Analyst Consensus ?
ConsensusBuy44 ratings
Bullish2352.3%
Neutral2045.4%
Bearish12.3%
Incyte Corporation · INCY · FY2024 Q4 · Calendar Q1 2025
Incyte leans on Opzelura growth and a broadening pipeline
The supplied analysis supports a constructive operating thesis: established products are growing, while Niktimvo and a broad pipeline could add new sources of expansion. The thesis remains dependent on regulatory execution, clinical efficacy, competitive positioning, and Jakafi pricing resilience.
Reported Before market openNASDAQHealthcare
$22.92B market cap
70quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.57
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.14B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.9%
Event window
SPY move
+0.1%
Same window
Abnormal move
-3.0%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+2.1%
Up to 20 sessions
INCYSPY benchmark
Ask FN2 about INCY FY2024 Q4
Transcript, numbers and history already loaded
What drove INCY's -2.9% move after FY2024 Q4 earnings?What changed in INCY's guidance and outlook in FY2024 Q4?Give me the bull and bear case for INCY after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The portfolio narrative broadened beyond Jakafi and Opzelura: Niktimvo's launch was underway, additional 2025 launches and pivotal programs were planned, and management highlighted mutant CALR and KRAS G12D opportunities. Guidance was maintained.
Guidance delta
Management guidance was maintained; the supplied analysis highlights 2025 Opzelura guidance of $630-$670 million and Jakafi revenue guidance of $2.925-$2.975 billion.
Key takeaways
- 2024 revenue grew 15% to $4.2 billion, led by Jakafi and Opzelura.
- Opzelura generated $508 million in 2024, with 2025 growth expected from US atopic dermatitis, vitiligo, and Europe.
- Niktimvo's commercial launch and additional planned launches broaden the product base.
- Jakafi growth is shifting toward polycythemia vera, while pricing and policy remain risks.
- The company ended 2024 with $2.2 billion in cash, no debt, and a completed $2 billion share repurchase.
Management priorities
- Expand Opzelura in atopic dermatitis, vitiligo, pediatric atopic dermatitis, and European markets.
- Advance Niktimvo, ruxolitinib XR, povorcitinib, and other late-stage pipeline programs.
- Generate proof-of-concept data for mutant CALR and V617F programs.
- Accelerate enrollment for the KRAS G12D inhibitor in pancreatic and colorectal cancers.
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Analyst 52W Price Targets
$113.07Current
$48Low
$110.83Average
$200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Oct 14, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Oct 13, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 8, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 5, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 28, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 4, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 29, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 26, 2026 |
| Oppenheimer | Perform | Perform | Maintain | Apr 29, 2026 |
| Jefferies | Hold | Buy | Downgrade | Mar 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Mar 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jan 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 4, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 30, 2025 |
| William Blair | Market Perform | Outperform | Downgrade | Mar 18, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Mar 11, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 11, 2025 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jan 10, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 30, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 1, 2024 |
