INCY Incyte Corporation - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗
$128.11
Price · Aug 20, 2026
Fundamentals as of Jul 28, 2026
52W Range
$81–$133
91% of range
Analyst Rating
HOLD
33 analysts
Price Target
$125
P/E (TTM)
20.0
ROE
27.6%
Net Profit Margin
25.0%

About Incyte Corporation - Common Stock Company overview from Wikipedia

Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.

Read more

Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.

Incyte Corporation currently develops and manufactures prescription biopharmaceutical medications in multiple therapeutic areas including oncology, inflammation, and autoimmunity.

History

Incyte Corporation was founded by Roy A. Whitfield on April 8, 1991, in Palo Alto, California, as a genomics company. It became a public company in 1993. Subsequently, scientists and chemists were recruited from DuPont to work for Incyte. Incyte moved its headquarters to Delaware, and acquired Maxia Pharmaceuticals in 2003.

In November 2013, Incyte announced its relocation to new headquarters in Wilmington, Delaware, completing the move by the end of 2014. Hervé Hoppenot became CEO in January 2014.

In 2017, the company became part of the S&P 500 Index, which tracks the 500 most widely held U.S. stocks.

In 2015, Incyte established its European headquarters in Geneva, Switzerland, and later moved this headquarters in 2021. The company expanded its Delaware headquarters, including the addition of a research and development facility, in 2022. Incyte acquired Villaris Therapeutics in 2022, and Escient Pharmaceuticals in 2024.

For 2025, the company reported $5.141 billion in revenue, $6.957 billion in assets and $1.286 billion in net income. Incyte is publicly traded on the NASDAQ under the symbol INCY. Incyte now operates out of North America, Asia, and Europe. Bill Meury became CEO in 2025. Meury replaced Hoppenot, who retired after 11 years in the position.

Pharmaceuticals

Incyte Corporation currently has seven marketed and co-marketed pharmaceutical products, including Jakafi (ruxolitinib), Pemazyre (pemigatinib), Monjuvi (tafasitamab-cxix), Opzelura (Ruxolitinib), Tabrecta (capmatinib), Olumiant (Baricitinib), and Iclusig (ponatinib).

In 2013, Novartis acquired Incyte's c-Met inhibitor capmatinib (INC280, INCB028060), which is marketed under the brand name Tabrecta.

As of 2014, the company was developing baricitinib, an oral JAK1 and JAK2 inhibitor drug for rheumatoid arthritis in partnership with Eli Lilly. It gained EU approval in February 2017. In April 2017, the US FDA issued a rejection, citing concerns about dosing and safety. In May 2018, baricitinib was approved in the United States for the treatment of rheumatoid arthritis under the brand name Olumiant.

As of 2016 epacadostat, an indoleamine 2,3-dioxygenase (IDO1) inhibitor, was in development for various cancers and was in combination trials with Merck's pembrolizumab (Keytruda) and Bristol Myers Squibb's nivolumab (Opdivo).

Acquisition history

Incyte has made a total of 3 acquisitions.

Maxia Pharmaceuticals (2003): An early acquisition in Incyte's history, the company purchased Maxia in 2003 for $42 million.

Villaris Therapeutics (2022): This acquisition was valued at approximately $1.4 billion and included an upfront payment along with milestones. It added new assets to Incyte's portfolio for treating vitiligo and other autoimmune conditions.

Escient Pharmaceuticals (2024): In May 2024, Incyte acquired this San Diego-based, clinical-stage company for $750 million. The acquisition provided Incyte with two oral drug candidates for inflammatory diseases, EP262 and EP547.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

INCY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$128.11
Market Cap
$25.42B
P/E (TTM)
20.0
EPS (TTM)
$6.41
Revenue (TTM)
$5.14B
Div Yield
—
ROE
27.6%
Debt/Equity
—
52W Range
$81 – $133

INCY Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $5.14B
10-point trend, +365.0%
2016-12-31 → 2025-12-31
EPS $6.41
10-point trend, +1087.0%
2016-12-31 → 2025-12-31
Free Cash Flow —
6-point trend, +537.3%
2017-12-31 → 2022-12-31
Margins 25.0%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
INCY
Peer Median
P/E (TTM)
5-point trend, -10.4%
20.0
17.7
P/S (TTM)
5-point trend, -46.7%
4.9
6.8
P/B
5-point trend, -48.1%
4.9
6.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
INCY
Peer Median
Operating Margin
5-point trend, +397.9%
29.5%
—
Net Profit Margin
5-point trend, +325.7%
25.0%
20.3%
ROA
5-point trend, +345.3%
20.8%
11.4%
ROE
5-point trend, +333.2%
27.6%
16.8%
ROIC
5-point trend, +276.2%
22.7%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
INCY
Peer Median
Current Ratio
5-point trend, -11.3%
3.3
3.4
Quick Ratio
5-point trend, -14.7%
2.0
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
INCY
Peer Median
Revenue YoY
5-point trend, +72.2%
21.2%
—
Revenue CAGR 3Y
5-point trend, +72.2%
14.8%
—
Revenue CAGR 5Y
5-point trend, +72.2%
14.0%
—
EPS YoY
5-point trend, +50.1%
4173.3%
—
Net Income YoY
5-point trend, +35.6%
3845.0%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
INCY
Peer Median
EPS (Diluted)
5-point trend, +50.1%
$6.41
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
INCY
Peer Median

