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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INCY and 9 peers, year by year

The 9 Health care companies closest to INCY in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
INCY Incyte	FY2025	$5.1B	+21.2%	-	29.5%	25.0%	-	24.9%	-
STE Steris	FY2026	$5.9B	+8.7%	44.2%	18.6%	13.2%	16.4%	10.9%	0.27
RMD ResMed	FY2026	$5.7B	+9.9%	61.1%	33.4%	26.9%	29.2%	23.1%	0.10
EW Edwards Lifesciences	FY2025	$6.1B	+11.5%	78.0%	20.8%	17.7%	22.0%	10.4%	0.06
DXCM Dexcom	FY2025	$4.7B	+15.6%	60.1%	19.6%	17.9%	23.1%	30.5%	-
IDXX Idexx Laboratories	FY2025	$4.3B	+10.4%	61.8%	31.6%	24.6%	24.6%	66.0%	0.28
A Agilent Technologies	FY2025	$6.9B	+6.7%	-	21.3%	18.8%	16.6%	19.3%	0.50
WAT Waters Corporation	FY2025	$3.2B	+7.0%	-	25.4%	20.3%	17.1%	25.1%	0.55
ILMN Illumina, Inc.	FY2025	$4.3B	−0.7%	66.1%	18.6%	19.6%	21.4%	31.2%	0.73
COO Cooper Companies	FY2025	$4.1B	+5.1%	65.5%	16.7%	9.2%	10.6%	4.6%	0.30

