INCYTE CORP
INCY · Services-Commercial Physical & Biological Research · 199.8M shares · +1%/yr ↑ shares · EDGAR filings ↗
Reference price $100.00 · est. market cap ~$20.0B — last insider sale, 2026-06-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A82Profitable big biotech (Jakafi-led) with elite margins and strong cash generation, but franchise concentration.
Strengths
- Elite margins and returns — operating margin 29% (100th), net margin 25% (100th), ROA 18% (92nd)
- Strong growth and cash flow — revenue +21%, OCF margin 27%
- Strong liquidity — current ratio 3.3 (80th)
Risks
- Heavy Jakafi/ruxolitinib dependence and patent cliff — per 10-K
- Pipeline-diversification execution — per 10-K
- Earnings comp distortion — net income +3845% vs low base
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, ARK Investment Management LLC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $3.1B cash & investments
- FDA approvalFDA approval — ZYNYZ (2026-05-18)
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Revenue declineRevenue -15.5% YoY
- Insider sellingInsider selling — 8 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$10M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
92.8%
Operating margin
29.5%
Net margin
25.0%
Return on equity
24.9%
Return on assets
18.5%
Revenue growth (QoQ)
-15.5%
Current ratio
3.3×
EBITDA
$1.6B
Tangible book value
$5.0B
Cash & investments
$3.1B
Stock comp / revenue
4.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-08 | FOUSE JACQUALYN A | Grant | 1.6K | — |
| 2026-06-08 | BIENAIME JEAN JACQUES | Grant | 1.6K | — |
| 2026-06-08 | BRAWLEY OTIS W | Grant | 1.6K | — |
| 2026-06-08 | Clancy Paul J | Grant | 1.6K | — |
| 2026-06-08 | BAKER BROS. ADVISORS LP | Grant | 1.6K | — |
| 2026-06-08 | BAKER BROS. ADVISORS LP | Grant | 1.6K | — |
| 2026-06-08 | HARRIGAN EDMUND | Grant | 1.6K | — |
| 2026-06-08 | High Katherine A | Grant | 1.6K | — |
| 2026-06-04 | Tray Thomas | Option exercise | 2.6K | $83.83 |
| 2026-06-04 | Tray Thomas | Sell | 2.6K | $100.00 |
| 2026-06-01 | CAGNONI PABLO J | Tax withheld | 25K | $95.59 |
| 2026-05-26 | Tray Thomas | Sell | 2.1K | $97.35 |
| 2026-05-26 | BIENAIME JEAN JACQUES | Option exercise | 15K | $84.53 |
| 2026-05-26 | BIENAIME JEAN JACQUES | Tax withheld | 13K | $97.10 |
| 2026-05-19 | Clancy Paul J | Option exercise | 15K | $84.53 |
| 2026-05-19 | Clancy Paul J | Sell | 15K | $94.93 |
| 2026-05-08 | BAKER BROS. ADVISORS LP | Option exercise | 15K | $84.53 |
| 2026-05-08 | BAKER BROS. ADVISORS LP | Option exercise | 15K | $84.53 |
| 2026-05-06 | Stein Steven H | Grant | 44K | — |
| 2026-05-06 | CAGNONI PABLO J | Grant | 32K | — |
| 2026-05-04 | Upadhyay Suketu | Grant | 26K | — |
| 2026-04-17 | CAGNONI PABLO J | Option exercise | 13K | $71.93 |
| 2026-04-17 | CAGNONI PABLO J | Option exercise | 6.1K | $64.25 |
| 2026-04-17 | CAGNONI PABLO J | Sell | 19K | $96.50 |
