Biogen vs Incyte
Biogen reported revenue of $9.9 billion in fiscal 2025, 1.9 times Incyte's $5.1 billion in fiscal 2025. Biogen's revenue grew 2.2% in its latest year, and Incyte's grew 21.2%. Free cash flow was $2.1 billion at Biogen and $1.4 billion at Incyte.
Side by side
| Biogen | Incyte | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $9.9B | $5.1B |
| Revenue growth | 2.2% | 21.2% |
| Revenue growth a year, last 5 years | −6.0% | 14.0% |
| Gross margin | 75.7% | 92.8% |
| Operating margin | — | 29.5% |
| Net margin | 13.1% | 25.0% |
| Free cash flow | $2.1B | $1.4B |
| Free cash flow margin | 20.7% | 26.4% |
| Return on capital | 7.3% | 79.4% |
| Net debt to EBITDA | 0.9x | −2.2x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 0.8% | −4.7% |
| Last close | $252.26 | $113.31 |
| P/E at the last close | 27.1× | 16.0× |
| Insider trades, last 12 months | bought $585, sold $905,414 | sold $58.3 million |
| Piotroski F-score | 5 of 9 | 8 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BiogenIncyte
Operating margin
Percent of revenue
BiogenIncyte
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BiogenIncyte