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Incyte Corporation
NASDAQ: INCY Healthcare Pharma 🔎 Screen
S&P 500
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 85 Ready View all →
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$24.9B
Market Cap
15.4
P/E
0.06
PEG
79.4%
ROCE
29.9%
ROE
0.01
D/E
29.5%
OPM
-1.4%
% from 52W High
86
α RS
🔍 INCY is showing a high-conviction setup because it matches 32 of 37 tracked screener presets, RS Rating is 86, and an ECS of 52.7 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 32/37 · RS Rating 86 · ECS 52.7
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Currency-adjusted total returns for INCY including FX impact
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Ratio Health
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By Category
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About

Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan.

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⭐ Superinvestors Holding INCY
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 3.65M $343.7M 0.54% Mar 2026
Steve Cohen Point72 Asset Management 168.8K $15.9M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Total Revenue
$1.67B
+38% YoY
Total Net Sales
$1.49B
+40% YoY
Total GAAP Expenses
$976M
+42% YoY
What Went Right
  • Total net sales rose 40% to $1.49B; excluding a $246M one-time CMS benefit, sales still grew 17%.
  • Core ex-Jakafi sales grew 44% ex-benefit to $671M, with Opzelura U.S. Rx up 26% and Hematology/Oncology sales up 69% to $222M.
  • Regulatory progress: Jakafi XR approved, positive CHMP for Opzelura in moderate AD, and povorcitinib/MONJUVI under review.
What to Watch
  • Jakafi LOE remains the key overhang; XR is only ~$10M so far (mostly inventory) and full-year guidance is $40M-$50M, with exit-year demand expected at 3%-5%.
  • Opzelura pricing/access is dynamic; the CMS settlement improves GTN by $40M-$50M in H2, but management says it still needs disciplined commercial execution.
  • JAK2 V617F program hit a setback: 058 was discontinued due to insufficient differentiation, and next-gen assets are still IND-enabling.
Management Guidance
  • Full-year 2026 total net sales guidance raised to $5.13B-$5.26B.
  • Opzelura net sales guidance raised to $1.05B-$1.10B; Hematology/Oncology portfolio raised to $860M-$890M.
  • GAAP R&D + SG&A expense guidance raised to $4.915B-$4.995B; non-GAAP to $4.625B-$4.695B, including ~$1.27B IPR&D and $50M latarcibart costs.
Investor Lens
The diversification thesis is stronger after this quarter: every marketed drug grew, the CMS settlement improves Opzelura economics, and the pipeline has more late-stage assets. Jakafi remains the funding engine, but ex-Jakafi sales are now growing at a 44% rate. Execution risk is still high for XR conversion, new launches, and several pivotal readouts, yet the raised guidance and $4.5B cash position support continued investment. Overall, the call gives more confidence in post-LOE growth, though investors should watch the 2027 launch ramp and ESMO data.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2: net sales +40% to $1.49B, ex-CMS benefit +17%.
Revenue
Total revenue was $1.67B, +38% YoY. Total net sales were $1.49B, +40% YoY (17% ex the $246M one-time CMS benefit). Jakafi was $817M (+7%), Opzelura was $450M (ex-benefit $204M, +24%), and Hematology/Oncology was $222M (+69%).
Profitability
Net income/EPS was not disclosed. GAAP expenses of $976M rose 42% YoY, helped by a low prior-year base from the $242M Novartis settlement; excluding that, opex grew 5%.
Margins
GAAP COGS was $105M, 7% of total net sales, and management guides COGS to 8%-9% for the full year. The CMS settlement improved Opzelura's gross-to-net profile from the low-60s to high-50s.
Balance Sheet
Cash, cash equivalents, and marketable securities totaled $4.5B at June 30, 2026, including the July close of the Vega Therapeutics acquisition; no debt or other balance sheet details were provided.
Key Risks
Management flagged Jakafi XR adoption as gradual and dependent on formulary coverage reaching 50%-70% by year-end. Opzelura's pricing/reimbursement environment remains dynamic, and access investments pressure GTN. 058 was discontinued, and next-generation JAK2 V617F assets are not yet in the clinic.
Outlook
For FY2026, Incyte raised total net sales guidance to $5.13B-$5.26B and Opzelura guidance to $1.05B-$1.10B. H2 catalysts include 10 data readouts, with approvals/launches for povorcitinib and MONJUVI through early 2027.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Revenue grew 38% year-over-year to $1.67B, driven by strong demand and a one-time CMS benefit. Guidance for 2026 was raised across net sales and key franchises, with Opzelura and hematology/oncology segments showing robust growth. Multiple late-stage pipeline assets and regulatory milestones support a diversified growth outlook.
Q1 2026 Q1 2026 2026-04-28
Q1 2026 saw 20% net sales growth and strong performance across all segments, with robust pipeline progress and new leadership appointments. Full-year guidance was reaffirmed, and multiple late-stage regulatory and clinical milestones were achieved.
Q4 2025 Q4 2025 2026-02-10
2025 saw strong revenue and sales growth across all segments, with core business ex-Jakafi up 53% and major product launches and regulatory milestones achieved. 2026 guidance projects continued double-digit growth, robust pipeline advancement, and increased operating leverage.
Q3 2025 Q3 2025 2025-10-28
Q3 revenues grew 20% year-over-year, driven by strong sales of Jakafi, Opzelura, and Naktinvo. Guidance for full-year product revenue was raised, and the pipeline was streamlined to focus on high-impact programs, with several new launches and pivotal trials planned for 2026.
Q2 2025 Q2 2025 2025-07-29
Q2 2025 saw 17% year-over-year product revenue growth, driven by Jakafi, OPZELURA, and Niktimvo, with raised full-year guidance and strong commercial execution. R&D pipeline progress and a $242M Novartis settlement boosted margins, while strategic focus remains on core products and disciplined capital allocation.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
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