Revenuepeer median $4.7B

Sales growthpeer median +8.7%

Gross marginpeer median 61.8%

EW 78.0%
ILMN 66.1%
COO 65.5%
IDXX 61.8%
RMD 61.1%
DXCM 60.1%
STE 44.2%
INCY -
A -
WAT -

Operating marginpeer median 20.8%

Net marginpeer median 18.8%

FCF marginpeer median 21.4%

Return on equitypeer median 23.1%

Debt / equitypeer median 0.29

ILMN 0.73
WAT 0.55
A 0.50
COO 0.30
IDXX 0.28
STE 0.27
RMD 0.10
EW 0.06
INCY -
DXCM -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	$1.1B	$1.5B	$1.9B	$2.2B	$2.7B	$3.0B	$3.4B	$3.7B	$4.2B	$5.1B
STE Mar	-	$2.6B	$2.6B	$2.8B	$3.0B	$3.1B	$4.2B	$4.5B	$5.1B	$5.5B
RMD Jun	$1.8B	$2.1B	$2.3B	$2.6B	$3.0B	$3.2B	$3.6B	$4.2B	$4.7B	$5.1B
EW Dec	$3.0B	$3.4B	$3.7B	$4.3B	$4.4B	$5.2B	$4.5B	$5.0B	$5.4B	$6.1B
DXCM Dec	$573.3M	$718.5M	$1.0B	$1.5B	$1.9B	$2.4B	$2.9B	$3.6B	$4.0B	$4.7B
IDXX Dec	$1.8B	$2.0B	$2.2B	$2.4B	$2.7B	$3.2B	$3.4B	$3.7B	$3.9B	$4.3B
A Oct	$4.2B	$4.5B	$4.9B	$5.2B	$5.3B	$6.3B	$6.8B	$6.8B	$6.5B	$6.9B
WAT Dec	$2.2B	$2.3B	$2.4B	$2.4B	$2.4B	$2.8B	$3.0B	$3.0B	$3.0B	$3.2B
ILMN Dec	$2.4B	$2.8B	$3.3B	$3.5B	$3.2B	$4.5B	$4.6B	$4.5B	$4.4B	$4.3B
COO Oct	$2.0B	$2.1B	$2.5B	$2.7B	$2.4B	$2.9B	$3.3B	$3.6B	$3.9B	$4.1B
Peer median	$2.1B	$2.3B	$2.5B	$2.7B	$3.0B	$3.2B	$3.6B	$4.2B	$4.4B	$4.7B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	+46.7%	+38.9%	+22.5%	+14.7%	+23.5%	+12.0%	+13.7%	+8.9%	+14.8%	+21.2%
STE Mar	-	-	+0.3%	+6.2%	+8.9%	+2.5%	+47.5%	+7.4%	+13.3%	+6.2%
RMD Jun	-	+12.4%	+13.2%	+11.4%	+13.4%	+8.1%	+11.9%	+18.0%	+10.9%	+9.8%
EW Dec	+18.8%	+15.9%	+8.4%	+16.8%	+0.9%	+19.3%	+2.9%	+12.2%	+8.6%	+11.5%
DXCM Dec	+42.6%	+25.3%	+43.6%	+43.1%	+30.5%	+27.1%	+18.8%	+24.5%	+11.3%	+15.6%
IDXX Dec	+10.8%	+10.9%	+12.4%	+8.8%	+12.5%	+18.8%	+4.7%	+8.7%	+6.5%	+10.4%
A Oct	+4.1%	+6.4%	+9.9%	+5.1%	+3.4%	+18.4%	+8.4%	−0.2%	−4.7%	+6.7%
WAT Dec	+6.1%	+6.5%	+4.8%	−0.6%	−1.7%	+17.8%	+6.7%	−0.5%	+0.1%	+7.0%
ILMN Dec	+8.0%	+14.8%	+21.1%	+6.3%	−8.6%	+39.7%	+1.3%	−1.7%	−2.9%	−0.7%
COO Oct	+9.4%	+8.8%	+18.4%	+4.8%	−8.4%	+20.2%	+13.2%	+8.6%	+8.4%	+5.1%
Peer median	+9.4%	+11.7%	+12.4%	+6.3%	+3.4%	+18.8%	+8.4%	+8.6%	+8.4%	+7.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	-	-	-	-	-	-	-	-	-	-
STE Mar	-	39.3%	41.7%	42.2%	43.6%	43.2%	44.6%	43.7%	43.2%	44.0%
RMD Jun	58.0%	58.1%	57.0%	57.3%	58.1%	57.5%	56.6%	55.8%	56.7%	59.4%
EW Dec	73.1%	74.5%	74.8%	74.4%	75.4%	76.1%	83.8%	80.5%	79.5%	78.0%
DXCM Dec	66.0%	68.5%	64.4%	63.1%	66.4%	68.6%	64.7%	63.2%	60.5%	60.1%
IDXX Dec	54.9%	55.7%	56.1%	56.7%	58.0%	58.8%	59.5%	59.8%	61.0%	61.8%
A Oct	-	-	-	-	-	-	-	-	-	-
WAT Dec	-	-	-	-	-	-	-	-	-	-
ILMN Dec	69.5%	66.4%	69.0%	69.6%	68.0%	69.7%	64.8%	60.9%	65.4%	66.1%
COO Oct	59.6%	63.9%	64.4%	66.2%	63.1%	66.9%	64.7%	65.6%	66.6%	65.5%
Peer median	62.8%	63.9%	64.4%	63.1%	63.1%	66.9%	64.7%	60.9%	61.0%	61.8%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	13.1%	−15.8%	6.9%	18.6%	−9.9%	19.6%	17.1%	16.8%	1.4%	29.5%
STE Mar	-	8.7%	15.3%	14.8%	17.7%	17.6%	11.3%	17.4%	16.3%	15.9%
RMD Jun	23.3%	20.6%	23.2%	22.2%	27.4%	28.3%	28.0%	26.8%	28.2%	32.7%
EW Dec	25.3%	31.7%	20.1%	26.4%	20.5%	32.3%	33.6%	26.1%	25.3%	20.8%
DXCM Dec	−11.1%	−5.9%	−18.1%	9.6%	15.5%	10.9%	13.4%	16.5%	14.9%	19.6%
IDXX Dec	19.7%	21.0%	22.2%	23.0%	25.7%	29.0%	26.7%	30.0%	29.0%	31.6%
A Oct	14.6%	18.0%	18.4%	18.2%	15.8%	21.3%	23.6%	19.8%	22.9%	21.3%
WAT Dec	28.8%	28.7%	30.6%	29.4%	27.3%	29.5%	29.4%	27.7%	27.9%	25.4%
ILMN Dec	24.5%	22.0%	26.5%	27.8%	17.9%	−2.7%	−91.2%	−23.7%	−19.1%	18.6%
COO Oct	16.5%	20.1%	15.9%	20.6%	12.8%	17.3%	15.3%	14.8%	18.1%	16.7%
Peer median	21.5%	20.6%	20.1%	22.2%	17.9%	21.3%	23.6%	19.8%	22.9%	20.8%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	9.4%	−20.4%	5.8%	20.7%	−11.1%	31.8%	10.0%	16.2%	0.8%	25.0%
STE Mar	-	4.2%	11.1%	10.9%	13.5%	12.8%	5.8%	2.4%	7.4%	11.3%