| SVB Leerink | Underperform | Underperform | Maintain | Mar 20, 2023 |
| Credit Suisse | Buy | Buy | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 8, 2023 |
| Benchmark | Buy | Hold | Upgrade | Jul 20, 2021 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Jan 2, 2020 |
| Nomura | Buy | Buy | Maintain | Jul 31, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Apr 11, 2019 |
| Argus Research | Buy | Buy | Maintain | Feb 25, 2019 |
| Argus | Buy | Buy | Maintain | Feb 25, 2019 |
| Gabelli & Co. | Buy | Hold | Upgrade | Jan 24, 2019 |
| Leerink Swann | Perform | Market Perform | Maintain | Sep 25, 2018 |
| Raymond James | Outperform | Market Perform | Upgrade | Sep 11, 2017 |
| PiperJaffray | Neutral | Overweight | Downgrade | Apr 17, 2017 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Aug 5, 2016 |
| Brean Capital | Buy | Buy | Maintain | Feb 12, 2016 |
| Bank of America | Buy | Buy | Maintain | May 29, 2015 |
| Lazard | Buy | Neutral | Upgrade | Jan 14, 2013 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $113.07. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Analyst unavailable | $152 | $113.27 | +34.4% | Oct 16, 2026 |
| Truist Financial | Srikripa Devarakonda | $115 | $111.44 | +1.7% | Oct 14, 2026 |
| RBC Capital | Analyst unavailable | $114 | $111.78 | +0.8% | Oct 8, 2026 |
| UBS | Ashwani Verma | $127 | $113.03 | +12.3% | Oct 5, 2026 |
| Stifel Nicolaus | Stephen Willey | $157 | $115.3 | +38.9% | Oct 5, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $152 | $123.89 | +34.4% | Sep 28, 2026 |
| Canaccord Genuity | Analyst unavailable | $152 | $128.47 | +34.4% | Aug 20, 2026 |
| Piper Sandler | Allison Bratzel | $130 | $120.16 | +15.0% | Aug 17, 2026 |
| Bernstein | Analyst unavailable | $104 | $120.77 | -8.0% | Aug 13, 2026 |
| Leerink Partners | Andrew Berens | $155 | $119.52 | +37.1% | Aug 3, 2026 |
| RBC Capital | Brian Abrahams | $109 | $126.69 | -3.6% | Jul 29, 2026 |
| BMO Capital | Analyst unavailable | $130 | $128.83 | +15.0% | Jul 29, 2026 |
| Guggenheim | Whitney Ljem | $150 | $129.93 | +32.7% | Jul 29, 2026 |
| Morgan Stanley | Analyst unavailable | $119 | $129.93 | +5.2% | Jul 29, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $129.93 | +32.7% | Jul 29, 2026 |
| Barclays | Analyst unavailable | $139 | $129.93 | +22.9% | Jul 29, 2026 |
| Stifel Nicolaus | Stephen Willey | $145 | $130.08 | +28.2% | Jul 28, 2026 |
| Oppenheimer | Analyst unavailable | $120 | $130.08 | +6.1% | Jul 28, 2026 |
| Morgan Stanley | Analyst unavailable | $104 | $116.12 | -8.0% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $134 | $114.23 | +18.5% | Jul 14, 2026 |
| BMO Capital | Analyst unavailable | $112 | $115.04 | -0.9% | Jul 13, 2026 |
| RBC Capital | Analyst unavailable | $99 | $115.62 | -12.4% | Jul 7, 2026 |
| UBS | Analyst unavailable | $113 | $107.53 | -0.1% | Jun 26, 2026 |
| Truist Financial | Analyst unavailable | $105 | $103.21 | -7.1% | Jun 22, 2026 |
| BMO Capital | Evan David Seigerman | $94 | $98.22 | -16.9% | Jun 22, 2026 |
| H.C. Wainwright | Mitchell Kapoor | $140 | $103.23 | +23.8% | Jun 10, 2026 |
| Stifel Nicolaus | Stephen Willey | $123 | $103.07 | +8.8% | Jun 9, 2026 |
| Oppenheimer | Jay Olson | $107 | $100.64 | -5.4% | Jun 8, 2026 |
| Bernstein | Analyst unavailable | $99 | $97.41 | -12.4% | May 21, 2026 |
| Oppenheimer | Analyst unavailable | $90 | $97.74 | -20.4% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $117 | $101.16 | +3.5% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $98.45 | -9.8% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Willey | $120 | $100.05 | +6.1% | Feb 11, 2026 |
