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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.27B | - | $1.37B | $1.22B | $1.05B | - | $1.14B | $1.04B | $880.89M | - |
| Cost of Revenue | $104.52M | - | $99.00M | $78.77M | $73.19M | - | $85.99M | $76.63M | $60.96M | - |
| Gross Profit | $1.17B | - | $1.27B | $1.14B | $979.71M | - | $1.05B | $967.13M | $819.93M | - |
| R&D | $515.90M | - | $506.58M | $494.92M | $437.28M | - | $573.17M | $1.14B | $429.26M | - |
| SG&A | $328.09M | - | $329.08M | $331.02M | $325.69M | - | $309.21M | $305.98M | $300.26M | - |
| Total Operating Expenses | $971.56M | - | $922.46M | $685.22M | $847.73M | - | $991.79M | $1.52B | $788.99M | - |
| D&A | $23.80M | - | - | - | $22.36M | - | - | - | $21.95M | - |
| Operating Income | $301.12M | - | $443.52M | $530.31M | $205.17M | - | $146.09M | ($478.13M) | $91.90M | - |
| Interest Expense | $569.0K | - | $592.0K | $594.0K | $430.0K | - | $774.0K | $655.0K | $430.0K | - |
| Income Tax | $40.27M | - | $58.14M | $153.01M | $75.99M | - | $50.07M | $54.82M | $66.61M | - |
| Net Income | $303.33M | - | $424.17M | $405.00M | $158.20M | - | $106.46M | ($444.60M) | $169.55M | - |
| EPS - Basic | $1.52 | - | $2.17 | $2.09 | $0.82 | - | $0.55 | ($2.04) | $0.76 | - |
| EPS - Diluted | $1.47 | - | $2.11 | $2.04 | $0.80 | - | $0.54 | ($2.04) | $0.75 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.46B | $3.10B | $2.46B | $1.95B | $1.94B | $1.69B | $1.30B | $987.29M | $3.35B | $3.21B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | $115.62M | $101.06M | $83.45M | $83.42M | $63.98M | $58.87M | $70.44M | $100.70M | $63.64M | $62.97M |
| Accounts Payable | $228.62M | $209.94M | $171.93M | $241.09M | $195.54M | $197.47M | $178.71M | $148.17M | $164.24M | $109.60M |
| Current Assets | $5.48B | $5.02B | $4.28B | $3.64B | $3.51B | $3.24B | $2.81B | $2.57B | $4.85B | $4.65B |
| Total Assets | $7.34B | $6.96B | $6.33B | $5.82B | $5.75B | $5.44B | $5.01B | $4.66B | $7.14B | $6.78B |
| Current Liabilities | $1.49B | $1.52B | $1.34B | $1.28B | $1.72B | $1.64B | $1.50B | $1.34B | $1.40B | $1.24B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $1.72B | $1.79B | $1.68B | $1.65B | $2.08B | $2.00B | $1.84B | $1.66B | $1.74B | $1.59B |
| Stockholders' Equity | $5.62B | $5.17B | $4.65B | $4.17B | $3.67B | $3.45B | $3.17B | $3.00B | $5.39B | $5.19B |
| Retained Earnings | $517.10M | $213.77M | ($85.51M) | ($509.68M) | ($914.68M) | ($1.07B) | ($1.27B) | ($1.38B) | $329.93M | $160.38M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $369.35M | - | - | - | $266.07M | - | - | - | $218.81M | - |
| Investing Cash Flow | ($88.20M) | - | - | - | $1.10M | - | - | - | ($73.11M) | - |
| Financing Cash Flow | $84.82M | - | - | - | ($12.68M) | - | - | - | ($12.41M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 91.8% | - | 92.8% | 93.5% | 93.0% | - | 92.4% | 92.7% | 93.1% | - |
| Operating margin | 23.7% | - | 32.5% | 43.6% | 19.5% | - | 12.8% | -45.8% | 10.4% | - |
| EBITDA margin | 25.5% | - | - | - | 21.6% | - | - | - | 12.9% | - |
