INCY
INCYTE CORPEvidence as of 2026-09-03Overview · INCYTE CORP
Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for hematology/oncology, and inflammation and autoimmunity areas in the United States, Europe, Japan, and internationally. The company offers JAKAFI (ruxolitinib), for the treatment of adults with intermediate or high-risk myelofibrosis; MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab), for th…
Management team
- Sheila A. Denton · Executive VP, General Counsel & Corporate SecretaryFind on LinkedIn
- Mr. Ben Strain · Head of Investor RelationsFind on LinkedIn
- Dr. Steven H. Stein M.D. · Executive VP & Chief Medical OfficerFind on LinkedIn
- Dr. Barry P. Flannelly M.B.A., Pharm.D. · Executive VP & GM of North AmericaFind on LinkedIn
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Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it — not a rating or a recommendation.
+0.1 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled — the rest of the page is the evidence behind it.
What the evidence shows
The surviving evidence presents a Mixed (+0.1 of a possible +2; was +0.1 before debate) picture, confidence high. Revenue for the three‑month periods rose from $ 1,052,898,000 in Q1 2025 (fiscal quarter ended 2025-04-22) to $ 1,215,529,000 in Q2 2025 (fiscal quarter ended 2025-07-22) and $ 1,365,980,000 in Q3 2025 (fiscal quarter ended 2025-10-21), then decreased to $ 1,272,676,000 in Q1 2026 (fiscal quarter ended 2026-04-21). Gross margin compressed slightly to about 91.8% in Q1 2026 from roughly 93.1% in Q1 2025, operating margin rose through mid‑2025 then narrowed to about 23.7% in Q1 2026, and diluted EPS moved from $ 0.80 to $ 1.47 across the sampled quarters. Market indicators show strong short‑ and medium‑term momentum and a bullish technical tilt as of 2026-09-02, but three‑year max drawdown is a material historical loss ( - 33.8%) and volatility is elevated; valuation metrics include P/FCF 42.57, EV/EBITDA 26.39, and P/E 20.07, while trailing FCF is $ 626,005,000 and cash is $ 3,461,113,000 against long‑term debt recorded at $ 19,094,000,000 (debt dated 2018-12-31).
What the debate changed
The desk’s debate did not drop or materially weaken any surviving claims; 97% of what the analysts raised survived and no claims were removed. Because nothing was dropped, the read remains governed by the same set of financial, market, filings, news and insider items the desk started with.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else — no outside knowledge, no browsing — so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC — revenue, margins, income, debt and share count, quarter by quarter — and reports which way the trend is running.
Revenue (three-month periods) rose from $1,052,898,000 in the quarter ended 31 March 2025 to $1,215,529,000 in the quarter ended 30 June 2025 and to $1,365,980,000 in the quarter ended 30 September 2025, then decreased to $1,272,676,000 in the quarter ended 31 March 2026.
XBRL companyfacts · 0000879169-25-000056Cost of goods sold (CostOfRevenue) increased from $73,188,000 in the quarter ended 31 March 2025 to $78,766,000 in the quarter ended 30 June 2025, $99,001,000 in the quarter ended 30 September 2025 and $104,523,000 in the quarter ended 31 March 2026; gross margin (revenue minus cost divided by revenue) was roughly 93.1% (31 Mar 2025), 93.5% (30 Jun 2025), 92.8% (30 Sep 2025) and 91.8% (31 Mar 2026), showing slight compression in the latest quarter.
XBRL companyfacts · 0000879169-26-000026Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full — its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet — its risk analysis fills in once that lands.
An 8-K for INCYTE CORP was filed on 2026-08-31 (the 8-K filed 31 August 2026); the available record shows its parse status as pending.
8-K filed 2026-08-31A Form 4 reporting filing activity was submitted on 2026-08-27 (the 4 filed 27 August 2026).
4 filed 2026-08-27Reads the signal panel above — momentum, volatility, drawdown, relative strength and beta — and ranks each against the whole research universe rather than judging it in isolation.
As of 2026-09-02, short- and medium-term momentum readings are strong: momentum_3m is "+31.5%", momentum_6m is "+30.3%", momentum_12_1 is "+59.5%", with rank_momentum_6m at the 88th percentile of 547 and rank_momentum_12_1 at the 85th percentile of 547.
