olivLaw · US equity research
INCY INCY
Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)
Incyte is a global biopharmaceutical company focused on hematology, oncology, and inflammation and autoimmunity. In the second quarter of 2026 total revenue was 1.67 billion USD and total net sales 1.49 billion USD, up 40% year on year, though this includes a one-time non-cash benefit of 246 million USD tied to Opzelura. Full-year 2026 total net sales guidance was raised to 5,130-5,260 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, INCY (INCY) stock was 122.85 USD (+4.47% on the day), with market capitalisation 25.0 bn USD, P/E 65.2 on diluted EPS of 1.88 USD over the last 12 months, beta 0.55, 52-week range 90.30–129.93 USD. Latest reported quarter (Q3 2026): revenue of 1.6 bn USD (+14.0% YoY), net income of -784.8 m USD (−285.0% YoY), diluted EPS -3.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.2
- strong (55–70)
- Bollinger (20, 2)
- 108.42 – 121.96
- above the upper band · %B 1.07 · band width 11.7%
- SMA 50 / 200
- 119.99 / 108.29
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.36 / -0.76
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.6% | −1.1% | +8.7 pp | — |
| 3 months | +2.5% | −0.5% | +3.0 pp | — |
| 6 months | +23.0% | +4.4% | +18.6 pp | — |
| Year to date | +24.4% | +12.3% | +12.1 pp | — |
| 1 year | +19.4% | +13.5% | +5.8 pp | +10.9% |
| 3 years | +124.0% | +76.4% | +47.6 pp | −23.9% |
| 5 years | +81.0% | +63.7% | +17.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.1 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.7 bn | 1.6 bn |
| Cost of revenue | 88.5 m | 73.2 m | 78.8 m | 99.0 m | 121.2 m | 104.5 m | 105.0 m | 108.7 m |
| Research & development | 466.0 m | 437.3 m | 494.9 m | 506.6 m | 611.4 m | 515.9 m | 517.0 m | 1.8 bn |
| SG&A | 326.7 m | 325.7 m | 331.0 m | 329.1 m | 390.4 m | 328.1 m | 351.7 m | 364.3 m |
| Operating income | 301.5 m | 205.2 m | 530.3 m | 443.5 m | 335.9 m | 301.1 m | 697.9 m | -708.4 m |
| Depreciation & amortisation | 22.7 m | 22.4 m | 22.9 m ≈ | 24.0 m ≈ | 24.0 m | 23.8 m | 26.5 m ≈ | 24.2 m ≈ |
| Interest expense | 419.0 k | 660.0 k | 594.0 k | 592.0 k | 582.0 k | 569.0 k | 582.0 k | 605.0 k |
| Pre-tax income | 313.7 m | 234.2 m | 558.0 m | 482.3 m | 389.9 m | 343.6 m | 751.5 m | -688.8 m |
| Income tax | 112.5 m | 76.0 m | 153.0 m | 58.1 m | 90.7 m | 40.3 m | 165.9 m | 96.0 m |
| Net income | 201.2 m | 158.2 m | 405.0 m | 424.2 m | 299.3 m | 303.3 m | 585.6 m | -784.8 m |
| Diluted EPS | 0.97 ≈ | 0.80 | 2.04 | 2.11 | 1.46 ≈ | 1.47 | 2.81 | -3.86 |
| Operating cash flow | 381.2 m | 266.1 m | 44.7 m ≈ | 559.4 m ≈ | 543.3 m | 369.4 m | 507.7 m ≈ | -675.3 m ≈ |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 33-quarter history (min 13.3, median 42.6, max 10,845.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.2 bn | 2.7 bn | 3.0 bn | 3.4 bn | 3.7 bn | 4.2 bn | 5.1 bn |
| Revenue YoY | +22.5% | +14.7% | +23.5% | +12.0% | +13.7% | +8.9% | +14.8% | +21.2% |
| Net income | 109.5 m | 446.9 m | -295.7 m | 948.6 m | 340.7 m | 597.6 m | 32.6 m | 1.3 bn |
| Net income YoY | unavailable | +308.2% | −166.2% | unavailable | −64.1% | +75.4% | −94.5% | +3,845.0% |
| Diluted EPS | 0.51 | 2.05 | -1.36 | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 |
| Diluted EPS YoY | unavailable | +302.0% | −166.3% | unavailable | −64.4% | +74.3% | −94.3% | +4,173.3% |
| net % | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| Free cash flow | 262.7 m | 632.6 m | -312.0 m | 568.5 m | 892.1 m | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.2 bn USD
- Total assets
- 7.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 3.32x
- ROE
- 29.9%
- ROA
