| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 62 | 15.1x | 17.8x | Around median | |
Growth | 85 | 26.9% | 7.1% | Top tier | |
Quality | 95 | 26.8% | 4.5% | Top tier | |
Safety | 96 | — | 2.6x | Top tier | |
Capital Return | 51 | — | 2.12% | Around median | |
Momentum | 91 | 40.9% | 2.9% | Top tier | |
Sentiment | 74 | 14 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Incyte Corporation is a biopharmaceutical company that generates revenue from treatments for hematologic diseases, oncology, and inflammatory dermatologic diseases. Jakafi remains the core product and the funding source for the development pipeline and new launches, while diversification drivers include Opzelura, Niktimvo, Monjuvi, and Zynyz; in Q2 FY2026, Jakafi sales were approximately $817 million, while the core business excluding Jakafi generated approximately $671 million.
Q2 FY2026 revenue reached approximately $1.67 billion, up 38% year over year, while net product sales reached $1.49 billion, up 40%. However, the results included a one-time non-cash benefit of $246 million related to a CMS settlement; excluding it, net sales grew 17%, making the underlying growth rate significantly lower than the reported figure.
The call does not include net income for Q2 FY2026, so EDGAR data for Q1 FY2026 provides the latest complete profitability reading: revenue of $1.3 billion, gross profit of $1.2 billion, net income of $303.3 million, and earnings per share of $1.47. These figures represent a gross margin of approximately 92% and a net income margin of approximately 23%, while FY2025 recorded revenue of $5.1 billion and net income of $1.3 billion.
The average analyst price target is $130.07, within a wide range of $104 to $155, with a consensus rating of “Buy.” The average target is close to the top of the 52-week range of $132.6, while the highest target exceeds that peak and the lowest target is above the range's low of $81.09; this dispersion reflects significant differences in assessments of the development pipeline's value and the sustainability of growth after excluding the non-recurring CMS benefit.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Jakafi generated sales of $817 million in Q2 FY2026 out of total net product sales of $1.49 billion, or approximately 55%. Its sales rose 7%, and prescription demand increased 9% across MF, PV, and GVHD, with PV being the largest growth driver. In contrast, the core business excluding Jakafi grew 44% after excluding the non-recurring Opzelura benefit, and management is targeting $3–$4 billion by 2030.
Revenue reached $1.67 billion in Q2 FY2026, up 38%, while net product sales reached $1.49 billion, up 40%. The result included a one-time non-cash benefit of $246 million arising from a CMS settlement and the reversal of previously accrued balances related to Medicaid rebates on Opzelura. Excluding this benefit, net sales growth was 17%, so the 40% rate does not, by itself, represent a repeatable operating pace.
Opzelura recorded reported sales of $450 million in Q2 FY2026, comprising $204 million in product sales and a $246 million non-cash benefit. Underlying U.S. sales increased 22% to $161 million, and prescriptions rose 26% compared with market growth of 21%, while the product captured 46% of new-to-brand prescriptions for branded topical products. Internationally, sales reached $43 million, up 34%, and management sees the potential for international sales to reach two to three times the level recorded in that quarter.
Automated analysis for informational purposes only — not investment advice.
The acquisition of Vega Therapeutics added latarcibart, a protein S modulator undergoing Phase 3 development for the treatment of von Willebrand disease. The VIVID-3 study showed a median 81% reduction in annualized bleeding rate, with once-monthly subcutaneous dosing instead of prophylactic treatments typically administered two to three times weekly. However, the transaction added approximately $1.270 billion in upfront payment and transaction costs to expense guidance, along with approximately $50 million for ongoing development in FY2026, and the company is targeting the release of initial VIVID-6 data by early 2029.
The company is developing 734, a KRAS G12D inhibitor, in a Phase 3 study for pancreatic cancer and is also testing it in colorectal cancer with EGFR inhibitors. The portfolio also includes 890, a bispecific antibody targeting TGF-beta receptor 2 and PD-1, and 667, a CDK2 inhibitor, both in pivotal development. Risks include direct competition within KRAS G12D and the fact that early-stage data do not guarantee success in pivotal studies or regulatory approval, as illustrated by the decision to discontinue development of 058 after it failed to achieve a differentiated therapeutic profile.
