At a glance
Incyte Corporation is worth $24.47B, about 19 times its fiscal 2025 earnings. Revenue grew 21.2% to $5.14B in fiscal 2025, with 25.0% kept as profit; over 5 years it has grown 14.0% a year. It pays no dividend; it spent $2.00B buying back its shares over FY2021–FY2025. The stock returned +28.4% over the past year with dividends reinvested and +13.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.7% in the 2020 crash (S&P 500: 33.7%) and 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 6 months after the lows.
The business in plain English
Incyte is a drug company that discovers, develops and sells its own medicines. It is based in Wilmington, Delaware, with regional headquarters in Switzerland, Japan and Canada. It focuses on three areas: hematology (blood diseases and blood cancers), oncology (cancer), and inflammation and autoimmunity (conditions in which the immune system attacks the body).
One drug carries the business. Jakafi (ruxolitinib) brought in $3.09 billion, or 60.2% of Incyte's $5.14 billion revenue, in the year ended December 31, 2025. It treats myelofibrosis and polycythemia vera, two rare blood cancers. It also treats graft-versus-host disease, in which donor cells from a stem cell transplant attack the patient's tissues. Incyte sells Jakafi in the US with its own sales force and ships it mainly through specialty pharmacies and wholesalers. Opzelura was second, at 13.2% of revenue.
Royalties are another source. Novartis sells ruxolitinib outside the US as Jakavi and pays Incyte royalties, which made up 8.9% of revenue. Royalties on Eli Lilly's Olumiant (2.8%) and Novartis's Tabrecta (0.5%) add more. Other products are much smaller: Niktimvo for chronic graft-versus-host disease (2.9%), lymphoma drug Monjuvi/Minjuvi (2.8%), leukemia drug Iclusig, which Incyte sells in Europe (2.6%), and cancer drugs Pemazyre (1.7%) and Zynyz (1.3%). Milestone and contract payments supplied 2.9%.
Price history
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INCY +28.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| JAKAFI | $3.09B | 60.2% |
| OPZELURA | $678.5M | 13.2% |
| JAKAVI Royalty Revenues | $457.7M | 8.9% |
| NIKTIMVO | $151.6M | 2.9% |
| Milestone and contract revenues | $150.0M | 2.9% |
| OLUMIANT Royalty Revenues | $144.6M | 2.8% |
| MINJUVI/MONJUVI | $144.6M | 2.8% |
| ICLUSIG | $134.1M | 2.6% |
| PEMAZYRE | $86.7M | 1.7% |
| ZYNYZ | $66.4M | 1.3% |
| TABRECTA Royalty Revenues | $26.7M | 0.5% |
| Other product royalty revenues | $7.9M | 0.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.56B, up 14% from a year earlier, and net income was $-784.8M (-285.0%).
- For fiscal 2025, revenue was $5.14B (+21.2% year over year; +14.0% a year from FY2020 to FY2025) with a 25% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.0% good |
|---|---|
| Operating margin | 29.5% good |
| Return on equity (FY2025) | 24.9% good |
| Return on assets (FY2025) | 18.5% good |
| Cash and investments | $3.28B (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.67B | $-295.7M | $-312.0M |
| FY2021 | $2.99B | $948.6M | $568.5M |
| FY2022 | $3.39B | $340.7M | $892.1M |
| FY2023 | $3.70B | $597.6M | — |
| FY2024 | $4.24B | $32.6M | — |
| FY2025 | $5.14B | $1.29B | — |
Valuation snapshot
| Market value | $24.47B |
|---|---|
| P/E ratio | 18.7 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Incyte’s market value went from $18.89B at the end of 2016 to $24.47B on Nov 2, 2026, up 30%; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.47B | +26.2% |
| 2025 | $19.39B | +45.7% |
| 2024 | $13.31B | -5.4% |
| 2023 | $14.07B | -21.3% |
| 2022 | $17.87B | +10.2% |
| 2021 | $16.21B | -14.9% |
| 2020 | $19.05B | +1.3% |
| 2019 | $18.81B | +39.0% |
| 2018 | $13.53B | -32.3% |
| 2017 | $19.99B | +5.8% |
| 2016 | $18.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| INCY price data to Nov 2, 2026 | +21.5% | +28.4% | +30.5% | +13.6% | +3.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.5% |
| 2025 | +43.0% |
| 2024 | +10.0% |
| 2023 | -21.8% |
| 2022 | +9.4% |
| 2021 | -15.6% |
| 2020 | -0.4% |
| 2019 | +37.3% |
| 2018 | -32.9% |
| 2017 | -5.5% |
| 2016 | -7.5% |
| 2015 | +48.3% |
| 2014 | +44.4% |
| 2013 | +204.8% |
| 2012 | +10.7% |
| 2011 | -9.4% |
| 2010 | +81.8% |
| 2009 | +140.4% |
| 2008 | -62.3% |
| 2007 | +72.1% |
| 2006 | +9.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74.7% over that stretch · deepest drop along the way 83.5%, back to its old high 12 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.3% over that stretch · deepest drop along the way 23.7%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 8.7% over that stretch · deepest drop along the way 20.4%, back to its old high 5.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 22 sales ($15.3M), 22 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 31, 2026 | Pablo J Cagnoni President, Global Head of R&D | sell (plan) | $1.9M |
| Jul 31, 2026 | Patrick A Mayes EVP & Chief Scientific Officer | sell (plan) | $1.8M |
| Sep 15, 2026 | Pablo J Cagnoni President, Global Head of R&D | sell (plan) | $1.7M |
| Aug 19, 2026 | Pablo J Cagnoni President, Global Head of R&D | sell (plan) | $1.4M |
| Aug 5, 2026 | Pablo J Cagnoni President, Global Head of R&D | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Sep 30, 2025 |
| Vanguard Capital Management | 6.32% | Mar 31, 2026 |
| Dodge & Cox | 6.2% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Sep 30, 2025 |
ETFs with the most weight in INCY
| IDNA iShares Genomics Immunology and Healthcare ETF | 4.14% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3.16% |
| PBE Invesco Biotechnology & Genome ETF | 2.47% |
| XBI SPDR S&P Biotech ETF | 2.44% |
| SMRI Bushido Capital US Equity ETF | 2.12% |
| BBH VanEck Biotech ETF | 1.79% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.54% |
| WTV WisdomTree U.S. Value Fund | 1.49% |
What could go wrong
- Heavy dependence on a single drug. Jakafi supplied 60.2% of revenue in fiscal 2025, and royalties on its overseas version, Jakavi, added 8.9%. Weaker Jakafi sales from competition, pricing pressure or safety concerns would hit the whole company.
