Demand and volumepositive · 5 filings
“The volume increase was primarily due to increased patient demand in the U.S.”10-Q · Jul 28, 2026 ↗
Incyte Corporation
INCY
Market read
Incyte Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 16 directly disclosed connections are confirming.
What changed
- Revenue increased 20.9% versus the comparable filing period.
Company-3.2% todayVolume comparison unavailable
Market group0 of 9 activeBiotechnology · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Paid demand rose 9% (three months) and 8% (six months) ended June 30, 2026 across indications; monitor future reported year‑over‑year paid demand percentages.
Invalidation: The isolated read changes if INCY's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 16 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 20.9% versus the comparable filing period.
- Operating margin improved 4.2 percentage points.
- Net income increased 91.7% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Paid demand rose 9% (three months) and 8% (six months) ended June 30, 2026 across indications; monitor future reported year‑over‑year paid demand percentages.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements79
Verified relationships14
Evidence supporting the case
- Latest annual revenue changed +21.2% year over year.
- Operating margin changed +28.0 percentage points in the latest annual period.
- Net margin changed +24.3 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- EV/sales is 38% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
123.256m+30.2%12m+44.0%24m+95.7%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$3.0B+12.0%$4.27+1.8%
2022-12-31$3.4B+13.7%$1.52+0.8%
2023-12-31$3.7B+8.9%$2.65+0.9%
2024-12-31$4.2B+14.8%$0.15-6.8%
2025-12-31$5.1B+21.2%$6.41-4.7%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 3 filings
“This was partially offset by tax rate benefits associated with research and development and orphan drug tax credit generations and the foreign derived intangible income deduction.”10-K · Feb 10, 2026 ↗
Restructuring and cost reductionsnegative · 3 filings
“As a result of this classification, we recorded an asset impairment charge of $76.3 million on our consolidated statement of operations for the year ended December 31, 2025 relating to the downtown Wilmington properties in order to reflect the properties at t…”10-Q · Jul 28, 2026 ↗
Pricing and mixpositive · 2 filings
“Our net sales may fluctuate from quarter to quarter due to our customers’ purchasing patterns over the course of the year, including as a result of increased inventory building by customers in advance of expected or announced price increases.”10-Q · Jul 28, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.8× · EV/sales 4.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
121.99-3.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 10:35 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for INCY. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-28 against the comparable filing from 2025-04-29.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 20.9% versus the comparable filing period.
- Operating margin improved 4.2 percentage points.
- Net income increased 91.7% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“The increase in cost of sales for the three months ended March 31, 2026 as compared to the corresponding period in 2025 was driven by primarily driven by growth in net sales, NIKTIMVO profit share and increased manufacturing related costs.”
“The increase in other hematology and oncology net sales for the three months ended March 31, 2026 as compared to the corresponding period in 2025 was primarily driven by increased demand of NIKTIMVO, MONJUVI/MINJUVI and ZYNYZ.”
“Revenues Three Months Ended March 31, 2026 2025 (in millions) JAKAFI net sales $ 757.8 $ 709.4 OPZELURA net sales 143.0 118.7 ICLUSIG net sales 35.5 29.5 PEMAZYRE net sales 22.5 18.4 MINJUVI/MONJUVI net sales 49.2 29.6 NIKTIMVO net sales 55.1 13.6 ZYNYZ net sales 41.4 3.1 Total net sales 1,104.5 922.3 JAKAVI product royalty revenues 105.6 92.1 OLUMIANT product royalty revenues 36.4 30.8 TABRECTA product royalty revenues 6.0 6.4 Other product royalty revenues 3.2 1.3 Total product royalty revenues 151.2 130.6 Milestone and contract revenues 17.0 — Total revenues $ 1,272.7 $ 1,052.9 The increase in JAKAFI for the three months ended March 31, 2026 as compared to the corresponding period in 202...”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind INCY
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
SNDXSyndax Pharmaceuticals, Inc.partnerApr 28, 2026 ▾
“In addition to establishing collaborative or license arrangements under which other parties license our drug candidates for development and commercialization or under which we study our drug candidates in combination with such parties’ compounds or biologics,…”
MGNXFiling-linked namepartnerApr 28, 2026 ▾
“In addition to establishing collaborative or license arrangements under which other parties license our drug candidates for development and commercialization or under which we study our drug candidates in combination with such parties’ compounds or biologics,…”
Depended on by
SNDXSyndax Pharmaceuticals, Inc.partnerApr 30, 2026 ▾
“We are leading the commercialization and further development of revumenib and working closely with our collaboration partner, Incyte, on the commercialization and further development of axatilimab.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 20 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
INCY is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for INCY; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.