	0.34	0.30	0.54	1.46
FY2025 Q3	1.37	+20.0%	92.8%	0.44	0.42	0.56	2.11
FY2025 Q2	1.22	+16.5%	93.5%	0.53	0.40	0.04	2.04
FY2025 Q1	1.05	+19.5%	93.0%	0.21	0.16	0.27	0.80
FY2024 Q4	1.18	+16.3%	92.5%	0.30	0.20	0.38	0.90
FY2024 Q3	1.14	+23.8%	92.4%	0.15	0.11	0.31	0.54
FY2024 Q2	1.04	+9.3%	92.7%	-0.48	-0.44	-0.58	-2.04
FY2024 Q1	0.88	+8.9%	93.1%	0.09	0.17	0.22	0.75
FY2023 Q4	1.01	+9.3%	93.1%	0.19	0.20	0.15	0.89

Peers

Largest by market cap in the sector · Latest quarterView Health Care sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
INCY	Incyte	$24.4B	15.2	+14.0%	93.0%	−0.79%	Bullish
LLY	Lilly (Eli)	$1.34T	50.2	+38.6%	83.9%	+22.51%	Bullish	Compare
JNJ	Johnson & Johnson	$666B	41.3	+5.9%	68.1%	+3.20%	Bullish	Compare
ABBV	AbbVie	$522B	81.4	+10.2%	74.7%	+12.73%	Bullish	Compare
UNH	UnitedHealth Group	$367B	23.0	+0.4%	88.1%	+10.87%	Bullish	Compare
MRK	Merck & Co.	$371B	117.2	+5.1%	73.5%	+2.90%	Neutral	Compare
TMO	Thermo Fisher Scientific	$258B	36.4	+9.1%	—	+3.25%	Neutral	Compare
AMGN	Amgen	$254B	28.5	+9.5%	72.0%	+10.56%	Bullish	Compare
GILD	Gilead Sciences	$213B	—	+6.8%	81.1%	+14.51%	Neutral	Compare

Earnings Preview · Reports 10-29

Incyte Q3: core growth beneath one-time charges

Non-GAAP results excluding acquisition costs and core growth
Real sales momentum in Jakafi and the hematology-oncology portfolio
Whether full-year revenue guidance of $5.13–5.26 billion holds

No clear consensus EPS is available; last quarter revenue was $1.27 billion, up 20.9% year over year, and July guidance put full-year sales at $5.13–5.26 billion.

Over the past 6 reports, shares moved ±1.7% on average, rose 3 times, and fell 2.2% after the most recent one.

Watch out for：About $1.27 billion in acquisition-related costs could make this quarter's reported numbers look much weaker than the underlying business.

The View in One Line

Revenue +20.9%, EPS $3.09 vs $2.14 estimate, hematology/oncology +69%, guidance raised, $4.54B cash no debt; but one-offs and deal costs require non-GAAP view.

Updated 2026-10-30

View History

09-17Neutral → Bullish
Revenue up 38%, hematology/oncology up 69%, EPS of $3.09 far beat estimates, with $4.54B cash and no long-term debt. One-off items and acquisition costs warrant non-GAAP focus.

Notable Institutional Holders

Renaissance Technologies$398MReduced −4%
Bridgewater Associates · Ray Dalio$19.1MAdded +29%
Citadel Advisors · Ken Griffin$16.3MAdded +191%

As of 2026-06-30

ETFs holding it

XBI SPDR S&P Biotech ETF1.39%
XLV Health Care Select Sector SPDR Fund0.31%
RSP Invesco S&P 500 Equal Weight ETF0.22%
SPY SPDR S&P 500 ETF Trust0.03%
VOO Vanguard S&P 500 ETF0.03%
IVV iShares Core S&P 500 ETF0.03%
VTI Vanguard Total Stock Market ETF0.03%

Weights estimated at latest prices

Key Events

08-31Legal & Regulatory
Incyte Reaches Drug Pricing Agreement with CMS
Incyte signed an agreement with CMS allowing state Medicaid programs to obtain Jakafi and Jakafi XR at prices benchmarked to developed countries, and exempting them from certain future pricing mandates.Source ↗
07-06M&A / Contracts
Incyte completes acquisition of Vega Therapeutics
On July 6, 2026, Incyte announced the completion of its previously disclosed acquisition of Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics.Source ↗
06-22Legal & Regulatory
Incyte Settles Opzelura Rebate Lawsuit with CMS
Incyte settled its lawsuit with CMS over Medicare rebate rules for Opzelura and expects to record a one-time non-cash gain of about $246 million in Q2.Source ↗
06-09Governance
Incyte Annual Meeting Completes Director Elections and Auditor Ratification
At its June 8, 2026 annual meeting, shareholders elected 8 directors, approved executive compensation, and ratified Ernst & Young as auditor for fiscal 2026.Source ↗
06-08M&A / Contracts
Incyte Agrees to Acquire Vega Therapeutics
On June 8, 2026, Incyte announced a definitive agreement to acquire Vega Therapeutics, a wholly owned subsidiary of Star Therapeutics.Source ↗
03-30Management Change
Director Susanne Schaffert to Resign April 15
On March 26, 2026, Susanne Schaffert notified Incyte that she will resign from the board effective April 15, not due to any disagreement with the company.Source ↗
03-26Management Change
Incyte Adjusts Several Executive Titles, Cagnoni Named President
Effective March 25, 2026, Pablo J. Cagnoni became Incyte President and Head of Global R&D, Meury remains CEO; Stein and Issa also had title changes, with compensation unchanged.Source ↗

Key Financial Trends

Quarterly Revenue ($B)1.6

Gross Margin93.0%

Free Cash Flow ($B)-0.7