| Piper Sandler | Allison Bratzel | $110 | $102.76 | -2.7% | Feb 6, 2026 |
| H.C. Wainwright | Analyst unavailable | $135 | $102.6 | +19.4% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $116 | $100.92 | +2.6% | Feb 4, 2026 |
| Wells Fargo | Analyst unavailable | $107 | $106.21 | -5.4% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $90 | $110.57 | -20.4% | Jan 8, 2026 |
| Stifel Nicolaus | Stephen Willey | $119 | $101.79 | +5.2% | Jan 5, 2026 |
| Truist Financial | Srikripa Devarakonda | $103 | $100.91 | -8.9% | Dec 24, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $96.46 | -18.6% | Dec 8, 2025 |
| Wells Fargo | Derek Archila | $116 | $102.52 | +2.6% | Dec 8, 2025 |
| Mizuho Securities | Salim Syed | $121 | $102.52 | +7.0% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $115 | $102.06 | +1.7% | Nov 24, 2025 |
| Piper Sandler | Allison Bratzel | $102 | $102.35 | -9.8% | Nov 4, 2025 |
| Truist Financial | Analyst unavailable | $93 | $90.35 | -17.8% | Oct 29, 2025 |
| RBC Capital | Analyst unavailable | $84 | $91.65 | -25.7% | Oct 29, 2025 |
| Wells Fargo | Derek Archila | $97 | $92.02 | -14.2% | Oct 29, 2025 |
| Barclays | Peter Lawson | $101 | $91.65 | -10.7% | Oct 29, 2025 |
| UBS | Analyst unavailable | $68 | $77.55 | -39.9% | Jul 30, 2025 |
| RBC Capital | Analyst unavailable | $67 | $67.26 | -40.7% | Jun 23, 2025 |
| Guggenheim | Analyst unavailable | $92 | $60 | -18.6% | Mar 18, 2025 |
| Seaport Global | Aaron Kessler | $200 | $73 | +76.9% | Oct 30, 2024 |
| Oppenheimer | Jay Olson | $82 | $73.6 | -27.5% | Oct 30, 2024 |
| Citigroup | David Lebowitz | $97 | $73.6 | -14.2% | Oct 30, 2024 |
| Jefferies | Kelly Shi | $84 | $73.6 | -25.7% | Oct 29, 2024 |
| Bank of America Securities | Tazeen Ahmad | $90 | $73.6 | -20.4% | Oct 29, 2024 |
| Wolfe Research | Andy Chen | $84 | $66.1 | -25.7% | Sep 30, 2024 |
| Bank of America Securities | Tazeen Ahmad | $68 | $63.56 | -39.9% | Sep 16, 2024 |
| Goldman Sachs | Salveen Richter | $60 | $63.56 | -46.9% | Sep 16, 2024 |
| Citigroup | David Lebowitz | $92 | $62.16 | -18.6% | Aug 18, 2024 |
| RBC Capital | Brian Abrahams | $66 | $65.7 | -41.6% | Jul 31, 2024 |
| Oppenheimer | Jay Olson | $81 | $68.57 | -28.4% | Jul 26, 2024 |
| BMO Capital | Evan Seigerman | $48 | $60.87 | -57.5% | Jul 2, 2024 |
| Deutsche Bank | James Shin | $55 | $58.2 | -51.4% | May 23, 2024 |
| BMO Capital | Evan David Seigerman | $52 | $52.05 | -54.0% | Apr 30, 2024 |
| Argus Research | Jasper Hellweg | $70 | $50.48 | -38.1% | Apr 25, 2024 |
| Cowen & Co. | Analyst unavailable | $100 | $80.38 | -11.6% | Feb 8, 2023 |
| Wells Fargo | Analyst unavailable | $75 | $79.74 | -33.7% | Jan 3, 2023 |
| Oppenheimer | Jay Olson | $98 | $73.99 | -13.3% | Aug 15, 2022 |
| Leerink Partners | Analyst unavailable | $63 | $81.36 | -44.3% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $78.94 | -32.8% | Apr 20, 2022 |
| BMO Capital | Evan Seigerman | $75 | $70.07 | -33.7% | Feb 8, 2022 |
| Guggenheim | Michael Schmidt | $104 | $73.97 | -8.0% | Jan 3, 2022 |
| Goldman Sachs | Salveen Richter | $136 | $66.74 | +20.3% | Nov 24, 2021 |
| Oppenheimer | Jay Olson | $109 | $66.79 | -3.6% | Nov 3, 2021 |
| Cantor Fitzgerald | Alethia Young | $79 | $65.56 | -30.1% | Oct 15, 2021 |
| Ladenburg Thalmann & Co. | Aydin Huseynov | $89 | $69.78 | -21.3% | Sep 23, 2021 |
Track every rating change on INCY the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIncyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-28T00:00:20.742579+00:00
- Polygon adjusted daily market bars · 2026-10-18T21:30:42.047138+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T21:30:42.044069+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.