| Net margin | 23.8% | - | 31.1% | 33.3% | 15.0% | - | 9.4% | -42.6% | 19.2% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 40.5% | - | 37.1% | 40.7% | 41.5% | - | 50.4% | 109.1% | 48.7% | - |
| SG&A / Revenue | 25.8% | - | 24.1% | 27.2% | 30.9% | - | 27.2% | 29.3% | 34.1% | - |
| Effective tax rate | 11.7% | - | 12.1% | 27.4% | 32.4% | - | 32.0% | - | 28.2% | - |
| Return on assets | 4.1% | - | 6.7% | 7.0% | 2.8% | - | 2.1% | -9.5% | 2.4% | - |
| Return on equity | 5.4% | - | 9.1% | 9.7% | 4.3% | - | 3.4% | -14.8% | 3.1% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.68 | 3.32 | 3.20 | 2.85 | 2.04 | 1.97 | 1.87 | 1.92 | 3.47 | 3.75 |
| Quick ratio | 3.60 | 3.25 | 3.13 | 2.78 | 2.00 | 1.94 | 1.82 | 1.84 | 3.43 | 3.69 |
| Cash ratio | 2.32 | 2.04 | 1.83 | 1.53 | 1.13 | 1.03 | 0.87 | 0.74 | 2.40 | 2.59 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 529.2x | - | 749.2x | 892.8x | 477.1x | - | 188.7x | -730.0x | 213.7x | - |
| Equity multiplier | 1.31 | 1.35 | 1.36 | 1.40 | 1.57 | 1.58 | 1.58 | 1.56 | 1.32 | 1.31 |
| Liabilities / Assets | 0.23 | 0.26 | 0.27 | 0.28 | 0.36 | 0.37 | 0.37 | 0.36 | 0.24 | 0.23 |
| Efficiency | ||||||||||
| Asset turnover | 0.17 | - | 0.22 | 0.21 | 0.18 | - | 0.23 | 0.22 | 0.12 | - |
| Inventory turnover | 0.90 | - | 1.19 | 0.94 | 1.14 | - | 1.22 | 0.76 | 0.96 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 404d | - | 308d | 387d | 319d | - | 299d | 480d | 381d | - |
| Days payable outstanding | 798d | - | 634d | 1117d | 975d | - | 759d | 706d | 983d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 64.0x | - | 40.2x | 33.4x | 75.7x | - | 122.4x | - | 76.0x | - |
| P / B | 3.5x | - | 3.7x | 3.2x | 3.3x | - | 4.1x | 4.4x | 2.4x | - |
| P / S | 15.3x | - | 12.5x | 11.1x | 11.4x | - | 11.4x | 12.7x | 14.7x | - |
| EV / EBITDA | 49.3x | - | - | - | 44.2x | - | - | - | 84.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 20.9% | - | 20.0% | 16.5% | 19.5% | - | 23.8% | 9.3% | 8.9% | - |
| Revenue CAGR (3y) | 16.3% | - | 18.4% | 10.1% | 12.8% | - | 11.9% | - | 13.4% | - |
| Revenue CAGR (5y) | 16.0% | - | - | 14.4% | 13.1% | - | 15.6% | 14.5% | 12.1% | - |
| Gross profit growth (YoY) | 19.2% | - | 20.4% | 17.5% | 19.5% | - | 22.5% | 9.1% | 9.1% | - |
| Operating income growth (YoY) | 46.8% | - | 203.6% | - | 123.3% | - | -32.0% | - | 271.0% | - |
| Net income growth (YoY) | 91.7% | - | 298.4% | - | -6.7% | - | -37.8% | - | 681.2% | - |
| EPS growth (YoY) | 83.7% | - | 290.7% | - | 6.7% | - | -28.9% | - | 650.0% | - |
| EPS CAGR (3y) | 145.0% | - | 61.6% | 41.5% | 67.6% | - | -13.0% | - | 46.2% | - |
| EPS CAGR (5y) | 43.7% | - | - | - | - | - | -1.8% | - | 9.8% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 53.3% | 49.9% | 46.7% | 39.2% | -32.0% | -33.6% | -35.7% | -36.8% | 20.9% | 18.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.14B totalReportable Segment$5.14B · 100.0%
Product / service
$10.76B totalProduct$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 totalUS$4.80B · 93.4%
Europe$323.73M · 6.3%
Other Countries$17.57M · 0.3%
Peer comparison
Same SIC group: Services-Commercial Physical & Biological Research
Comparing INCYTE CORP against the 5 most active filers in the same SIC group.