INCY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 33 analysts
  • Strong Buy 8 24.2%
  • Buy 9 27.3%
  • Hold 16 48.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

23 analysts · 2026-08-18
Median target $120.00 -6.3%
Mean target $125.17 -2.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.33%
Period EPS Actual EPS Est Surprise
June 30, 2026 $3.09 $2.14 0.95%
March 31, 2026 $1.81 $1.40 0.41%
Dec. 31, 2025 $1.80 $1.97 -0.17%
Sept. 30, 2025 $2.26 $1.69 0.57%
June 30, 2025 $1.57 $1.50 0.07%
March 31, 2025 $1.16 $1.04 0.12%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
INCY $19.60B 15.4 21.2% 25.0% 27.6% —
NTRA $32.00B -150.7 35.9% -9.0% -14.1% —
RVMD — — — — — —
BIIB $25.84B 20.0 2.2% 13.1% 7.2% —
ALNY $52.64B 170.7 65.2% 8.5% 60.4% —
INSM $37.29B -27.1 66.7% -210.5% -128.4% —
UTHR $21.27B 17.5 10.6% 41.9% 18.7% 87.9%
BBIO $14.90B -20.2 126.3% -146.0% 41.2% —
NBIX $14.20B 30.4 21.4% 16.7% 16.1% —
EXEL $11.44B 15.7 7.0% 33.7% 37.3% —
BMRN $11.43B 33.0 12.9% 10.8% 5.8% —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +905.1% $5.14B $4.24B $3.70B $3.39B $2.99B $2.67B $2.16B $1.88B $1.54B $1.11B $754M $511M
Cost of Revenue 12-point trend, +12287.8% $372M $312M $255M $207M $151M $131M $114M $94M $79M $58M $27M $3M
R&D Expense 12-point trend, +489.9% $2.05B $2.61B $1.63B $1.59B $1.46B $2.22B $1.15B $1.20B $1.33B $582M $480M $348M
SG&A Expense 12-point trend, +730.2% $1.38B $1.24B $1.16B $1.00B $740M $517M $469M $434M $366M $303M $197M $166M
Operating Expenses 12-point trend, +602.4% $3.63B $4.18B $3.08B $2.82B $2.40B $2.93B $1.76B $1.75B $1.78B $961M $703M $516M
Operating Income 12-point trend, +31633.3% $1.51B $61M $621M $579M $586M $-264M $402M $129M $-243M $145M $51M $-5M
Interest Expense 10-point trend, -94.6% · · $3M $3M $2M $2M $2M $2M $7M $39M $46M $47M
Interest Income 4-point trend, +161.1% $106M $129M $158M $40M · · · · · · · ·
Other Non-op 9-point trend, +46.4% $25M $13M $14M $-519.0K $11M $23M $52M $32M $17M · · ·
Pretax Income 12-point trend, +3528.5% $1.66B $317M $834M $529M $570M $-232M $487M $115M $-312M $107M $8M $-49M
Income Tax 12-point trend, +572525.8% $378M $284M $237M $188M $-378M $63M $40M $6M $852.0K $3M $1M $-66.0K
Net Income 10-point trend, +1134.5% $1.29B $33M $598M $341M $949M $-296M $447M $109M $-313M $104M · ·
EPS (Basic) 12-point trend, +2372.4% $6.59 $0.16 $2.67 $1.53 $4.30 $-1.36 $2.08 $0.52 $-1.53 $0.55 $0.04 $-0.29
EPS (Diluted) 12-point trend, +2310.3% $6.41 $0.15 $2.65 $1.52 $4.27 $-1.36 $2.05 $0.51 $-1.53 $0.54 $0.03 $-0.29
Shares (Basic) 12-point trend, +16.2% 195,204,000 207,110,000 223,628,000 222,004,000 220,428,000 218,073,000 214,913,000 212,383,000 204,580,000 187,873,000 179,601,000 167,947,000
Shares (Diluted) 12-point trend, +19.5% 200,700,000 210,530,000 225,928,000 223,958,000 222,074,000 218,073,000 217,657,000 215,635,000 204,580,000 194,125,000 187,302,000 167,947,000
EBITDA 9-point trend, +4292.8% $1.61B $151M · $647M $644M $-212M $457M $184M $-192M · · $37M
Balance Sheet 27
Annual Balance Sheet data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +584.9% $3.10B $1.69B $3.21B $2.95B $2.06B $1.51B $1.83B $1.16B $900M $652M $521M $452M
Short-term Investments 6-point trend, +92.5% · · · · · · $285M $274M $270M $156M $186M $148M
Inventory 12-point trend, +28129.1% $101M $59M $63M $42M $28M $16M $11M $7M $6M $4M $2M $358.0K
Prepaid Expense 12-point trend, +1449.0% $318M $169M $183M $167M $126M $60M $44M $79M $62M $33M $18M $21M
Current Assets 12-point trend, +639.3% $5.02B $3.24B $4.65B $4.09B $3.12B $2.36B $2.48B $1.83B $1.50B $994M $842M $680M
PP&E (Net) 12-point trend, +793.6% $731M $763M $752M $739M $724M $560M $378M $320M $260M $168M $86M $82M
PP&E (Gross) 12-point trend, +849.6% $1.11B $1.09B $1.02B $952M $900M $704M $499M $423M $334M $219M $131M $116M
