Recent News
On October 28, 2025 the company reported third-quarter 2025 results showing total revenues of $1.37 billion and raised full-year net product revenue guidance; management highlighted Jakafi and Opzelura strength and updated program timelines. On October 8, 2025 the company announced the date for the Q3 results release and webcast scheduled for October 28, 2025. On December 8, 2025 Incyte announced FDA Breakthrough Therapy designation for investigational INCA033989 in a specific mutCALR-driven rare blood cancer, citing Phase 1 data and ASH presentations.
Technical Analysis
ADX at 20.91 indicates an emerging trend rather than a strong directional move; that emerging strength moderates the stock’s short-term upside given current momentum readings.
DI+ at 22.39 shows recent bullish pressure has begun decreasing, while DI- at 19.13 has been increasing; both signals point to growing downside pressure in the near term.
MACD sits below its signal line (MACD 1.84 vs signal 2.77) and the MACD trend is decreasing, a bearish momentum profile that reduces the probability of an immediate sustained breakout unless momentum reverses.
MRO at 30.66 with a peak-and-reversal behavior signals the price currently exceeds WMDST’s target and therefore carries a higher potential to retrace toward fair-value levels over the coming weeks.
RSI at 62.0 with a decreasing trend reflects a pullback from recent strength: momentum remains above neutral but trending lower, indicating consolidation rather than fresh accumulation.
Price trades slightly below the 20-day average ($102.52 close vs $103.08 20-day), above the 50-day ($95.48) and well above the 200-day ($76.58); the 12-day EMA shows a peak-and-reversal, reinforcing near-term consolidation near the $100–$105 area and the super-trend support at $99.83.
Bollinger band placement keeps price inside the 1x standard band (lower $100.98, upper $105.18), consistent with reduced intraday volatility and range-bound action after the recent advance.
Fundamental Analysis
Revenue growth year-over-year reached 37.26% while quarter-over-quarter revenue declined 19.87%, showing strong annual expansion with short-term volumetric variability; total revenue stands at $1,365,980,000 for the period.
Net income totaled $424,169,000 and EBIT measured $482,900,000, yielding an EBIT margin of 35.35%; that margin sits above the industry peer mean of -122.55% but below the industry peer median of 41.51%.
Operating margin at 31.57% rose 128.40% year-over-year, reflecting operating leverage; adjusted operating performance helped deliver reported adjusted EPS of $2.26 versus an estimate of $1.64, a 37.8% earnings surprise.
Cash and short-term investments total $2,929,820,000 and the cash conversion ratio at 0.4648 supports liquidity; current ratio 3.20 and quick ratio 3.13 show ample near-term coverage, with the current ratio slightly above the industry peer median of 3.16 but below the industry peer mean of 4.40.
Free cash flow reached $519,642,000 with a free cash flow yield of 3.18%, above the industry peer mean of 0.26%, while return on equity sits at 9.12% and return on invested capital near 9.13%, both indicating positive capital returns versus many peers.
