INCY
Incyte Corporation
Is INCY Halal?
Biopharmaceutical company focused on oncology and inflammation — permissible drug research, but current cash and debt-security balances fail the examined asset-based liquidity and receivables screens.
What You Should Know
Incyte Corporation develops and markets therapies in oncology, hematology, inflammation and autoimmunity. Its March 31, 2026 Form 10-Q reports $7,339.113 million of assets, no identified interest-bearing debt, $3,461.114 million of cash, $554.711 million of available-for-sale debt securities, $1,051.499 million of accounts receivable and $1,272.676 million of first-quarter revenue. Debt/assets is 0.00%, but liquidity/assets is 54.72% and receivables-plus-cash/assets is 61.49%, above the examined asset-based limits; investment income interest/revenue is 2.65%. The activity is generally permissible, but the current quantitative result is doubtful rather than clearly halal.
⚠️ Concerns
- •Liquidity/assets is 54.72%, above the examined 33.333% asset-based limit
- •Receivables-plus-cash/assets is 61.49%, above the examined FTSE and MSCI limits
- •Investment income interest is 2.65% of revenue; purification treatment remains methodology-specific
- •Revenue is concentrated in key products and collaborations
- •Cash and securities balances can change the verdict materially between filings
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
0 / 7,339.113
4,015.825 / 7,339.113
4,512.613 / 7,339.113
33.687 / 1,272.676
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00%, but liquidity/assets is 54.72% and receivables plus cash/assets is 61.49%, above the examined FTSE limits; interest income/revenue is 2.65%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 54.72% and receivables plus cash/assets is 61.49%, above the examined MSCI total-assets limits; debt/assets is 0.00% and interest income/revenue is 2.65%.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is 54.72%, above the examined Malaysia SAC limit; debt/assets is 0.00%. This is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the asset-based screens fail on liquidity and receivables-plus-cash.
Business-activity disclosure
Incyte develops and markets oncology, hematology, inflammation and autoimmune therapies. Prescription medicines are generally permissible, while product, collaboration and end-use disclosures require continuing review.
Limitation: The filing does not allocate every product, collaboration or pipeline revenue stream into a universal prohibited-activity numerator.
Purification
Incyte discloses $33.687 million of investment income interest, but no scholar-approved purification percentage is inferred.
Inputs, assumptions and primary sources
- Amounts are USD millions from Incyte's March 31, 2026 Form 10-Q.
- No interest-bearing debt is identified in the extracted balance-sheet facts; operating leases are excluded.
- Cash and cash equivalents are $3,461.114 million. Available-for-sale debt securities are $554.711 million and are included as identifiable interest-bearing securities.
- Accounts receivable, net is $1,051.499 million and first-quarter revenue is $1,272.676 million.
- Investment income interest is $33.687 million; the filing does not provide a universal prohibited-revenue numerator for every medicine, collaboration or customer end use.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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