Verdict: Side-by-side breakdown using the Bull Rankings model. INCY scored 84.1, IONS scored 19.3 — INCY leads.
Compare another set
Different reporting periods. IONS's fundamentals are as of June 2026, but INCY's are as of March 2026 — a 3-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
INCY
Incyte Corporation
Biotechnology · Quality-Growth
84.1
$112.79 · $22.9B
fundamentals as of
Score gap
64.8
INCY leads
IONS
Ionis Pharmaceuticals, Inc.
Biotechnology · Quality-Growth
19.3
$45.28 · $7.5B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
Fastest growthIONS+33.8%
Strongest balance sheetINCY0.01
Highest qualityINCY83 / 100
Largest discount to fair valueINCY-31%
Side by side · every name on one set of axes
The model, pillar by pillar (0–100 each)
INCY
stronger →← stronger
IONS
83
Qualityreturns · margins · balance sheet
12
87
Growthrevenue & earnings expansion
77
83
Valuevaluation vs sector peers
8
INCY is stronger on 3 of 3 pillars.
Fundamentals, head-to-head
INCY
IONS
$1.4bC+
FCF
-$568mF
+21.5%A-
Rev
+33.8%A
0.01A
D/E
4.98D
14.4xA-
P/E
—
10.82D
PEG
27.33D
—
P/S
8.6xC+
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
INCY
IONS
31% below
Price vs fair valuelower is cheaper
—
~0%/yr
Growth the price impliesyr-1 FCF growth, fading to 4% · lower = less priced in
—
+26%
1-yr DCF upside
—
+44%
5-yr DCF upside
—
+76%
10-yr DCF upside
—
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
INCY
Why this score
Diluting shareholders
IONS
Why this score
Diluting shareholders
The companies
INCYIncyte Corporation
Biotechnology · $112.79 · beta 0.74
Why now
Biotechnology · market cap $22.9b. 15% off the 52-week high of $132.60. Revenue growing +21%, comfortably above the S&P median. 24 sell-side analysts rate this a Buy with a mean 1-yr target of $129.13 (implying +14% upside).
Moat
Net margin 27% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 25% — top-decile capital efficiency. Either pricing leverage, low capital intensity, or aggressive buybacks; the durability story depends on which. FCF converts 98% of net income — earnings translate cleanly into cash.
Risk
Reimbursement risk — even an approved drug can fail commercially if payors don't reimburse; pricing pressure from Medicare and large PBMs has been accelerating since 2024.
IONSIonis Pharmaceuticals, Inc.
Biotechnology · $45.28 · beta 0.38
Why now
Biotechnology · market cap $7.5b. Down 48% from 52-week high of $86.74 — deep drawdown territory. Revenue growing +34% — in hypergrowth territory. 22 sell-side analysts rate this a Buy with a mean 1-yr target of $83.64 (implying +85% upside).
Moat
Pharma moat is patent runway + pipeline depth — a single approved molecule funds the next generation of bets. Late-stage trials carry binary readouts that swing valuation 30%+.
Risk
D/E 4.98 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Free cash flow is negative (-$568m) — capital raises or debt issuance likely required; dilution / leverage risk. Currently unprofitable (margin -64.7%) — path to GAAP profitability is the core thesis risk.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.
Where INCY and IONS diverge
On the headline score the gap is 64.8 points in favor of INCY. The widest single difference is Value, where INCY leads by 75.0 points.
ValueINCY 82.6 · IONS 7.6INCY +75.0
QualityINCY 82.8 · IONS 12.3INCY +70.5
GrowthINCY 86.9 · IONS 77.2INCY +9.7
Pillars run 0–100. Value is judged against each company's own sector, so a Value score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.
Common questions
Is INCY or IONS the better stock?
INCY scores higher: INCY 84.1, IONS 19.3 out of 100 on the Bull Rankings quality-growth score, which blends business quality, growth and valuation into one number. A higher score means a stronger business at a more reasonable price — it is not a price target or a recommendation.
Where do INCY and IONS differ most?
The widest gap is value, where INCY leads by 75 points on the 0–100 pillar scale. INCY leads all three pillars, so the gap is broad rather than a single-measure difference.
How are INCY and IONS scored?
Each carries the same 0–100 quality-growth score used everywhere on the site, built from three pillars — quality (profitability and returns on capital), growth (revenue and earnings), and value (what you pay for them) — combined as a geometric mean, so a weak pillar cannot be papered over by a strong one.
How current is this comparison?
The whole universe is re-scored every trading day after the US market close, so the scores and fundamentals here reflect the latest published edition.