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IncyteINCY

Legal name
Incyte Corporation
Sector
Healthcare
Industry
Services-Commercial Physical & Biological Research
Exchange
Nasdaq

Stock Price $INCY

Latest filings

You are here#70 of 86 in Industrials by market cap

Filing record · 2016–202610-K1510-Q348-K107

INCY filed 15 annual reports (10-K), 34 quarterly reports (10-Q) and 107 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’16Dec ’16
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $5.14B
YoY changeLargest recent move+46.7%in FY16Latest +21.2%

2 older moves run past ±50% (largest +1733.5%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All INCY Financial Metrics59 metrics

Income Statement16

Balance Sheet26

Cash Flow13

Per Share4

02—Overview

Incyte Financial Overview 2021–2025

Updated Nov 4, 2026

Incyte's FY2025 net income hit $1,286.7 milliona, up from just $32.6 million in FY2024. That swing matters because it shows how much of the earlier collapse came from a one-time $679.4 million acquired R&D charge on Escient, not a weakening business. The core thesis: Incyte has built a second growth engine beyond JAKAFI just as that drug's patent exclusivity heads toward its 2028 expiration.

Revenue grew from $2.99 billion in FY2021 to $5.14 billionb in FY2025, a climb of roughly 72%. JAKAFI still anchors the business at $3.09 billion in FY2025, but OPZELURA reached $678.5 million, up from $128.7 million in FY2022. NIKTIMVO added $151.6 million in its first year on the market. Operating cash flow rose to $1.41 billion from $335.3 million in FY2024. R&D fell to $2.05 billion from $2.61 billion, though the prior year carried the Escient charge. Part of the FY2025 profit was also a $242.2 million gain from settling the Novartis royalty dispute, so not all of it is repeatable.

The balance sheet is intact. Year-end cash and marketable securities were $3.58 billionc, with nothing drawn on the $500.0 million credit facility, even after the $2.0 billion buyback at $60.00 per share in June 2024. At the close of FY2025, the stock traded at $98.77, or 15.4x earnings, for a market cap of $19.6 billion.

Recent Developments (Q2 and Q3 2026)

Incyte closed the $1.25 billiond Vega Therapeutics acquisition on July 6, 2026, adding latarcibart for von Willebrand disease. The $1.23 billion in-process R&D charge produced a Q3 2026 net loss of $784.8 million. Q2 2026 revenue rose to $1.67 billion from $1.22 billion, helped by a one-time $246.0 million OPZELURA benefit from the CMS rebate settlement. Q3 revenue was $1.56 billion, up 14%. JAKAFI grew only 4% to $827 million. Full-year net sales guidance rose to $5,210-$5,300 million.

Bull case: OPZELURA grew 36% in Q3, cash is $3.9 billione, and povorcitinib could launch in Q1 2027. Bear case: JAKAFI revenue is expected to decline after 2028, and the Vega deal carries up to $750 million in milestones. At 18.2x earnings as of the Q3 2026 filing date (October 28, 2026), the stock is priced above the earlier multiple, not today's.

What to watch: Phase 3 povorcitinib prurigo nodularis and ruxolitinib cream HS data in Q4 2026; Q1 2027 launches of Monjuvi in DLBCL and povorcitinib in HS

