Incyte vs United Therapeutics
Incyte reported revenue of $5.1 billion in fiscal 2025, 1.6 times United Therapeutics' $3.2 billion in fiscal 2025. Incyte's revenue grew 21.2% in its latest year, and United Therapeutics' grew 10.6%. Incyte had an operating margin of 29.5%, against 46.9% at United Therapeutics. Free cash flow was $1.4 billion at Incyte and $1.0 billion at United Therapeutics.
Side by side
| Incyte | United Therapeutics | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $5.1B | $3.2B |
| Revenue growth | 21.2% | 10.6% |
| Revenue growth a year, last 5 years | 14.0% | 16.5% |
| Gross margin | 92.8% | 87.9% |
| Operating margin | 29.5% | 46.9% |
| Net margin | 25.0% | 41.9% |
| Free cash flow | $1.4B | $1.0B |
| Free cash flow margin | 26.4% | 32.7% |
| Return on capital | 79.4% | — |
| Net debt to EBITDA | −2.2x | — |
| Dividends and buybacks | $0M | $1.0B |
| Change in diluted share count | −4.7% | −1.2% |
| Last close | $113.31 | $592.84 |
| P/E at the last close | 16.0× | 21.2× |
| Insider trades, last 12 months | sold $58.3 million | bought $863,940, sold $1.4 billion |
| Piotroski F-score | 8 of 9 | — |
Amounts in each company's own currency, US$ 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
IncyteUnited Therapeutics
Operating margin
Percent of revenue
IncyteUnited Therapeutics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IncyteUnited Therapeutics
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Incyte and United Therapeutics pages.