- 20.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 3.0 bn | 3.4 bn | 3.7 bn | 4.2 bn | 5.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Cost of revenue | 131.3 m | 151.0 m | 207.0 m | 255.0 m | 312.1 m | 372.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Gross profit | 2.5 bn ≈ | 2.8 bn ≈ | 3.2 bn ≈ | 3.4 bn ≈ | 3.9 bn ≈ | 4.8 bn ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Research & development | 2.2 bn | 1.5 bn | 1.6 bn | 1.6 bn | 2.6 bn | 2.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| SG&A | 516.9 m | 739.6 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 10 Feb 2026verified |
| Operating income | -263.7 m | 585.8 m | 579.4 m | 620.5 m | 61.4 m | 1.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Depreciation & amortisation | 51.8 m | 57.8 m | 67.9 m | 82.7 m | 89.2 m | 93.3 m | SEC (XBRL)· 10 Feb 2026verified |
| EBITDA | -211.9 m ≈ | 643.6 m ≈ | 647.3 m ≈ | 703.2 m ≈ | 150.6 m ≈ | 1.6 bn ≈ | SEC (XBRL)· 10 Feb 2026derived |
| Interest expense | 2.2 m | 1.9 m | 2.7 m | 2.6 m | 2.3 m | 2.4 m | SEC (XBRL)· 10 Feb 2026verified |
| Pre-tax income | -232.2 m | 570.4 m | 529.1 m | 834.2 m | 316.6 m | 1.7 bn | SEC (XBRL)· 10 Feb 2026verified |
| Income tax | 63.5 m | -378.1 m | 188.5 m | 236.6 m | 284.0 m | 377.8 m | SEC (XBRL)· 10 Feb 2026verified |
| Net income | -295.7 m | 948.6 m | 340.7 m | 597.6 m | 32.6 m | 1.3 bn | SEC (XBRL)· 10 Feb 2026verified |
| Diluted EPS | -1.36 | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 | SEC (XBRL)· 10 Feb 2026verified |
| Weighted average diluted shares | 218.1 m | 222.1 m | 224.0 m | 225.9 m | 210.5 m | 200.7 m | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.5 bn | 2.1 bn | 3.0 bn | 3.2 bn | 1.7 bn | 3.1 bn | SEC (XBRL)· 10 Feb 2026verified |
| Inventories | 16.4 m | 27.9 m | 42.0 m | 63.0 m | 58.9 m | 101.1 m | SEC (XBRL)· 10 Feb 2026verified |
| Current assets | 2.4 bn | 3.1 bn | 4.1 bn | 4.6 bn | 3.2 bn | 5.0 bn | SEC (XBRL)· 10 Feb 2026verified |
| Property, plant & equipment, net | 559.6 m | 723.9 m | 739.3 m | 751.5 m | 763.4 m | 730.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Goodwill | 155.6 m | 155.6 m | 155.6 m | 155.6 m | 155.6 m | 133.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Total assets | 3.6 bn | 4.9 bn | 5.8 bn | 6.8 bn | 5.4 bn | 7.0 bn | SEC (XBRL)· 10 Feb 2026verified |
| Accounts payable | 98.8 m | 172.1 m | 277.5 m | 109.6 m | 197.5 m | 209.9 m | SEC (XBRL)· 10 Feb 2026verified |
| Current liabilities | 631.2 m | 854.3 m | 1.2 bn | 1.2 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 10 Feb 2026verified |
| Total liabilities | 949.7 m | 1.2 bn | 1.5 bn | 1.6 bn | 2.0 bn | 1.8 bn | SEC (XBRL)· 10 Feb 2026verified |
| Equity | 2.6 bn † | 3.8 bn † | 4.4 bn † | 5.2 bn † | 3.4 bn † | 5.2 bn † | SEC (XBRL)· 10 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -124.6 m | 749.5 m | 969.9 m | 496.5 m | 335.3 m | 1.4 bn | SEC (XBRL)· 10 Feb 2026verified |
| Capex | 187.4 m | 181.0 m | 77.8 m | — | — | — | SEC (XBRL)· 07 Feb 2023verified |
| Free cash flow | -312.0 m ≈ | 568.5 m ≈ | 892.1 m ≈ | — | — | — | SEC (XBRL)· 07 Feb 2023derived |
| Investing cash flow | -269.0 m | -207.7 m | -78.5 m | -207.7 m | 157.5 m | -102.6 m | SEC (XBRL)· 10 Feb 2026verified |
| Financing cash flow | 71.7 m | 6.2 m | -794.0 k | -20.0 m | -2.0 bn | 101.0 m | SEC (XBRL)· 10 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 2.0 bn | 0 | SEC (XBRL)· 10 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.0 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 64.46 – 100.24 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E64.46 – 100.24 (Mid 68.59)3 companies used · median multiple 36.4x · quartiles 34.2x – 53.2xICLR, IQV, MEDP
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.7% | 82 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.8% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 61.6% | 100 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 268.0x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 65.2x | 60 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial60/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INCYTE CORPORATION (INCY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.1 bn USD in 2025; YoY growth 21.2%; net margin 6.7%; ROE 7.8%.