- Jakafi patents expire in 2028. Patents covering ruxolitinib, Jakafi's active ingredient, expire in mid and late 2028. Incyte expects Jakafi sales to start declining once exclusivity ends and lower-priced generic copies can compete.
- New drugs may not fill the gap. Replacing Jakafi depends on medicines still in testing, such as the antibody INCA033989, with late-stage trials planned for 2026. Trials can fail; the FDA declined to approve once-daily Jakafi XR in March 2023.
- Profits can swing sharply. Net income was $32.6 million in fiscal 2024 and $1.29 billion in fiscal 2025. The quarter ended September 30, 2026 showed a $785 million loss. Incyte warns heavy research spending could bring more losses.
- Reliance on partners, distributors and manufacturers. Novartis and Eli Lilly pay royalties, a small number of specialty pharmacies and wholesalers handle much of its product sales, and outside firms manufacture its drugs. Trouble at any of them could cut revenue or supply.
- Pressure on drug prices. Governments and insurers keep pushing drug prices down, including possible "most favored nation" pricing tied to lower foreign prices. Nearly all patients need insurance for Incyte's drugs, so coverage cuts would hurt sales.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Other company announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
For income and retirement investors
Incyte does not pay a dividend and paid none from fiscal 2021 through 2025. For an income investor, that means no cash payouts. Any spending money from this stock would have to come from selling shares. Incyte has returned cash through buybacks instead. It spent about $2.0 billion buying back its own stock in fiscal 2024 and reported none in fiscal 2022, 2023 or 2025. Its share count fell 7.7% between October 2021 and October 2026.
The stock has fallen hard in past downturns. It dropped 83.5% from February 2008 to March 2009 and did not regain its peak until March 2010. In the 2020 COVID crash it fell 23.7% but recovered within about two weeks. In 2022 it slid 20.4% between April and June, then recovered by December. As a single company that leans heavily on one drug, Incyte carries more risk than a diversified fund that spreads money across many stocks.
Questions investors ask
How does Incyte make money?
Mostly by selling prescription drugs for blood cancers and related conditions. Jakafi (ruxolitinib) alone brought in $3.09 billion, or 60.2% of Incyte's $5.14 billion revenue, in the year ended December 31, 2025. Opzelura added 13.2%. Royalties are another major source. Novartis sells ruxolitinib outside the US as Jakavi and pays Incyte royalties, which made up 8.9% of revenue, while royalties on Eli Lilly's Olumiant added 2.8%. Smaller drugs such as Niktimvo, Monjuvi and Iclusig make up most of the rest.
Does Incyte pay a dividend?
No. Incyte paid no dividends from fiscal 2021 through fiscal 2025 and had no dividend yield as of October 30, 2026. It has returned cash through share buybacks instead, including about $2.0 billion in fiscal 2024, and its share count fell 7.7% between October 2021 and October 2026. Buybacks can raise each remaining share's claim on profits, but they provide no regular cash to investors who depend on income.
When does Jakafi lose patent protection?
In 2028. Incyte's patents covering ruxolitinib, the active ingredient in Jakafi, expire in mid and late 2028, including extensions. In its annual report filed February 10, 2026, the company said it expects Jakafi sales to begin declining once that exclusivity ends. That matters because Jakafi made up 60.2% of fiscal 2025 revenue. Newer products and experimental drugs, such as the blood cancer antibody INCA033989, would need to fill the gap, and there is no guarantee they will.
Is Incyte profitable?
It was for the full 2025 fiscal year, but results swing. Incyte earned $1.29 billion, or $6.41 per diluted share, on $5.14 billion of revenue. Yet net income was only $32.6 million in fiscal 2024. The quarter ended September 30, 2026 showed a $785 million net loss, even though revenue rose 14% from a year earlier. At the October 30, 2026 share price, the stock traded at 18.8 times fiscal 2025 earnings, a measure called the price-to-earnings (P/E) ratio.
How has Incyte stock performed over the long run?
It depends on the period. As of October 30, 2026, the share price was up 30% over one year. It averaged gains of 32.2% a year over three years and 12.4% a year over five years. Over 10 years, though, it rose just 3.3% a year, or 38% in total. With no dividends, the share price is the whole return. The stock gained 43% in 2025 but lost ground in years including 2018, 2021 and 2023. Its deepest drop in 21 years of price history was 83.5%, during the 2008 financial crisis.