BNTX vs INCY: BioNTech SE and Incyte compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- BioNTech SE is the larger company, worth $24.5B, close to Incyte's $21.8B.
- Incyte grew revenue faster over the last year (+20.9% vs +4.3%).
- Incyte keeps more of each dollar of revenue as operating profit (30.1% vs -49.0%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BNTX | INCY |
|---|---|---|
| Market cap | $24.5B | $21.8B |
| Share price | $96.96 | $112.79 |
| Revenue (last fiscal year) | $2.9B | $5.1B |
| Free cash flow (last fiscal year) | $281M | — |
| Revenue growth, last year | +4.3% | +20.9% |
| Revenue growth per year, last 5 fiscal years | -37.6% | +14.5% |
| Operating margin | -49.0% | 30.1% |
| Net margin | -39.6% | 26.7% |
| Return on equity | -5.9% | 25.5% |
| P/E (trailing) | — | 15.4x |
| Price / free cash flow | — | 16.1x |
| EV / EBITDA | 32.7x | 9.50x |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 0.14x | 0.31x |
| Fundamental grade | D | A |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
BioNTech SE
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.0B | $762M | 80.5% |
| 2022 | $17.3B | $13.2B | 73.0% |
| 2023 | $3.8B | $5.1B | 18.1% |
| 2024 | $2.8B | -$79M | -47.8% |
| 2025 | $2.9B | $281M | -49.0% |
Incyte
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.0B | $568M | 19.6% |
| 2022 | $3.4B | $892M | 17.1% |
| 2023 | $3.7B | — | 16.8% |
| 2024 | $4.2B | — | 1.4% |
| 2025 | $5.1B | — | 29.5% |
Where the revenue comes from
BioNTech SE · by products, 2025
COVID-19 vaccine revenues$2.0B70%
Revenues from out-licensing$613M21%
Other revenues$262M9%
Incyte · by products, 2025
JAKAFI$3.1B60%
OPZELURA$678M13%
JAKAVI Royalty Revenues$458M9%
NIKTIMVO$152M3%
Milestone and contract revenues$150M3%
OLUMIANT Royalty Revenues$145M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BNTX in InvestinglyQuestions
Which is bigger, BioNTech SE or Incyte?
BioNTech SE (BNTX), at $24.5B against $21.8B.
Which grows faster, BNTX or INCY?
Incyte: revenue grew +20.9% over the last year, against +4.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.