Incyte Corporation

NasdaqGS:INCY Stock Report

Market Cap: US$16.8b

Incyte Valuation

Is INCY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of INCY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$165.15
Fair Value
47.4% undervalued intrinsic discount
21
Number of Analysts

Below Fair Value: INCY ($86.85) is trading below our estimate of fair value ($165.15)

Significantly Below Fair Value: INCY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for INCY?

Key metric: As INCY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for INCY. This is calculated by dividing INCY's market cap by their current earnings.
What is INCY's PE Ratio?
PE Ratio19.5x
EarningsUS$870.87m
Market CapUS$16.85b

Price to Earnings Ratio vs Peers

How does INCY's PE Ratio compare to its peers?

The above table shows the PE ratio for INCY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.2x
NBIX Neurocrine Biosciences
39x25.95%US$13.6b
UTHR United Therapeutics
16.5x8.86%US$20.1b
EXEL Exelixis
17.9x19.89%US$11.1b
BIIB Biogen
15.3x7.20%US$22.8b
INCY Incyte
19.5x4.16%US$16.8b

Price-To-Earnings vs Peers: INCY is good value based on its Price-To-Earnings Ratio (19.5x) compared to the peer average (22.2x).

Price to Earnings Ratio vs Industry

How does INCY's PE Ratio compare vs other companies in the US Biotechs Industry?

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AGIO Agios Pharmaceuticals
3.6x-20.89%US$2.32b
NVAX Novavax
3.6x-46.26%US$1.55b
EBS Emergent BioSolutions
3.5x-87.36%US$490.30m
CHRS Coherus Oncology
3.2x-12.78%US$192.94m
INCY 19.5xIndustry Avg. 16.7xNo. of Companies10PE01632486480+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: INCY is expensive based on its Price-To-Earnings Ratio (19.5x) compared to the US Biotechs industry average (16.6x).

Price to Earnings Ratio vs Fair Ratio

What is INCY's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

INCY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.5x
Fair PE Ratio19x

Price-To-Earnings vs Fair Ratio: INCY is expensive based on its Price-To-Earnings Ratio (19.5x) compared to the estimated Fair Price-To-Earnings Ratio (19x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst INCY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$86.85
US$83.62
-3.72%
17.12%US$115.00US$60.00n/a21
Sep ’26US$84.61
US$80.87
-4.42%
16.07%US$110.00US$60.00n/a23
Aug ’26US$75.59
US$79.65
+5.37%
16.78%US$110.00US$60.00n/a23
Jul ’26US$68.73
US$75.15
+9.33%
16.83%US$107.00US$52.00n/a23
Jun ’26US$65.06
US$73.88
+13.56%
14.28%US$96.00US$52.00n/a23
May ’26US$62.03
US$73.79
+18.95%
14.18%US$95.00US$52.00n/a23
Apr ’26US$60.91
US$74.53
+22.36%
13.80%US$92.00US$52.00n/a23
Mar ’26US$73.50
US$78.26
+6.47%
13.77%US$100.00US$52.00n/a24
Feb ’26US$74.16
US$79.76
+7.54%
13.77%US$100.00US$52.00n/a24
Jan ’26US$69.07
US$79.38
+14.93%
12.92%US$100.00US$52.00n/a24
Dec ’25US$74.59
US$78.31
+4.98%
12.28%US$97.00US$52.00n/a23
Nov ’25US$76.13
US$78.26
+2.80%
12.55%US$97.00US$52.00n/a23
Oct ’25US$68.06
US$74.62
+9.64%
15.52%US$92.00US$48.00US$86.7022
Sep ’25US$65.66
US$74.17
+12.96%
15.61%US$92.00US$48.00US$84.6121
Aug ’25US$64.42
US$73.94
+14.77%
15.07%US$88.00US$48.00US$75.5922
Jul ’25US$60.87
US$72.80
+19.60%
15.50%US$88.00US$52.00US$68.7322
Jun ’25US$57.79
US$72.80
+25.97%
15.50%US$88.00US$52.00US$65.0622
May ’25US$52.94
US$73.53
+38.90%
14.68%US$88.00US$52.00US$62.0321
Apr ’25US$56.64
US$76.01
+34.20%
14.05%US$92.00US$58.00US$60.9121
Mar ’25US$59.05
US$75.82
+28.40%
13.56%US$92.00US$58.00US$73.5021
Feb ’25US$59.16
US$77.05
+30.24%
15.66%US$93.00US$58.00US$74.1621
Jan ’25US$62.79
US$77.10
+22.79%
15.55%US$93.00US$58.00US$69.0721
Dec ’24US$54.02
US$76.16
+40.98%
16.47%US$93.00US$58.00US$74.5920
Nov ’24US$54.37
US$77.91
+43.30%
16.46%US$98.00US$58.00US$76.1320
Oct ’24US$57.77
US$83.59
+44.69%
13.27%US$114.00US$65.00US$68.0619
US$83.62
Fair Value
3.9% overvalued intrinsic discount
21
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/03 04:50
End of Day Share Price 2025/10/03 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Incyte Corporation is covered by 57 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jasper HellwegArgus Research Company
Thomas RussoBaird
Ishan MajumdarBaptista Research