Incyte vs Vertex Pharmaceuticals
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The short version
- Vertex Pharmaceuticals is the larger business, with $12.0B of revenue in fiscal 2025 against $5.1B for Incyte, about 2.3 times as much.
- Incyte grew revenue faster (21.2%, against 8.9%).
- Vertex Pharmaceuticals kept more of each dollar of sales as operating profit (34.8% operating margin, against 29.5%).
- Incyte earned a higher return on the capital invested in it (79.4%, against 31.5%).
- Investors pay more for each dollar of Vertex Pharmaceuticals’s earnings: a P/E of 30.5x against 16.3x for Incyte.
| Latest fiscal year | INCY · FY25 | VRTX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.9B | $133.7B |
| Revenue | $5.1B | $12.0B |
| Free cash flow | $1.4B | $3.2B |
| Net income | $1.3B | $4.0B |
| Growth | ||
| Revenue growth | 21.2% | 8.9% |
| 5-year growth | 14.0% | 14.1% |
| Share count change | −4.7% | 0.0% |
| Profitability | ||
| Gross margin | 92.8% | 86.2% |
| Operating margin | 29.5% | 34.8% |
| Net margin | 25.0% | 32.9% |
| FCF margin | 26.4% | 26.6% |
| Return on capital | 79.4% | 31.5% |
| Return on equity | 29.9% | 22.5% |
| Balance sheet | ||
| Net debt | −$3.5B | −$6.5B |
| Net debt / EBITDA | −2.2x | −1.5x |
| Dividends and buybacks | $0.0M | $2.0B |
| Valuation & quality | ||
| P/E | 16.3x | 30.5x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
INCY $1.1B
VRTX $1.7B
FY17
INCY $1.5B
VRTX $2.5B
FY18
INCY $1.9B
VRTX $3.0B
FY19
INCY $2.2B
VRTX $4.2B
FY20
INCY $2.7B
VRTX $6.2B
FY21
INCY $3.0B
VRTX $7.6B
FY22
INCY $3.4B
VRTX $8.9B
FY23
INCY $3.7B
VRTX $9.9B
FY24
INCY $4.2B
VRTX $11.0B
FY25
INCY $5.1B
VRTX $12.0B
INCY
VRTX
Operating margin
FY16
INCY 13.1%
VRTX 0.6%
FY17
INCY −15.8%
VRTX 5.0%
FY18
INCY 6.9%
VRTX 20.8%
FY19
INCY 18.6%
VRTX 28.8%
FY20
INCY −9.9%
VRTX 46.0%
FY21
INCY 19.6%
VRTX 36.7%
FY22
INCY 17.1%
VRTX 48.2%
FY23
INCY 16.8%
VRTX 38.8%
FY24
INCY 1.5%
VRTX −2.1%
FY25
INCY 29.5%
VRTX 34.8%
INCY
VRTX
Free cash flow
FY16
INCY $184M
VRTX $180M
FY17
INCY −$204M
VRTX $746M
FY18
INCY $263M
VRTX $1.2B
FY19
INCY $633M
VRTX $1.5B
FY20
INCY −$312M
VRTX $3.0B
FY21
INCY $568M
VRTX $2.4B
FY22
INCY $892M
VRTX $3.9B
FY23
INCY $464M
VRTX $3.3B
FY24
INCY $249M
VRTX −$790M
FY25
INCY $1.4B
VRTX $3.2B
INCY
VRTX
Return on capital
FY16
INCY 59.2%
VRTX 1.9%
FY17
INCY −51.5%
VRTX —
FY18
INCY 24.8%
VRTX 77.3%
FY19
INCY 71.2%
VRTX 49.0%
FY20
INCY −30.3%
VRTX 91.0%
FY21
INCY 50.9%
VRTX 83.1%
FY22
INCY 28.5%
VRTX 100.4%
FY23
INCY 32.6%
VRTX 60.9%
FY24
INCY 2.1%
VRTX −1.4%
FY25
INCY 79.4%
VRTX 31.5%
INCY
VRTX
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.