In the dynamic biotechnology sector, Incyte Corporation (INCY) and Moderna, Inc. (MRNA) stand out with distinct yet overlapping approaches to innovation. Incyte focuses on proprietary therapeutics for oncology and rare diseases, while Moderna pioneers mRNA technology targeting infectious and autoimmune diseases. Both companies drive healthcare forward with strategic partnerships and cutting-edge pipelines. This article will help you decide which biotech leader offers the most promising investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between Incyte Corporation and Moderna, Inc. by providing an overview of these two companies and their main differences.
Incyte Corporation Overview
Incyte Corporation is a biopharmaceutical company focused on discovering, developing, and commercializing proprietary therapeutics primarily in the US and internationally. It offers treatments for various cancers and rare diseases, including drugs like JAKAFI and PEMAZYRE. The company also engages in clinical trials for several promising therapies and maintains numerous collaborations with pharmaceutical and biotech firms. Incyte is headquartered in Wilmington, Delaware, and has a market cap of approximately 21B USD.
Moderna, Inc. Overview
Moderna, Inc. is a biotechnology firm specializing in messenger RNA therapeutics and vaccines targeting infectious diseases, immuno-oncology, and rare conditions. Its product portfolio includes vaccines for COVID-19, flu, and other viruses, alongside cancer vaccines and regenerative therapies. The company maintains strategic alliances with major pharmaceutical companies and public health organizations. Based in Cambridge, Massachusetts, Moderna has a market cap near 13.4B USD and employs around 5,800 people.
Key similarities and differences
Both companies operate within the biotechnology sector and focus on developing innovative therapies and vaccines. Incyte emphasizes oncology and rare disease treatments with several drugs already commercialized, while Moderna centers on mRNA technology for vaccines and immunotherapies. Their business models rely on research and development collaborations, but Moderna has a broader geographic reach in its infectious disease portfolio. Market capitalization and employee size also differ, with Incyte being larger in market value yet smaller in workforce compared to Moderna.
Income Statement Comparison
This table compares the key income statement metrics for Incyte Corporation and Moderna, Inc. for the fiscal year 2024, providing a snapshot of their financial performance.
| Metric | Incyte Corporation (INCY) | Moderna, Inc. (MRNA) |
|---|---|---|
| Market Cap | 21B | 13.4B |
| Revenue | 4.24B | 3.20B |
| EBITDA | 408M | -3.39B |
| EBIT | 319M | -3.58B |
| Net Income | 33M | -3.56B |
| EPS | 0.16 | -9.27 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Incyte Corporation
Incyte Corporation’s revenue grew steadily from 2.67B in 2020 to 4.24B in 2024, with net income rising from a loss of 296M to a positive 33M. Gross margin remained strong at 91.09%, indicating efficient cost management. However, net margin contracted sharply in 2024, reflecting increased operating expenses and a 62% drop in EBIT, signaling margin pressure despite revenue growth.
Moderna, Inc.
Moderna showed a volatile revenue trend, peaking at 18.88B in 2022, then declining to 3.20B in 2024. Net income followed a similar pattern, falling from 12.2B in 2021 to a 3.56B loss in 2024. Gross margin was moderate at 54.24%, but EBIT and net margins were deeply negative, reflecting heavy R&D and operating costs. The recent year saw revenue halving and continued net losses despite some EPS improvement.
Which one has the stronger fundamentals?
Incyte’s income statement reveals more stability with favorable growth in revenue and net income over five years and high gross margins, though recent margin compression poses risks. Moderna’s fundamentals appear weaker due to steep net losses and margin deterioration, despite its higher revenue peak and rapid growth earlier in the period. Overall, Incyte’s income metrics present a more consistent and less volatile profile.
