Incyte (INCY)
Forward P/E is 56.88x against a peer median of 12.56x, a ratio of 4.53x — more than four times the peer median — with trailing P/E 15.00x and PEG 5.18. Latest-quarter revenue grew 20.9% year over year (PRIMARY, EDGAR), far above the group pace, but a PEG of 5.18 is far above 1.5, so the growth exception does not apply; the forward multiple sitting far above the trailing multiple also means near-term expected earnings are much lower than trailing earnings, so the price only makes sense if earnings rebound and accelerate sharply. Delivered demand check: the biotechnology & pharmaceuticals group's median growth was 9.5% — demand steady, and Incyte grows much faster than that pace, yet even that growth does not pay for a multiple this extreme.
What would change this label: Move to OVERVALUED if the forward P/E compresses to about 25.1x or below (2.00x the peer median) at unchanged estimates as forward earnings recover. Move to FAIRLY PRICED if the forward P/E compresses to about 14.4x or below (1.15x the peer median), or if delivered earnings growth brings the PEG to about 1.5 or below while revenue growth holds above 15% year over year for two quarters.
Incyte sells medicines for cancer and inflammation, led by a drug for certain blood cancers. Its sales are growing fast, at about 21%, but its shares cost about 57 times next year's expected earnings — more than four times similar drug companies — because profits are expected to dip before they recover. Paying that much for a recovery that has not happened yet is a bubble price.
Both lines start at 100 on 2020-09-01. Over the full window Incyte returned +25.42% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Incyte: -49.1% (2021-01-25 to 2024-04-25). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 56.88x against a peer median of 12.56x, a ratio of 4.53x — more than four times the peer median — with trailing P/E 15.00x and PEG 5.18. Latest-quarter revenue grew 20.9% year over year (PRIMARY, EDGAR), far above the group pace, but a PEG of 5.18 is far above 1.5, so the growth exception does not apply; the forward multiple sitting far above the trailing multiple also means near-term expected earnings are much lower than trailing earnings, so the price only makes sense if earnings rebound and accelerate sharply. Delivered demand check: the biotechnology & pharmaceuticals group's median growth was 9.5% — demand steady, and Incyte grows much faster than that pace, yet even that growth does not pay for a multiple this extreme. The company’s forward P/E is 56.9× against a peer median of 12.6×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the biotechnology & pharmaceuticals group's median latest-quarter revenue growth was 9.5% year over year (SEC filings) — demand steady. Incyte grew 20.9%, much faster than that pace. Latest-quarter sales growth was +20.9% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Incyte (INCY) | $117.75 | 56.9× | 15.0× |
| VTRS | $18.85 | 7.4× | — |
| ZTS | $78.49 | 12.7× | 12.8× |
| BIIB | $255.40 | 16.8× | 109.4× |
| MRNA | $217.40 | — | — |
| REGN | $818.93 | 12.4× | 20.2× |
| Peer median | 12.6× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Mar 2026 2026-03-31 | $1.3B | — | $303M | 1.47 | — |
| Q/E Dec 2025 2025-12-31 | $1.5B | — | $299M | — | — |
| Q/E Sep 2025 2025-09-30 | $1.4B | — | $424M | 2.11 | — |
| Q/E Jun 2025 2025-06-30 | $1.2B | — | $405M | 2.04 | — |
| Q/E Mar 2025 2025-03-31 | $1.1B | — | $158M | 0.80 | — |
| Q/E Dec 2024 2024-12-31 | $1.2B | — | $201M | — | — |
| Q/E Sep 2024 2024-09-30 | $1.1B | — | $106M | 0.54 | — |
| Q/E Jun 2024 2024-06-30 | $1.0B | — | $-445M | -2.04 | — |
| Q/E Mar 2024 2024-03-31 | $881M | — | $170M | 0.75 | — |
| Q/E Dec 2023 2023-12-31 | $1.0B | — | $201M | — | — |
| Q/E Sep 2023 2023-09-30 | $919M | — | $171M | 0.76 | — |
| Q/E Jun 2023 2023-06-30 | $955M | — | $204M | 0.90 | — |
The last twelve reported quarters. Full 23-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | INCYTE CORP |
| Chief executive | Bill Meury (source: https://incyte.com/our-company/our-leadership) |
| Sector | Health Care — Biotechnology — sells medicines for cancer and inflammation, including the blood-cancer drug Jakafi |
| Share price (Oct 28, 2026) | $117.75 |
| Market value (market cap) | $23.3B — share price times shares outstanding of 199,782,155 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $5.4B |
| Net income, last twelve months | $1.4B |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Mar 2026 (of 23 quarters in the data pack) |
| Six-year price return vs S&P 500 | +25.42% vs +118.28% |
| Worst peak-to-trough fall | -49.1% (2021-01-25 to 2024-04-25) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000879169.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000879169.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/INCY/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.