What is the 13F Pro Quality Score for INCY?

13F Pro ranks INCYTE CORP (INCY) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View INCY's current score at https://13fpro.ai/research/INCY (free sign-up required for the full ranking).

Which hedge funds own the most INCY stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of INCY include BAKER BROS. ADVISORS, BlackRock,, DODGE & COX. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/INCY as soon as new 13F filings post.

Where does 13F Pro source INCY data?

All INCYTE CORP fundamentals and ownership data come directly from SEC EDGAR. INCYTE CORP files with the SEC under CIK 879169. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is INCY in?

INCYTE CORP (INCY) is classified in the Healthcare sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/healthcare.

What drives INCY's revenue?

Per INCYTE CORP's latest 10-Q filed with the SEC on 2026-04-28, the biggest revenue drivers are: Net sales ($1,104.5M, +20% YoY); JAKAFI net sales ($757.8M, +7% YoY); Product royalty revenues ($151.2M, +16% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/INCY.

What are INCY's largest expenses?

INCYTE CORP's latest 10-Q reports these as the largest expense items: Research and development ($515.9M, +18% YoY); Cost of sales ($104.5M, +43% YoY); Selling, general and administrative ($328.1M, +1% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (three months ended March 31, 2026).

How often is INCY research updated on 13F Pro?

INCY's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

INCYTE CORP(INCY)Stock Analysis

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13F Pro Quality Score

81.2/100

Rank #34 of 2,879 stocksTOP 5%

View Healthcare peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

78.4/100

Profitability

90.6/100

Balance Sheet

96.1/100

Earnings Quality

84.9/100

Free Cash Flow

81.1/100

Institutional Flow

71.2/100

Revenue Scale

77.7/100

Dilution Risk

26.2/100

INCY Stock Analysis & AI Quality Score

AI stock analysis and institutional research for INCYTE CORP (INCY), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores INCY at 81.2/100 on a 32-signal composite quality model, placing it at rank #34 of 2,879 stocks — the top 5% of the AI-ranked universe. INCY scores in the top quartile across balance sheet strength (96.1), profitability (90.6), earnings quality (84.9). Shareholder dilution risk is elevated at 26.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), INCYTE CORP reports quarterly revenue of $1.3B, net income of $303.3M, an operating margin of 23.7%. Top institutional holders of INCY by reported 13-F value include BAKER BROS. ADVISORS, BlackRock,, DODGE & COX, based on the most recent SEC filings. INCY trades on the Nasdaq exchange and files with the SEC under CIK 879169. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate INCY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for INCYTE CORP directly from SEC EDGAR. INCYTE CORP's 13F Pro composite quality score has ranged between 8 and 82 since 2021, currently 81.2 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.

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Fun facts about INCYTE CORP

Quirks, history, and lore behind INCY — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. biopharmaceutical company · mid-cap · listed on Nasdaq · headquartered in Delaware.
2
The Numbers
Annual revenue in the range of $3–4 billion, generated almost entirely from a single blockbuster franchise — a rare feat of therapeutic focus.
3
The History
Founded in the late 1980s and spent its early decades as a classic development-stage biotech before finally striking gold with a first-in-class approval in the 2010s.
4
The Secret
Its signature drug works by blocking JAK enzymes — proteins that drive inflammation — making it a pioneer in a now-crowded class of oral targeted therapies.
5
The Lore
It co-developed its lead compound with Eli Lilly, then bought Lilly out — a bold bet that paid off handsomely when the drug became a top-selling treatment for myelofibrosis and polycythemia vera.
6
The Giveaway
The word Jakafi — a JAK inhibitor approved for rare blood cancers and graft-versus-host disease — is basically this Delaware biotech's entire identity.

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What's Driving INCY's Business? Latest 10-Q Breakdown

✓ 40/40 datapoints verified

AI-extracted from INCYTE CORP's 10-Q filed 2026-04-28 — Q1 2026 (three months ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Incyte reported Q1 2026 net income of $303.3M on total revenues of $1,272.7M, up 21% YoY, driven by 20% growth in JAKAFI net sales and strong gains in emerging products NIKTIMVO and ZYNYZ.

Biggest Revenue Drivers

Total revenue: $1,272.7M+21% YoY

Net sales$1,104.5M+20% YoY

Driven by 6% increase in paid demand for JAKAFI and growth across all indications, plus increased patient demand for OPZELURA in U.S. and international expansion.

