INCY · Incyte Corp - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · INCY

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$5.14B	$4.24B	$3.70B	$3.39B	$2.99B	$2.67B
Cost of Revenue	$372.13M	$312.07M	$254.99M	$207.00M	$150.99M	$131.33M
Gross Profit	$4.77B	$3.93B	$3.44B	$3.19B	$2.84B	$2.54B
R&D	$2.05B	$2.61B	$1.63B	$1.59B	$1.46B	$2.22B
SG&A	$1.38B	$1.24B	$1.16B	$1.00B	$739.56M	$516.92M
Total Operating Expenses	$3.63B	$4.18B	$3.08B	$2.82B	$2.40B	$2.93B
D&A	$93.29M	$89.25M	$82.66M	$67.86M	$57.84M	$51.81M
Operating Income	$1.51B	$61.37M	$620.52M	$579.44M	$585.78M	($263.68M)
Interest Expense	$2.43M	$2.28M	$2.55M	$2.67M	$1.91M	$2.17M
Income Tax	$377.80M	$284.01M	$236.62M	$188.46M	($378.14M)	$63.48M
Net Income	$1.29B	$32.62M	$597.60M	$340.66M	$948.58M	($295.70M)
EPS - Basic	$6.59	$0.16	$2.67	$1.53	$4.30	($1.36)
EPS - Diluted	$6.41	$0.15	$2.65	$1.52	$4.27	($1.36)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$3.10B	$1.69B	$3.21B	$2.95B	$2.06B	$1.51B
Accounts Receivable	-	-	-	-	-	-
Inventory	$101.06M	$58.87M	$62.97M	$41.99M	$27.90M	$16.43M
Accounts Payable	$209.94M	$197.47M	$109.60M	$277.55M	$172.11M	$98.77M
Current Assets	$5.02B	$3.24B	$4.65B	$4.09B	$3.12B	$2.36B
Total Assets	$6.96B	$5.44B	$6.78B	$5.84B	$4.93B	$3.56B
Current Liabilities	$1.52B	$1.64B	$1.24B	$1.16B	$854.31M	$631.20M
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$1.79B	$2.00B	$1.59B	$1.47B	$1.16B	$949.65M
Stockholders' Equity	$5.17B	$3.45B	$5.19B	$4.37B	$3.77B	$2.61B
Retained Earnings	$213.77M	($1.07B)	$160.38M	($437.21M)	($777.87M)	($1.73B)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$1.41B	$335.34M	$496.49M	$969.94M	$749.49M	($124.60M)
Investing Cash Flow	($102.61M)	$157.52M	($207.68M)	($78.54M)	($207.70M)	($269.00M)
Financing Cash Flow	$101.04M	($2.02B)	($20.03M)	($794.0K)	$6.18M	$71.71M
CapEx	-	-	-	$77.83M	$181.01M	$187.38M
Free Cash Flow	-	-	-	$892.11M	$568.48M	($311.98M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	92.8%	92.6%	93.1%	93.9%	94.9%	95.1%
Operating margin	29.5%	1.4%	16.8%	17.1%	19.6%	-9.9%
EBITDA margin	31.3%	3.6%	19.0%	19.1%	21.6%	-7.9%
Net margin	25.0%	0.8%	16.2%	10.0%	31.8%	-11.1%
Free cash flow margin	-	-	-	26.3%	19.0%	-11.7%
FCF / Net income	-	-	-	2.62	0.60	1.06
R&D / Revenue	39.9%	61.5%	44.0%	46.7%	48.8%	83.1%
SG&A / Revenue	26.8%	29.3%	31.4%	29.5%	24.8%	19.4%
Effective tax rate	22.7%	89.7%	28.4%	35.6%	-66.3%	-
Return on assets	18.5%	0.6%	8.8%	5.8%	19.2%	-8.3%
Return on equity	24.9%	0.9%	11.5%	7.8%	25.2%	-11.3%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	3.32	1.97	3.75	3.54	3.65	3.74
Quick ratio	3.25	1.94	3.69	3.50	3.62	3.71
Cash ratio	2.04	1.03	2.59	2.55	2.41	2.40
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	623.9x	26.9x	243.2x	217.3x	307.0x	-121.3x
Equity multiplier	1.35	1.58	1.31	1.34	1.31	1.36
Liabilities / Assets	0.26	0.37	0.23	0.25	0.24	0.27
Efficiency
Asset turnover	0.74	0.78	0.54	0.58	0.61	0.75
Inventory turnover	3.68	5.30	4.05	4.93	5.41	8.00
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	99d	69d	90d	74d	67d	46d
Days payable outstanding	206d	231d	157d	489d	416d	275d
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	15.4x	460.5x	23.7x	52.8x	17.2x	-
P / B	3.8x	4.2x	2.7x	4.1x	4.3x	7.3x
P / S	3.9x	3.4x	3.8x	5.3x	5.5x	7.1x
EV / EBITDA	10.4x	85.3x	15.6x	23.2x	22.1x	-
Growth
Revenue growth (YoY)	21.2%	14.8%	8.9%	13.7%	12.0%	23.5%
Revenue CAGR (3y)	14.8%	12.4%	11.5%	16.3%	16.6%	20.2%
Revenue CAGR (5y)	14.0%	14.5%	14.5%	17.2%	22.0%	28.8%
Gross profit growth (YoY)	21.4%	14.2%	7.9%	12.4%	11.8%	24.0%
Operating income growth (YoY)	2368.6%	-90.1%	7.1%	-1.1%	-	-
Net income growth (YoY)	3845.0%	-94.5%	75.4%	-64.1%	-	-
EPS growth (YoY)	4173.3%	-94.3%	74.3%	-64.4%	-	-
EPS CAGR (3y)	61.6%	-67.2%	-	-9.5%	103.1%	-
EPS CAGR (5y)	-	-40.7%	39.0%	-	51.2%	-
FCF growth (YoY)	-	-	-	56.9%	-	-
FCF CAGR (5y)	-	-	-	35.7%	25.2%	-
Book value growth (YoY)	49.9%	-33.6%	18.8%	15.9%	44.4%	0.5%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$5.14B total