Accum. Depreciation 12-point trend, +981.7% $375M $328M $270M $213M $176M $144M $122M $103M $75M $52M $45M $35M
Goodwill 10-point trend, -14.5% $133M $156M $156M $156M $156M $156M $156M $156M $156M $156M · ·
Intangibles 4-point trend, +11535.6% · · · · · · · · $237M $270M $12M $2M
Other Non-current Assets 11-point trend, +47.9% $18M $11M $52M $25M $37M $39M $49M $19M $2M $3M $12M ·
Total Assets 12-point trend, +773.6% $6.96B $5.44B $6.78B $5.84B $4.93B $3.56B $3.43B $2.65B $2.30B $1.64B $1.01B $796M
Accounts Payable 12-point trend, +758.2% $210M $197M $110M $278M $172M $99M $84M $104M $68M $76M $30M $24M
Accrued Liabilities 12-point trend, +1556.5% $1.03B $1.21B $936M $701M $534M $378M $286M $229M $199M $127M $87M $62M
Current Liabilities 12-point trend, +585.4% $1.52B $1.64B $1.24B $1.16B $854M $631M $513M $425M $375M $274M $168M $221M
Capital Leases 7-point trend, +22.4% $15M $17M $14M $14M $16M $14M $12M · · · · ·
Deferred Tax · · · · · · · · · · · $20M
Other Non-current Liabilities 12-point trend, +203.0% $165M $168M $149M $99M $70M $58M $40M $22M $20M $13M $48M $55M
Total Liabilities 12-point trend, +103.9% $1.79B $2.00B $1.59B $1.47B $1.16B $950M $828M $720M $672M $1.22B $836M $878M
Long-term Debt 5-point trend, +2170.7% · · · · · · · $19.09B $27M $750M $750M $841M
Total Debt · · · · · · · · · · · $689M
Common Stock 12-point trend, +15.8% $198.0K $193.0K $224.0K $223.0K $221.0K $219.0K $216.0K $213.0K $211.0K $189.0K $187.0K $171.0K
Retained Earnings 12-point trend, +112.0% $214M $-1.07B $160M $-437M $-778M $-1.73B $-1.43B $-1.88B $-1.99B $-1.67B $-1.78B $-1.79B
AOCI 12-point trend, +1302.9% $25M $-13M $13M $15M $-19M $-15M $-16M $-10M $-7M $-3M $-809.0K $2M
Stockholders' Equity 12-point trend, +6430.5% $5.17B $3.45B $5.19B $4.37B $3.77B $2.61B $2.60B $1.93B $1.63B $419M $171M $-82M
Liabilities + Equity 12-point trend, +773.6% $6.96B $5.44B $6.78B $5.84B $4.93B $3.56B $3.43B $2.65B $2.30B $1.64B $1.01B $796M
Shares Outstanding 12-point trend, +16.1% 198,460,009 193,434,305 224,286,862 222,746,719 221,084,433 219,489,329 216,177,830 213,274,660 211,262,906 188,848,752 186,650,249 170,876,619
Cash Flow 16
Annual Cash Flow data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +125.3% $93M $89M $83M $68M $58M $52M $55M $55M $52M $58M $45M $41M
Stock-based Comp 12-point trend, +301.2% $249M $266M $216M $188M $183M $178M $167M $148M $133M $96M $70M $62M
Deferred Tax 9-point trend, +30868.3% $248M $-86M $-159M $57M $-466M $-350.0K $-377.0K $-459.0K $-805.0K · · ·
Amort. of Intangibles 10-point trend, +111.9% $27M $24M $22M $22M $22M $22M $22M $22M $22M $13M · ·
Other Non-cash 7-point trend, -2025.4% $-463M $33M · $316M $26M $-58M $43M $24M · · · ·
Operating Cash Flow 12-point trend, +5283.5% $1.41B $335M $496M $970M $749M $-125M $711M $336M $-93M $305M $89M $26M
CapEx 9-point trend, +179.2% · · · $78M $181M $187M $78M $73M $111M $120M $26M $28M
Investing Cash Flow 11-point trend, +2.3% $-103M $158M $-208M $-79M $-208M $-269M $-87M $-86M $-350M $-232M $-105M ·
Stock Issued · · · · · · · · $649M · · ·
Stock Repurchased 4-point trend, +0.00 $0 $2.00B $0 $0 · · · · · · · ·
Net Stock Activity 3-point trend, -100.0% $0 $-2.00B · · · · · · $649M · · ·
Financing Cash Flow 11-point trend, +19.2% $101M $-2.02B $-20M $-794.0K $6M $72M $46M $15M $690M $45M $85M ·
Net Change in Cash 12-point trend, +7471.0% $1.41B $-1.53B $262M $894M $544M $-319M $669M $265M $247M $117M $69M $-19M
Taxes Paid 10-point trend, +22788.7% $212M $373M $378M $136M $68M $71M $34M $5M $6M $927.0K · ·
Free Cash Flow 7-point trend, +55168.4% · · · $892M $568M $-312M $633M $263M $-204M · · $-2M
Levered FCF 7-point trend, +1940.2% · · · $890M $565M $-315M $631M $261M $-211M · · $-48M
Profitability 7