| 2026-04-15 | Meury William | Option exercise | 125K | — |
| 2026-04-15 | Stein Steven H | Grant | 39K | — |
| 2026-04-15 | CAGNONI PABLO J | Grant | 28K | — |
| 2026-03-31 | HARRIGAN EDMUND | Grant | 269 | $94.12 |
| 2026-03-31 | Clancy Paul J | Grant | 265 | $94.12 |
| 2026-03-31 | BAKER BROS. ADVISORS LP | Grant | 421 | — |
| 2026-03-31 | BAKER BROS. ADVISORS LP | Grant | 421 | — |
| 2026-03-25 | Trotta Matteo | Tax withheld | 537 | $92.23 |
| 2026-03-17 | CAGNONI PABLO J | Option exercise | 7.2K | $61.18 |
| 2026-03-17 | CAGNONI PABLO J | Option exercise | 12K | $64.25 |
| 2026-03-17 | CAGNONI PABLO J | Sell | 19K | $94.24 |
| 2026-02-19 | CAGNONI PABLO J | Option exercise | 13K | $61.76 |
| 2026-02-19 | CAGNONI PABLO J | Option exercise | 5.6K | $61.18 |
| 2026-02-19 | CAGNONI PABLO J | Sell | 19K | $100.91 |
| 2026-02-02 | Morrissey Michael James | Tax withheld | 185 | $102.67 |
| 2026-02-02 | Heeson Lee | Tax withheld | 111 | $102.67 |
| 2026-01-20 | Morrissey Michael James | Tax withheld | 429 | $102.62 |
| 2026-01-16 | Heeson Lee | Grant | 8.9K | — |
| 2026-01-16 | Morrissey Michael James | Grant | 7.4K | — |
| 2026-01-07 | Issa Mohamed Khairie | Sell | 11K | $109.07 |
| 2026-01-06 | Issa Mohamed Khairie | Tax withheld | 8.3K | $106.66 |
| 2026-01-05 | Stein Steven H | Sell | 16K | $101.70 |
| 2025-12-31 | BAKER BROS. ADVISORS LP | Grant | 328 | — |
| 2025-12-31 | Morrissey Michael James | Tax withheld | 254 | $98.77 |
| 2025-12-31 | Stein Steven H | Tax withheld | 13K | $98.77 |
| 2025-12-31 | Clancy Paul J | Grant | 241 | $98.77 |
| 2025-12-31 | BAKER BROS. ADVISORS LP | Grant | 328 | — |
| 2025-12-31 | HARRIGAN EDMUND | Grant | 245 | $98.77 |
| 2025-12-19 | Tray Thomas | Option exercise | 1.0K | $95.76 |
| 2025-12-19 | Tray Thomas | Sell | 2.8K | $100.00 |
| 2025-12-19 | Tray Thomas | Option exercise | 1.7K | $95.76 |
| 2025-12-18 | Tray Thomas | Sell | 600 | $98.25 |
| 2025-12-17 | Morrissey Michael James | Sell | 4.3K | $97.26 |
| 2025-12-16 | Morrissey Michael James | Sell | 53K | $97.29 |
| 2025-12-16 | Morrissey Michael James | Sell | 833 | $97.42 |
| 2025-12-11 | Mayes Patrick A | Sell | 255 | $94.94 |
| 2025-12-10 | Mayes Patrick A | Sell | 5.6K | $95.58 |
| 2025-12-08 | Hoppenot Herve | Tax withheld | 2.8K | $96.70 |
| 2025-12-02 | Stein Steven H | Sell | 20K | $102.51 |
| 2025-12-01 | Hoffman Richard A. | Grant | 9.5K | — |
| 2025-12-01 | Morrissey Michael James | Tax withheld | 326 | $102.04 |
| 2025-12-01 | Stein Steven H | Sell | 2.6K | $102.96 |
| 2025-12-01 | Stein Steven H | Tax withheld | 17K | $102.04 |
| 2025-11-24 | Tray Thomas | Sell | 600 | $103.00 |
| 2025-11-21 | Tray Thomas | Sell | 169 | $102.00 |
| 2025-11-17 | Denton Sheila A. | Option exercise | 278 | $64.25 |
| 2025-11-17 | Denton Sheila A. | Sell | 278 | $104.36 |
| 2025-11-10 | Hoppenot Herve | Sell | 188K | $105.46 |
| 2025-11-05 | Stein Steven H | Option exercise | 1.2K | $83.83 |
