CluenexIncyte INCY
Incyte scores excellent on business quality (9.2 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Incyte does
Incyte discovers, develops, and commercializes proprietary therapeutics, generating revenue primarily through hematology and oncology product sales and drug commercialization partnerships. Hospitals, physicians, and patients pay for treatments targeting serious unmet medical needs.
- What it does best
Incyte delivers exceptional gross margins of 93.1%, outperforming peers like BIIB at 74.0%. This unmatched efficiency stems from proprietary drug formulations protected by robust patents and high-value licensing agreements that command premium pricing.
- The main risk
Heavy reliance on continued clinical success and regulatory approvals for its lead commercialized compounds leaves revenue exposed if pipeline setbacks or unexpected adverse safety events occur in key trials.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins sit at 31.6% with an FCF margin of 93.0%, expanding rapidly as high-margin product sales outpace operating expenses and drive elite cash conversion.
Proprietary drug patents lock in healthcare providers and patients, ranking in the 94th percentile for gross margins. Rivals cannot easily replicate these complex biologics within years.
Revenue is growing at 21.2%, accelerating past historical levels as core hematology and oncology products gain heavier adoption across major oncology markets.
With zero net debt, $3.6B in cash, and interest coverage at 791x, obligations are negligible. Free cash flow surged to $1.9B, getting structurally stronger.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on INCY
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Incyte scores excellent on the Cluenex quality check (9.2 of 10), measured against its own industry. Profitability is strong, moat strong, growth fast and financial health strong.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 29, 2026.
See INCY today
- Today's verdict on INCY, and why
- Fair value with cautious, base and optimistic cases
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- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Incyte (INCY)”, https://cluenex.com/stocks/incy/, data as of Oct 10, 2026.