Annual Profitability data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 9-point trend, +3234.0% 29.5% 1.5% · 17.1% 19.6% -9.9% 18.6% 6.9% -15.9% · · -0.94%
Net Margin 7-point trend, +330.1% 25.0% 0.77% · 10.0% 31.8% -11.1% 20.7% 5.8% · · · ·
Pretax Margin 9-point trend, +441.1% 32.4% 7.5% · 15.6% 19.1% -8.7% 22.6% 6.1% -20.3% · · -9.5%
EBITDA Margin 9-point trend, +336.9% 31.3% 3.5% · 19.1% 21.6% -7.9% 21.1% 9.8% -12.5% · · 7.2%
ROA 7-point trend, +368.4% 20.8% 0.53% · 6.3% 22.3% -8.5% 14.7% 4.4% · · · ·
ROE 7-point trend, +369.5% 27.6% 0.99% · 7.9% 27.4% -11.8% 17.8% 5.9% · · · ·
ROIC 9-point trend, +2968.4% 22.7% 0.18% · 8.5% 25.8% -12.9% 14.2% 6.4% -15.0% · · -0.79%
Liquidity & Solvency 4
Annual Liquidity & Solvency data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 9-point trend, +5.0% 3.3 2.0 · 3.5 3.7 3.7 4.8 4.3 4.0 · · 3.2
Quick Ratio 9-point trend, -24.6% 2.0 1.0 · 2.6 2.4 2.4 4.1 3.4 3.1 · · 2.7
Debt / Equity · · · · · · · · · · · -8.4
Interest Coverage 7-point trend, +211936.5% · · · 217.3 307.0 -121.3 216.7 83.7 -35.3 · · -0.1
Efficiency 2
Annual Efficiency data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 9-point trend, +18.3% 0.8 0.7 · 0.6 0.7 0.8 0.7 0.8 0.8 · · 0.7
Inventory Turnover 9-point trend, -40.8% 4.7 5.1 · 5.9 6.8 9.4 12.4 14.0 15.0 · · 7.9
Per Share 5
Annual Per Share data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 8-point trend, +237.3% $26.04 $17.82 · $19.62 $17.05 $11.90 $12.02 $9.03 $7.72 · · ·
Revenue / Share 8-point trend, +241.1% $25.62 $20.15 · $15.16 $13.45 $12.23 $9.92 $8.73 $7.51 · · ·
Cash Flow / Share 8-point trend, +1649.6% $7.04 $1.59 · $4.33 $3.37 $-0.57 $3.27 $1.56 $-0.45 · · ·
Cash / Share 8-point trend, +266.6% $15.61 $8.73 · $13.25 $9.31 $6.89 $8.48 $5.46 $4.26 · · ·
EPS (TTM) 12-point trend, +2310.3% $6.41 $0.15 $2.65 $1.52 $4.27 $-1.36 $2.05 $0.51 $-1.53 $0.54 $0.03 $-0.29
Growth Rates 7
Annual Growth Rates data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +77.1% 21.2% 14.8% 8.9% 13.7% 12.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +29.2% 14.8% 12.4% 11.5% · · · · · · · · ·
Revenue CAGR 5Y 14.0% · · · · · · · · · · ·
EPS YoY 4-point trend, +6580.3% 4173.3% -94.3% 74.3% -64.4% · · · · · · · ·
EPS CAGR 3Y 2-point trend, +191.5% 61.6% -67.2% · · · · · · · · · ·
Net Income YoY 4-point trend, +6099.3% 3845.0% -94.5% 75.4% -64.1% · · · · · · · ·
Net Income CAGR 3Y 2-point trend, +182.6% 55.7% -67.5% · · · · · · · · · ·
Valuation (TTM) 10
Annual Valuation (TTM) data for INCY
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +905.1% $5.14B $4.24B $3.70B $3.39B $2.99B $2.67B $2.16B $1.88B $1.54B $1.11B $754M $511M
Net Income TTM 10-point trend, +1134.5% $1.29B $33M $598M $341M $949M $-296M $447M $109M $-313M $104M · ·
Market Cap 8-point trend, -2.0% $19.60B $13.36B · $17.89B $16.23B $19.09B $18.88B $13.56B $20.01B · · ·
P/E 12-point trend, +106.1% 15.4 460.5 23.7 52.8 17.2 -64.0 42.6 124.7 -61.9 185.7 3615.0 -252.1
P/S 8-point trend, -70.7% 3.8 3.2 · 5.3 5.4 7.2 8.7 7.2 13.0 · · ·
P/B 8-point trend, -69.1% 3.8 3.9 · 4.1 4.3 7.3 7.3 7.0 12.3 · · ·
P / Tangible Book 6-point trend, -49.9% 3.9 4.1 2.8 4.2 4.5 7.8 · · · · · ·
P / Cash Flow 8-point trend, +106.4% 13.9 39.8 · 18.4 21.7 -153.2 26.6 40.3 -215.2 · · ·
P / FCF 6-point trend, +120.4% · · · 20.1 28.5 -61.2 29.8 51.6 -98.1 · · ·
Earnings Yield 12-point trend, +1722.5% 6.5% 0.22% 4.2% 1.9% 5.8% -1.6% 2.4% 0.80% -1.6% 0.54% 0.03% -0.40%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $5.14B$4.24B$3.70B$3.39B$2.99B
Operating Margin % 29.5%1.5%—17.1%19.6%
Net Income $1.29B$33M$598M$341M$949M
Diluted EPS $6.41$0.15$2.65$1.52$4.27
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Current Ratio 3.32.0—3.53.7
Quick Ratio 2.01.0—2.62.4
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow ———$892M$568M