| 2025-11-05 | Stein Steven H | Option exercise | 3.0K | $95.76 |
| 2025-11-05 | Stein Steven H | Option exercise | 1.0K | $95.76 |
| 2025-11-05 | Stein Steven H | Sell | 5.2K | $102.20 |
| 2025-11-04 | Denton Sheila A. | Option exercise | 598 | $58.06 |
| 2025-11-04 | Denton Sheila A. | Sell | 598 | $101.36 |
| 2025-11-03 | Heeson Lee | Sell | 3.1K | $94.02 |
| 2025-10-15 | Denton Sheila A. | Sell | 277 | $85.13 |
| 2025-10-15 | Denton Sheila A. | Option exercise | 277 | $64.25 |
| 2025-10-03 | Denton Sheila A. | Sell | 3.5K | $85.54 |
| 2025-10-02 | Denton Sheila A. | Option exercise | 599 | $58.06 |
| 2025-10-02 | Denton Sheila A. | Sell | 599 | $87.65 |
| 2025-10-02 | Denton Sheila A. | Tax withheld | 3.1K | $86.28 |
| 2025-10-01 | Heeson Lee | Tax withheld | 463 | $86.70 |
| 2025-10-01 | Mayes Patrick A | Tax withheld | 1.6K | $86.70 |
| 2025-09-30 | Clancy Paul J | Grant | 285 | $84.81 |
| 2025-09-30 | BAKER BROS. ADVISORS LP | Grant | 388 | — |
| 2025-09-30 | BAKER BROS. ADVISORS LP | Grant | 388 | — |
| 2025-09-30 | HARRIGAN EDMUND | Grant | 289 | $84.81 |
| 2025-09-22 | Gardner David H | Grant | 9.4K | — |
| 2025-09-16 | Denton Sheila A. | Sell | 278 | $83.15 |
| 2025-09-16 | Denton Sheila A. | Option exercise | 278 | $64.25 |
| 2025-09-02 | Denton Sheila A. | Option exercise | 598 | $58.06 |
| 2025-09-02 | Denton Sheila A. | Sell | 598 | $84.97 |
| 2025-08-25 | Basi Ramitpal K | Grant | 6.5K | — |
| 2025-08-15 | Denton Sheila A. | Option exercise | 277 | $64.25 |
| 2025-08-15 | Denton Sheila A. | Sell | 277 | $86.81 |
| 2025-08-04 | Denton Sheila A. | Option exercise | 598 | $58.06 |
| 2025-08-04 | Denton Sheila A. | Sell | 598 | $75.77 |
| 2025-07-21 | Stein Steven H | Sell | 3.7K | $67.94 |
| 2025-07-16 | Flannelly Barry P | Sell | 1.3K | $68.36 |
| 2025-07-16 | Iyengar Vijay K | Sell | 983 | $68.36 |
| 2025-07-16 | Denton Sheila A. | Sell | 785 | $68.36 |
| 2025-07-15 | Iyengar Vijay K | Tax withheld | 836 | $68.25 |
| 2025-07-15 | Denton Sheila A. | Option exercise | 3.3K | $64.25 |
| 2025-07-15 | Denton Sheila A. | Sell | 3.3K | $69.86 |
| 2025-07-15 | Denton Sheila A. | Tax withheld | 703 | $68.25 |
| 2025-07-15 | Denton Sheila A. | Grant | 8.2K | — |
| 2025-07-15 | Issa Mohamed Khairie | Grant | 8.8K | — |
| 2025-07-15 | Trotta Matteo | Tax withheld | 182 | $68.25 |
| 2025-07-15 | Trotta Matteo | Grant | 5.3K | — |
| 2025-07-15 | CAGNONI PABLO J | Tax withheld | 2.6K | $68.25 |
| 2025-07-15 | CAGNONI PABLO J | Grant | 18K | — |
| 2025-07-15 | Stein Steven H | Tax withheld | 1.6K | $68.25 |
| 2025-07-15 | Stein Steven H | Grant | 12K | — |
| 2025-07-15 | SWAIN PAULA J | Tax withheld | 563 | $68.25 |
| 2025-07-15 | SWAIN PAULA J | Grant | 6.4K | — |
| 2025-07-15 | Stamoulis Christiana | Tax withheld | 1.4K | $68.25 |
| 2025-07-15 | Stamoulis Christiana | Grant | 11K | — |
| 2025-07-15 | Tray Thomas | Tax withheld | 583 | $68.25 |
