INCYTE CORP · Commercial Physical & Biological Research

INCY

Low riskNext report: Due any day

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The short version

A high-quality, profitable business with growing sales.

Going well

Sales up 21% in the latest quarter vs a year ago
Profitable, keeps 25% of sales as profit
Sales up 21% last year

Money moves

Insiders sold $298K in the last 30 days, all through pre-planned sales
Institutions added 0.3% to their holdings in the quarter ending June 2026 (479 bought, 338 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$113.28-2.1% that day

Company value: $22.6B; Share price times all shares
Price vs profit (P/E): 16.0x; You pay about $16 for each $1 of yearly profit
Price vs sales: 4.2x; Company value is 4.2 times a year of sales
Cash vs value: 15%; Cash as a share of company value

From INCY's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Mar '26

$1.3B+21% vs a year earlier

Jun '23Tap a barMar '26

Last 12 months: $5.4B, up 21% from the 12 months before. Over 5 years, sales grew about 14% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of INCY. Starting points are the company's recent numbers.

Sales growth+21% a yearRecently: +21% a yearProfit margin27%Last 12 months: 26.7%P/E at the end16xToday: 16.0x. Many steady companies trade at 12x to 25xShare count change-3% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$13.9B

Profit in 5 years$3.8B

Price these guesses point to$350.14+209% vs $113.28 todayAbout +25% a year, before dividends

What today's price needs: with a 27% margin and a 16x P/E, sales could shrink about 3.4% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

5/6Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.29.9%
PassDebt under half of equityNot relying on borrowed money.No debt reported
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.25.0%
MissProfitable every yearSteady profits, not one good year.8 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.4B
PassShare count not growingNot diluting owners. Falling means buybacks.-10.4% in 3 years

Revenue: $5.1B; +21.2% vs prior year
5-year growth: +14.0%/yr; revenue, per year
Total debt: None; 0.00x equity
Current ratio: 3.32x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Mar 31, 2026

Reported Jul 28

Revenue: $1.3B; +20.9% YoY
EPS: $1.47; vs $0.80
Op. margin: 23.7%; +4.2 pts
Gross margin: 91.8%; -1.2 pts
Free cash flow: $369.4M
Share count: +4.4%; vs a year ago

Insider rating

Last 90 days

46Mixed

Pre-planned sales of $298K (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 2.2
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady+0.3%

Institutions added 0.3% to their holdings. 479 bought, 338 sold.

Shares held by institutions202.7M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-3.6%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

No debt reported

Shares outstandingLatest reported

200M

Earnings reports

Last 12

Next reportDue any dayEstimated from the same quarter last year

Results filedJul 28
Results filedApr 28
Results filedFeb 10
Results filedOct 28, 2025
Results filedJul 29, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$298K1 insider, 1 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Pablo J CagnoniPresident, Global Head of R&D	Sell	3K	$112.71	$298K	183K	Oct 15Filing ↗
-1.4% of their holdings Pre-planned sale (10b5-1) Filed 4 days after