Within Net sales

JAKAFI net sales$757.8M+7% YoY

6% increase in paid demand with inventory within normal range; growth across all indications including myelofibrosis, polycythemia vera, and graft-versus-host disease.

OPZELURA net sales$143.0M+20% YoY

Increased patient demand in U.S. for both atopic dermatitis and vitiligo; international sales grew to $36.7M from $23.5M YoY, driven by uptake in Canada and Italy.

NIKTIMVO net sales$55.1M+305% YoY

Commercial launch commenced in January 2025 for chronic graft-versus-host disease treatment; significant increase in product demand.

Product royalty revenues$151.2M+16% YoY

Primarily driven by growth in JAKAVI royalty revenue from Novartis' international sales of ruxolitinib outside the United States.

Largest Expense Items

Research and development$515.9M+18% YoY

Increased headcount to sustain development pipeline and continued investment in late-stage development assets; clinical research and outside services up due to ongoing trials.

Cost of sales$104.5M+43% YoY

Growth in net sales, NIKTIMVO profit share obligations to Syndax, and increased manufacturing-related costs.

Selling, general and administrative$328.1M+1% YoY

Salary and benefits increased due to higher headcount; stock compensation expense fluctuated based on grant timing and valuation.

Margins: Gross margin improved despite $104.5M cost of sales, benefiting from strong revenue growth of 21% YoY. Operating margin expanded with operating income of $301.1M (24% of revenues) versus $205.2M in Q1 2025 (19% of revenues), driven by operating leverage from higher net sales.

Watch Items from the Filing

JAKAFI patent exclusivity expires mid-2028; company anticipates revenue declines upon expiration and faces ANDA paragraph IV challenges from 7 generic manufacturers; settlements reached with Hikma (Oct 2025) and Granules (Feb 2026), with remaining litigations pending.
OPZELURA Medicaid rebate accrual of $245.9M as of Q1 2026 ($8.4% gross-to-net deduction) due to CMS 'line extension' classification lawsuit; if OPZELURA not treated as line extension, accrual reversal would significantly benefit future net sales.
Customer concentration: Top 6 customers represent 64% of accounts receivable as of March 31, 2026 (versus 54% at Dec 31, 2025); Novartis and Lilly combined represent 14% of accounts receivable.
In Q1 2026, company sold downtown Wilmington, Delaware properties acquired in May 2024 for $48.7M, recording additional disposal costs of $23.2M after $76.3M impairment charge in December 2025; material one-time charge completed.
Pipeline momentum: JAKAFI XR anticipated mid-2026 regulatory decision; INCA033989 Phase 3 initiation expected mid-2026 for essential thrombocythemia; INCB161734 Phase 3 (DAWN-303) initiated Q1 2026 for pancreatic cancer.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.3B

Net Income

Q1 2026

$303.3M

Free Cash Flow

Q1 2026

$369.4M

Operating Margin

Q1 2026

23.7%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+21.2% YoY

$5.14BFY 2025

FY22 $3.39BFY23 $3.70BFY24 $4.24BFY25 $5.14B

Net Income

+3846.8% YoY

$1.29BFY 2025

FY22 $340.7MFY23 $597.6MFY24 $32.6MFY25 $1.29B

Operating Income

+2368.6% YoY

$1.51BFY 2025

FY22 $579.4MFY23 $620.5MFY24 $61.4MFY25 $1.51B

EPS (Diluted)

+4173.3% YoY

$6.41FY 2025

FY22 $1.52FY23 $2.65FY24 $0.15FY25 $6.41

Total Assets

+27.8% YoY

$6.96BFY 2025

FY22 $5.84BFY23 $6.78BFY24 $5.44BFY25 $6.96B

Op. Cash Flow

+321.5% YoY

$1.41BFY 2025

FY22 $969.9MFY23 $496.5MFY24 $335.3MFY25 $1.41B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$5.14B +21.2%	$4.24B +14.8%	$3.70B +8.9%	$3.39B +13.7%	$2.99B +12.0%	$2.67B
Net Income	$1.29B +3846.8%	$32.6M -94.5%	$597.6M +75.4%	$340.7M -64.1%	$948.6M +420.8%	$-295.7M
Operating Income	$1.51B +2368.6%	$61.4M -90.1%	$620.5M +7.1%	$579.4M -1.1%	$585.8M +322.2%	$-263.7M
EPS (Diluted)	$6.41 +4173.3%	$0.15 -94.3%	$2.65 +74.3%	$1.52 -64.4%	$4.27 +414.0%	$-1.36
Total Assets	$6.96B +27.8%	$5.44B -19.7%	$6.78B +16.1%	$5.84B +18.4%	$4.93B +38.5%	$3.56B
Operating Cash Flow	$1.41B +321.5%	$335.3M -32.5%	$496.5M -48.8%	$969.9M +29.4%	$749.5M +701.5%	$-124.6M

AI Insight: INCY Financial Trends

Incyte's revenue surged 22% year-over-year to $1,507M in Q4 2025, while equity has nearly doubled from $2,997M to $5,623M since Q2 2024's loss-heavy trough.

