Incyte Corporation (INCY) Fair Value & Analysis
Healthcare · US · Market cap $23.3B · ISIN US45337C1027
What is Incyte Corporation really worth?
Incyte Corporation
INCY · US
A strong business, currently priced close to our fair value of $115.79.
Strengths
Risks
Fair value as of: Sep 2, 2026
From 26 valuation models · updated 2 days ago
Share price +6.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide ($90.63 to $388.98). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range $51.18 – $129.93 · fair‑value band $90.63 – $388.98 · the $128.00 price screens above the $115.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 2, 2026.
Analysis
Incyte Corporation (INCY) currently trades at $128.00, while our model-based Fair Value estimate is $115.79, implying the stock looks roughly 10.5% fairly valued today. The Quality Score stands at 91/100 (high quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of $299.21 per share, and 16 of the 26 models we run sit above the $128.00 price. Bear case: the Asset-Based group reads lowest at $17.33, and 10 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Incyte Corporation generated revenue of $5.4B at a net margin of 26.7%. Revenue grew 20.9% year over year. It earns a return on equity of 30.8%. The balance sheet holds a net cash position of $3.0B. Fundamentals as of Sep 2, 2026
Our scenario range runs from $90.63 (bear case) to $388.98 (bull case); at $128.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 92% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −10%, INCY screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $4.79 per share, which is 4.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings ($299.21) versus Dividend Discount ($2.12). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 88 · Market factors (momentum, volatility) 80
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan.
Full company description
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 (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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Incyte Corporation reported revenue of $5.1B in FY2025 versus $3.0B in FY2021, a compound +14.5%/yr. Reported net income was $1.3B in FY2025, compounding +7.9%/yr from FY2021.
of which total revenue +19.9 % · buybacks/dilution −1.3 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
Watch INCY: get an alert when its fair value changes →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Incyte (INCY) Up 0.8% Since Last Earnings Report: Can It Continue?
- Incyte Stock: Is Wall Street Bullish or Bearish?
Peer Group
Biotechnology · 622 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Biotechnology median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $547.55 | $278.78 | −49% |
| Regeneron Pharmaceuticals, Inc REGN | $807.71 | $594.40 | −26% |
| argenx SE ARGX | €877.60 | €292.84 | −67% |
| Samsung Biologics Co 207940 | 1,518,000 KRW | 1,055,793 KRW | −30% |
| CSL Limited CSL | A$174.50 | A$141.68 | −19% |
| Alnylam Pharmaceuticals, Inc ALNY | $228.61 | $51.70 | −77% |
| Royalty Pharma plc RPRX | $60.58 | $24.22 | −60% |
| Celltrion, Inc 068270 | 190,700 KRW | 74,519 KRW | −61% |
| BeOne Medicines AG ONC | $362.51 | $111.35 | −69% |
| BioNTech SE BNTX | $111.40 | $45.66 | −59% |
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