Incyte Corp.
INCY - Insider Information
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+ FollowMarket Cap$24.4B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong topline momentum (good)
- Q3 2026 revenue: $1.56B (+14% YoY); net sales $1.32B (+14% YoY).
- Jakafi franchise: $827M (+4% YoY); demand +12% with growth across all indications (led by PV); growth also reflects pricing dynamics including CMS GENEROUS.
- Core business ex-Jakafi: $490M (+30% YoY) driven by OPZELURA, NIKTIMVO, ZYNYZ, MONJUVI → company expects ex-Jakafi core to reach $3B–$4B by 2030 (key to funding the 2029 transition).
OPZELURA acceleration + upgraded guidance (opportunity)
- OPZELURA Q3 net sales: $255M (+36% YoY); U.S. +45% YoY.
- Pro forma adjustment (for Medicaid line extension settlement): total OPZELURA net sales +21% YoY on a pro forma basis—management emphasized growth is mostly demand-driven, not just pricing.
- Full-year 2026 guidance raised: OPZELURA to $1.1B–$1.12B (increase); signals that OPZELURA could become a major share of ex-Jakafi core by the 2029 transition.
- Foot on the gas / moat arguments: large prescriber base (~20,000 physicians) and hundreds of thousands of treated patients; management highlighted formulary coverage investment and expects price maintenance strategy post-2026.
Regulatory/launch progress, but timeline execution matters (good + risk)
- OPZELURA EU approval & launch (Q3): for moderate atopic dermatitis in adults.
- Other NDA reviews underway: MONJUVI (frontline DLBCL) and povorcitinib (moderate–severe HS) with targeted timelines discussed.
- Expected future approvals/readouts: EU approval for povorcitinib potentially by year-end; U.S. NDA approval anticipated Q1 2027 (per prepared remarks/Q&A). Multiple phase III readouts by year-end (e.g., ruxolitinib cream in mild–moderate HS; povorcitinib in prurigo nodularis).
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$195.91
59.4% upside
Current Fair Value
59.4% upsideUndervalued by 59.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $24.40 Billion |
|---|---|
| Enterprise Value | $20.46 Billion |
| Earnings per Share | $6.59 |
| Beta | 0.74 |
| Outstanding Shares | 203,246,000 |
Return
| Return on Equity | 6.36% |
|---|---|
| Return on Assets | 5.12% |
| Return on Invested Capital | 12.16% |
Valuation & Multiples
| P/E Ratio | 57.33 |
|---|---|
| PEG | -20.11 |
| Price to Sales | 4.24 |
| Price to Book Ratio | 3.96 |
| Enterprise Value to Revenue | 3.4 |
| Enterprise Value to EBIT | 25.64 |
| Enterprise Value to Net Income | 50 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.01 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$-3.93
Consensus analyst estimateRevenue Estimate
$1.46 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.90
Consensus analyst estimateRevenue Estimate
$1.55 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 55.87% |
|---|---|
| Total Calls | 1,000▼ 99.81% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.17%▼ 97.46% |
|---|---|
| Total Invested | $1.25B▼ 94.59% |
| Investors Holding | 310▼ 572.00% |
About Incyte Corp.
2,844 employees
CEO: Paul Friedman
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 (...