INCYIncyte

Health care · Research Services · Nasdaq

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

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RevenueFY2016–25 $5.1B+21.2% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $1.3B+3845.0% Highest in 10 years 10-K FY2025 · XBRL Operating marginFY2016–25 29.5%+28.0 pts 13.1% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 10, 2026 against Feb 10, 2025

Area	What changed	Source
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	2 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.

What's new, in their words

10-K filed Feb 10, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-10. Quoted as filed.

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…
10-K, Item 1A

All 6 new paragraphs →

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Inventory growing faster than revenueInventory +71.7% vs revenue +21.2% (+50.4 pts)
✓
Receivables +20.1% vs revenue +21.2% (-1.1 pts)
✓
Cash from operations $1.4B vs net income $1.3B (FY ending 2025-12-31)
✓
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

How each check works, with sources →

In the last 30 days

All filings →

Oct 29, 20268-K Quarterly results 8-K item 2.02
Oct 29, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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