INCY Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	22.86B EUR	22.78B EUR	18.82B EUR	19.6B EUR
Enterprise Value	18.36B EUR	18.84B EUR	15.4B EUR	16.54B EUR
Valuation Multiples
Trailing P/E	14.37x	14.13x	13.14x	17.37x
Forward P/E	12.91x	--	--	--
Price to Sales	3.93x	3.91x	3.51x	4.79x
Price to Book	3.57x	3.59x	3.35x	3.79x
EV/Revenue	3.15x	3.24x	2.87x	4.05x
EV/EBITDA	9.45x	9.03x	9.16x	12.76x
Price to FCF (P/FCF)	19.36x	12.05x	13.24x	18.38x
EV/FCF	15.55x	9.97x	10.84x	15.51x
FCF Yield	5.16%	8.3%	7.55%	5.44%