RMD Jun	19.2%	16.6%	13.5%	15.5%	21.0%	14.8%	21.8%	21.3%	21.8%	27.2%
EW Dec	19.2%	17.0%	19.4%	24.1%	18.8%	28.7%	34.1%	28.0%	76.7%	17.7%
DXCM Dec	−11.4%	−7.0%	−12.3%	6.8%	28.5%	8.9%	11.7%	14.9%	14.3%	17.9%
IDXX Dec	12.5%	13.4%	17.0%	17.8%	21.5%	23.2%	20.2%	23.1%	22.8%	24.6%
A Oct	11.0%	15.3%	6.4%	20.7%	13.5%	19.1%	18.3%	18.1%	19.8%	18.8%
WAT Dec	24.1%	0.9%	24.5%	24.6%	22.1%	24.9%	23.8%	21.7%	21.6%	20.3%
ILMN Dec	19.3%	26.4%	24.8%	28.3%	20.3%	16.8%	−96.1%	−25.8%	−28.0%	19.6%
COO Oct	13.9%	17.4%	5.5%	17.6%	9.8%	100.8%	11.7%	8.2%	10.1%	9.2%
Peer median	16.5%	15.3%	13.5%	17.8%	20.3%	19.1%	18.3%	18.1%	19.8%	18.8%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	$184.5M	−$204.0M	$262.7M	$632.6M	−$312.0M	$568.5M	$892.1M	-	-	-
STE Mar	-	$251.2M	$292.2M	$349.8M	$376.0M	$450.4M	$397.2M	$395.0M	$613.0M	$778.0M
RMD Jun	$489.4M	$351.8M	$442.4M	$390.3M	$706.9M	$634.0M	$216.3M	$573.6M	$1.3B	$1.7B
EW Dec	$528.3M	$832.6M	$688.0M	$928.5M	$647.3M	$1.4B	$973.6M	$642.8M	$289.9M	$1.3B
DXCM Dec	$500K	$26.0M	$56.1M	$134.5M	$276.6M	$53.3M	$304.7M	$511.9M	$630.7M	$1.1B
IDXX Dec	$274.2M	$298.9M	$284.3M	$304.2M	$541.1M	$636.0M	$394.1M	$772.9M	$808.1M	$1.1B
A Oct	$654.0M	$713.0M	$910.0M	$866.0M	$802.0M	$1.3B	$1.0B	$1.5B	$1.4B	$1.2B
WAT Dec	-	-	-	-	-	-	-	$442.2M	$619.6M	$539.8M
ILMN Dec	$519.0M	$565.0M	$846.0M	$842.0M	$891.0M	$337.0M	$106.0M	$283.0M	$709.0M	$931.0M
COO Oct	$357.0M	$466.4M	$475.3M	$421.1M	$176.2M	$524.2M	$450.4M	$215.0M	$288.1M	$433.7M
Peer median	$489.4M	$409.1M	$458.9M	$405.7M	$594.2M	$579.1M	$395.7M	$511.9M	$630.7M	$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	16.7%	−13.3%	14.0%	29.3%	−11.7%	19.0%	26.3%	-	-	-
STE Mar	-	9.6%	11.2%	12.6%	12.4%	14.5%	9.4%	8.7%	11.9%	14.3%
RMD Jun	26.6%	17.0%	18.9%	15.0%	23.9%	19.8%	6.0%	13.6%	27.8%	32.3%
EW Dec	17.8%	24.2%	18.5%	21.4%	14.8%	26.9%	21.8%	12.8%	5.3%	22.0%
DXCM Dec	0.1%	3.6%	5.4%	9.1%	14.4%	2.2%	10.5%	14.1%	15.6%	23.1%
IDXX Dec	15.4%	15.2%	12.8%	12.6%	20.0%	19.8%	11.7%	21.1%	20.7%	24.6%
A Oct	15.6%	15.9%	18.5%	16.8%	15.0%	20.5%	14.9%	21.6%	21.1%	16.6%
WAT Dec	-	-	-	-	-	-	-	15.0%	20.9%	17.1%
ILMN Dec	21.6%	20.5%	25.4%	23.8%	27.5%	7.4%	2.3%	6.3%	16.2%	21.4%
COO Oct	18.2%	21.8%	18.8%	15.9%	7.2%	17.9%	13.6%	6.0%	7.4%	10.6%
Peer median	17.8%	16.5%	18.5%	15.4%	14.9%	18.9%	11.1%	13.6%	16.2%	21.4%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	24.8%	−19.2%	5.7%	17.2%	−11.3%	25.2%	7.8%	11.5%	0.9%	24.9%
STE Mar	-	3.9%	9.1%	9.6%	12.0%	10.2%	3.7%	1.8%	6.0%	9.3%
RMD Jun	20.8%	17.5%	15.3%	19.5%	24.9%	16.4%	23.2%	21.7%	21.0%	23.5%
EW Dec	21.7%	19.7%	23.0%	25.2%	18.0%	25.8%	26.2%	21.1%	41.8%	10.4%
DXCM Dec	−23.1%	−12.0%	−19.2%	11.5%	35.4%	10.6%	16.0%	26.2%	27.4%	30.5%
IDXX Dec	n/m	n/m	n/m	n/m	92.0%	107.9%	111.6%	56.9%	55.7%	66.0%
A Oct	10.9%	14.2%	6.9%	22.6%	14.8%	22.5%	23.6%	21.2%	21.9%	19.3%
WAT Dec	22.7%	0.9%	37.9%	n/m	n/m	188.5%	140.3%	55.8%	34.9%	25.1%
ILMN Dec	21.1%	26.4%	22.0%	21.7%	14.0%	7.1%	−66.7%	−20.2%	−51.5%	31.2%
COO Oct	10.2%	11.7%	4.2%	12.9%	6.2%	42.4%	5.4%	3.9%	4.9%	4.6%
Peer median	20.8%	13.0%	12.2%	19.5%	16.4%	22.5%	23.2%	21.2%	21.9%	23.5%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	1.79	0.02	9.91	-	-	-	-	-	-	-
STE Mar	-	-	0.41	0.37	0.34	0.43	0.47	0.51	0.51	0.31
RMD Jun	0.69	0.55	0.14	0.61	0.47	0.23	0.23	0.35	0.15	0.11
EW Dec	0.31	0.35	0.19	0.14	0.13	0.10	0.10	0.09	0.06	0.06
DXCM Dec	-	-	-	-	-	-	-	-	-	-
IDXX Dec	n/m	n/m	n/m	3.94	1.44	1.23	1.26	0.47	0.39	0.28
A Oct	0.44	0.41	0.39	0.51	0.48	0.51	0.52	0.47	0.57	0.50
WAT Dec	0.85	0.89	0.73	n/m	5.86	4.14	3.13	2.05	0.89	0.55
ILMN Dec	0.48	0.43	0.22	0.25	0.25	0.09	0.30	0.26	0.84	0.73
COO Oct	0.57	0.37	0.61	0.50	0.47	0.21	0.38	0.34	0.32	0.30
Peer median	0.53	0.42	0.39	0.50	0.47	0.33	0.43	0.41	0.45	0.31

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
INCY Dec	$0.54	−$1.53	$0.51	$2.05	−$1.36	$4.27	$1.52	$2.65	$0.15	$6.41
STE Mar	-	$1.28	$3.39	$3.55	$4.76	$4.63	$2.48	$1.07	$3.81	$6.20
RMD Jun	$2.49	$2.40	$2.19	$2.80	$4.27	$3.24	$5.30	$6.09	$6.92	$9.51
EW Dec	$0.87	$0.90	$1.13	$1.64	$1.30	$2.38	$2.44	$2.30	$6.97	$1.83
DXCM Dec	−$0.78	−$0.58	−$1.44	$1.10	$1.33	$0.53	$0.82	$1.30	$1.42	$2.09
IDXX Dec	$2.44	$2.94	$4.26	$4.89	$6.71	$8.60	$8.03	$10.06	$10.67	$13.08
A Oct	$1.40	$2.10	$0.97	$3.37	$2.30	$3.94	$4.18	$4.19	$4.43	$4.57
WAT Dec	$6.41	$0.25	$7.65	$8.69	$8.36	$11.17	$11.73	$10.84	$10.71	$10.76
ILMN Dec	$3.07	$4.92	$5.56	$6.74	$4.45	$5.04	−$28.00	−$7.34	−$7.69	$5.45
COO Oct	$1.40	$1.88	$0.70	$2.33	$1.20	$14.79	$1.94	$1.48	$1.96	$1.87
Peer median	$1.92	$1.88	$2.19	$3.37	$4.27	$4.63	$2.48	$2.30	$4.43	$5.45

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out INCY and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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