Financial Ratios Comparison
The table below compares key financial ratios for Incyte Corporation and Moderna, Inc. based on the most recent fiscal year data available for 2024.
| Ratios | Incyte Corporation (INCY) | Moderna, Inc. (MRNA) |
|---|---|---|
| ROE | 0.95% | -32.67% |
| ROIC | 0.22% | -32.53% |
| P/E | 438.6 | -4.48 |
| P/B | 4.15 | 1.46 |
| Current Ratio | 1.97 | 3.67 |
| Quick Ratio | 1.94 | 3.62 |
| D/E (Debt-to-Equity) | 0.01 | 0.07 |
| Debt-to-Assets | 0.80% | 5.28% |
| Interest Coverage | 35.15 | -164.38 |
| Asset Turnover | 0.78 | 0.23 |
| Fixed Asset Turnover | 5.34 | 1.08 |
| Payout Ratio | 0 | 0 |
| Dividend Yield | 0% | 0% |
Interpretation of the Ratios
Incyte Corporation
Incyte shows a mixed ratio profile with 50% favorable and 42.86% unfavorable ratios. Key concerns include weak profitability metrics such as net margin (0.77%) and return on equity (0.95%), alongside a very high P/E ratio of 438.6. Its liquidity and solvency ratios are strong, supported by a low debt-to-equity ratio (0.01) and robust interest coverage. Incyte does not pay dividends, likely prioritizing reinvestment in R&D, consistent with its high research expense ratio and clinical pipeline focus.
Moderna, Inc.
Moderna’s ratios lean slightly unfavorable, with 50% of key measures like net margin (-111.32%) and return on equity (-32.67%) deeply negative. Positive aspects include favorable P/E (-4.48) and price-to-book (1.46) ratios, suggesting undervaluation potential. Its current ratio is strong at 3.67, but interest coverage is negative, indicating financial stress. Moderna also pays no dividends, reflecting ongoing investment in mRNA technologies and pipeline expansion amid losses.
Which one has the best ratios?
Incyte presents a more balanced and slightly favorable ratio profile with better profitability and financial stability indicators. Moderna, despite some favorable valuation ratios, suffers from significant losses and negative cash flow metrics, leading to a slightly unfavorable overall assessment. Both companies do not distribute dividends, emphasizing reinvestment in growth and innovation.
Strategic Positioning
This section compares the strategic positioning of Incyte Corporation and Moderna, Inc. regarding market position, key segments, and exposure to technological disruption:
Incyte Corporation
- Market leader in biopharmaceuticals focused on oncology and rare diseases, facing moderate competition
- Key revenues driven by JAKAFI and OPZELURA drugs; oncology and hematology therapies dominate
- Exposure to disruption through clinical-stage drug developments and collaborations in immuno-oncology
Moderna, Inc.
- Biotechnology leader in mRNA therapeutics and vaccines, operating in a highly competitive innovation field
- Revenue mainly from mRNA medicines targeting infectious and rare diseases, including vaccines and oncology
- High exposure to mRNA technology disruption with broad vaccine applications and therapeutic innovations
Incyte Corporation vs Moderna, Inc. Positioning
Incyte has a diversified portfolio centered on proprietary cancer and rare disease drugs, with collaborations enhancing innovation. Moderna concentrates on mRNA-based vaccines and therapies, focusing on infectious and immune-related diseases, reflecting different risk and growth profiles.
Which has the best competitive advantage?
Both companies are shedding value with ROIC below WACC; however, Incyte shows improving profitability, while Moderna faces declining returns, indicating Incyte currently holds a relatively stronger competitive advantage.
Stock Comparison
The past year revealed contrasting dynamics for Incyte Corporation and Moderna, Inc., with Incyte exhibiting strong bullish momentum and Moderna facing a substantial bearish correction despite recent gains.
Trend Analysis
Incyte Corporation’s stock price surged 84.39% over the past 12 months, showing a bullish trend with accelerating growth, trading between 51.68 and 106.87, and a moderate volatility of 13.94. Recent months saw a continued positive slope with a 17.08% gain.
Moderna, Inc. experienced a 61.19% decline over the same period, confirming a bearish trend with accelerating losses and high volatility of 38.16. Despite this, the recent quarter registered a 28.27% rise, indicating a potential short-term recovery.
Comparing both, Incyte clearly delivered the highest market performance over the past year, outperforming Moderna’s significant overall decline despite Moderna’s recent rebound.