Latest News Recent headlines mentioning this company

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

My Metrics Your personal watchlist — selected rows from Full Fundamentals

📊

Pick the metrics that matter to you — click the ➕ next to any row in Full Fundamentals above.

Your selection is saved and follows you across all tickers.

Institutional owners (13F) 928 filers · $16.2B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
123 (-1 vs prior Q) 67 (-29 vs prior Q) 352 (+38 vs prior Q) 263 (-21 vs prior Q) -2.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BAKER BROS. ADVISORS LP $3,487,217,729 30,762,330 21.55% Shares
Dodge & Cox $1,355,482,475 11,957,326 8.38% Shares
VANGUARD CAPITAL MANAGEMENT LLC $1,249,713,401 11,024,289 7.72% Shares
STATE STREET CORP $1,102,124,009 9,722,336 6.81% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $883,198,076 7,791,091 5.46% Shares
GEODE CAPITAL MANAGEMENT, LLC $472,254,570 4,183,857 2.92% Shares
RENAISSANCE TECHNOLOGIES LLC $398,135,284 3,512,132 2.46% Shares
WELLINGTON MANAGEMENT GROUP LLP $384,786,803 3,394,379 2.38% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $311,168,439 2,744,958 1.92% Shares
Robeco Institutional Asset Management B.V. $276,795,075 2,441,735 1.71% Shares
TWO SIGMA INVESTMENTS, LP $227,123,448 2,003,559 1.40% Shares
DIMENSIONAL FUND ADVISORS LP $201,199,603 1,774,874 1.24% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $191,845,249 1,692,354 1.19% Shares
FIRST TRUST ADVISORS LP $180,015,041 1,587,996 1.11% Shares
VICTORY CAPITAL MANAGEMENT INC $167,811,569 1,480,342 1.04% Shares
Caisse de depot et placement du Quebec $155,360,220 1,370,503 0.96% Shares
AustralianSuper Pty Ltd $135,634,220 1,196,491 0.84% Shares
NORGES BANK $126,861,970 1,119,107 0.78% Shares
FMR LLC $116,316,542 1,026,081 0.72% Shares
ROYAL BANK OF CANADA $115,263,000 1,016,790 0.71% Shares
VANGUARD FIDUCIARY TRUST CO $106,959,694 943,540 0.66% Shares
ARMISTICE CAPITAL, LLC $102,024,567 900,005 0.63% Shares
PANAGORA ASSET MANAGEMENT INC $99,970,937 881,889 0.62% Shares
GOLDMAN SACHS GROUP INC $97,568,045 860,692 0.60% Shares
VANGUARD GROUP INC $91,396,622 925,348 0.56% Shares
Sound Shore Management Inc /CT/ $85,895,479 757,723 0.53% Shares
JACOBS LEVY EQUITY MANAGEMENT, INC $82,953,901 731,774 0.51% Shares
Gotham Asset Management, LLC $81,567,621 719,545 0.50% Shares
Pictet Asset Management Holding SA $81,315,880 713,354 0.50% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $75,887,460 768,325 0.47% Shares
MACKENZIE FINANCIAL CORP $71,967,956 634,862 0.44% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $65,633,852 578,986 0.41% Shares
Legal & General Group Plc $63,331,398 558,675 0.39% Shares
SEB Asset Management AB $63,307,742 558,467 0.39% Shares
GLENMEDE TRUST CO NA $60,308,653 532,010 0.37% Shares
Woodline Partners LP $58,118,538 512,690 0.36% Shares
MARSHALL WACE, LLP $56,804,130 501,095 0.35% Shares
BNP PARIBAS FINANCIAL MARKETS $56,779,870 500,881 0.35% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $55,184,782 486,810 0.34% Shares
BlackRock, Inc. $54,675,002 482,313 0.34% Shares
Swiss National Bank $54,058,437 476,874 0.33% Shares
Glenmede Investment Management, LP $53,145,338 626,640 0.33% Shares
Vinva Investment Management Ltd $53,069,578 462,843 0.33% Shares
CANADA PENSION PLAN INVESTMENT BOARD $50,161,800 442,500 0.31% Shares
California Public Employees Retirement System $48,730,290 429,872 0.30% Shares
