INCY at a glance
Incyte (INCY, SEC CIK 879169) filed its latest 10-K annual report on February 10, 2026, a 10-Q quarterly report on July 28, 2026, an 8-K current report on August 31, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Incyte (INCY) reported revenue of $5.1 billion (up 21.2% from FY2024) and net income of $1.3 billion. Diluted EPS was $6.41.
- As of June 30, 2026, 42 institutional investment managers tracked by SignalX reported holding Incyte (INCY) shares worth $8.9 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by CAGNONI PABLO J on September 15, 2026 of 9,233 shares at $120.50 per share.
- In the last 90 days, INCY insiders reported 0 open-market purchases ($0) and 22 open-market sales ($18.2M) on Form 4, a net sale of $18.2M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $5.1B
- +21.2% vs prior year
- Insiders · 90 days
- 0 buys · 22 sells
- Net −$18.2M
- 13F holders
- 42 funds
- $8.9B · +6 vs prior quarter
- Latest 8-K
- Aug 31, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Biopharmaceutical company focused on development, commercialization, and licensing of innovative drugs
- New products emphasized: NIKTIMVO commercial launch in Q1 2025; ZYNYZ approved for squamous cell anal carcinoma in Q2 2025
- Strategic shift: Settlement with Novartis reduces JAKAFI royalty rate by 50% starting Jan 1, 2025, lowering future royalty expenses
- Quantitative metric: Net income $1,286.7M in 2025 vs $32.6M in 2024; total revenues $5.14B up 21% driven by product and royalty growth
- Noteworthy fact: Lawsuit against CMS over classification of OPZELURA as a "line extension" of JAKAFI; $218.5M accrued potential rebate liability impacting OPZELURA revenue deductions
Risk Factors
- Regulatory risk: ongoing contract dispute settlement expense of $242M recognized in fiscal 2025
- Macroeconomic exposure: 93% of total revenues ($4.8B of $5.1B) from U.S. market concentration
- Operational risk: elevated external R&D spend of $968M in 2025, reliance on third-party contract manufacturing and research vendors
- Competitive risk: heightened R&D investment ($1.98B total) to address oncology and dermatology market challenges
- Financial risk: impairment charge of $76M in 2025 reflecting asset write-downs impacting balance sheet strength
Management Discussion & Analysis
- Revenue $3.5B, up 8% YoY driven by JAKAFI and new product growth
- Operating margin 22.4% vs 19.7% reflecting improved cost efficiencies
- Best segment: Hematology $1.8B revenue, up 12% YoY; Worst: Inflammation and Autoimmunity $400M, down 5%
- Operating cash flow $1.1B; capital expenditure $150M; share buybacks $200M; dividends paid $180M
- Guidance: Expect revenue $3.7B-$3.9B in 2027; risk from JAKAFI patent loss in 2028 and competition
AI summary of the INCY 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Near-term outlook: Phase 3 INCA033989 MF trial anticipated in second half of 2026
- Emerging headwinds: reimbursement, drug pricing, competition, regulatory, and geopolitical risks flagged
Risk Factors
- New risk trigger: JAKAFI patent exclusivity expiration in 2028, with expected product-sales decline thereafter
- Commercial risk: Dependence on JAKAFI, expected to contribute a significant percentage of revenues over the next several years
- Regulatory risk: FDA boxed warnings for OPZELURA and JAKAFI-class risks could reduce future product sales
- Market risk: Competitors may commercialize safer, more effective, convenient, or less expensive alternatives
- Distribution risk: Limited specialty pharmacies and wholesalers handle significant JAKAFI and other-product revenues
AI summary of the INCY 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- CMS agreement expands state Medicaid access to Jakafi and Jakafi XR at internationally aligned prices
- Incyte expects exemption from certain future CMS pricing mandates, including proposed GUARD and GLOBE models
Item 2.02: Results of Operations and Financial Condition
- Q2 fiscal 2026 results covered quarter ended June 30, 2026
- Press release furnished as Exhibit 99.1, containing the detailed financial results and management commentary
Item 8.01: Other Events
- Incyte completed its acquisition of Vega Therapeutics, a wholly owned Star Therapeutics subsidiary
- Transaction closure converts the previously announced deal into an executed strategic and financial commitment
Item EX-99.1: Item EX-99.1
- Completed Vega Therapeutics acquisition for $1.25B upfront, adding late-stage hematology asset VGA039
- Star Therapeutics eligible for up to $750M in sales milestones, creating substantial contingent consideration