Target Prices
Here is the consensus target price overview from verified analysts for selected biotechnology companies:
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Incyte Corporation | 121 | 68 | 101 |
| Moderna, Inc. | 63 | 15 | 30.73 |
Analysts expect Incyte’s price to stay near or slightly above its current $106.87, while Moderna’s consensus target is below its current $34.30, signaling mixed outlooks.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Incyte Corporation and Moderna, Inc.:
Rating Comparison
Incyte Corporation Rating
- Rating: A, indicating a very favorable overall evaluation
- Discounted Cash Flow Score: 4, favorable assessment
- ROE Score: 5, very favorable indicator of profit efficiency
- ROA Score: 5, very favorable, showing strong asset use
- Debt To Equity Score: 4, favorable financial stability
- Overall Score: 4, favorable overall financial standing
Moderna, Inc. Rating
- Rating: C+, reflecting a very favorable evaluation
- Discounted Cash Flow Score: 3, moderate assessment
- ROE Score: 1, very unfavorable for profit generation
- ROA Score: 1, very unfavorable asset utilization
- Debt To Equity Score: 3, moderate financial risk
- Overall Score: 2, moderate overall financial standing
Which one is the best rated?
Based on the provided data, Incyte Corporation holds a stronger position with higher scores in overall rating, cash flow, ROE, ROA, and debt-to-equity metrics. Moderna shows moderate to very unfavorable scores in key profitability and asset use areas.
Scores Comparison
Here is a comparison of the financial risk and strength scores for Incyte Corporation and Moderna, Inc.:
Incyte Corporation Scores
- Altman Z-Score: 9.07, indicating a safe zone with very low bankruptcy risk.
- Piotroski Score: 7, reflecting strong financial health and operational efficiency.
Moderna, Inc. Scores
- Altman Z-Score: 3.28, indicating a safe zone but closer to the lower threshold.
- Piotroski Score: 1, reflecting very weak financial health and operational concerns.
Which company has the best scores?
Incyte Corporation demonstrates stronger financial stability with a higher Altman Z-Score and a strong Piotroski Score. Moderna, while in the safe zone for bankruptcy risk, shows very weak financial strength according to its Piotroski Score.
Grades Comparison
Here is a detailed comparison of the latest grades from verified grading companies for Incyte Corporation and Moderna, Inc.:
Incyte Corporation Grades
The following table summarizes recent grades assigned to Incyte Corporation by major financial institutions:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | Maintain | Equal Weight | 2026-01-06 |
| Morgan Stanley | Maintain | Equal Weight | 2025-12-08 |
| Wells Fargo | Maintain | Overweight | 2025-12-08 |
| Mizuho | Upgrade | Outperform | 2025-12-08 |
| Barclays | Maintain | Overweight | 2025-11-24 |
| Piper Sandler | Maintain | Overweight | 2025-11-04 |
| Guggenheim | Upgrade | Buy | 2025-11-03 |
| Truist Securities | Maintain | Hold | 2025-10-29 |
| RBC Capital | Maintain | Sector Perform | 2025-10-29 |
| Wells Fargo | Maintain | Overweight | 2025-10-29 |
Overall, Incyte Corporation’s ratings show a predominantly positive trend with multiple “Overweight,” “Outperform,” and “Buy” grades alongside several “Equal Weight” and “Hold” assessments.
Moderna, Inc. Grades
The following table details recent grades for Moderna, Inc. from verified grading firms:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | Maintain | Equal Weight | 2025-12-12 |
| Piper Sandler | Maintain | Overweight | 2025-11-21 |
| RBC Capital | Maintain | Sector Perform | 2025-11-21 |
| Leerink Partners | Maintain | Underperform | 2025-11-21 |
| B of A Securities | Maintain | Underperform | 2025-11-10 |
| Barclays | Maintain | Equal Weight | 2025-11-07 |
| Citigroup | Maintain | Neutral | 2025-10-23 |
| JP Morgan | Maintain | Underweight | 2025-10-23 |
| UBS | Maintain | Buy | 2025-10-23 |
| Needham | Maintain | Hold | 2025-10-20 |
Moderna’s grades reveal a mixed picture with several “Underperform” and “Underweight” ratings balanced against a few “Buy,” “Overweight,” and “Equal Weight” grades.
Which company has the best grades?
