INCYTE CORP (INCY)

Services-Commercial Physical & Biological Research

Latest Price

$122.19

TTM P/E

17.26

Normalized P/E

37.30

Div Yield

Book Value

28.21

P/B Ratio

4.33

Valuation metrics

EPS: $6.41

Book value / share: $26.04

Formula: √(22.5 × EPS × BVPS)

Graham Number

$61.28

50% downside

Norm. op. income: $579M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$38.79

68% downside

Base FCF: $568M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$65.89

46% downside

EPS: $6.41

Target P/E: 37×

Formula: EPS × P/E

P/E Fair Value

$237.17

+94% upside

99.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BAKER BROS. ADVISORS LP	30.76M	$3.49B	15.39%	+17.9K	2026-06-30
BlackRock, Inc.	18.03M	$2.04B	9.02%	-945.5K	2026-06-30
Dodge & Cox	11.96M	$1.35B	5.98%	-295.0K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	11.02M	$1.25B	5.51%	+94.2K	2026-06-30
STATE STREET CORP	9.72M	$1.10B	4.86%	+81.0K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	7.79M	$883.0M	3.90%	+31.9K	2026-06-30
AQR CAPITAL MANAGEMENT LLC	5.32M	$603.0M	2.66%	-487.0K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	4.75M	$536.0M	2.38%	+47.6K	2026-06-30
LSV ASSET MANAGEMENT	4.12M	$467.0M	2.06%	+203.7K	2026-06-30
Invesco Ltd.	4.08M	$462.0M	2.04%	+209.7K	2026-06-30