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Incyte Corporation — Intrinsic Value & Fair Price

INCY
NASDAQHealthcareBiotechnologyCIK 0000879169incyte.comAbout INCY
Last close · Oct 16, 2026113.07−0.20 (−0.18%)
Market cap$22.9B
Model value · DCF · Perpetuity growth · 5y
101.52
Incyte closed at $113.07 — overvalued by 11% vs model.
73.10the model's range214.06

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
26.21 – 152.41
Wall St. target
130.00 13% below
Above model, 1y
5 of 20 days

Price and model value

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What the marks mean
Daily close

Research on INCY

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How it is valued

Valued asProfitable Growth
Moderate growth (~18% recent)High profitability (25% net margin)Highly cyclical earningsStrong FCF yield (5.9%)
What growth the price implies: the reverse DCF

Key figures

FY2025
P/E
17.6×
EV / EBITDA
11.3×
FCF yield
6.1%
Dividend yield, TTM
0.00%
Beta
0.74
Cost of capital (WACC)
8.51%
Full financials

Analyst actions

third-party, quoted
10-16Raymond James · target152.00
10-14Truist Financial · target115.00
10-08RBC Capital · target114.00
06-22BMO Capital · “Market Perform” from “Underperform”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists INCY as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just INCY. No account.

About Incyte

Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types. Further advancing its research, the company is developing Parsaclisib, currently in Phase II studies for follicular lymphoma, marginal zone lymphoma, and mantle cell lymphoma. Additionally, Retifanlimab is in Phase II development for multiple indications, including MSI-high endometrial cancer, Merkel cell carcinoma, anal cancer, and non-small cell lung cancer. Incyte maintains a broad network of strategic alliances with numerous pharmaceutical and biotech companies, including key partners like Novartis International Pharmaceutical Ltd., Eli Lilly and Company, and Agenus Inc., among many others. These collaborations extend to clinical trials, notably joint efforts with MorphoSys AG and Xencor, Inc., to evaluate a combination therapy involving tafasitamab, plamotamab, and lenalidomide for patients with recurrent or resistant diffuse large B-cell lymphoma and follicular lymphoma. Established in 1991, the corporation's main offices are situated in Wilmington, Delaware.

CEO
William J. Meury
Headquarters
Wilmington, DE
Employees
2,844
IPO
1993-11-04
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.