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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

INCY quote by TradingView
Employees
2,844
Headquarters
Wilmington, DE
CEO
William Meury
Next results
around Feb 9, 2027
Compare with peers → Embed
All key numbers (38, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.96Sales (ttm)6.0BNet income (ttm)403.4MSales growth+21.2%EPS growthn/mSales Q/Q+14.0%
Free cash flow-Gross margin92.7%Oper. margin10.4%Net margin6.7%FCF margin-ROE7.1%
ROA5.5%R&D / sales39.9%Dividend-Debt/Eq-Curr. ratio3.84Cash3.3B
Op. cash flow (ttm)745.0MEBITDA1.6BEBITDA margin31.3%Quick ratio3.77Interest cover623.91ROIC20.8%
Tax rate22.7%Stock pay / sales4.8%Shares out.203.8MShares Y/Y-4.7%Book / share27.68Cash / share16.07
Sales / share29.49Asset turnover0.82Inventory turns3.68Sales 3Y CAGR+14.8%Sales 5Y CAGR+14.0%EPS 3Y CAGR+61.5%
Employees2,844Sales / employee2.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +21.2%+14.8% → +21.2% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin widened to 29.5%1.4% → 29.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

INCY against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
INCYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+21.2%3rd of 60 · median +7.1%
Net margin
6.7%38th of 60 · median 9.6%
Return on equity
7.1%38th of 54 · median 13.1%
INCY and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
INCY Incyte$6.0B +21.2%92.7%6.7%7.1%--
EW Edwards Lifesciences$6.7B +11.5%78.0%15.3%9.4%21.3%0.06
STE Steris$6.2B +8.7%44.6%13.4%11.4%15.2%0.26
RMD ResMed$5.7B +9.9%61.1%27.8%26.8%28.1%0.07
DXCM Dexcom$5.1B +15.6%63.4%19.4%39.1%21.5%-
IDXX Idexx Laboratories$4.7B +10.4%62.7%25.4%63.2%28.0%0.20

From $3.0B of sales to $948.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.8BRevenue to Cost of revenue: $151.0MGross profit to Operating profit: $585.8MGross profit to Operating expenses: $2.2BOperating profit to Net profit: $585.8MOther income to Net profit: $362.8MOperating expenses to R&D: $1.5BOperating expenses to Sales, admin & other: $791.3M Revenue: $3.0B Revenue$3.0B +12% Y/Y Gross profit: $2.8B · 95% margin Gross profit$2.8B95% margin Cost of revenue: $151.0M · 5% of revenue Cost of revenue$151.0M5% of revenue Operating profit: $585.8M · 20% margin Operating profit$585.8M20% margin Other income: $362.8M · 12% of revenue Other income$362.8M12% of revenue Operating expenses: $2.2B · 75% of revenue Operating expenses$2.2B75% of revenue Net profit: $948.6M · 32% margin Net profit$948.6M32% margin R&D: $1.5B · 49% of revenue R&D$1.5B49% of revenue Sales, admin & other: $791.3M · 26% of revenue Sales, admin & other$791.3M26% of revenue

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From $3.4B of sales to $340.7M of profit

FY2022, from the 10-K income statement and revenue by region
U.S. to Revenue: $3.2BEurope to Revenue: $147.0MRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $207.0MGross profit to Operating profit: $579.4MGross profit to Operating expenses: $2.6BOperating profit to Net profit: $340.7MOperating profit to Tax & other: $238.8MOperating expenses to R&D: $1.6BOperating expenses to SG&A: $1.0B U.S.: $3.2B · 96% U.S.$3.2B96% Europe: $147.0M · 4% Europe$147.0M4% Revenue: $3.4B Revenue$3.4B +14% Y/Y Gross profit: $3.2B · 94% margin Gross profit$3.2B94% margin Cost of revenue: $207.0M · 6% of revenue Cost of revenue$207.0M6% of revenue Operating profit: $579.4M · 17% margin Operating profit$579.4M17% margin −1% Y/Y Operating expenses: $2.6B · 77% of revenue Operating expenses$2.6B77% of revenue Net profit: $340.7M · 10% margin Net profit$340.7M10% margin −64% Y/Y Tax & other: $238.8M · 7% of revenue Tax & other$238.8M7% of revenue R&D: $1.6B · 47% of revenue R&D$1.6B47% of revenue SG&A: $1.0B · 30% of revenue SG&A$1.0B30% of revenue

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From $3.7B of sales to $597.6M of profit

FY2023, from the 10-K income statement and revenue by region
U.S. to Revenue: $3.5BEurope to Revenue: $175.9MOther countries to Revenue: $4.9MOther Countries to Revenue: $4.9MRevenue to Gross profit: $3.4BRevenue to Cost of revenue: $255.0MGross profit to Operating profit: $620.5MGross profit to Operating expenses: $2.8BOperating profit to Net profit: $383.9MOperating profit to Tax: $236.6MOther income to Net profit: $213.7MOperating expenses to R&D: $1.6BOperating expenses to Sales, admin & other: $1.2B U.S.: $3.5B · 95% U.S.$3.5B95% Europe: $175.9M · 5% Europe$175.9M5% Other countries: $4.9M · 0% Other countries$4.9M0% Other Countries: $4.9M · 0% Other Countries$4.9M0% Revenue: $3.7B Revenue$3.7B +9% Y/Y Gross profit: $3.4B · 93% margin Gross profit$3.4B93% margin Cost of revenue: $255.0M · 7% of revenue Cost of revenue$255.0M7% of revenue Operating profit: $620.5M · 17% margin Operating profit$620.5M17% margin +7% Y/Y Other income: $213.7M · 6% of revenue Other income$213.7M6% of revenue Operating expenses: $2.8B · 76% of revenue Operating expenses$2.8B76% of revenue Net profit: $597.6M · 16% margin Net profit$597.6M16% margin +75% Y/Y Tax: $236.6M · 6% of revenue Tax$236.6M6% of revenue R&D: $1.6B · 44% of revenue R&D$1.6B44% of revenue Sales, admin & other: $1.2B · 32% of revenue Sales, admin & other$1.2B32% of revenue

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From $4.2B of sales to $32.6M of profit

FY2024, from the 10-K income statement and revenue by region
U.S. to Revenue: $4.0BEurope to Revenue: $260.4MOther countries to Revenue: $6.2MOther Countries to Revenue: $6.2MRevenue to Gross profit: $3.9BRevenue to Cost of revenue: $312.1MGross profit to Operating profit: $61.4MGross profit to Operating expenses: $3.9BOperating profit to Net profit: $32.6MOperating profit to Interest, tax, other: $28.8MOperating expenses to R&D: $2.6BOperating expenses to SG&A: $1.3B U.S.: $4.0B · 94% U.S.$4.0B94% Europe: $260.4M · 6% Europe$260.4M6% Other countries: $6.2M · 0% Other countries$6.2M0% Other Countries: $6.2M · 0% Other Countries$6.2M0% Revenue: $4.2B Revenue$4.2B +15% Y/Y Gross profit: $3.9B · 93% margin Gross profit$3.9B93% margin Cost of revenue: $312.1M · 7% of revenue Cost of revenue$312.1M7% of revenue Operating profit: $61.4M · 1% margin Operating profit$61.4M1% margin −90% Y/Y Operating expenses: $3.9B · 91% of revenue Operating expenses$3.9B91% of revenue Net profit: $32.6M · 1% margin Net profit$32.6M1% margin −95% Y/Y Interest, tax, other: $28.8M · 1% of revenue Interest, tax, other$28.8M1% of revenue R&D: $2.6B · 61% of revenue R&D$2.6B61% of revenue SG&A: $1.3B · 30% of revenue SG&A$1.3B30% of revenue

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From $5.1B of sales to $1.3B of profit

FY2025, from the 10-K income statement and revenue by region
U.S. to Revenue: $4.8BEurope to Revenue: $323.7MOther countries to Revenue: $17.6MRevenue 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 U.S.: $4.8B · 93% U.S.$4.8B93% Europe: $323.7M · 6% Europe$323.7M6% Other countries: $17.6M · 0% Other countries$17.6M0% Revenue: $5.1B Revenue$5.1B +21% Y/Y Gross profit: $4.8B · 93% margin Gross profit$4.8B93% margin Cost of revenue: $372.1M · 7% of revenue Cost of revenue$372.1M7% of revenue Operating profit: $1.5B · 29% margin Operating profit$1.5B29% margin +2369% Y/Y Other income: $149.6M · 3% of revenue Other income$149.6M3% of revenue Operating expenses: $3.3B · 63% of revenue Operating expenses$3.3B63% of revenue Net profit: $1.3B · 25% margin Net profit$1.3B25% margin +3845% Y/Y Tax: $377.8M · 7% of revenue Tax$377.8M7% of revenue R&D: $2.1B · 40% of revenue R&D$2.1B40% of revenue Sales, admin & other: $1.2B · 23% of revenue Sales, admin & other$1.2B23% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Net profit
  • R&D
  • Tax, less other income

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

0 of 3
  • !
    Net margin below the peer median6.7% vs 9.6%
  • !
    Return on equity below 15%7.1%
  • !
    A profit in 8 of 10 years
Net margin, FY2016 to FY2025: 9.4% → 25.0%

Balance sheet

2 of 2
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.84
Debt / equity at each year end, FY2016 to FY2025: 1.79 → 9.91

Cash and shareholders

2 of 3
  • !
    Free cash flow positive in 5 of 7 years$892.1M last year
  • ✓
    Share count down over 5 years−8.0%
  • ✓
    Cash from operations above net income$1.4B vs $1.3B
Free cash flow, FY2016 to FY2025: 184.5M → 892.1M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 5.1B Net income 1.3B
FY2016 revenue 1.1B · Revenues, 0001558370-19-000682 FY2016 net income 104.2M · NetIncomeLoss, 0001558370-19-000682 1.1B FY2016 FY2017 revenue 1.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-20-000774 FY2017 net income -313.1M · NetIncomeLoss, 0001558370-20-000774 1.5B FY2017 FY2018 revenue 1.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-21-000825 FY2018 net income 109.5M · NetIncomeLoss, 0001558370-21-000825 1.9B FY2018 FY2019 revenue 2.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001558370-22-000902 FY2019 net income 446.9M · NetIncomeLoss, 0001558370-22-000902 2.2B FY2019 FY2020 revenue 2.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000879169-23-000008 FY2020 net income -295.7M · NetIncomeLoss, 0000879169-23-000008 2.7B FY2020 FY2021 revenue 3.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000879169-24-000045 FY2021 net income 948.6M · NetIncomeLoss, 0000879169-24-000045 3.0B FY2021 FY2022 revenue 3.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-25-004633 FY2022 net income 340.7M · NetIncomeLoss, 0001628280-25-004633 3.4B FY2022 FY2023 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000879169-26-000010 FY2023 net income 597.6M · NetIncomeLoss, 0000879169-26-000010 3.7B FY2023 FY2024 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000879169-26-000010 FY2024 net income 32.6M · NetIncomeLoss, 0000879169-26-000010 4.2B FY2024 FY2025 revenue 5.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000879169-26-000010 FY2025 net income 1.3B · NetIncomeLoss, 0000879169-26-000010 5.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

INCY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue5.1B
FY2016: 1.1BFY2017: 1.5BFY2018: 1.9BFY2019: 2.2BFY2020: 2.7BFY2021: 3.0BFY2022: 3.4BFY2023: 3.7BFY2024: 4.2BFY2025: 5.1B FY2017FY2019FY2021FY2023FY2025
Net income1.3B
FY2016: 104.2MFY2017: -313.1MFY2018: 109.5MFY2019: 446.9MFY2020: -295.7MFY2021: 948.6MFY2022: 340.7MFY2023: 597.6MFY2024: 32.6MFY2025: 1.3B FY2017FY2019FY2021FY2023FY2025
Free cash flow892.1M
FY2016: 184.5MFY2017: -204.0MFY2018: 262.7MFY2019: 632.6MFY2020: -312.0MFY2021: 568.5MFY2022: 892.1MFY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.41
FY2016: 0.54FY2017: -1.53FY2018: 0.51FY2019: 2.05FY2020: -1.36FY2021: 4.27FY2022: 1.52FY2023: 2.65FY2024: 0.15FY2025: 6.41 FY2017FY2019FY2021FY2023FY2025
Diluted shares200.7M
FY2016: 194.1MFY2017: 204.6MFY2018: 215.6MFY2019: 217.7MFY2020: 218.1MFY2021: 222.1MFY2022: 224.0MFY2023: 225.9MFY2024: 210.5MFY2025: 200.7M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
JAKAFI 3.1B60.2% +10.8%
OPZELURA 678.5M13.2% +33.5%
Product royalty revenues 636.9M12.4% +9.9%
JAKAVI Royalty Revenues 457.7M8.9% +9.3%
NIKTIMVO 151.6M2.9% -
Milestone and contract revenues 150.0M2.9% +249%
OLUMIANT Royalty Revenues 144.6M2.8% +6.7%
MINJUVI/MONJUVI 144.6M2.8% +21.3%
ICLUSIG 134.1M2.6% +17.3%
PEMAZYRE 86.7M1.7% +6.1%
ZYNYZ 66.4M1.3% +1983%
TABRECTA Royalty Revenues 26.7M0.5% +17.4%
Other product royalty revenues 7.9M0.2% +263%

10-K 0000879169-26-000010, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
U.S. 4.8B93.4% +20.8%
Europe 323.7M6.3% +24.3%
Other countries 17.6M0.3% +183%

10-K 0000879169-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.1B1.5B1.9B2.2B2.7B3.0B3.4B3.7B4.2B5.1B
Cost of revenue58.2M79.5M94.1M114.2M131.3M151.0M207.0M255.0M312.1M372.1M
R&D581.9M1.3B1.2B1.2B2.2B1.5B1.6B1.6B2.6B2.1B
SG&A303.3M366.3M434.4M468.7M516.9M739.6M1.0B1.2B1.2B1.4B
Operating income145.0M-243.4M129.2M402.0M-263.7M585.8M579.4M620.5M61.4M1.5B
Interest expense38.7M6.9M1.5M1.9M2.2M1.9M2.7M2.6M2.3M2.4M
Pretax income107.4M-312.3M115.3M486.8M-232.2M570.4M529.1M834.2M316.6M1.7B
Income tax3.2M852K5.9M39.9M63.5M-378.1M188.5M236.6M284.0M377.8M
Net income104.2M-313.1M109.5M446.9M-295.7M948.6M340.7M597.6M32.6M1.3B
EPS (diluted)0.54-1.530.512.05-1.364.271.522.650.156.41
Diluted shares194.1M204.6M215.6M217.7M218.1M222.1M224.0M225.9M210.5M200.7M
Depreciation & amortization58.4M52.2M55.0M54.5M51.8M57.8M67.9M82.7M89.2M93.3M
EBITDA203.4M-191.2M184.2M456.5M-211.9M643.6M647.3M703.2M150.6M1.6B
Operating margin13.1%-15.8%6.9%18.6%-9.9%19.6%17.1%16.8%1.4%29.5%
Net margin9.4%-20.4%5.8%20.7%-11.1%31.8%10.0%16.2%0.8%25.0%
Revenue growth-+38.9%+22.5%+14.7%+23.5%+12.0%+13.7%+8.9%+14.8%+21.2%
EPS growth--383%-+302%-166%--64.4%+74.3%-94.3%+4173%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash652.3M899.5M1.2B1.8B1.5B2.1B3.0B3.2B1.7B3.1B
Short-term investments156.2M270.1M274.3M284.9M288.4M290.8M287.5M442.7M--
Inventory4.1M6.5M7.0M11.4M16.4M27.9M42.0M63.0M58.9M101.1M
Current assets994.2M1.5B1.8B2.5B2.4B3.1B4.1B4.6B3.2B5.0B
Property & equipment167.7M259.8M319.8M377.6M559.6M723.9M739.3M751.5M763.4M730.9M
Goodwill155.6M155.6M155.6M155.6M155.6M155.6M155.6M155.6M155.6M133.0M
Total assets1.6B2.3B2.6B3.4B3.6B4.9B5.8B6.8B5.4B7.0B
Accounts payable75.6M67.7M103.8M83.6M98.8M172.1M277.5M109.6M197.5M209.9M
Current liabilities273.5M375.4M425.3M513.3M631.2M854.3M1.2B1.2B1.6B1.5B
Total debt749.8M26.8M19.1B-------
Total liabilities1.2B672.0M719.8M828.3M949.6M1.2B1.5B1.6B2.0B1.8B
Shareholders' equity419.5M1.6B1.9B2.6B2.6B3.8B4.4B5.2B3.4B5.2B
Retained earnings-1.7B-2.0B-1.9B-1.4B-1.7B-777.9M-437.2M160.4M-1.1B213.8M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow304.8M-93.0M336.2M710.7M-124.6M749.5M969.9M496.5M335.3M1.4B
Capital spending120.3M111.0M73.5M78.1M187.4M181.0M77.8M---
Free cash flow184.5M-204.0M262.7M632.6M-312.0M568.5M892.1M---
Stock-based pay (added back)96.2M133.1M148.2M166.6M177.9M183.0M188.4M215.9M266.1M249.3M
Buybacks------002.0B0
Acquisitions142.9M---------
Investing cash flow-232.5M-350.0M-86.4M-87.5M-269.0M-207.7M-78.5M-207.7M157.5M-102.6M
Financing cash flow44.6M690.2M14.7M45.7M71.7M6.2M-794K-20.0M-2.0B101.0M

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)96.2M133.1M148.2M166.6M177.9M183.0M188.4M215.9M266.1M249.3M
Stock-based pay / revenue8.7%8.7%7.9%7.7%6.7%6.1%5.6%5.8%6.3%4.8%
Operating lease cost---12.7M12.5M14.2M11.7M9.8M8.1M7.7M
Operating lease cash paid---11.9M12.1M14.3M11.8M9.4M7.1M7.5M
Finance lease principal paid---822K836K2.4M2.9M3.4M3.8M4.5M
Operating lease liabilities---21.2M26.9M26.2M22.3M20.0M22.4M20.2M
Finance lease liabilities---32.6M34.9M34.3M33.3M32.6M38.0M34.7M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on INCY in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/INCY/export.csv") into a cell.