Incyte Corporation has received notably stronger grades overall, including multiple “Overweight,” “Outperform,” and “Buy” ratings, compared to Moderna’s more cautious and mixed assessments with several “Underperform” and “Underweight” calls. This difference may influence investor confidence and perceived upside potential in their portfolios.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses of Incyte Corporation (INCY) and Moderna, Inc. (MRNA) based on recent financial and operational data.
| Criterion | Incyte Corporation (INCY) | Moderna, Inc. (MRNA) |
|---|---|---|
| Diversification | Moderate diversification with multiple product lines and royalty revenues; strong growth in Jakafi ($3.2B in 2024) | Low diversification; heavily reliant on mRNA medicines sales ($4.5B in 2024) |
| Profitability | Slightly unfavorable margins and profitability; ROIC 0.22%, net margin 0.77% | Unfavorable profitability; negative net margin (-111.32%), ROIC (-32.53%) |
| Innovation | Steady innovation with growing ROIC trend; pipeline supported by milestone revenues | Innovation challenged with declining ROIC and profitability; mRNA tech leadership under pressure |
| Global presence | Established global royalty streams and product sales | Strong global presence but highly concentrated product sales |
| Market Share | Solid position in niche hematology and immunology markets | Leading in mRNA therapeutics but facing competition and revenue decline |
In summary, Incyte shows a mixed profile with moderate diversification and improving profitability, while Moderna faces significant challenges in profitability and revenue concentration despite its innovation leadership. Investors should weigh Incyte’s gradual growth against Moderna’s high risk from declining returns.
Risk Analysis
Below is a comparison of key risks for Incyte Corporation (INCY) and Moderna, Inc. (MRNA) based on the most recent data from 2024.
| Metric | Incyte Corporation (INCY) | Moderna, Inc. (MRNA) |
|---|---|---|
| Market Risk | Moderate (Beta 0.82, stable biotech) | Higher (Beta 1.17, more volatile) |
| Debt level | Very low (D/E 0.01, strong balance sheet) | Low (D/E 0.07, manageable debt) |
| Regulatory Risk | Moderate (multiple clinical trials ongoing) | High (vaccine regulatory scrutiny) |
| Operational Risk | Moderate (pipeline development risk) | High (heavy reliance on vaccine sales) |
| Environmental Risk | Low (biotech sector, limited exposure) | Low (biotech sector, limited exposure) |
| Geopolitical Risk | Moderate (global collaborations) | Moderate to high (global vaccine distribution) |
Incyte’s risks are moderate but manageable, with a strong balance sheet and diversified pipeline reducing financial and operational risks. Moderna faces higher market volatility and regulatory scrutiny, compounded by operational dependency on vaccine products. Investors should weigh Moderna’s higher growth potential against its elevated risk profile.
Which Stock to Choose?
Incyte Corporation (INCY) shows a favorable income statement overall, with a 14.76% revenue growth in 2024 and a positive net margin, despite some recent margin declines. Its financial ratios are slightly favorable, featuring strong liquidity, low debt, and high interest coverage. However, ROIC remains below WACC, indicating slight value destruction, yet profitability trends upward. The company holds a very favorable rating “A” and strong financial scores, including a safe Altman Z-Score and a solid Piotroski Score.
Moderna, Inc. (MRNA) presents an unfavorable income statement with a significant revenue decline in 2024 and deeply negative margins. Its financial ratios are slightly unfavorable, with poor profitability metrics and moderate leverage but mixed liquidity indicators. ROIC is well below WACC with a declining trend, signaling sustained value destruction. The rating is “C+” with moderate overall scores, a safe Altman Z-Score, but a very weak Piotroski Score, reflecting financial distress signs. The stock has experienced a long-term bearish price trend.
For investors prioritizing stable profitability and improving financial health, Incyte’s profile might appear more favorable due to its positive income trends and stronger ratings. Conversely, those with a higher risk tolerance and focus on potential turnaround opportunities could interpret Moderna’s recent price acceleration as a signal worth monitoring. The choice could thus depend on whether the investor prefers relative stability or is inclined to consider more volatile growth prospects.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Incyte Corporation and Moderna, Inc. to enhance your investment decisions:
