INCYINCYTE CORP

Services-Commercial Physical & Biological Research

Revenue: $5.1B; 21% YoY
Operating margin: 29.5%; 1936% YoY
EBITDA: $1.6B; 968% YoY
Market cap: $24.6B
Employees: 2,844; $2M revenue each
Net debt / EBITDA: 9.8×; $15.8B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
110% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$24.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$58M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.0B	$3.4B	$3.7B	$4.2B	$5.1B	21%
Operating income	$586M	$579M	$621M	$61M	$1.5B	2369%
Net income	$949M	$341M	$598M	$33M	$1.3B	3847%
Operating cash flow	$749M	$970M	$496M	$335M	$1.4B	322%
Capex	$181M	$78M	—	—	—
Stock-based comp	$183M	$188M	$216M	$266M	$249M	6.3%
Buybacks	—	$0	$0	$2.0B	$0	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 11, 2026	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	15.4%	Passive
Feb 10, 2026	BAKER BROS. ADVISORS LP	SCHEDULE 13D/A	47.2%	Passive
Jun 14, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	16.1%	Passive
May 13, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	16.0%	Passive
May 9, 2024	BAKER BROS. ADVISORS LP	SC 13D/A	16.2%	Passive
Mar 15, 2023	BAKER BROS. ADVISORS LP	SC 13D/A	16.3%	Passive
Mar 10, 2022	BAKER BROS. ADVISORS LP	SC 13D/A	16.4%	Passive
Feb 14, 2022	BAKER BROS. ADVISORS LP	SC 13D/A	15.7%	Passive
May 18, 2021	BAKER BROS. ADVISORS LP	SC 13D/A	14.6%	Passive
Apr 29, 2020	BAKER BROS. ADVISORS LP	SC 13D/A	14.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $58M · 47
Net: −$58M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	114	120
FY2024	—	—	79	91
FY2023	—	—	72	92
FY2022	—	—	92	89
FY2021	—	—	84	99