The estimated value range is 64.46–100.24 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 68.59 USD, the price of 122.85 USD leaves a potential of -44.2% (value / price − 1) and a margin of safety of -79.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.7%
- Revenue CAGR 3Y: 14.8%
- EPS CAGR 3Y: 61.6%
- Interest coverage: 268.0x
- Current ratio: 3.8x
What contradicts it
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IQVIqvia Holdings Inc. | 43.5 bn | 32.0 | 21.7% | 8.1% | +5.9% | +15% / +23% |
| INCYIncyte Corporation | 25.0 bn | 65.2 | 7.8% | 6.7% | +21.2% | +19% / +124% |
| MEDPMedpace Holdings, Inc. | 18.4 bn | 36.4 | 117.9% | 18.2% | +20.0% | +11% / +143% |
| CRLCharles River Laboratories International, Inc. | 15.6 bn | 385.5 | 1.2% | 1.0% | −0.9% | +83% / +66% |
| ICLRICON plc | 15.6 bn | 70.0 | 2.5% | 2.8% | +0.8% | +10% / −24% |
| ABSIAbsci Corp | 1.8 bn | — | -57.7% | -7,756.4% | −38.2% | +231% / +528% |
| OABIOmniab, Inc. | 755.6 m | — | -16.5% | -108.1% | −29.3% | +186% / +18% |
| NRCNRC Health | 574.5 m | 95.9 | 248.1% | 4.5% | −4.0% | +59% / −35% |
| ONMDOnemednet Corporation | 269.2 m | — | — | -584.2% | +111.4% | −75% / −89% |
| MXCTMaxCyte, Inc. | 143.5 m | — | -20.4% | -114.8% | −14.5% | −21% / −71% |
| BIAFbioAffinity Technologies, Inc. | 23.7 m | — | -1,860.2% | -257.3% | −34.2% | −87% / −100% |
| ISPCiSpecimen Inc. | 2.1 m | — | -968.5% | -2,449.0% | −79.2% | −95% / −100% |
1- and 3-year price returns: for INCY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 84.25 Total return -31% · Per year -31% | 148.27 Total return 21% · Per year 21% | 222.42 Total return 81% · Per year 81% |
| 3 years | 99.64 Total return -19% · Per year -7% | 195.54 Total return 59% · Per year 17% | 319.43 Total return 160% · Per year 38% |
| 5 years | 117.84 Total return -4% · Per year -1% | 257.88 Total return 110% · Per year 16% | 458.75 Total return 273% · Per year 30% |
- Exit P/E± 48.89
- Net margin± 34.22
- Annual revenue growth± 25.56
- Annual dilution± 2.88
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Incyte is a global biopharmaceutical company focused on hematology, oncology, and inflammation and autoimmunity. In the second quarter of 2026 total revenue was 1.67 billion USD 3 and total net sales 1.49 billion USD 3, up 40% year on year, though this includes a one-time non-cash benefit of 246 million USD tied to Opzelura 3. Full-year 2026 total net sales guidance was raised to 5,130-5,260 million USD 3.
SWOT
Strengths
- The company has a diversified commercial portfolio in which every marketed product contributed to growth in the second quarter of 2026 3.
- Cash position is solid, giving the company capacity to fund development and acquisitions 3.
- The company holds exclusive global rights to tafasitamab and several Phase 3 programs 12.
Weaknesses
- Dependence on JAKAFI remains high, and revenue from it needs continued protection against competition 1.
- Reported quarterly growth includes a one-time non-cash Opzelura effect, which makes comparison with earlier periods harder 3.
- Operating expenses are rising sharply for 2026, including acquisition-related IPR&D charges, which weigh on reported results 3.
Opportunities
- Planned launches and Phase 3 data for several products could expand revenue in 2027 and later 3.
- Latarcibart, if it proves effective in Phase 3, could open a new treatment market for von Willebrand disease 3.
- Approval of once-daily ruxolitinib XR could extend use of the product across more treatment scenarios 23.
Risks
- Dependence on JAKAFIhigh
Revenue depends heavily on one product, and a drop in its sales could materially affect the business 1.
- Patent exclusivity expiryhigh
If JAKAFI exclusivity ends in 2028 without offsetting growth, revenue could fall quickly 1.
- Pricing pressuremedium
Government rules and payer negotiations could reduce prices and access to products 1.
- Distributor concentrationmedium
A limited number of specialty pharmacies and wholesalers handle a large share of sales, and losing one could affect results 1.
