--- title: Incyte (INCY) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/incy ticker: INCY as_of: 2026-10-17 sector: Healthcare industry: Biotechnology --- # Incyte (INCY) Incyte (INCY) closed at $113.07 on Oct 16, 2026, overvalued by 11% vs its model value of $101.52 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $113.07 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $101.52 | | Price vs model | overvalued by 11% vs model | | Range of that model | $73.10 – $214.06 | | Market value | $22.9B | | P/E (fiscal 2025) | 17.6 | | Net margin (fiscal 2025) | 25.0% | | Free cash flow (fiscal 2025) | $1.4B | | Dividend yield (trailing twelve months) | 0.00% | | Beta | 0.74 | | Cost of capital (WACC) | 8.51% | | Business classification | Profitable Growth (Moderate growth (~18% recent), High profitability (25% net margin), Highly cyclical earnings, Strong FCF yield (5.9%)) | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $101.52 | $73.10 | $214.06 | | DCF · Perpetuity growth · 10y | cross check | $83.44 | $64.27 | $156.95 | | DCF · EBITDA exit · 5y | cross check | $118.83 | $93.45 | $148.64 | | DCF · EBITDA exit · 10y | cross check | $93.07 | $74.57 | $117.47 | | P/E · peers | cross check | $127.64 | $97.01 | $188.21 | | P/E · own history | cross check | $117.23 | $87.11 | $237.08 | | PEG | sanity check | $26.21 | $26.21 | $26.21 | | EV/EBITDA · peers | cross check | $152.41 | $115.62 | $178.94 | | EV/Revenue · peers | cross check | $146.63 | $146.10 | $364.80 | | Earnings power value | cross check | $33.31 | $30.63 | $37.14 | | Dividend discount | cross check | $0.00 | $0.00 | $0.00 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 11 open-market sales ($10.0M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 1, 2026 | Heeson Lee | EVP, Head of Incyte Intl | Tax withholding | 463 | $54,235.8 | | Sep 30, 2026 | BAKER BROS. ADVISORS LP, 667, L.P., Baker Bros. Advisors (GP) LLC, Baker Brothers Life Sciences LP, BAKER FELIX, BAKER JULIAN | Director, 10% Owner | Grant / award | 322 | $0 | | Sep 30, 2026 | BAKER BROS. ADVISORS LP, 667, L.P., Baker Bros. Advisors (GP) LLC, Baker Brothers Life Sciences LP, BAKER FELIX, BAKER JULIAN | Director, 10% Owner | Grant / award | 322 | $0 | | Sep 30, 2026 | Clancy Paul J | Director | Grant / award | 203 | $24,634.1 | | Sep 30, 2026 | HARRIGAN EDMUND | Director | Grant / award | 206 | $24,998.1 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Aug 31, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/879169/000087916926000058/incy-20260831.htm | | Jul 28, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/879169/000087916926000056/incy-20260630.htm | | Jul 28, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/879169/000087916926000053/incy-20260728.htm | | Jul 6, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/879169/000087916926000048/incy-20260706.htm | | Jun 22, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/879169/000087916926000046/incy-20260622.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Dodge & Cox | 2026-06-30 | 11,957,326 | $1.4B | | Harry Burn | 2026-06-30 | 757,723 | $85.9M | | Bridgewater | 2026-06-30 | 168,253 | $19.1M | 3 tracked managers in all. ## About 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,… --- Source: https://sweetvaluelab.com/stocks/incy (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.