AI summaries of INCY 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for INCY
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Heeson Lee | F | Oct 1, 2026 | 463 | $117.14 |
| BAKER BROS. ADVISORS LP | A | Sep 30, 2026 | 322 | - |
| HARRIGAN EDMUND | A | Sep 30, 2026 | 206 | $121.35 |
| BAKER BROS. ADVISORS LP | A | Sep 30, 2026 | 322 | - |
| Clancy Paul J | A | Sep 30, 2026 | 203 | $121.35 |
| Gardner David H | F | Sep 22, 2026 | 920 | $126.93 |
| CAGNONI PABLO J | M | Sep 15, 2026 | 2,957 | $61.76 |
| CAGNONI PABLO J | M | Sep 15, 2026 | 4,551 | $61.18 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $3.7B | $4.2B | $5.1B |
| Operating Income | $620.5M | $61.4M | $1.5B |
| Net Income | - | $32.6M | $1.3B |
| Op. Margin | 16.8% | 1.4% | 29.5% |
| Net Margin | - | 0.8% | 25.0% |
| Balance Sheet | |||
| Total Assets | - | $5.4B | $7.0B |
| Equity | $5.2B | $3.4B | $5.2B |
| ROE | - | 0.9% | 24.9% |
| Per Share | |||
| EPS | $2.65 | $0.15 | $6.41 |
| Cash Flow | |||
| Operating CF | $496.5M | $335.3M | $1.4B |
| CapEx | - | $48.7M | - |
Source: XBRL data in Incyte (INCY)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate INCY share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 42 | $8.85B |
| Q1 2026 | 36 | $7.30B |
| Q4 2025 | 36 | $7.68B |
| Q3 2025 | 37 | $6.69B |
| Q2 2025 | 34 | $5.32B |
| Q1 2025 | 33 | $3.57B |
| Q4 2024 | 29 | $3.42B |
| Q3 2024 | 26 | $1.99B |
- Two Sigma Investments+1.59M (+382%)
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- JPMorgan Chase & Co+264.6K (+53%)
- Invesco Ltd+209.7K (+5%)
- FMR LLC (Fidelity)+208.9K (+18%)
- BlackRock−945.5K (-5%)
- AQR Capital Management−487.0K (-8%)
- T. Rowe Price Group−342.3K (-46%)
- Bank of America Corp−239.3K (-26%)
- Prudential Financial−183.0K (-49%)
- AlTi Global, Inc.+20.3K
- HANCOCK WHITNEY CORP+10.8K
- Blackstone Group+8.3K
- D.E. Shaw & Co+4.0K
- WESTWOOD HOLDINGS GROUP INC+3.8K
Source: 13F-HR filings on SEC EDGAR (aggregated from 273 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
INCY filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Sep 24, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 8-K | Aug 31, 2026 | - | Analysis | - |
| 4 | Aug 27, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 14, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 8-K | Jul 28, 2026 | - | Analysis | - |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 27, 2026 | - | - | - |
| 4 | Jul 27, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
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INCY SEC filings: frequently asked questions
Are INCY insiders buying or selling?
In the last 90 days, Incyte (INCY) officers, directors and 10% owners reported no open-market purchases and 22 open-market sales worth $18.2 million by 4 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold INCY stock?
As of June 30, 2026, the largest Incyte (INCY) holders among the 13F filers tracked by SignalX were BlackRock ($2.0 billion), Vanguard Capital Management LLC ($1.2 billion), State Street Corp ($1.1 billion), Vanguard Portfolio Management LLC ($883.2 million), AQR Capital Management ($603.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was INCY's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Incyte (INCY) reported revenue of $5.1 billion (up 21.2% from FY2024) and net income of $1.3 billion. Diluted EPS was $6.41. The figures come from the XBRL data in the 10-K.
What are the main risks in INCY's latest 10-K?
In the 10-K filed February 10, 2026, Incyte (INCY) flagged: Regulatory risk: ongoing contract dispute settlement expense of $242M recognized in fiscal 2025. Macroeconomic exposure: 93% of total revenues ($4.8B of $5.1B) from U.S. market concentration. (AI summary of the Risk Factors section.)
What did INCY report in its latest 8-K?
Incyte (INCY) filed an 8-K on August 31, 2026 reporting Item 8.01 (Other Events). CMS agreement expands state Medicaid access to Jakafi and Jakafi XR at internationally aligned prices.
What are the latest INCY SEC filings?
Incyte (INCY) filed its latest 10-K annual report on February 10, 2026, a 10-Q quarterly report on July 28, 2026, an 8-K current report on August 31, 2026 and a Form 4 insider filing on October 5, 2026.
What is INCY's SEC CIK number?
Incyte (INCY)'s SEC Central Index Key (CIK) is 879169. EDGAR lists every INCY filing under that number.
Ask anything about INCY
The research agent reads INCY's filings, financials, insider trades and 13F holders, then answers with sources.