RHUMBLINE ADVISERS $48,578,406 428,533 0.30% Shares
IEQ CAPITAL, LLC $48,141,997 424,682 0.30% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $46,733,567 412,258 0.29% Shares
Sumitomo Mitsui Trust Group, Inc. $44,634,140 393,738 0.28% Shares
Vanguard Global Advisers, LLC $43,080,994 380,037 0.27% Shares
MORGAN STANLEY $42,894,746 378,394 0.27% Shares
Swedbank AB $42,100,431 371,387 0.26% Shares
AMERICAN CENTURY COMPANIES INC $39,177,443 345,602 0.24% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $38,530,157 339,892 0.24% Shares
CAPITAL FUND MANAGEMENT S.A. $38,125,008 336,318 0.24% Shares
VANGUARD ASSET MANAGEMENT, Ltd $37,984,782 335,081 0.23% Shares
Grantham, Mayo, Van Otterloo & Co. LLC $36,114,682 318,584 0.22% Shares
Aware Super Pty Ltd as trustee of Aware Super $34,779,982 306,810 0.21% Shares
Arbejdsmarkedets Tillaegspension $33,826,624 298,400 0.21% Shares
BARCLAYS PLC $32,329,252 285,191 0.20% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $32,129,398 283,428 0.20% Shares
Ensign Peak Advisors, Inc $30,602,212 269,956 0.19% Shares
Illinois Municipal Retirement Fund $29,511,916 260,338 0.18% Shares
WINTON GROUP Ltd $28,839,691 254,408 0.18% Shares
PFA Pension, Forsikringsaktieselskab $28,624,373 252,509 0.18% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $26,717,581 236,172 0.17% Shares
TODD ASSET MANAGEMENT LLC $26,568,750 234,375 0.16% Shares
BANK OF AMERICA CORP /DE/ $25,899,133 228,468 0.16% Shares
PRINCIPAL FINANCIAL GROUP INC $24,961,078 220,193 0.15% Shares
Andra AP-fonden $24,381,598 259,048 0.15% Shares
Quantinno Capital Management LP $24,309,704 214,446 0.15% Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main $24,037,194 212,043 0.15% Shares
Baird Financial Group, Inc. $23,690,539 208,985 0.15% Shares
Eurizon Capital SGR S.p.A. $23,250,000 204,785 0.14% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $22,709,932 241,287 0.14% Shares
Korea Investment CORP $22,164,827 195,526 0.14% Shares
KLP KAPITALFORVALTNING AS $21,799,695 192,305 0.13% Shares
Catalio Capital Management, LP $21,722,837 191,627 0.13% Shares
PRUDENTIAL FINANCIAL INC $21,650,853 190,992 0.13% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $21,575,016 190,323 0.13% Shares
Fideuram Asset Management (Ireland) dac $20,928,446 213,883 0.13% Shares
FJARDE AP-FONDEN /FOURTH SWEDISH NATIONAL PENSION FUND $20,401,285 179,969 0.13% Shares
APG Asset Management N.V. $20,193,310 203,661 0.12% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $19,499,734 172,016 0.12% Shares
SECTOR GAMMA AS $19,356,560 170,753 0.12% Shares
MARTINGALE ASSET MANAGEMENT L P $19,137,209 168,818 0.12% Shares
CWM, LLC $19,084,906 202,772 0.12% Shares
Bridgewater Associates, LP $19,073,160 168,253 0.12% Shares
ALLIANCEBERNSTEIN L.P. $18,937,791 201,209 0.12% Shares
Candriam S.C.A. $18,443,367 162,854 0.11% Shares
Focus Partners Wealth $18,354,947 161,917 0.11% Shares
DNB Asset Management AS $18,304,239 161,470 0.11% Shares
SEI INVESTMENTS CO $18,019,140 158,955 0.11% Shares
Trails Edge Capital Partners, LP $17,570,800 155,000 0.11% Shares
Jefferies Financial Group Inc. $17,321,295 152,799 0.11% Shares
SAWGRASS ASSET MANAGEMENT LLC $17,250,671 152,176 0.11% Shares
Mitsubishi UFJ Trust & Banking Corp $17,215,756 151,868 0.11% Shares
AVIVA PLC $16,882,025 148,924 0.10% Shares
Driehaus Capital Management LLC $16,794,397 148,151 0.10% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $16,681,037 147,151 0.10% Shares

