Biogen vs Incyte
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KIRA’s take AI analyst
I put Biogen and Incyte side by side, using each one’s latest annual report. Here is what stands out:
- Biogen is the larger business, with $9.9B of revenue in fiscal 2025 against $5.1B for Incyte, about 1.9 times as much.
- Incyte grew revenue faster (21.2%, against 2.2%).
- Incyte turned more of its sales into free cash flow (26.4% FCF margin, against 20.7%).
- Incyte earned a higher return on the capital invested in it (79.4%, against 7.3%).
- Investors pay more for each dollar of Biogen’s earnings: a P/E of 27.1x against 16.0x for Incyte.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Biogen
BIIB
0/10
Incyte
INCY
10/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BIIB FY25 | INCY FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.4B | $23.4B |
| Revenue | $9.9B | $5.1B |
| Free cash flow | $2.1B | $1.4B |
| Net income | $1.3B | $1.3B |
| Growth | ||
| Revenue growth | 2.2% | 21.2% |
| 5-year growth | −6.0% | 14.0% |
| Share count change | 0.8% | −4.7% |
| Profitability | ||
| Gross margin | 75.7% | 92.8% |
| Operating margin | — | 29.5% |
| Net margin | 13.1% | 25.0% |
| FCF margin | 20.7% | 26.4% |
| Return on capital | 7.3% | 79.4% |
| Return on equity | 7.4% | 29.9% |
| Balance sheet | ||
| Net debt | $2.5B | −$3.5B |
| Net debt / EBITDA | 1.0x | −2.2x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 27.1x | 16.0x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
FY16
BIIB $11.4B
INCY $1.1B
FY17
BIIB $12.3B
INCY $1.5B
FY18
BIIB $13.5B
INCY $1.9B
FY19
BIIB $14.4B
INCY $2.2B
FY20
BIIB $13.4B
INCY $2.7B
FY21
BIIB $11.0B
INCY $3.0B
FY22
BIIB $10.2B
INCY $3.4B
FY23
BIIB $9.8B
INCY $3.7B
FY24
BIIB $9.7B
INCY $4.2B
FY25
BIIB $9.9B
INCY $5.1B
BIIB
INCY
Operating margin
FY16
BIIB 45.0%
INCY 13.1%
FY17
BIIB 43.6%
INCY −15.8%
FY18
BIIB 43.8%
INCY 6.9%
FY19
BIIB 49.0%
INCY 18.6%
FY20
BIIB 33.8%
INCY −9.9%
FY21
BIIB 25.9%
INCY 19.6%
FY22
BIIB —
INCY 17.1%
FY23
BIIB —
INCY 16.8%
FY24
BIIB —
INCY 1.5%
FY25
BIIB —
INCY 29.5%
BIIB
INCY
Free cash flow
FY16
BIIB $4.0B
INCY $184M
FY17
BIIB $3.7B
INCY −$204M
FY18
BIIB $5.4B
INCY $263M
FY19
BIIB $6.6B
INCY $633M
FY20
BIIB $3.8B
INCY −$312M
FY21
BIIB $3.4B
INCY $568M
FY22
BIIB $1.1B
INCY $892M
FY23
BIIB $1.3B
INCY $464M
FY24
BIIB $2.7B
INCY $249M
FY25
BIIB $2.1B
INCY $1.4B
BIIB
INCY
Return on capital
FY16
BIIB 25.0%
INCY 59.2%
FY17
BIIB 16.7%
INCY −51.5%
FY18
BIIB 25.7%
INCY 24.8%
FY19
BIIB 38.0%
INCY 71.2%
FY20
BIIB 25.4%
INCY −30.3%
FY21
BIIB 19.1%
INCY 50.9%
FY22
BIIB 22.4%
INCY 28.5%
FY23
BIIB 7.8%
INCY 32.6%
FY24
BIIB 8.9%
INCY 2.1%
FY25
BIIB 7.3%
INCY 79.4%
BIIB
INCY
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.