Valuation metrics reflect a premium: trailing P/E about 39.5, forward P/E roughly 52.0, price-to-book about 3.52 and an enterprise multiple near 26.56. WMDST values the stock as over-valued, a conclusion supported by elevated multiples versus historical norms despite strong cash flow generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-28 |
| NEXT REPORT DATE: | 2026-01-27 |
| CASH FLOW | Begin Period Cash Flow | $ 2.0 B |
| Operating Cash Flow | $ 559.4 M | |
| Capital Expenditures | $ -39.75 M | |
| Change In Working Capital | $ -60.42 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 500.0 M | |
| End Period Cash Flow | $ 2.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.4 B | |
| Forward Revenue | $ 242.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 99.0 M | |
| Depreciation | $ 24.0 M | |
| Depreciation and Amortization | $ 24.0 M | |
| Research and Development | $ 506.6 M | |
| Total Operating Expenses | $ 934.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.3 B | |
| EBITDA | $ 506.9 M | |
| EBIT | $ 482.9 M | |
| Operating Income | $ 431.3 M | |
| Interest Income | $ 26.8 M | |
| Interest Expense | $ 592.0 K | |
| Net Interest Income | $ 26.2 M | |
| Income Before Tax | $ 482.3 M | |
| Tax Provision | $ 58.1 M | |
| Tax Rate | 12.1 % | |
| Net Income | $ 424.2 M | |
| Net Income From Continuing Operations | $ 424.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.64 | |
| EPS Actual | $ 2.26 | |
| EPS Difference | $ 0.62 | |
| EPS Surprise | 37.805 % | |
| Forward EPS | $ 1.53 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.3 B | |
| Intangible Assets | $ 275.0 M | |
| Net Tangible Assets | $ 4.4 B | |
| Total Current Assets | $ 4.3 B | |
| Cash and Short-Term Investments | $ 2.9 B | |
| Cash | $ 2.5 B | |
| Net Receivables | $ 895.9 M | |
| Inventory | $ 83.4 M | |
| Long-Term Investments | $ 400.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 171.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 1.3 B | |
| Net Debt | — | |
| Total Debt | $ 41.3 M | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 4.7 B | |
| Retained Earnings | $ -85.51 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.71 | |
| Shares Outstanding | 196.131 M | |
| Revenue Per-Share | $ 6.96 | |
| VALUATION | Market Capitalization | $ 16.4 B |
| Enterprise Value | $ 13.5 B | |
| Enterprise Multiple | 26.559 | |
| Enterprise Multiple QoQ | 25.716 % | |
| Enterprise Multiple YoY | -55.343 % | |
| Enterprise Multiple IPRWA | high: 52.77 INCY: 26.559 median: 20.805 mean: 4.395 low: -79.113 |
|
| EV/R | 9.856 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.361 | |
| Asset To Liability | 3.77 | |
| Debt To Capital | 0.009 | |
| Debt To Assets | 0.007 | |
| Debt To Assets QoQ | -10.44 % | |
| Debt To Assets YoY | 295.152 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.216 median: 0.079 INCY: 0.007 low: 0.0 |
|
| Debt To Equity | 0.009 | |
| Debt To Equity QoQ | -12.783 % | |
| Debt To Equity YoY | 239.847 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.197 median: 0.09 INCY: 0.009 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.516 | |
| Price To Book QoQ | -0.01 % | |
| Price To Book YoY | -10.528 % | |
| Price To Book IPRWA | high: 18.42 mean: 7.058 median: 6.057 INCY: 3.516 low: -8.555 |
|
| Price To Earnings (P/E) | 39.514 | |
| Price To Earnings QoQ | 19.802 % | |
| Price To Earnings YoY | -34.584 % | |
| Price To Earnings IPRWA | high: 56.753 INCY: 39.514 mean: -4.811 median: -14.286 low: -93.179 |
|
| PE/G Ratio | 1.149 | |
| Price To Sales (P/S) | 11.971 | |
| Price To Sales QoQ | -0.777 % | |
| Price To Sales YoY | 9.314 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 74.699 median: 28.221 INCY: 11.971 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 52.0 | |
| Forward PE/G | 1.512 | |
| Forward P/S | 67.464 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.095 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.225 | |
| Asset Turnover Ratio QoQ | 7.006 % | |
| Asset Turnover Ratio YoY | -4.43 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 INCY: 0.225 mean: 0.114 median: 0.107 low: 0.0 |
|
| Receivables Turnover | 1.571 | |
| Receivables Turnover Ratio QoQ | 7.675 % | |
| Receivables Turnover Ratio YoY | 3.389 % | |
