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Incyte Corporation

Rank #41Hypergrowth

INCY · Nasdaq · Healthcare

Incyte Corporation (INCY) — Rank #41 by gross profitability (GP/assets 0.65) · ROE 22.9% · Piotroski F-Score N/A.

As-of 2026-09-28 · CIK 0000879169 · all metrics point-in-time as of the filing date.

About

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan.

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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.

Industry
Biotechnology
Sector
Healthcare
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
incyte.com

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

2,844

Industry

Biotechnology

Exchange

Nasdaq

Signal Flags

3 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass
GP / assets
0.65
Return on equity
22.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.31
Current ratio
3.68×
Net cash
$3.46B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
4.8%

Growth

2/2 pass
Revenue growth
21.2%
Piotroski F-Score
N/A
Share dilution
-4.7%

Terry Smith quality gate

Passes 4/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.65

Primary signal (Novy-Marx).

1st of 7 SIC 87 peers

Return on equity

22.9%

Gross margin

92.8%

1st of 7 SIC 87 peers

Revenue growth (YoY)

21.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

14.8%

Revenue CAGR (5Y)

14.0%

Earnings CAGR (3Y)

55.7%

FCF CAGR (3Y)

14.9%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.31

1st of 7 SIC 87 peers (best = lowest)

Current ratio

3.68×

1st of 7 SIC 87 peers

Quick ratio

3.03×

Net cash

$3.46B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
23.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-44.4%Significant decline

Cash-flow health

Free cash flow

$1.35B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.05

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

4.8%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20202025
Hypergrowth
Op. Leverage
Value
Capital Return
View full financial statements →