Incyte vs Vertex Pharmaceuticals
Vertex Pharmaceuticals reported revenue of $12.0 billion in fiscal 2025, 2.3 times Incyte's $5.1 billion in fiscal 2025. Incyte's revenue grew 21.2% in its latest year, and Vertex Pharmaceuticals' grew 8.9%. Incyte had an operating margin of 29.5%, against 34.8% at Vertex Pharmaceuticals. Free cash flow was $1.4 billion at Incyte and $3.2 billion at Vertex Pharmaceuticals.
Side by side
| Incyte | Vertex Pharmaceuticals | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $5.1B | $12.0B |
| Revenue growth | 21.2% | 8.9% |
| Revenue growth a year, last 5 years | 14.0% | 14.1% |
| Gross margin | 92.8% | 86.2% |
| Operating margin | 29.5% | 34.8% |
| Net margin | 25.0% | 32.9% |
| Free cash flow | $1.4B | $3.2B |
| Free cash flow margin | 26.4% | 26.6% |
| Return on capital | 79.4% | 31.5% |
| Net debt to EBITDA | −2.2x | −1.5x |
| Dividends and buybacks | $0M | $2.0B |
| Change in diluted share count | −4.7% | 0.0% |
| Last close | $113.31 | $517.49 |
| P/E at the last close | 16.0× | 30.1× |
| Insider trades, last 12 months | sold $58.3 million | sold $158.1 million |
| Piotroski F-score | 8 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ 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
IncyteVertex Pharmaceuticals
Operating margin
Percent of revenue
IncyteVertex Pharmaceuticals
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IncyteVertex Pharmaceuticals
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 Vertex Pharmaceuticals pages.