| Receivables Turnover Ratio IPRWA | high: 6.279 INCY: 1.571 mean: 1.449 median: 1.335 low: 0.006 |
|
| Inventory Turnover | 1.187 | |
| Inventory Turnover Ratio QoQ | 10.974 % | |
| Inventory Turnover Ratio YoY | 18.066 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 INCY: 1.187 mean: 0.585 median: 0.325 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 58.077 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -84.443 | |
| Cash Conversion Cycle Days QoQ | -28.282 % | |
| Cash Conversion Cycle Days YoY | 158.103 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 mean: 192.818 median: 189.366 INCY: -84.443 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.465 | |
| CapEx To Revenue | -0.029 | |
| CapEx To Depreciation | -1.655 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.7 B | |
| Net Invested Capital | $ 4.7 B | |
| Invested Capital | $ 4.7 B | |
| Net Tangible Assets | $ 4.4 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 2.189 | |
| Current Ratio | 3.195 | |
| Current Ratio QoQ | 12.133 % | |
| Current Ratio YoY | 70.844 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.397 INCY: 3.195 median: 3.158 low: 0.02 |
|
| Quick Ratio | 3.133 | |
| Quick Ratio QoQ | 12.522 % | |
| Quick Ratio YoY | 71.821 % | |
| Quick Ratio IPRWA | high: 13.391 INCY: 3.133 mean: 2.783 median: 2.481 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.081 | |
| Cost Of Debt | 1.244 % | |
| Interest Coverage Ratio | 815.709 | |
| Interest Coverage Ratio QoQ | -13.261 % | |
| Interest Coverage Ratio YoY | 301.378 % | |
| Interest Coverage Ratio IPRWA | INCY: 815.709 high: 394.576 mean: 27.886 median: 2.854 low: -1538.4 |
|
| Operating Cash Flow Ratio | 0.244 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 239.137 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.744 % | |
| Revenue Growth | 12.377 % | |
| Revenue Growth QoQ | -19.869 % | |
| Revenue Growth YoY | 37.263 % | |
| Revenue Growth IPRWA | high: 301.849 % INCY: 12.377 % mean: 7.949 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | 34.395 % | |
| Earnings Growth QoQ | -77.81 % | |
| Earnings Growth YoY | -121.661 % | |
| Earnings Growth IPRWA | high: 162.5 % INCY: 34.395 % median: -6.452 % mean: -14.002 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 92.752 % | |
| Gross Margin QoQ | -0.818 % | |
| Gross Margin YoY | 0.335 % | |
| Gross Margin IPRWA | high: 105.39 % INCY: 92.752 % median: 83.077 % mean: 79.522 % low: -35.147 % |
|
| EBIT Margin | 35.352 % | |
| EBIT Margin QoQ | -23.074 % | |
| EBIT Margin YoY | 155.729 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 41.508 % INCY: 35.352 % mean: -122.554 % low: -8139.786 % |
|
| Return On Sales (ROS) | 31.574 % | |
| Return On Sales QoQ | 23.481 % | |
| Return On Sales YoY | 128.4 % | |
| Return On Sales IPRWA | high: 573.037 % INCY: 31.574 % median: 26.151 % mean: -116.672 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 519.6 M | |
| Free Cash Flow Yield | 3.178 % | |
| Free Cash Flow Yield QoQ | 1716.0 % | |
| Free Cash Flow Yield YoY | 35.062 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % INCY: 3.178 % median: 0.686 % mean: 0.262 % low: -57.887 % |
|
| Free Cash Growth | 1924.553 % | |
| Free Cash Growth QoQ | -2232.776 % | |
| Free Cash Growth YoY | -1414.083 % | |
| Free Cash Growth IPRWA | INCY: 1924.553 % high: 190.123 % mean: 27.826 % median: 21.696 % low: -198.468 % |
|
| Free Cash To Net Income | 1.225 | |
| Cash Flow Margin | 23.866 % | |
| Cash Flow To Earnings | 0.769 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 6.981 % | |
| Return On Assets QoQ | -0.271 % | |
| Return On Assets YoY | 217.174 % | |
| Return On Assets IPRWA | high: 30.5 % INCY: 6.981 % median: -0.134 % mean: -2.393 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 9.674 % | |
| Return On Equity (ROE) | 0.091 | |
| Return On Equity QoQ | -6.076 % | |
| Return On Equity YoY | 171.671 % | |
| Return On Equity IPRWA | high: 0.948 INCY: 0.091 median: -0.002 mean: -0.007 low: -1.385 |
|
| DuPont ROE | 9.616 % | |
| Return On Invested Capital (ROIC) | 9.126 % | |
| Return On Invested Capital QoQ | -6.111 % | |
| Return On Invested Capital YoY | -250.718 % | |
| Return On Invested Capital IPRWA | high: 31.965 % INCY: 9.126 % median: 4.232 % mean: -0.264 % low: -73.241 % |
|