Incyte management check
INCY · Health Care · Biotechnology · CEO William Meury
Filings as of
2 good · 4 to watch · 0 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $114, against $120 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.85 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.5% of net income$32.1m of reported pay in fiscal 2025, against $1.3bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $20.4m sold in six months. 26 of 26 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -5.7% a year over the last three fiscal years. Stock-based pay was 4.8% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Hoppenot, Mr. Meury. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 43 | 26 | |
| Pay for performance | 92 | 85 | |
| CEO cost | 17 | 44 | |
| Skin in the game | — | — | 46 |
| Dilution | 100 | 68 | |
| Stable leadership | 45 | 70 | |
| Clean books | 70 | 100 |
Closest peers
Others in Biotechnology, by management score. Incyte is 35th of 60 in its sector.
- 19VRTXVertex Pharmaceuticals86
- 43GILDGilead Sciences82
- 93REGNRegeneron Pharmaceuticals77
- 136AMGNAmgen73
- 199ABBVAbbVie69
- 298INCYIncyte61
- 401MRNAModerna53
- 447BIIBBiogen47
Pay versus performance
From the proxy statement filed April 28, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Hoppenot, Mr. Meury | $32.1m | $54.7m | $6.3m | $114 | $120 | $1.3bn |
| 2024 | Mr. Hoppenot | $17.5m | $25.2m | $5.9m | $79 | $91 | $32.6m |
| 2023 | Mr. Hoppenot | $16.7m | $7.8m | $7.8m | $72 | $92 | $597.6m |
| 2022 | Mr. Hoppenot | $16.7m | $16.0m | $5.8m | $92 | $89 | $340.7m |
| 2021 | Mr. Hoppenot | $14.4m | $6.2m | $5.2m | $84 | $99 | $948.6m |
The board says pay is tied most to total product revenues. Its other key measures: Total product revenues, Pipeline development and progression, Total shareholder return (TSR).
Insiders and the CEO's stake
William Meury (Chief Executive Officer) held 183,129 shares directly after their latest Form 4 on Jul 16, 2026.
Light activity: no buys, $20.4m sold in six months. 26 of 26 sales ran on pre-arranged 10b5-1 plans.
- SoldPablo J CagnoniPresident, Global Head of R&D · 10b5-1 plan$9.0mOct 15, 2026
- SoldPatrick A MayesEVP & Chief Scientific Officer · 10b5-1 plan$6.0mAug 5, 2026
- SoldSteven H SteinCMO & Head of Late-Stage Dev. · 10b5-1 plan$3.4mJul 16, 2026
- SoldPaul J ClancyDirector · 10b5-1 plan$1.4mMay 19, 2026
Leadership and governance on file
- Mar 30, 2026Leadership change8-K 5.02
- Mar 26, 2026Leadership change8-K 5.02
- Dec 12, 2025Leadership change8-K 5.02
- Oct 3, 2025Leadership change8-K 5.02
- Aug 7, 2025Leadership change8-K 5.02
- Jun 27, 2025Leadership change8-K 5.02
- Jun 11, 2025Leadership change8-K 5.02
- Jan 10, 2025Leadership change8-K 5.02
- Feb 16, 2024Annual report amended10-K/A
- Sep 12, 2023Leadership change8-K 5.02
- Jun 15, 2023Leadership change8-K 5.02
- Oct 4, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 9, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.0bn returned to owners in buybacks and dividends, 63% of net income, and $1.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.0bn | $3.4bn | $3.7bn | $4.2bn | $5.1bn |
| Net income | $948.6m | $340.7m | $597.6m | $32.6m | $1.3bn |
| Stock-based pay | $183.0m | $188.4m | $215.9m | $266.1m | $249.3m |
| Buybacks | — | $0 | $0 | $2.0bn | $0 |
| Dividends | — | — | — | — | — |
| Diluted shares | 222m | 224m | 226m | 211m | 201m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.