WinstonWınston
Back
Stock

Incyte Corporation

INCY
82
Biotechnology · Healthcare
Also trades as: 0J9P.L GBP 1.16 (+2.32%)
Price
$116.93
+3.49 (+3.08%)
Market Cap
$23.70B
Exchange
NASDAQ
Winston Score
82
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Exceptional
19/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Not counted
n/a

78 of 95 counted points = Winston Score 82. Pillars marked n/a do not apply to this company and are left out of the total.

Track this stock — start free trial

Share count falling — buybacks

−9.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 222.1M (2021) → 200.7M (2025)

§Winston Score History

The full picture

Incyte Corporation is a biotechnology company that discovers and sells medicines for serious diseases, mainly blood cancers and inflammatory conditions. Its most important product is Jakafi (ruxolitinib), a pill used to treat certain bone marrow diseases and a dangerous immune reaction called graft-versus-host disease. Incyte also sells Opzelura, a cream for skin conditions like vitiligo and atopic dermatitis, and earns royalties from partnering with larger drugmakers like Novartis.

Incyte makes money primarily through drug sales and royalty payments from its partners. It operates mainly in the United States, though it has a growing presence in Europe, and its roughly $24 billion market value reflects strong profitability with operating margins above 30%. The company's main competitive advantage is its portfolio of approved drugs and deep pipeline of clinical-stage candidates, but its biggest risk is Jakafi's U.S. patent protection expiring around 2028, which could allow cheaper generic versions to enter the market and significantly cut revenue.

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on INCY in the last 12 months.

Unlock the full Smart Money Map — every trade plotted on the price chart with politicians, amounts and returns since each trade. Founder's Deal is $57/mo locked for life.

Unlock politician trades

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+39.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$2.1B/ year

↓ Declining (-21% vs prior year)

39.9% of revenue

2.2x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$4.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Incyte Corporation grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
93.7%
Premium pricing power — 93.7% gross margin
Profit after running costs
Operating Margin
41.7%
Excellent — 41.7% operating margin
Return on the money invested
ROCE
28.8%
Exceptional — 28.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+26.9%
Fast-growing sales (+26.9% YoY)
Profit growth
EPS YoY
+80.7%
Earnings growing fast (+80.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
123%
Turns 123% of profit into real cash
Spare cash per sale
FCF Margin
33.0%
Converts sales into free cash efficiently (33.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
790.59x
Comfortably covers interest (790.6x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
14.4x
Attractive valuation — P/E 14.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+1.7
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial