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Screener / SEC EDGAR /CIK 0000879169 /10-K filed Feb 10, 2026, compared with Feb 10, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
WATDXCMRMDEWSTEINCY
Nasdaq Health care · Research Services

Incyte INCY

INCY quote by TradingView

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. 10-K, Item 1

Employees
2,844
Headquarters
Wilmington, DE
CEO
William Meury
Next results
around Feb 9, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $5.1B through the costs to a net profit of $1.3B · income statement of the 10-K

29% operating margin
Revenue to Gross profit: $4.8BRevenue to Cost of revenue: $372.1MGross profit to Operating profit: $1.5BGross profit to Operating expenses: $3.3BOperating profit to Net profit: $1.1BOperating profit to Tax: $377.8MOther income to Net profit: $149.6MOperating expenses to R&D: $2.1BOperating expenses to Sales, admin & other: $1.2B Revenue: $5.1B REVENUE $5.1B +21% Y/Y Gross profit: $4.8B · 93% margin GROSS PROFIT $4.8B 93% margin Cost of revenue: $372.1M · 7% of revenue COST OF REVENUE $372.1M 7% of revenue Operating profit: $1.5B · 29% margin OPERATING PROFIT $1.5B 29% margin · +2369% Y/Y Other income: $149.6M · 3% of revenue OTHER INCOME $149.6M 3% of revenue Operating expenses: $3.3B · 63% of revenue OPERATING EXPENSES $3.3B 63% of revenue Net profit: $1.3B · 25% margin NET PROFIT $1.3B 25% margin · +3845% Y/Y Tax: $377.8M · 7% of revenue TAX $377.8M 7% of revenue R&D: $2.1B · 40% of revenue R&D $2.1B 40% of revenue Sales, admin & other: $1.2B · 23% of revenue SALES, ADMIN & OTHER $1.2B 23% of revenue
Gross profit $4.8B 93% margin
Operating profit $1.5B 29% margin · +2369% Y/Y
Net profit $1.3B 25% margin · +3845% Y/Y
The full income statement, year by year

INCY among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 21.2%, above 97% of 59 peers (their median 7.1%) REVENUE GROWTH 21.2% · above 97% Gross margin: 92.7%, above 100% of 50 peers (their median 64.2%) GROSS MARGIN 92.7% · above 100% Operating margin: 10.4%, above 36% of 50 peers (their median 13.7%) OPERATING MARGIN 10.4% · above 36% Net margin: 6.7%, above 37% of 59 peers (their median 9.7%) NET MARGIN 6.7% · above 37% Return on capital: 20.8%, above 88% of 41 peers (their median 9.0%) RETURN ON CAPITAL 20.8% · above 88%
INCY Peer median Below the median

What changed

6 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 10, 2026 against Feb 10, 2025.

Risk factors
6 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Inventory growing faster than revenue
Inventory +71.7% vs revenue +21.2% (+50.4 pts)
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
7 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Inventory growing faster than revenue
    Inventory +71.7% vs revenue +21.2% (+50.4 pts)
  • Receivables +20.1% vs revenue +21.2% (-1.1 pts)
9 more checks with nothing to note
  • Cash from operations $1.4B vs net income $1.3B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No longer listed: Evaluating the fair value of the in-process research and development assets acquired in the Escient Pharmaceutics, Inc. acquisition
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

6 paragraphs in Risk Factors that were not in the 10-K filed Feb 10, 2025. Quoted as filed.

All 6 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 10, 2025 10-K, ITEM 1A
    Changes in government pricing policies, including the enactment of “most favored nation” pricing legislation, could adversely affect our business. Our revenue, results of operations, and cash flows could be materially and adversely affected by changes in government pricing policies, including recently proposed or enacted “most favored…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 10, 2025 10-K, ITEM 1A
    New tax laws or regulations could be enacted at any time, and existing tax laws or regulations could be interpreted, modified or applied in a manner that is adverse to us or our customers, which could adversely affect our results of operations, business and financial condition. For example, in July 2025, U.S. federal tax legislation…

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$3.4B$3.7B$4.2B$5.1B
Net income$340.7M$597.6M$32.6M$1.3B
Operating cash flow$969.9M$496.5M$335.3M$1.4B
Free cash flow$892.1M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$5.1B ▲ 21.2% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

7 filings in the last 30 days · SEC EDGAR

All filings
2 more

About the company

Incyte, Wilmington, DE · from the 10-K filed Feb 10, 2026

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal.

Headquarters
Wilmington, DE
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had 2,844 employees, representing an increase of approximately 9% over our 2,617 employees as of the end of the prior year" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 10, 2026 (open at SEC), compared with the 10-K filed Feb 10, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/INCY/export.csv") into a cell.