Incyte
INCY · Biotechnology
$115.71
1.0%United Therapeutics
UTHR · Biotechnology
$587.50
0.5%The short version
- Incyte is the larger business, with $5.1B of revenue in fiscal 2025 against $3.2B for United Therapeutics, about 1.6 times as much.
- Incyte grew revenue faster (21.2%, against 10.6%).
- United Therapeutics kept more of each dollar of sales as operating profit (46.9% operating margin, against 29.5% operating margin).
- United Therapeutics turned more of its sales into free cash flow (32.7% FCF margin, against 26.4% FCF margin).
- Investors pay more for each dollar of United Therapeutics’s earnings: a P/E of 21.0x against 16.3x for Incyte.
| Latest fiscal year | INCY · FY25 | UTHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.9B | $26.9B |
| Revenue | $5.1B | $3.2B |
| Free cash flow | $1.4B | $1.0B |
| Net income | $1.3B | $1.3B |
| Growth | ||
| Revenue growth | 21.2% | 10.6% |
| 5-year growth | 14.0% | 16.5% |
| Share count change | −4.7% | −1.2% |
| Profitability | ||
| Gross margin | 92.8% | 87.9% |
| Operating margin | 29.5% | 46.9% |
| Net margin | 25.0% | 41.9% |
| FCF margin | 26.4% | 32.7% |
| Return on capital | 79.4% | — |
| Return on equity | 29.9% | 19.7% |
| Balance sheet | ||
| Net debt | −$3.5B | — |
| Net debt / EBITDA | −2.2x | — |
| Dividends and buybacks | $0.0M | $1.0B |
| Valuation & quality | ||
| P/E | 16.3x | 21.0x |
| Piotroski F-score | 8 | — |
FY16
INCY $1.1B
UTHR $1.6B
FY17
INCY $1.5B
UTHR $1.7B
FY18
INCY $1.9B
UTHR $1.6B
FY19
INCY $2.2B
UTHR $1.4B
FY20
INCY $2.7B
UTHR $1.5B
FY21
INCY $3.0B
UTHR $1.7B
FY22
INCY $3.4B
UTHR $1.9B
FY23
INCY $3.7B
UTHR $2.3B
FY24
INCY $4.2B
UTHR $2.9B
FY25
INCY $5.1B
UTHR $3.2B
INCY
UTHR
FY16
INCY 13.1%
UTHR 66.4%
FY17
INCY −15.8%
UTHR 47.2%
FY18
INCY 6.9%
UTHR 49.5%
FY19
INCY 18.6%
UTHR −13.0%
FY20
INCY −9.9%
UTHR 40.0%
FY21
INCY 19.6%
UTHR 33.0%
FY22
INCY 17.1%
UTHR 50.6%
FY23
INCY 16.8%
UTHR 50.9%
FY24
INCY 1.5%
UTHR 47.9%
FY25
INCY 29.5%
UTHR 46.9%
INCY
UTHR
FY16
INCY $184M
UTHR $606M
FY17
INCY −$204M
UTHR $388M
FY18
INCY $263M
UTHR $594M
FY19
INCY $633M
UTHR −$290M
FY20
INCY −$312M
UTHR $696M
FY21
INCY $568M
UTHR $477M
FY22
INCY $892M
UTHR $664M
FY23
INCY $464M
UTHR $748M
FY24
INCY $249M
UTHR $1.1B
FY25
INCY $1.4B
UTHR $1.0B
INCY
UTHR
FY16
INCY 59.2%
UTHR —
FY17
INCY −51.5%
UTHR —
FY18
INCY 24.8%
UTHR —
FY19
INCY 71.2%
UTHR —
FY20
INCY −30.3%
UTHR —
FY21
INCY 50.9%
UTHR —
FY22
INCY 28.5%
UTHR —
FY23
INCY 32.6%
UTHR —
FY24
INCY 2.1%
UTHR —
FY25
INCY 79.4%
UTHR —
INCY
UTHR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.