| 2025-07-15 | Tray Thomas | Grant | 4.5K | — |
| 2025-07-15 | Iyengar Vijay K | Sell | 1.2K | $69.86 |
| 2025-07-15 | Iyengar Vijay K | Grant | 6.4K | — |
| 2025-07-15 | Flannelly Barry P | Sell | 1.2K | $69.86 |
| 2025-07-15 | Flannelly Barry P | Tax withheld | 1.1K | $68.25 |
| 2025-07-15 | Hoppenot Herve | Tax withheld | 4.7K | $68.25 |
| 2025-07-14 | Stamoulis Christiana | Tax withheld | 1.4K | $69.98 |
| 2025-07-14 | SWAIN PAULA J | Tax withheld | 444 | $69.98 |
| 2025-07-14 | Tray Thomas | Tax withheld | 692 | $69.98 |
| 2025-07-14 | CAGNONI PABLO J | Tax withheld | 1.3K | $69.98 |
| 2025-07-14 | Flannelly Barry P | Tax withheld | 922 | $69.98 |
| 2025-07-14 | Stein Steven H | Tax withheld | 1.6K | $69.98 |
| 2025-07-14 | Hoppenot Herve | Tax withheld | 5.0K | $69.98 |
| 2025-07-14 | Iyengar Vijay K | Tax withheld | 595 | $69.98 |
| 2025-07-14 | Stein Steven H | Sell | 15K | $68.47 |
| 2025-07-03 | Flannelly Barry P | Sell | 11K | $68.15 |
| 2025-07-03 | Iyengar Vijay K | Sell | 2.7K | $68.16 |
| 2025-07-03 | Iyengar Vijay K | Sell | 5.9K | $68.15 |
| 2025-07-02 | Meury William | Grant | 36K | — |
| 2025-07-02 | SWAIN PAULA J | Tax withheld | 6.3K | $68.17 |
| 2025-07-02 | Tray Thomas | Tax withheld | 897 | $68.17 |
| 2025-07-02 | Stein Steven H | Tax withheld | 13K | $68.17 |
| 2025-07-02 | Stamoulis Christiana | Tax withheld | 12K | $68.17 |
| 2025-07-02 | Flannelly Barry P | Tax withheld | 9.1K | $68.17 |
| 2025-07-02 | Denton Sheila A. | Option exercise | 599 | $58.06 |
| 2025-07-02 | Denton Sheila A. | Sell | 599 | $68.61 |
| 2025-07-02 | Iyengar Vijay K | Tax withheld | 6.8K | $68.17 |
| 2025-07-02 | Hoppenot Herve | Tax withheld | 43K | $68.17 |
| 2025-06-30 | BAKER BROS. ADVISORS LP | Grant | 492 | — |
| 2025-06-30 | BAKER BROS. ADVISORS LP | Grant | 492 | — |
| 2025-06-30 | Clancy Paul J | Grant | 361 | $68.10 |
| 2025-06-30 | HARRIGAN EDMUND | Grant | 367 | $68.10 |
| 2025-06-30 | Issa Mohamed Khairie | Grant | 28K | — |
| 2025-06-26 | Hoppenot Herve | Grant | 6.0K | — |
| 2025-06-10 | BAKER BROS. ADVISORS LP | Grant | 2.5K | — |
| 2025-06-10 | BRAWLEY OTIS W | Grant | 2.5K | — |
| 2025-06-10 | FOUSE JACQUALYN A | Grant | 2.5K | — |
| 2025-06-10 | BIENAIME JEAN JACQUES | Grant | 2.5K | — |
| 2025-06-10 | High Katherine A | Grant | 2.5K | — |
| 2025-06-10 | Clancy Paul J | Grant | 2.5K | — |
| 2025-06-10 | Schaffert Susanne | Tax withheld | 849 | $70.07 |
| 2025-06-10 | Schaffert Susanne | Grant | 2.5K | — |
| 2025-06-10 | HARRIGAN EDMUND | Grant | 2.5K | — |
| 2025-06-10 | BAKER BROS. ADVISORS LP | Grant | 2.5K | — |
| 2025-06-03 | Denton Sheila A. | Sell | 1.8K | $68.00 |
| 2025-06-03 | Denton Sheila A. | Option exercise | 1.8K | $58.06 |
| 2025-06-02 | Tray Thomas | Sell | 651 | $64.88 |
| 2025-05-30 | Tray Thomas | Sell | 963 | $65.71 |
| 2025-04-01 | Flannelly Barry P | Grant | 15K | — |
| 2025-04-01 | Iyengar Vijay K | Grant | 11K | — |
| 2025-04-01 | Iyengar Vijay K | Grant | 11K | — |
| 2025-04-01 | Morrissey Michael James | Grant | 4.6K | — |
| 2025-04-01 | Stamoulis Christiana | Grant | 19K | — |
| 2025-04-01 | Stamoulis Christiana | Grant | 19K | — |
| 2025-04-01 | Stein Steven H | Grant | 37K | — |
| 2025-04-01 | Stein Steven H | Grant | 21K | — |
| 2025-04-01 | SWAIN PAULA J | Grant | 11K | — |
| 2025-04-01 | Hoppenot Herve | Grant | 67K | — |
| 2025-04-01 | SWAIN PAULA J | Grant | 11K | — |
| 2025-04-01 | Flannelly Barry P | Grant | 11K | — |
| 2025-03-31 | BAKER BROS. ADVISORS LP | Grant | 487 | — |
| 2025-03-31 | Clancy Paul J | Grant | 358 | $60.55 |
| 2025-03-31 | HARRIGAN EDMUND | Grant | 363 | $60.55 |
| 2025-03-31 | BAKER BROS. ADVISORS LP | Grant | 487 | — |
| 2025-03-25 | Trotta Matteo | Tax withheld | 537 | $62.08 |
| 2025-03-14 | Flannelly Barry P | Sell | 199 | $67.88 |
| 2025-03-14 | Flannelly Barry P | Sell | 461 | $67.85 |
| 2025-03-14 | Flannelly Barry P | Sell | 19K | $67.68 |
| 2025-03-04 | Denton Sheila A. | Option exercise | 599 | $58.06 |
| 2025-03-04 | Denton Sheila A. | Sell | 599 | $69.99 |
| 2025-02-26 | Denton Sheila A. | Sell | 9.6K | $74.07 |
| 2025-02-26 | Denton Sheila A. | Option exercise | 9.6K | $58.06 |
| 2025-02-26 | Denton Sheila A. | Sell | 4.5K | $74.08 |
| 2025-01-31 | Morrissey Michael James | Grant | 11K | — |
| 2025-01-31 | Heeson Lee | Grant | 6.3K | — |
| 2025-01-21 | Morrissey Michael James | Tax withheld | 429 | $73.47 |
| 2025-01-21 | Stein Steven H | Sell | 12K | $72.69 |
| 2025-01-15 | Stamoulis Christiana | Tax withheld | 3.7K | $72.46 |
| 2025-01-15 | Flannelly Barry P | Tax withheld | 3.2K | $72.46 |
| 2025-01-15 | Stein Steven H | Tax withheld | 11K | $72.46 |
| 2025-01-15 | Morrissey Michael James | Tax withheld | 908 | $72.46 |
| 2025-01-06 | Issa Mohamed Khairie | Grant | 49K | — |
| 2024-12-31 | Clancy Paul J | Grant | 331 | $69.07 |
| 2024-12-31 | HARRIGAN EDMUND | Grant | 339 | $69.07 |
| 2024-12-31 | BAKER BROS. ADVISORS LP | Grant | 446 | — |
| 2024-12-31 | BAKER BROS. ADVISORS LP | Grant | 446 | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
Suppliers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0000879169-26-000046 ↗ |
| 8-K | 2026-06-09 | 2026-06-08 | 0000879169-26-000043 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0000879169-26-000040 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0000879169-26-000026 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0000879169-26-000023 ↗ |
| 8-K | 2026-03-30 | 2026-03-26 | 0000879169-26-000018 ↗ |
| 8-K | 2026-03-26 | 2026-03-25 | 0000879169-26-000016 ↗ |
| 8-K | 2026-03-06 | 2026-02-27 | 0000879169-26-000013 ↗ |
| 10-K | 2026-02-10 | 2025-12-31 | 0000879169-26-000010 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0000879169-26-000006 ↗ |
| 8-K | 2025-12-12 | 2025-12-10 | 0000879169-25-000122 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0000879169-25-000115 ↗ |