Moneyta signal set · 2026-09-02weakened in debateTechnical trend indicators show a bullish tilt as of 2026-09-02: golden_cross is true and price_vs_sma50 is "+7.3%" while price_vs_sma200 is "+23.3%".
Moneyta signal set · 2026-09-02Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
As of 2026-09-02T13:45:47.228469+00:00, INCY has a membership weight of 0.03% in the IVV ETF.
ETF constituents · market dataThere are three Form 4 filings listed for INCY with accession numbers the 4 filed 27 August 2026 (filed 2026-08-27), the 4 filed 20 August 2026 (filed 2026-08-20), and the 4 filed 14 August 2026 (filed 2026-08-14).
Form 4 × 3 (90d window not enforced here)Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Two press releases headline that Incyte will present at upcoming investor conferences, an informational corporate-communications theme carried by finance.yahoo.com and businesswire.com on 1 September 2026.
News · finance.yahoo.com · 2026-09-01Separate items on 31 August 2026 report that Incyte finalized an agreement with CMS intended to improve Medicaid access and pricing for Jakafi, a company-specific coverage theme appearing in at least two distinct outlets.
News · gurufocus.com · 2026-08-31Reads parsed Forms 3/4/5 — who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
On 12 August 2026, Pablo J. Cagnoni (President, Global Head of R&D) sold 10,803 shares for $1.3M under a 10b5-1 plan, according to the Form 4 filed 12 Aug 2026.
Form 4 · CAGNONI PABLO J (President, Global Head of R&D) · $1.3M sold · 2026-08-12On 19 August 2026, Pablo J. Cagnoni (President, Global Head of R&D) sold 10,801 shares for $1.4M under a 10b5-1 plan, according to the Form 4 filed 19 Aug 2026.
Form 4 · CAGNONI PABLO J (President, Global Head of R&D) · $1.4M sold · 2026-08-19Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The market-implied free cash flow (FCF) growth rate that today's price would justify, under the model's discount and terminal assumptions, is 28.5% (0.285).
Valuation inputs · SEC XBRL + stored EOD closeTrailing twelve-month price-to-free-cash-flow (P/FCF) is 42.57, with FCF TTM of $626,005,000 and FCF per share of $3.0267.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score — the argument is shown, not hidden, so you can judge the reasoning yourself.
Several company-specific fundamentals and market signals in the record jointly support a favorable read. Revenue shows sequential expansion through late 2025 with only a modest pullback into Q1 2026, while high gross margins (~92–93%) and substantial three-month operating and net-income beats in mid-2025 produced strong operating margins and diluted EPS outcomes. Market-momentum and technical indicators are robust (strong 3–12 month momentum, golden cross, price above 50- and 200-day SMAs) and recent news items show renewed program interest (ESMO data focus on the KRAS G12D program) plus a CMS agreement to improve access for Jakafi—signals that have coincided with the stock trading near its three-year high. Rising R&D spend and low correlation/beta versus the market further align with a growth-and-differentiation narrative that investors and some sell-side analysts have recently reflected in Buy/Initiation actions.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.31
35 surviving claims rest on 18 distinct sources; the heaviest analyst carries 20% of them, and 97% of what the desk raised survived the debate.
The evidence set is moderately robust: 35 surviving claims draw on 18 distinct sources, so multiple document types support the read. However, one analyst/author carries a fifth of the claims and filings parse status is incomplete, so source-concentration and partial parsing reduce how much weight to place on single-line conclusions; historically, high survival through debate increases confidence in the claims but does not remove the risk that unparsed filings or dominant contributors could bias the picture.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 3 in Biotechnology (as of 2026-09-02).
90-day volatility ranks 2nd of 3 in Biotechnology (as of 2026-09-02).
dividend yield ranks 1st of 3 in Biotechnology (as of 2026-09-02).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment — when the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here — no outside knowledge, no browsing — and each card shows who read it and what it contributed to the score.
12 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data — not retyped or estimated.
Read by Mercer+0.2 to the score
4 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.0 to the score
2 holdings records
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.3 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
3 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state — stated and inferred flags kept apart.
Read by Talbot+0.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only — it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal — the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
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The full terminal on INCY Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.