INCY changes
Pick any two versions below to diff them.
- Price
- $122.27
- Discount category
- Far above intrinsic value
- Next earnings
- Feb 9, 2027
- Next earnings is estimate
- Yes
- Company name
- added: Incyte
- Sector
- added: Biopharmaceuticals
- About
- added: Incyte Corporation (Incyte) is a drug company based in Wilmington, Delaware. Its largest product is Jakafi (ruxolitinib), a treatment for myelofibrosis and other blood diseases. It also sells Opzelura (ruxolitinib cream) for skin diseases and a group of blood cancer products, such as Monjuvi, Niktimvo, Pemazyre and Iclusig. It earns royalties on products that partners sell, such as Olumiant and Jakavi. Net sales were $1,316 million in Q3 2026 and $3,909 million for nine months. Jakafi made $827 million of the Q3 sales. Bill Meury is Chief Executive Officer. The common stock trades on Nasdaq in US dollars. Incyte files 10-K and 10-Q reports.
- Thesis
- added: The price of Incyte depends on how fast new products and pipeline drugs can replace Jakafi, whose patents expire in mid and late 2028. Jakafi made about 63% of net sales in Q3 2026 and grew only 4%. Opzelura grew 36% and Hematology and Oncology products grew 38%. Incyte bought Vega Therapeutics in July 2026 for $1.25 billion and booked a one-time $1.23 billion expense for it. For the price to hold or rise, four things must be true. Opzelura and the blood cancer products must keep growing at a fast rate. Povorcitinib must win approval in hidradenitis suppurativa in 2027 and show good Phase 3 data in prurigo nodularis. The mutCALR antibody INCA033989 and the KRAS G12D inhibitor must keep their early results in later trials. Spending on research must not rise faster than sales. Phase 3 data for povorcitinib and ruxolitinib cream are due in Q4 2026. A US decision on povorcitinib is expected in Q1 2027. If these fail, the loss of Jakafi sales after 2028 will be hard to replace.
- Risks
- added: Jakafi loses patent protection in 2028. The patents on ruxolitinib expire in mid and late 2028. Jakafi made $827 million of Q3 2026 net sales, and generic drugs can cut this sales line quickly. Trials can fail. Incyte spends heavily on Phase 3 trials, and R&D expenses were $2,824.5 million in nine months with the Vega charge. A failed trial costs both money and time. Prices can fall. Incyte signed a pricing agreement for state Medicaid programs, and it says that it expects to avoid some future federal pricing models. Other pricing rules can still reduce sales. Opzelura faces generic challenges. Four makers of generic drugs sent Incyte notice letters about Opzelura, and the case outcomes can change its long-term sales. Milestones can add cost. Incyte may owe up to $750 million to the seller of Vega if sales of latarcibart reach set levels.
- Balance sheet
- added: Cash: $3.9B Debt: $0.0M Net cash: $3.9B At September 30, 2026, Incyte had cash and cash equivalents of $3,275.9 million and marketable securities of $578.7 million, which is $3,854.6 million in all. Interest expense was only $1.8 million for nine months, and Incyte has no borrowings. Incyte paid $1.25 billion in cash for Vega in July 2026. It may owe up to $750 million more on sales milestones. Incyte recorded the Vega purchase as an in-process R&D expense of $1,231.5 million in Q3 2026. As of Sep 30, 2026.
- Checkpoints
- added: Q4 2026 (estimate): Phase 3 data for povorcitinib in prurigo nodularis and ruxolitinib cream in hidradenitis suppurativa. Pending. Watch: Both studies meet their main goals, and this passes; a miss in either study fails. Feb 9, 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: Net sales for 2026 are in the raised range of $5,210 million to $5,300 million and the 2027 guidance shows growth outside Jakafi, and this passes; a miss or weak guidance fails. Q1 2027 (estimate): US decision on povorcitinib in hidradenitis suppurativa. Pending. Watch: The FDA approves povorcitinib and Incyte launches it in Q1 2027, and this passes; a delay or a refusal fails.
- Recent events
- added: Oct 29, 2026: Incyte reported Q3 2026 results. Total revenue rose 14% to $1.56 billion, and net sales rose 14% to $1.32 billion. It raised its 2026 net sales guidance to $5,210 million to $5,300 million. The release also said that the CHMP gave a positive opinion on povorcitinib in September, and that Incyte agreed with the US Centers for Medicare & Medicaid Services in August on Jakafi pricing for state Medicaid programs. Oct 29, 2026: Incyte filed its Form 10-Q for Q3 2026. It showed an acquired in-process research and development expense of $1,231.5 million for Vega. A loss of $784.8 million for the quarter followed. Cash, cash equivalents and marketable securities were $3.9 billion. Jul 6, 2026: Incyte completed its purchase of Vega Therapeutics for $1.25 billion in cash. Vega owns latarcibart, an anti-Protein S antibody in Phase 3 for von Willebrand disease. The seller can get up to $750 million more if sales reach milestones.