Incyte Corp.
INCY evidence brief
What we can confirm
- BioSniper Score:
- 8.0 / 10
- Market Cap:
- $24.68B
- Lead Asset:
- iclusig (Approved)
What it means
What to watch
Prepared research question
What matters most for INCY—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · INCY
Incyte Corp. is a profitable, cash-generating biotech with a core revenue driver in Jakafi and a broad late-stage pipeline spanning oncology and dermatology, including the KRAS G12D inhibitor 734 and the FGFR inhibitor pemigatinib.
Key risk: Jakafi LOE after 2029
BioSniper Score
Based on 6 of 6 signals
Financial data as of Mar 31, 2026.
Tracking 5 pipeline candidates · 172 clinical trials · 4 catalysts · 6 FDA decisions for Incyte Corp..
Incyte Corp. is a profitable, cash-generating biotech with a core revenue driver in Jakafi and a broad late-stage pipeline spanning oncology and dermatology, including the KRAS G12D inhibitor 734 and the FGFR inhibitor pemigatinib.
- Cash & equivalents of $3,461.1M as of 2026-03-31 [sec].
- Total revenue of $1,272.7M and net income of $303.3M as of 2026-03-31 [sec].
- Shareholders' equity of $5,622.8M as of 2026-03-31 [sec].
- Incyte plans to present new clinical data on Opzelura and povorcitinib at the upcoming EADV Congress [news · published 2026-09-24].
- Incyte's KRAS G12D inhibitor 734 is heading into new data presentations at ESMO, focused on pancreatic ductal adenocarcinoma [news · published 2026-08-30].
What works
- Incyte is a profitable, cash-generating biotech with a robust pipeline and a core revenue driver in Jakafi [news · published 2026-07-17].
- The company is building out a broader portfolio across dermatology and oncology, reducing reliance on Jakafi alone [news · published 2026-02-24].
- Incyte has a strong cash position of $3,461.1M as of 2026-03-31, providing financial flexibility for pipeline development [sec].
- The company has multiple late-stage pipeline candidates, including pemigatinib in Phase 3 for cholangiocarcinoma and INCB123667 in Phase 3 for ovarian cancer [pipeline][catalyst].
What to weigh
- Incyte faces the upcoming loss of exclusivity for Jakafi after 2029, which could impact revenue [news · published 2026-09-20].
- The company's pipeline is still heavily dependent on Jakafi, with non-JAKAFI business still in growth phase [news · published 2026-09-20].
- Competitor activity in the KRAS G12D space may pressure Incyte's candidate 734, as a competitor recently received FDA approval for a similar pathway [news · published 2026-08-30].
- Several pipeline candidates are in early phases (Phase 1 or 2), with uncertain clinical and regulatory outcomes [catalyst].
From the filings
Quoted directly from source documents.
Incyte's strategy to expand beyond Jakafi
“expanding its non-JAKAFI business, advancing a broader late-stage pipeline and preparing for the loss of exclusivity for JAKAFI after 2029”
News · September 20, 2026
Incyte's KRAS G12D inhibitor 734 data at ESMO
“Incyte (NasdaqGS: INCY) is drawing attention as its KRAS G12D inhibitor '734 heads into new data presentations at ESMO, focused on pancreatic ductal adenocarcinoma”
News · August 30, 2026
Catalyst timeline
- 2026-10-13 · Phase1_Start: A Phase 1, Open-Label Study to Evaluate the Pharmacokinetics and Safety of INCB161734 in Participants With Hepatic Impairment — This study will assess the safety and pharmacokinetics of INCB161734 in patients with hepatic impairment, providing early data on liver-related tolerability.
- 2026-10-26 · Phase1_Start: A Phase 1, Open-Label Study to Evaluate the Pharmacokinetics and Safety of INCB161734 in Participants With Impaired Renal Function and Participants on Hemodialysis — This study will evaluate the safety and pharmacokinetics of INCB161734 in patients with renal impairment, informing dosing and safety in this population.
- 2026-10-26 · Phase2_Start: A Phase 2 Study of INCA33890 in the Treatment of Circulating Tumor DNA-Positive Stage II/III Microsatellite Stable Colorectal Cancer After Curative Resection and Chemotherapy (NEXERA-204) — This Phase 2 trial will test INCA33890 in ctDNA-positive colorectal cancer, a biomarker-defined population, with potential for early efficacy signals.