Company insiders 61 insiders · 32 officers · 17 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
William Meury Chief Executive Officer July 16, 2026 A 183,129 0 0 $0
Herve Hoppenot Special Advisor to the CEO July 15, 2025 F 517,146 0 0 $0
Christiana Stamoulis EVP & Chief Financial Officer July 15, 2025 A 125,759 0 0 $0
David W Gryska Executive Vice President, CFO July 16, 2018 F 10,235 0 0 $0
David C Hastings Chief Financial Officer June 5, 2014 M 8,500 0 0 $0
Lee Heeson EVP, Head of Incyte Intl July 23, 2026 A 32,778 0 0 $0
Michael James Morrissey EVP, Head of Tech. Operations July 23, 2026 A 81,515 0 0 $0
Richard A. Hoffman EVP & General Counsel July 16, 2026 A 16,861 0 0 $0
David H Gardner EVP, Chief Strategy Officer July 16, 2026 A 16,824 0 0 $0
Ramitpal K Basi EVP, Human Resources July 16, 2026 A 11,497 0 0 $0
Mohamed Khairie Issa EVP, Head of U.S. Commercial July 16, 2026 A 71,797 0 1 $-125,706
Thomas Tray Principal Accounting Officer July 16, 2026 A 21,699 0 1 $-263,900
Steven H Stein CMO & Head of Late-Stage Dev. July 16, 2026 A 30,916 0 2 $-3,407,541
Sheila A. Denton EVP & General Counsel Aug. 15, 2025 M 33,200 0 0 $0
Vijay K Iyengar EVP, GMAPPS July 16, 2025 S 40,540 0 0 $0
Barry P Flannelly EVP & General Manager US July 16, 2025 S 35,149 0 0 $0
Matteo Trotta EVP, GM, Dermatology US July 15, 2025 A 15,016 0 0 $0
Paula J Swain EVP, Human Resources July 15, 2025 A 106,482 0 0 $0
Jonathan Elliott Dickinson EVP, General Manager, Europe Sept. 12, 2024 S 36,390 0 0 $0
Dashyant Dhanak EVP & Chief Scientific Officer July 14, 2023 A 58,968 0 0 $0
Maria E Pasquale EVP & General Counsel July 14, 2023 A 69,724 0 0 $0
Paul Trower Principal Accounting Officer Jan. 19, 2022 A 32,268 0 0 $0
Yao Wenqing EVP, Head of Discovery Chem July 2, 2021 A 98,575 0 0 $0
Reid M Huber EVP, Chief Scientific Officer July 16, 2018 F 34,571 0 0 $0
Eric H. Siegel EVP, General Counsel Sept. 13, 2017 F 21,053 0 0 $0
Richard S Levy EVP, Chief Drug Dev Officer Jan. 6, 2016 M 16,926 0 0 $0
James M Daly EVP, Chief Commercial Officer June 23, 2015 M 3,521 0 0 $0
Patricia S Andrews Chief Commercial Officer Jan. 19, 2012 A — 0 0 $0
Patricia A Schreck EVP, General Counsel May 10, 2011 M 4,500 0 0 $0
Brian W Metcalf Chief Drug Discovery Scientist April 11, 2011 M 66,504 0 0 $0
Steven M. Friedman EVP, Biology & Preclinical Dev May 18, 2010 A 38,137 0 0 $0
John A Keller Chief Business Officer Feb. 8, 2008 A — 0 0 $0
Paul J Clancy Director June 30, 2026 A 25,635 0 1 $-1,423,950
Edmund Harrigan Director June 30, 2026 A 23,019 0 0 $0
Katherine A High Director June 8, 2026 A 14,983 0 0 $0
Jacqualyn A Fouse Director June 8, 2026 A 20,968 0 0 $0
Jean Jacques Bienaime Director June 8, 2026 A 24,424 0 0 $0
Otis W Brawley Director June 8, 2026 A 12,894 0 0 $0
Susanne Schaffert Director June 12, 2024 A 5,720 0 0 $0
Wendy L Dixon Director March 31, 2022 A 17,768 0 0 $0
Paul A Friedman, M.D. Director May 26, 2020 A 256,813 0 0 $0
Paul A Brooke Director March 31, 2020 A 221,911 0 0 $0
Barry A Ariko Director March 12, 2015 M 45,834 0 0 $0
Richard U De Schutter Director March 5, 2015 M 92,290 0 0 $0
Roy A Whitfield Director Dec. 17, 2013 M 666,082 0 0 $0
John F Niblack Director May 20, 2011 A — 0 0 $0
Fred B Craves Director June 1, 2005 A 196,793 0 0 $0
INCYTE CORP 10% owner Jan. 25, 2021 A 3,550,000 0 0 $0
DAMIAL FOUNDATION INC 10% owner Feb. 11, 2004 S — 0 0 $0
Bonnie J Tisch 10% owner Jan. 14, 2004 S — 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 7 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Baker Bros. Advisors LP, Baker Bros. Advisors (GP) LLC, Julian C. Baker, Felix J. Baker, FBB2, LLC, FBB3 LLC, FBB Associates ×21 filings May 11, 2026 15.60% Amendment Passive investment SEC
Incyte Corporation ×3 filings Aug. 14, 2023 — Initial filing Capital structure SEC
