Incyte
Developer of Jakafi, Opzelura, and targeted hematology, oncology, and immune-disease medicines.
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Profile
Discovers and sells medicines for hematology, oncology, and inflammatory and autoimmune diseases, led by Jakafi and Opzelura, while earning royalties from partner-marketed drugs. Operates as one segment, with Jakafi the largest sales contributor and the portfolio expanding through internal research, licensing, and acquisitions.
Discovers, develops, and commercializes proprietary medicines across hematology, oncology, and inflammation and autoimmunity. Jakafi and Jakafi XR treat myelofibrosis, polycythemia vera, and graft-versus-host disease, while Opzelura addresses atopic dermatitis and vitiligo. Niktimvo, Monjuvi/Minjuvi, Iclusig, Pemazyre, and Zynyz broaden the marketed portfolio across blood cancers, transplant complications, and solid tumors.
Runs clinical development and commercial operations from the United States, Europe, Japan, and Canada, and earns royalties from partner-marketed Jakavi, Olumiant, and Tabrecta. Builds franchises through internal discovery, licensing, and acquisitions; the completed Vega transaction added late-stage bleeding-disorder candidate latarcibart.
Operates as one reportable segment. Jakafi remains the largest sales contributor, while approvals, reimbursement, patent protection, collaboration agreements, and third-party manufacturing govern access and supply.
Company facts
Key statistics
Year to date +22.7% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | Canaccord Genuity | Target | $152 | ||
| Aug 17, 2026 | Piper Sandler | Reiterate | Overweight | $110 | $130 |
| Aug 13, 2026 | Bernstein | Reiterate | Market Perform | $99 | $104 |
| Aug 3, 2026 | Leerink Partners | Reiterate | Outperform | $63 | $155 |
| Jul 29, 2026 | RBC Capital | Reiterate | Sector Perform | $99 | $109 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $2.15 | $3.09 | +43.7% | $1.50B | $1.67B | +11.3% | −2.18% |
| Apr 28, 2026Q1 FY26 | $1.38 | $1.81 | +31.2% | $1.22B | $1.27B | +4.7% | +1.39% |
| Feb 10, 2026Q4 FY25 | $1.90 | $1.80 | −5.3% | $1.35B | $1.51B | +11.2% | −1.21% |
| Oct 28, 2025Q3 FY25 | $1.66 | $2.26 | +36.1% | $1.35B | $1.37B | +0.9% | −1.60% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.05B | $1.22B | $1.37B | $1.51B | $1.27B | $1.67B | |
| Gross profit | $979.7M | $1.14B | $1.27B | $1.39B | $1.17B | $1.57B | |
| Operating income | $216.7M | $310.8M | $431.3M | $384.0M | $324.2M | $697.9M | |
| Net income | $158.2M | $405.0M | $424.2M | $299.3M | $303.3M | $585.6M | |
| Diluted EPS | $0.80 | $2.04 | $2.11 | $1.46 | $1.47 | $2.81 | |
| Gross margin | 93.0% | 93.5% | 92.8% | 92.0% | 91.8% | 93.7% | |
| Operating margin | 20.6% | 25.6% | 31.6% | 25.5% | 25.5% | 41.7% |
Fiscal years (4-quarter sums)FY21 $2.99B · FY22 $3.39B · FY23 $3.70B · FY24 $4.24B · FY25 $5.14B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $4.54B · Total debt $38.3M · Total assets $7.87B · Shareholders' equity $6.34B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 202.70M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Felix J. Baker | 31.23M | 15.60% | 13D | May 11, 2026 |
| Baker Bros. Advisors LP · director, 10 percent owner: | 28.21M | 13.92% | Form 4 | Jul 2, 2026 |
| BlackRock, Inc. | 18.03M | 8.90% | 13F | Aug 7, 2026 |
| Dodge & Cox | 11.96M | 5.90% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 11.02M | 5.44% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Pablo J. Cagnoni | officer: President, Global Head of R&D | −10,801 | $125.56 |
| Aug 12, 2026 | Pablo J. Cagnoni | officer: President, Global Head of R&D | −10,803 | $120.04 |
| Aug 5, 2026 | Patrick A. Mayes | officer: EVP & Chief Scientific Officer | −2,207 | $123.99 |
| Aug 5, 2026 | Pablo J. Cagnoni | officer: President, Global Head of R&D | −10,640 | $122.69 |
| Jul 31, 2026 | Patrick A. Mayes | officer: EVP & Chief Scientific Officer | −41,899 | $119.46 |
Peers
- GSK (ADR)
Ojjaara challenges Jakafi in anemia-linked myelofibrosis
- Bristol-Myers Squibb
Inrebic contests Jakafi in myelofibrosis treatment
- AbbVie
Rinvoq pressures Opzelura across JAK dermatology
- Sanofi (ADR)
Dupixent and Rezurock overlap Opzelura and GVHD care
- Pfizer
Cibinqo overlaps Opzelura in systemic AD care
- Organon
Vtama competes with Opzelura as a topical AD cream
- Arcutis Biotherapeutics
Zoryve contests Opzelura in topical eczema treatment
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Incyte | $124.37 | −0.03% | $25.21B | 15.8 | 43.0 | 4.3 | +37.7% |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Sanofi (ADR) | $44.83 | +0.02% | $107.62B | 78.9 | — | 1.9 | +11.2% |
| Pfizer | $27.95 | −0.04% | $159.36B | 36.9 | 10.0 | 2.5 | +2.6% |
| Organon | $13.76 | 0.00% | $3.61B | 17.9 | 3.9 | 0.6 | −2.3% |
| Arcutis Biotherapeutics | $23.74 | −0.13% | $2.97B | 114.1 | 30.3 | 6.4 | +59.3% |
| Median | 36.9 | 10.2 | 2.5 | +5.7% |