Incyte Corporation

INCY

Biotechnology · Healthcare

Price

$117.25

+0.60 (+0.51%)

Market Cap

$23.42B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−9.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 222.1M (2021) → 200.7M (2025)

Incyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome

Winston Score History

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on INCY in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+85.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$2.1B/ year

↓ Declining (-21% vs prior year)

39.9% of revenue

2.2x the sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Incyte Corporation is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

91.8%

Premium pricing power — 91.8% gross margin

Operating Margin

23.7%

Excellent — 23.7% operating margin

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+21.5%

Fast-growing sales (21.5% YoY)

EPS YoY

+1873.0%

Earnings growing fast (1873.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

106%

Turns 106% of profit into real cash

FCF Margin

27.1%

Converts sales into free cash efficiently (27.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

615.89x

Comfortably covers interest (615.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

16.1x

Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.1 → 12.3)

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Dividends

Not applicable for this business.

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