• Revenue grew consistently from $1,044M in Q2 2024 to $1,507M in Q4 2025, a 44% increase over six quarters.

• Operating income swung from -$478M in Q2 2024 to +$530M in Q2 2025, reflecting a dramatic profitability recovery.

• Equity expanded from $2,997M in Q2 2024 to $5,623M in Q1 2026, strengthening the balance sheet materially.

• Operating cash flow rebounded from -$576M in Q2 2024 to $559M in Q3 2025, then moderated to $369M in Q1 2026.

⚠ Q1 2026 revenue dipped to $1,273M from Q4 2025's $1,507M — sequential softness warrants monitoring for trend continuation.

⚠ Op income fell from $530M in Q2 2025 to $301M in Q1 2026 — margin compression over three consecutive quarters.

⚠ Total debt data is absent across all periods; leverage picture remains unclear without this information.

AI Insight: INCY Ratio Trends

Incyte's profitability recovered sharply from a deep Q2 2024 loss, but Q1 2026 margins softened sequentially from Q2 2025 peak.

• Operating margin swung from -45.8% in Q2 2024 to a peak of 43.6% in Q2 2025, a dramatic multi-quarter recovery.

• ROIC peaked at 50.9% in Q2 2025 and has since contracted to 21.4% in Q1 2026, a 29.5pp decline over three quarters.

• TTM operating margin of 30.0% and ROIC of 28.6% confirm the full-year picture remains solidly profitable versus 2024 lows.

• Net profit margin held relatively stable between Q3 2025 (31.1%) and Q1 2026 (23.8%), suggesting modest but not alarming compression.

⚠ ROIC has fallen from 50.9% in Q2 2025 to 21.4% in Q1 2026 — monitor whether this deceleration stabilizes or deepens.

⚠ Q2 2024's -45.8% operating margin reflected a one-off charge; any recurrence of large one-time costs warrants close scrutiny.

⚠ D/E data is entirely absent — leverage position remains opaque and should be assessed via balance sheet disclosures.

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Available Research

13F Pro tracks comprehensive data for INCYTE CORP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of INCY

BAKER BROS. ADVISORS LP
$2.9B30,744,412 sh
BlackRock, Inc.
$1.8B18,978,198 sh
DODGE & COX
$1.2B12,252,356 sh
VANGUARD CAPITAL MANAGEMENT LLC
$1.0B10,930,066 sh
STATE STREET CORP
$907.4M9,641,384 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$730.3M7,759,183 sh
AQR CAPITAL MANAGEMENT LLC
$536.1M5,807,930 sh
GEODE CAPITAL MANAGEMENT, LLC
$441.1M4,703,184 sh
Invesco Ltd.
$364.3M3,870,764 sh
RENAISSANCE TECHNOLOGIES LLC
$343.7M3,651,532 sh

Fund	Value	Shares
BAKER BROS. ADVISORS LP	$2.9B	30,744,412
BlackRock, Inc.	$1.8B	18,978,198
DODGE & COX	$1.2B	12,252,356
VANGUARD CAPITAL MANAGEMENT LLC	$1.0B	10,930,066
STATE STREET CORP	$907.4M	9,641,384
VANGUARD PORTFOLIO MANAGEMENT LLC	$730.3M	7,759,183
AQR CAPITAL MANAGEMENT LLC	$536.1M	5,807,930
GEODE CAPITAL MANAGEMENT, LLC	$441.1M	4,703,184
Invesco Ltd.	$364.3M	3,870,764
RENAISSANCE TECHNOLOGIES LLC	$343.7M	3,651,532

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Is INCY a good stock to buy?

13F Pro's AI-powered analysis of INCYTE CORP (INCY) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for INCY are available on the INCY stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own INCY?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling INCY. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of INCYTE CORP's investment landscape.