Baker Bros. Advisors, LLC, Julian C. Baker, Felix J. Baker, FBB2, LLC, FBB Associates ×2 filings June 15, 2012 — Initial filing — SEC
Julian C. Baker, Felix J. Baker ×12 filings Oct. 1, 2009 — Initial filing — SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Feb. 25, 2004 — Initial filing — SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Sept. 29, 2003 — Initial filing — SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Aug. 15, 2002 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 213 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IDNA · iShares Trust 3.94% 71,574 SH Aug. 19, 2026 Daily
BRNY · EA Series Trust 3.64% 211,562 NS April 30, 2026 N-PORT
PBE · Invesco Exchange-Traded Fund Trust 2.97% 93,433 SH Aug. 19, 2026 Daily
UPGD · Invesco Exchange-Traded Fund Trust 2.40% 23,365 SH Aug. 19, 2026 Daily
BUL · Pacer Funds Trust 2.38% 31,787 NS April 30, 2026 N-PORT
SAWG · ETF Series Solutions 2.36% 624 NS April 30, 2026 N-PORT
FXH · First Trust Exchange-Traded AlphaDE… 2.19% 201,047 NS April 30, 2026 N-PORT
FGSI · First Trust Exchange-Traded Fund IV 1.98% 623 NS April 30, 2026 N-PORT
SMRI · EA Series Trust 1.96% 111,283 NS April 30, 2026 N-PORT
SPGP · Invesco Exchange-Traded Fund Trust 1.80% 336,668 SH Aug. 19, 2026 Daily
IBB · iShares Trust 1.78% 1,469,660 SH Aug. 19, 2026 Daily
HTEC · EXCHANGE TRADED CONCEPTS TRUST 1.78% 9,967 NS April 30, 2026 N-PORT
RPG · Invesco Exchange-Traded Fund Trust 1.77% 286,479 SH Aug. 19, 2026 Daily
RSPH · Invesco Exchange-Traded Fund Trust 1.75% 112,115 SH Aug. 19, 2026 Daily
IBBQ · Invesco Exchange-Traded Fund Trust … 1.64% 11,057 SH Aug. 19, 2026 Daily
BBP · ETFis Series Trust I 1.59% 9,918 NS April 30, 2026 N-PORT
ABOT · Abacus FCF ETF Trust 1.59% 736 NS April 30, 2026 N-PORT
CALF · Pacer Funds Trust 1.55% 561,166 NS April 30, 2026 N-PORT
NUMG · Nushares ETF Trust 1.44% 53,580 NS April 30, 2026 N-PORT
AGNG · Global X Funds 1.36% 11,515 NS May 31, 2026 N-PORT
COWG · Pacer Funds Trust 1.21% 275,493 NS April 30, 2026 N-PORT
QQQJ · Invesco Exchange-Traded Fund Trust … 1.20% 115,850 SH Aug. 19, 2026 Daily
FLOW · Global X Funds 1.20% 3,543 NS May 31, 2026 N-PORT
GURU · Global X Funds 1.01% 6,203 NS April 30, 2026 N-PORT
BIB · ProShares Trust 0.97% 7,359 NS May 31, 2026 N-PORT
LABU · Direxion Shares ETF Trust 0.94% 51,287 NS April 30, 2026 N-PORT
TMFX · RBB Fund, Inc. 0.94% 3,113 NS May 31, 2026 N-PORT
OASC · Unified Series Trust 0.91% 7,915 NS May 31, 2026 N-PORT
LSVD · ADVISORS' INNER CIRCLE FUND 0.89% 56,482 NS April 30, 2026 N-PORT
ROE · EA Series Trust 0.87% 23,347 NS May 29, 2026 N-PORT
JMID · Janus Detroit Street Trust 0.83% 1,595 NS April 30, 2026 N-PORT
SPVM · Invesco Exchange-Traded Fund Trust 0.81% 9,062 SH Aug. 19, 2026 Daily
JOET · Virtus ETF Trust II 0.79% 19,541 NS April 30, 2026 N-PORT
INFO · Harbor ETF Trust 0.75% 61,119 NS April 30, 2026 N-PORT
SDG · iShares Trust 0.72% 10,188 SH Aug. 19, 2026 Daily
CLSE · Trust for Professional Managers 0.71% 45,326 NS May 31, 2026 N-PORT
FTC · First Trust Exchange-Traded AlphaDE… 0.64% 85,796 NS April 30, 2026 N-PORT
QGRO · AMERICAN CENTURY ETF TRUST 0.64% 146,423 NS May 31, 2026 N-PORT
VBK · VANGUARD INDEX FUNDS 0.53% 2,249,253 SH Aug. 19, 2026 Daily
ESMV · iShares Trust 0.53% 339 SH Aug. 19, 2026 Daily
EBI · RBB Fund Trust 0.52% 35,279 NS May 31, 2026 N-PORT
TECB · iShares Trust 0.49% 19,516 SH Aug. 19, 2026 Daily
AFMC · First Trust Exchange-Traded Fund VI… 0.48% 7,994 NS May 31, 2026 N-PORT
USMV · iShares Trust 0.47% 908,964 SH Aug. 19, 2026 Daily
VFQY · VANGUARD WELLINGTON FUND 0.46% 19,147 SH Aug. 19, 2026 Daily
AFLG · First Trust Exchange-Traded Fund VI… 0.45% 29,860 NS May 31, 2026 N-PORT
FLCV · Federated Hermes ETF Trust 0.44% 4,411 NS May 31, 2026 N-PORT
COWZ · Pacer Funds Trust 0.44% 832,413 NS April 30, 2026 N-PORT
QQWZ · Pacer Funds Trust 0.43% 2,130 NS April 30, 2026 N-PORT
HQGO · Lattice Strategies Trust 0.42% 2,110 NS April 30, 2026 N-PORT