Incyte Corp.

Incyte Corp.

INCY

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Market Cap$19.62B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Incyte Corp.Incyte Corp.13.7-26%4-

Earnings Call Q1 2026

April 28, 2026 - AI Summary

Strong top-line start + reaffirmed full-year guidance (good) - Q1’26 total revenue $1.27B (+21% YoY); net sales $1.10B (+20% YoY), with sales growth across every marketed product and in both U.S. and international. - Jakafi $758M (+7% YoY): prescriptions +6%, broad indication growth (MF/PV/GVHD) and stable prescriber base + strong formulary coverage, supporting the Jakafi XR launch. - Core business ex-Jakafi up +63% YoY, driven by hematology/oncology/immunology growth; company said this ex-Jakafi business could reach ~$3–$4B by 2030. - Financials: GAAP R&D $516M (+18% YoY); GAAP SG&A $328M (+1% YoY) (operating leverage improving). - Full-year 2026 guidance reiterated: total net sales $4.77B–$4.94B (+10%–13% YoY), Jakafi $3.22B–$3.27B, Opzelura $750M–$790M, hematology/oncology $800M–$880M; GAAP R&D+SG&A $3.495B–$3.675B. - Cost of sales ~9% of net sales (stable).
Jakafi XR pathway is a major near-term growth driver (good + execution risk) - FDA expected approval and launch mid-2026 for Jakafi XR (management: “sales bridge” and future growth engine). - Company’s critical near-term focus: securing adequate formulary coverage for XR over the 12 months post-launch. - Forward estimate: XR could reach 10%–30% of Jakafi’s business by 2029 (high upside if payer/formulary execution works; sensitive to managed care dynamics).
Immunology: povo (oral JAK1) and vitiligo data are key catalysts (big opportunity) - FDA accepted NDA for povorcitinib in moderate-to-severe HS (submitted ahead of schedule); management positions povo as a major growth driver as the first FDA-approved oral anti-inflammatory for HS (HS affects >300k in U.S.). - Povorcitinib Phase III vitiligo (nonsegmental) topline positive: - Expected regulatory application in first half of 2027, with approval/launch anticipated in early 2027 (per call narrative). - Commercial “continuum” strategy: management explicitly argues the market can be “medicalized” and that Incyte can cover vitiligo from smaller BSA to larger BSA using both Opzelura (topical) and povo (oral). - Surprising/positive: they highlight patient segmentation (Mohamed’s framing) — Opzelura targeted to ~BSA <5 and 5–10, while povo targets BSA >10; plus “topical to oral” could improve treatment adherence/sequence.

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$111.80

Target Price by Analysts

7.9% upsideIncyte Target Price DetailsTarget Price
$206.52

Current Fair Value

99.2% upside

Undervalued by 99.2% based on the discounted cash flow analysis.

Share Statistics

Market cap$19.62 Billion
Enterprise Value$16.20 Billion
Dividend Yield$- (-)
Earnings per Share$6.59
Beta0.79
Outstanding Shares199,343,000

Return

Return on Equity25.79%ROE
Return on Assets19.51%
Return on Invested Capital29.43%

Valuation & Multiples

P/E Ratio13.67P/E Ratio
PEG14.91PEG
Price to Sales3.99Price to Sales
Price to Book Ratio3.84Price to Book Ratio
Enterprise Value to Revenue3.02
Enterprise Value to EBIT9.41
Enterprise Value to Net Income11
Total Debt to Enterprise0
Debt to Equity0.01Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 5, 2026
EPS Estimate
$1.38
Average shareholder expectation
Revenue Estimate
$1.23 B
Average shareholder expectation

Next Earnings Call

Expected Date
August 4, 2026
EPS Estimate
$1.81
Average shareholder expectation
Revenue Estimate
$1.37 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.9710▼ 62.53%
Total Calls350,732▼ 2.75%
Total Puts340,566▼ 40.84%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %104.37%▲ 1.53%
Total Invested$19.16B▼ 3.49%
Investors Holding835▼ 7.00%

ESG Score

No data

About Incyte Corp.

CEO: Paul Friedman

Relevant Senate Committees

Finance

Has primary jurisdiction over taxation, trade, and entitlement programs like Medicare and Medicaid. Decisions on drug pricing within these programs (e.g., Medicare Part D reform) and corporate tax policy directly impact Incyte's revenue, profitability, and market access. Committee members would have highly material non-public information on these critical financial drivers.

Health, Education, Labor, and Pensions

Possesses direct regulatory authority over the FDA (drug approval process), NIH (research funding), and public health initiatives. This committee's decisions directly impact Incyte's R&D, clinical trials, product approval timelines, and market access. Members would possess highly material non-public information.

Judiciary

Has critical oversight of intellectual property (patents), which is foundational to the biopharmaceutical business model. Also reviews antitrust matters, potentially impacting mergers and market competition within the pharmaceutical sector. Members would be privy to non-public information regarding IP litigation or antitrust investigations.