03—Filings

Recent SEC Filings

  1. 8-KIncyte 8-K Report, Financial Results (Oct 29, 2026)Incyte Corporation reported third quarter 2026 results on October 29, 2026, furnished as Exhibit 99.1 to this Form 8-K. Total revenue was $1.56 billion and total net sales were $1.32 billion, each up 14% from the third quarter of 2025. Jakafi/Jakafi XR net sales were $827 million (up 4%), Opzelura net sales were $255 million (up 36%), and Hematology and Oncology net sales were $235 million (up 38%). The company raised its full-year 2026 guidance for total net sales to $5,210-$5,300 million (from $5,130-$5,260 million), Opzelura to $1,100-$1,120 million, and Hematology and Oncology to $890-$910 million. Opzelura guidance includes a one-time $246 million benefit tied to an agreement with CMS on Medicaid rebate litigation. Profitability was sharply lower due to a one-time $1.23 billion IPR&D expense from the Vega Therapeutics acquisition, which was completed in July. GAAP net loss for the quarter was $784.8 million, or $(3.86) per diluted share, compared with net income of $424.2 million, or $2.11 per diluted share, a year earlier. Non-GAAP net loss was $730.8 million, or $(3.60) per diluted share. Cash, cash equivalents and marketable securities were $3.9 billion at September 30, 2026, versus $3.6 billion at December 31, 2025. GAAP R&D expense was $1.79 billion and SG&A was $364.3 million. The release also highlighted pipeline and regulatory milestones, including a Phase 3 study (EXCALIBUR-ET2) of INCA033989 in essential thrombocythemia that was initiated in mid-2026, a potential U.S. approval and launch of Monjuvi in newly diagnosed DLBCL in the first quarter of 2027, and a U.S. NDA for povorcitinib in hidradenitis suppurativa under review with a potential launch in the first quarter of 2027. Phase 3 data for povorcitinib in prurigo nodularis and topline data from the ruxolitinib cream HS studies are expected in the fourth quarter of 2026.
  2. 8-KIncyte 8-K Report, Corporate Update (Aug 31, 2026)Incyte Corporation filed a Form 8-K on August 31, 2026 under Item 8.01 (Other Events) to disclose that it has entered into an agreement with the U.S. Centers for Medicare & Medicaid Services (CMS). The stated aim of the agreement is to improve patient access to medicines while supporting continued U.S. biopharmaceutical innovation. Under the agreement, Incyte will enable state Medicaid programs to access Jakafi and Jakafi XR at prices aligned with those in a defined group of other advanced, industrialized nations. The company also expects that it will not be subject to certain future CMS pricing mandates, including the proposed GUARD and GLOBE models. Incyte states that it does not expect the agreement to affect its 2026 financial guidance or to have a material impact on its future financial outlook.
  3. 8-KIncyte 8-K Report, Financial Results (Jul 28, 2026)Incyte Corporation reported financial results for its second fiscal quarter ended June 30, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K. Total revenue was $1.67 billion, up 38% from the second quarter of 2025, and total net sales were $1.49 billion, up 40%. The sales increase was boosted by a one-time, non-cash benefit of $246 million tied to the reversal of previously established Opzelura accrual balances through March 31, 2026, following an agreement with CMS. Excluding that benefit, total net sales grew 17% year over year. Jakafi net sales were $817 million (up 7%), Opzelura net sales were $450 million (up 173%, or $204 million excluding the one-time benefit, up 24%), and Hematology and Oncology portfolio net sales were $222 million (up 69%). Incyte raised its full-year 2026 total net sales guidance to $5,130-$5,260 million from $4,770-$4,940 million, and raised its Opzelura net sales guidance to $1,050-$1,100 million. Full-year GAAP R&D and SG&A operating expense guidance rose to $4,915-$4,995 million from $3,495-$3,675 million, reflecting an expected IPR&D expense of approximately $1,270 million in the third quarter of 2026 tied to the acquisition of Vega Therapeutics, plus $50 million of incremental latarcibart R&D investment. Cash, cash equivalents and marketable securities were $4.5 billion as of June 30, 2026, compared with $3.6 billion at December 31, 2025. The company also completed its acquisition of Vega Therapeutics, Inc. for $1.25 billion, adding latarcibart, a Phase 3 candidate for von Willebrand disease, and discontinued INCB160058 (JAK2V617F). The filing lists ten clinical data readouts, including four registrational trials, expected in the second half of 2026.
  4. 8-KIncyte 8-K Report, Corporate Update (Jul 6, 2026)Incyte Corporation reported in a Form 8-K dated July 6, 2026 that it has completed its previously announced acquisition of Vega Therapeutics, Inc., a wholly owned subsidiary of Star Therapeutics LLC. The acquisition adds VGA039, a novel investigational monoclonal antibody in Phase 3 development for von Willebrand disease (VWD), the most common inherited bleeding disorder, to Incyte's hematology portfolio. The company describes VGA039 as targeting Protein S to restore hemostasis, with potential to be the first once-monthly subcutaneous prophylactic therapy for VWD patients who currently require frequent intravenous infusions. Under the stock purchase agreement, Incyte acquired all outstanding shares of Vega Therapeutics for $1.25 billion upfront. Star Therapeutics is eligible to receive up to $750 million in additional payments upon the achievement of sales milestones. Incyte expects the transaction to be reflected as a one-time R&D expense in its third-quarter and full-year 2026 GAAP and non-GAAP results. VGA039 has received Breakthrough Therapy, Fast Track, orphan drug and rare pediatric disease designations from the U.S. Food and Drug Administration and has advanced into the Phase 3 VIVID-6 study, a global single-arm cross-over study of subcutaneous VGA039 prophylaxis in patients with all types of VWD.
  5. 8-KIncyte 8-K Report, Corporate Update (Jun 22, 2026)Incyte Corporation (INCY) disclosed under Item 8.01 (Other Events) that it has reached an agreement with the Centers for Medicare & Medicaid Services (CMS) to resolve its litigation over the application of Medicaid rebate rules to Opzelura (ruxolitinib) cream. Under the agreement, CMS will not apply the line extension regulation to Opzelura as if it were a line extension of Jakafi (ruxolitinib), and the company has withdrawn its lawsuit challenging the regulations. The settlement was reached based on the unique facts of Opzelura and Jakafi. As a result, the company expects to record a one-time, non-cash benefit of approximately $246 million in the second quarter ending June 30, 2026. This benefit reflects the reversal of previously established accrual balances through March 31, 2026, related to liabilities tied to the potential application of the line extension regulations to Opzelura. The company will no longer accrue for that potential application and expects an improvement to Opzelura's gross-to-net on a go-forward basis. The company plans to update its financial guidance to reflect the settlement's impact during its next scheduled earnings release.
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04—See also

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