Reportable Segment$5.14B · 100.0%

Product / service

$10.76B total

Product$4.35B · 40.5%

JAKAFI$3.09B · 28.7%

OPZELURA$678.46M · 6.3%

Royalty$636.91M · 5.9%

JAKAVIRoyalty Revenues$457.73M · 4.3%

JAKAVI$457.70M · 4.3%

NIKTIMVO$151.64M · 1.4%

Milestone And Contract Revenues$150.00M · 1.4%

OLUMIANT$144.60M · 1.3%

Olumiant Royalty$144.60M · 1.3%

MINJUVIMONJUVI$144.58M · 1.3%

ICLUSIG$134.07M · 1.2%

Pemazyre$86.73M · 0.8%

ZYNYZ$66.35M · 0.6%

TABRECTARoyalty Revenues$26.70M · 0.2%

TABRECTA$26.70M · 0.2%

Other Product Royalty Revenues$7.88M · 0.1%

Geographic

$5.14B total

US$4.80B · 93.4%

Europe$323.73M · 6.3%

Other Countries$17.57M · 0.3%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

3.01

Safe

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
✓Current ratio improved
✓No share dilution
✓Gross margin improved
✗Asset turnover improved

Peer comparison

Same SIC group: Services-Commercial Physical & Biological Research

Company	Revenue (last FY)	Net margin	ROE
CRL	$4.02B	-3.6%	-4.6%
MEDP	$2.53B	17.8%	98.3%
IQV	$16.31B	8.3%	20.9%
OABI	$18.67M	-347.0%	-24.3%
NOTV	$513.02M	-13.4%	-50.4%

Comparing INCYTE CORP against the 5 most active filers in the same SIC group.