- 2026-12-01 · Phase3_Start: A Phase 3, Double-Blind, Randomized, Controlled Study of INCB123667 in Combination With Bevacizumab Versus Bevacizumab Alone as First-Line Maintenance Therapy in Participants With Advanced Epithelial Ovarian, Fallopian Tube, or Primary Peritoneal Cancer Overexpressing Cyclin E1 (MAESTRA 3) — This pivotal Phase 3 trial will evaluate INCB123667 plus bevacizumab in Cyclin E1-overexpressing ovarian cancer, a key late-stage catalyst for the pipeline.
- 2026-12-15 · Phase2_Start: A Phase 2, Single-Arm, Open-Label, Multicenter Study to Evaluate the Efficacy and Safety of Pemigatinib in Participants With Advanced/Metastatic or Surgically Unresectable Cholangiocarcinoma With FGFR2 Fusion or Rearrangements After at Least 1 Prior Line of Systemic Therapy (FIGHT-214) — This Phase 2 study will explore pemigatinib in FGFR2 fusion-positive cholangiocarcinoma, expanding the target population beyond FGFR2 rearrangements.
Risks & what to watch (4)›
Key risks
- Jakafi LOE after 2029 — Loss of exclusivity for Jakafi after 2029 could reduce revenue from the core product [news · published 2026-09-20].
- Pipeline dependency on Jakafi — Non-JAKAFI business is still in growth phase, leaving revenue concentrated on one drug [news · published 2026-09-20].
- Competition in KRAS G12D — A competitor recently received FDA approval for a similar pathway, increasing pressure on Incyte's candidate 734 [news · published 2026-08-30].
- Early-stage pipeline uncertainty — Several pipeline candidates are in Phase 1 or 2, with no guarantee of clinical or regulatory success [catalyst].
What to watch
- Upcoming ESMO data for KRAS G12D inhibitor 734 in pancreatic cancer [news · published 2026-08-30].
- New clinical data on Opzelura and povorcitinib at the EADV Congress [news · published 2026-09-24].
- Phase 3 start of INCB123667 in ovarian cancer (MAESTRA 3) on 2026-12-01 [catalyst].
- Phase 2 start of pemigatinib in cholangiocarcinoma (FIGHT-214) on 2026-12-15 [catalyst].
Sources: Catalysts · News · Pipeline · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.31 · 4% dilution
Lead: Approved
5 candidates
4 upcoming, next in ~12d
0 buys · 24 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
806
Total value held
$18.18B
| Holder | Shares | Value |
|---|---|---|
| baker bros. advisors lp | 30,744,412 | $2.89B |
| blackrock, inc. | 18,978,198 | $1.79B |
| dodge & cox | 12,252,356 | $1.15B |
| vanguard capital management llc | 10,930,066 | $1.03B |
| state street corp | 9,641,384 | $907.4M |
| vanguard portfolio management llc | 7,759,183 | $730.3M |
| aqr capital management llc | 5,807,930 | $536.1M |
| geode capital management, llc | 4,703,184 | $441.1M |
| invesco ltd. | 3,870,764 | $364.3M |
| renaissance technologies llc | 3,651,532 | $343.7M |
Showing top 10 of 806 institutional holders of Incyte Corp.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 9.8%
- Days to cover
- 7.8
- Shares short
- 11,358,353
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
INCY short interestGovernance
Frequently asked questions
What is the AI investment thesis for Incyte Corp.?
Incyte Corp. is a profitable, cash-generating biotech with a core revenue driver in Jakafi and a broad late-stage pipeline spanning oncology and dermatology, including the KRAS G12D inhibitor 734 and the FGFR inhibitor pemigatinib.
What is Incyte Corp.'s lead drug candidate?
Incyte Corp.'s most advanced tracked candidate is iclusig (Approved) for chronic myeloid leukemia, Philadelphia-chromosome positive acute lymphoblastic leukemia.
What is Incyte Corp.'s next catalyst?
Incyte Corp.'s next tracked catalyst is a Phase1_Start event — "Phase1_Start: A Phase 1, Open-Label Study to Evaluate the Pharmacokinetics and Safety of INCB161734 in Participants With Impaired Renal Function and Participants on Hemodialysis" — expected October 26, 2026.
Who is the CEO of Incyte Corp.?
Mr. William J. Meury is the chief executive officer of Incyte Corp. (INCY).
Where is Incyte Corp. headquartered?
Incyte Corp. (INCY) is headquartered in Wilmington, DE, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.