- Clinical development riskmedium
Clinical trial outcomes are uncertain, and failure of a key program could affect the growth strategy 12.
Investment thesis
What would need to be true (bull case)
- If the 2026 and 2027 launches and approvals materialize, the company could diversify revenue beyond JAKAFI.
- Growth in hematology and oncology sales could continue if demand stays solid across marketed products.
- If latarcibart and the Phase 3 programs succeed, the company could gain an advantage in new therapeutic markets.
What would break the thesis
- If JAKAFI exclusivity expiry is not offset by new products, revenue could fall significantly after 2028.
- Reported quarterly growth includes a one-time benefit, so future results could be more modest than the second-quarter figures suggest.
- High spending on research, development and acquisitions could reduce profitability if programs fail.
What to watch
- Readouts from the ten clinical data events expected in the second half of the yearH2 2026
- FDA decision on Monjuvi for first-line DLBCLQ1 2027
- Updated net sales and operating expense guidanceQ3 2026
- Opzelura performance after the one-time effect in the second quarterQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Incyte is headquartered in Wilmington, Delaware, with clinical and commercial operations in Morges (Switzerland), Tokyo and Montreal 1. The company focuses on three therapeutic areas: hematology, oncology, and inflammation and autoimmunity 1. Its approved portfolio includes JAKAFI, ICLUSIG, PEMAZYRE, OPZELURA, MONJUVI/MINJUVI, ZYNYZ and NIKTIMVO 1.
The pipeline includes INCA033989 for mutCALR-positive ET and MF, with a registrational Phase 3 study initiated in mid-2026 23. In 2026 the company acquired latarcibart, a Phase 3 candidate for von Willebrand disease 3. Revenue from JAKAFI depends heavily on a single product and its patent protection 1.
In the United States Incyte sells mainly through its own specialty sales force and through specialty pharmacies and wholesalers 1. Outside the US, it earns milestones and royalties from partners such as Novartis for JAKAVI 1.
Segments
Hematology
The hematology segment includes JAKAFI, the company's lead product, and Jakafi XR, approved in May 2026 3. Jakafi net sales were 817 million USD in the second quarter of 2026 3. Monjuvi/Minjuvi and Niktimvo complete the portfolio 13.
Market context
The company operates in pharmaceutical markets where patient access depends on reimbursement by public and private payers 1. Price pressure from payers and pharmacy benefit managers limits access and margins 1. In the EU, reimbursement rules differ by country 1.
For JAKAFI the market picture is shaped by patent exclusivity expiring in 2028 1. If generic competition arrived earlier, the revenue impact could be significant 12.
Trends
- Medicare Part D reformtailwind
Changes under the Inflation Reduction Act reduced Medicare Part D sales allowances from 2025, which helped company revenue 1.
- Pricing pressureheadwind
Governments and payers are seeking price discounts and restricting access to drugs, which could affect revenue if the trend continues 1.
- JAKAFI patent expiryheadwind
Exclusivity for JAKAFI is expected to expire in 2028, and new product launches must offset this loss 1.
- Expansion into new indicationsmixed
Recent approvals for Monjuvi, Niktimvo and Zynyz suggest new indications may support growth beyond JAKAFI 3.
Competitive position
Incyte competes with other drug developers in hematology, oncology and dermatology, though the supplied sources do not detail all competitors. Competition includes generic versions after patent expiry and alternative therapies 1.
Partners such as Novartis and Eli Lilly commercialize some of the company's products outside the US or pay royalties, creating both collaboration and competitive dynamics 1.
- NovartisNVS
Partner that sells JAKAVI outside the US and TABRECTA globally 1.
- Eli Lilly and CompanyLLY
Partner that sells OLUMIANT worldwide 1.
- Generic ruxolitinib manufacturers
Generic makers could enter the market after ruxolitinib patents expire 1.
- Other hematology and oncology developers
Companies developing competing therapies for the same indications, not detailed in the sources 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- STAT+: Incyte pancreatic cancer medicine induces lasting tumor responses, company says at ESMOSTAT News · 26 Oct 2026 · EN
- How Is Incyte’s Stock Performance Compared to Other Biotech Stocks?Yahoo Finance — News · 23 Sept 2026 · EN
- Profitable Biotech Incyte Forms Handle As Institutional Buyers Load Up On StockYahoo Finance — News · 11 Sept 2026 · EN
- Incyte Corporation (INCY) vs. Revolution Medicines (RVMD): Which Biotech Stock Offers the Better KRAS Opportunity?Yahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 26 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report31 Aug 2026Other events
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Other events · Financial statements and exhibits
- Current report22 Jun 2026Other events
- Current report09 Jun 2026Shareholder vote
- Current report08 Jun 2026Other events
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / INCY · 10 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / INCY · 28 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / INCY · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.