Oncology and immunology drugmaker
Incyte Corporation
Incyte earns revenue from sales of its own medicines and royalties on licensed drugs sold by partners. It spends on in-licensed candidates, shared development and commercialization economics, and external manufacturing while also making equity investments in pipeline partners.
Business categories Pharmaceuticals & Biotechnology · Biopharma & Life Sciences · primary Oncology & ADCs · Biopharma & Life Sciences
INCY Updated Sep 24, 2026 6 AI consumers· 2 recurring
Per the valuechain.wiki graph, Incyte Corporation is directly linked to 2 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 19 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · FY2025 total revenue of $5.141242 billion
- Segments · Product revenue · Product royalty revenue · Milestone and contract revenue
Revenue from
- Novartis High confidence· Amount $484M · FY2025 · Combined product royalty revenue from Novartis sales of JAKAVI and TABRECTA
Novartis sells JAKAVI outside the United States and TABRECTA in licensed territories, paying Incyte sales-based royalties. Incyte recognized $484.431 million of combined royalties from the two products in FY2025.Confirms KO Medipharmstoday Published Aug 27, 2026: Jakavi Generic Race: Chong Kun Dang May Follow Daewoong With a Salt-Change Challenge - Lilly (Eli) High confidence· Amount $145M · FY2025 · Product royalty revenue from Lilly sales of OLUMIANT
Lilly sells OLUMIANT in licensed territories and pays Incyte royalties based on net sales. Incyte recognized $144.6 million of OLUMIANT royalty revenue in FY2025.
Pays to
- MacroGenics, Inc. High confidence· Amount $215M · Agreement inception through FY2025 · Cumulative development and regulatory milestones paid to MacroGenics
Incyte licensed worldwide development and commercialization rights to the anti-PD-1 antibody INCMGA0012 from MacroGenics, which also retained rights to manufacture part of the clinical and commercial supply. Cumulative development and regulatory milestone payments reached $215 million through FY2025. - Syndax Pharmaceuticals, Inc. High confidence· Amount $44M · FY2025 · Syndax's profit share from U.S. co-commercialization of NIKTIMVO
Incyte and Syndax split U.S. commercialization profit and loss for NIKTIMVO equally. Syndax's $44 million share of FY2025 profit was recorded in Incyte's cost of product revenue.
Investors
- BlackRock High confidence· Market share 7.6 percent · 2026 proxy statement · BlackRock beneficial ownership reported in Incyte's proxy statement
Incyte's 2026 proxy statement lists BlackRock as a beneficial owner above 5%. The table reports 15,242,171 shares, representing a 7.6% stake.
Investments
- Prelude Therapeutics Incorporated High confidence· Amount $25M · November 2025 · Principal amount of the equity investment in Prelude Therapeutics non-voting common stock
Incyte secured an exclusive option over Prelude's JAK2V617F program and bought 6.25 million non-voting common shares at $4 per share. The equity investment totaled $25 million.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Cardinal Health, Inc. | lead2 | -0.4 | +54.1 | +34.1 | +19 | +76.3 | +21.1 |
| McKesson Corporation | lead2 | +44.2 | +51.8 | +24.1 | +23.7 | +44.5 | +14.8 |
| Cencora, Inc. | lead2 | +44.1 | +26.3 | +25.3 | +10.4 | +51.5 | -1.4 |
| Lilly (Eli) | lead1 | +66.1 | +34.3 | +60.9 | +33.3 | +40.2 | +10.3 |
| Incyte Corporation | node | -15.6 | +9.4 | -21.8 | +10 | +43 | +14.2 |
| BlackRock | benef1 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +2.8 |
| Marathon Petroleum Corporation | benef2 | +61 | +86.6 | +30.5 | -4.1 | +19.2 | +183 |
| Targa Resources Corp. | benef2 | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| Altria Group, Inc. | benef2 | +24.2 | +4.4 | -3.7 | +40.8 | +18.2 | +30.3 |
| Ross Stores | benef2 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| ONEOK, Inc. | benef2 | +64.7 | +18.9 | +13.2 | +50.1 | -22.9 | +26.8 |
| Elevance Health, Inc. | benef2 | +46.1 | +11.8 | -6.9 | -20.7 | -3.1 | +17.4 |
| Old Dominion Freight Line, Inc. | benef2 | +84.1 | -20.5 | +43.5 | -12.5 | -10.5 | +16.5 |
| American Water Works | benef2 | +24.8 | -17.9 | -11.7 | -3.5 | +7.4 | +10.1 |
| Edwards Lifesciences Corporation | benef2 | +42 | -42.4 | +2.2 | -2.9 | +15.2 | +5.5 |
| Hubbell Incorporated | benef2 | +35.6 | +15.1 | +42.4 | +28.9 | +7.4 | +4.7 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Edison International | benef2 | +13.6 | -2.6 | +17.4 | +15.2 | -20.4 | -1.7 |
| Public Service Enterprise Group Incorporated | benef2 | +18.3 | -5.1 | +3.6 | +42.6 | -1.9 | -6.7 |
| Zoetis Inc. | benef2 | +48.3 | -39.5 | +35.9 | -16.6 | -21.8 | -39.6 |
YTD as of 2026-10-09 · source: Yahoo Finance
Incyte Corporation operates across Oncology and immunology drugmaker. It is +28.3% in 2026. The stock (+28.3%) and its demand side (avg +7.5%) are moving in step. It spends on in-licensed candidates, shared development and commercialization economics, and external manufacturing while also making equity investments in pipeline partners.
Analysis generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple