Incyte Corp. (INCY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.34	$1.81	+35.1%	—	—	—
Q2 26	$1.92	$1.8	-6.2%	—	—	—
Q1 26	$1.47	$1.57	+6.8%	—	—	—
Q4 25	$1.03	$1.16	+12.6%	—	—	—
Q3 25	$1.55	$1.43	-7.7%	—	—	—
Q2 25	$1.09	$1.07	-1.8%	—	—	—
Q1 25	$1.11	-$1.82	-264.0%	—	—	—
Q4 24	$0.83	$0.64	-22.9%	—	—	—
Q3 24	$1.15	$1.06	-7.8%	—	—	—
Q2 24	$1.02	$1.1	+7.8%	—	—	—
Q1 24	$0.87	$0.99	+13.8%	—	—	—
Q4 23	$0.74	$0.37	-50.0%	—	—	—
Q3 23	$0.57	$0.62	+8.8%	—	—	—
Q2 23	$0.71	$0.6	-15.5%	—	—	—
Q1 23	$0.75	$1.01	+34.7%	—	—	—
Q4 22	$0.69	$0.55	-20.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.59	—	—	$5.1B	—
FY24	—	$0.16	—	—	$4.2B	—
FY23	—	$2.67	—	—	$3.7B	—
FY22	—	$1.53	—	—	$3.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.5B	$1.9B	$2.2B	$2.7B	$3B	$3.4B	$3.7B	$4.2B	$5.1B
YoY change	+46.7%	+38.9%	+22.5%	+14.7%	+23.5%	+12%	+13.7%	+8.87%	+14.8%	+21.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.5B	1.9B	2.2B	2.7B	3B	3.4B	3.7B	4.2B	5.1B
Cost of revenue	58.2M	79.5M	94.1M	114.2M	131.3M	151M	207M	255M	312.1M	372.1M
Gross profit	1B	1.5B	1.8B	2B	2.5B	2.8B	3.2B	3.4B	3.9B	4.8B
Gross margin	94.7%	94.8%	95%	94.7%	95.1%	94.9%	93.9%	93.1%	92.6%	92.8%
Research & development	581.9M	1.3B	1.2B	1.2B	2.2B	1.5B	1.6B	1.6B	2.6B	2.1B
Selling, general & administrative	303.3M	366.3M	434.4M	468.7M	516.9M	739.6M	1B	1.2B	1.2B	1.4B
Operating expenses	885.1M	1.7B	1.6B	1.6B	2.8B	2.2B	2.6B	2.8B	3.8B	3.4B
Operating income	162.4M	-235.7M	155.4M	421.7M	-240.2M	600.5M	591.6M	649.7M	101.3M	1.3B
Operating margin	14.7%	-15.3%	8.26%	19.5%	-9.01%	20.1%	17.4%	17.6%	2.39%	26.1%
Non-operating income, net	-16.3M	-69.7M	-38.5M	67M	10.2M	-38.8M	-99.7M	14.7M	88.8M	218.5M
Pretax income	107.4M	-312.3M	115.3M	486.8M	-232.2M	570.4M	529.1M	834.2M	316.6M	1.7B
Income tax	3.2M	852K	5.9M	39.9M	63.5M	-378.1M	188.5M	236.6M	284M	377.8M
Net income	104.2M	-313.1M	109.5M	446.9M	-295.7M	948.6M	340.7M	597.6M	32.6M	1.3B
Net margin	9.43%	-20.4%	5.82%	20.7%	-11.1%	31.8%	10%	16.2%	0.77%	25%
EBITDA	225.3M	-166.4M	242.1M	528.4M	-165.3M	669M	699.4M	904.7M	332.1M	1.6B
EPS	0.55	-1.53	0.52	2.08	-1.36	4.3	1.53	2.67	0.16	6.59
Diluted EPS	0.54	-1.53	0.51	2.05	-1.36	4.27	1.52	2.65	0.15	6.41

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	919M	1B	880.9M	1B	1.1B	1.2B	1.1B	1.2B	1.4B	1.5B	1.3B	1.7B
Cost of revenue	60.1M	69.8M	61M	76.6M	86M	88.5M	73.2M	78.8M	99M	121.1M	104.5M	105M
Gross profit	858.9M	943.5M	819.9M	967.2M	1.1B	1.1B	979.7M	1.1B	1.3B	1.4B	1.2B	1.6B
Gross margin	93.5%	93.1%	93.1%	92.7%	92.4%	92.5%	93%	93.5%	92.8%	92%	91.8%	93.7%
Research & development	375.7M	444.5M	429.3M	1.1B	573.2M	466M	437.3M	494.9M	506.6M	611.4M	515.9M	517M
Selling, general & administrative	267.9M	293.9M	300.3M	285.8M	309.2M	326.8M	325.7M	331M	329.1M	390.4M	328.1M	351.7M
Operating expenses	644.7M	741.3M	728.5M	1.4B	882.4M	792.8M	763M	825.9M	835.7M	1B	844M	868.6M
Operating income	214.3M	202.2M	91.4M	-457M	169.5M	297.4M	216.7M	310.8M	431.3M	384M	324.2M	700.4M
Operating margin	23.3%	20%	10.4%	-43.8%	14.9%	25.2%	20.6%	25.6%	31.6%	25.5%	25.5%	41.8%
Non-operating income, net	-26.2M	19M	100.4M	18.1M	-36.4M	6.7M	-4.8M	222.6M	24.8M	-24.1M	-13.7M	13.6M
Pretax income	233.8M	271M	236.2M	-389.8M	156.5M	313.7M	234.2M	558M	482.3M	389.9M	343.6M	751.5M
Income tax	62.5M	69.9M	66.6M	54.8M	50.1M	112.5M	76M	153M	58.1M	90.7M	40.3M	165.9M
Net income	171.3M	201.1M	169.5M	-444.6M	106.5M	201.2M	158.2M	405M	424.2M	299.3M	303.3M	585.6M
Net margin	18.6%	19.8%	19.2%	-42.6%	9.36%	17.1%	15%	33.3%	31.1%	19.9%	23.8%	35%
EBITDA	282M	274.5M	158.1M	-385.2M	216.2M	343M	270.1M	366.2M	486.2M	444.3M	384.4M	771.3M
EPS	0.76	0.9	0.76	-2.04	0.55	1.04	0.82	2.09	2.17	1.52	1.52	2.92
Diluted EPS	0.76	0.89	0.75	-2.04	0.54	1.02	0.8	2.04	2.11	1.46	1.47	2.81

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	18.8B	19.4B	13.5B	18.8B	19B	16.2B	17.8B	14B	14.3B	19.3B	25.3B
Enterprise value	18.7B	18.2B	12.1B	16.7B	17.2B	13.9B	14.6B	10.4B	12.2B	15.7B	20.6B
Shares outstanding	187.9M	204.6M	212.4M	214.9M	218.1M	220.4M	222M	223.6M	207.1M	195.2M	195.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	180.7	—	123.3	42	—	17.1	52.3	23.5	438.6	15	15.8
P/S	17	12.6	7.18	8.69	7.11	5.42	5.25	3.8	3.37	3.75	4.32
P/B	44.9	11.9	7.01	7.22	7.26	4.29	4.08	2.71	4.15	3.73	3.93
EV/EBITDA	82.9	-109.6	50	31.6	-104.2	20.7	20.9	11.5	36.7	10	10.6
EV/Sales	16.9	11.9	6.43	7.74	6.46	4.65	4.31	2.82	2.87	3.06	3.54
Earnings yield	0.55%	—	0.81%	2.38%	—	5.86%	1.91%	4.26%	0.23%	6.67%	6.33%
FCF yield	0.98%	-1.05%	1.95%	3.37%	-1.64%	3.51%	5%	3.2%	1.64%	6.9%	4.67%
PEG	—	—	—	—	—	—	—	—	—	—	0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	94.7%	94.8%	95%	94.7%	95.1%	94.9%	93.9%	93.1%	92.6%	92.8%	93.7%
Operating margin	14.7%	-15.3%	8.26%	19.5%	-9.01%	20.1%	17.4%	17.6%	2.39%	26.1%	41.9%
Net margin	9.43%	-20.4%	5.82%	20.7%	-11.1%	31.8%	10%	16.2%	0.77%	25%	27.7%
ROE	24.8%	-19.2%	5.69%	17.2%	-11.3%	25.2%	7.8%	11.5%	0.95%	24.9%	30.7%
ROA	6.36%	-13.6%	4.14%	13%	-8.3%	19.2%	5.83%	8.81%	0.6%	18.5%	16.8%
ROIC	60.1%	-48.6%	28.2%	71.5%	-28%	40.9%	32.5%	29.6%	0.78%	63.8%	81.6%
Return on tangible assets	13.3%	-20.6%	5.75%	16.4%	-10.2%	22%	6.46%	9.6%	0.66%	19.9%	21.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.64	4.01	4.31	4.83	3.74	3.65	3.54	3.75	1.97	3.32	4.59
Quick ratio	3.62	3.99	4.29	4.81	3.71	3.62	3.5	3.69	1.94	3.25	4.51
Debt / equity	1.55	0.01	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.01
Debt / assets	0.4	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0
Net debt / EBITDA	-0.7	6.89	-5.79	-3.89	10.6	-3.44	-4.57	-4	-6.37	-2.26	-2.16
Interest coverage	3.77	-44.3	75.8	263.4	-105.8	300	199.5	328	139.9	686.5	847.2
Effective tax rate	2.96%	0%	5.08%	8.19%	0%	0%	35.6%	28.4%	89.7%	22.7%	18%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.89	7.51	8.86	10	12.2	13.5	15.3	16.5	20.5	26.3	29.4
EPS (basic)	0.55	-1.53	0.52	2.08	-1.36	4.3	1.53	2.67	0.16	6.59	6.59
EPS (diluted)	0.54	-1.53	0.51	2.05	-1.36	4.27	1.52	2.65	0.15	6.41	7.85
Book value per share	2.23	7.97	9.07	12.1	12	17.1	19.7	23.2	16.6	26.5	31.6
FCF per share	0.98	-1	1.24	2.94	-1.43	2.58	4.02	2.01	1.14	6.81	9.08
Cash per share	4.3	5.72	6.77	9.85	8.26	10.7	14.6	16.3	10.4	18.3	22.4
Capex per share	—	—	—	—	—	—	—	—	—	0.3	0.28

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	1.14%	1.02%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	4.16%	2.99%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$919M	$1B	$880.9M	$1B	$1.1B	$1.2B	$1.1B	$1.2B	$1.4B	$1.5B	$1.3B	$1.7B
YoY change	+11.6%	+9.35%	+8.93%	+9.34%	+23.8%	+16.3%	+19.5%	+16.5%	+20%	+27.8%	+20.9%	+37.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	808.5M	1.2B	1.4B	2.1B	1.8B	2.3B	3.2B	3.7B	2.2B	3.6B
Receivables	148.8M	266.3M	307.6M	308.8M	482M	616.3M	644.9M	743.6M	853.2M	1B
Inventory	4.1M	6.5M	7M	11.4M	16.4M	27.9M	42M	63M	58.9M	101.1M
Total current assets	994.2M	1.5B	1.8B	2.5B	2.4B	3.1B	4.1B	4.6B	3.2B	5B
Property, plant & equipment	167.7M	259.8M	319.8M	198.3M	350M	317.1M	201.4M	192.3M	196.9M	148.4M
Goodwill & intangibles	852.1M	785M	741.9M	698.8M	655.8M	612.7M	569.6M	558.3M	538.8M	500.3M
Total assets	1.6B	2.3B	2.6B	3.4B	3.6B	4.9B	5.8B	6.8B	5.4B	7B
Accounts payable	75.6M	67.7M	103.8M	83.6M	98.8M	172.1M	277.5M	109.6M	197.5M	209.9M
Short-term debt	—	7.4M	18.7M	28.3M	15M	13.2M	11.4M	9.1M	10M	10.2M
Total current liabilities	273.5M	375.4M	425.3M	513.3M	631.2M	854.3M	1.2B	1.2B	1.6B	1.5B
Long-term debt	651.5M	16.6M	17.4M	31.9M	32.6M	31.6M	30.1M	29.2M	33.5M	30.2M
Total liabilities	1.2B	672M	719.8M	828.3M	949.6M	1.2B	1.5B	1.6B	2B	1.8B
Shareholders' equity	419.5M	1.6B	1.9B	2.6B	2.6B	3.8B	4.4B	5.2B	3.4B	5.2B
Total debt	651.5M	24M	36.1M	60.2M	47.5M	44.8M	41.5M	38.3M	43.5M	40.4M
Net debt	-862K	-875.5M	-1.1B	-1.8B	-1.5B	-2B	-2.9B	-3.2B	-1.6B	-3.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.5B	3.7B	3.9B	1.5B	1.8B	2.2B	2.4B	2.4B	2.9B	3.6B	4B	4.5B
Receivables	657.3M	743.6M	745.5M	739M	758.5M	853.2M	823.1M	842.9M	895.9M	1B	1.1B	1.1B
Inventory	57.2M	63M	63.6M	100.7M	70.4M	58.9M	64M	83.4M	83.4M	101.1M	115.6M	112.5M
Total current assets	4.4B	4.6B	4.8B	2.6B	2.8B	3.2B	3.5B	3.6B	4.3B	5B	5.5B	6B
Property, plant & equipment	189.2M	192.3M	173M	214.4M	212.9M	196.9M	192.8M	200.3M	198.9M	148.4M	138M	128.3M
Goodwill & intangibles	569.7M	558.3M	546.9M	538.3M	551.2M	538.8M	526.4M	564M	550M	500.3M	486.3M	472.4M
Total assets	6.4B	6.8B	7.1B	4.7B	5B	5.4B	5.7B	5.8B	6.3B	7B	7.3B	7.9B
Accounts payable	139.4M	109.6M	164.2M	148.2M	178.7M	197.5M	195.5M	241.1M	171.9M	209.9M	228.6M	250.4M
Short-term debt	9.2M	9.1M	8.5M	8.8M	8.3M	10M	10.5M	10.6M	10.4M	10.2M	10M	9.8M
Total current liabilities	1.1B	1.2B	1.4B	1.3B	1.5B	1.6B	1.7B	1.3B	1.3B	1.5B	1.5B	1.3B
Long-term debt	28.9M	29.2M	28.9M	28.7M	28.2M	33.5M	32.6M	31.8M	30.9M	30.2M	29.4M	28.4M
Total liabilities	1.5B	1.6B	1.7B	1.7B	1.8B	2B	2.1B	1.7B	1.7B	1.8B	1.7B	1.5B
Shareholders' equity	4.9B	5.2B	5.4B	3B	3.2B	3.4B	3.7B	4.2B	4.7B	5.2B	5.6B	6.3B
Total debt	38.1M	38.3M	37.4M	37.5M	36.5M	43.5M	43.1M	42.4M	41.3M	40.4M	39.4M	38.3M
Net debt	-3.2B	-3.2B	-3.3B	-949.7M	-1.3B	-1.6B	-1.9B	-1.9B	-2.4B	-3.1B	-3.4B	-3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	104.2M	-313.1M	109.5M	446.9M	-295.7M	948.6M	340.7M	597.6M	32.6M	1.3B
Depreciation & amortization	58.4M	52.2M	55M	54.5M	51.8M	57.8M	67.9M	82.7M	89.2M	93.3M
Stock-based compensation	96.2M	133.1M	148.2M	166.6M	177.9M	183M	188.4M	215.9M	266.1M	249.3M
Change in working capital	11.3M	-120.6M	-1.1M	-27.5M	-177.5M	-81.9M	9.4M	-436.8M	-151.1M	-222.7M
Operating cash flow	288.1M	-240.5M	337.6M	660.3M	-220M	658.1M	692.9M	352.3M	162.1M	1.4B
Capital expenditure	—	—	—	—	—	—	—	—	—	-58.9M
Investing cash flow	-112.2M	-239M	-12.9M	-9.4M	-81.6M	-26.7M	-709K	-160.2M	257.7M	-77.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-2B	0
Financing cash flow	-5.4M	623.4M	-15.3M	-34.3M	-61.4M	-52.5M	-61.9M	-55.9M	-2.1B	-120.7M
Net change in cash	170.5M	144M	309.3M	616.6M	-362.9M	578.9M	630.3M	136.2M	-1.7B	1.2B
Free cash flow	184.5M	-204M	262.7M	632.6M	-312M	568.5M	892.1M	449M	235.2M	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	171.3M	201.1M	169.5M	-444.6M	106.5M	201.2M	158.2M	405M	424.2M	299.3M	303.3M	585.6M
Depreciation & amortization	21.4M	21.8M	21.9M	22M	22.5M	22.7M	22.4M	22.9M	24M	24M	23.8M	26.5M
Stock-based compensation	48M	60M	59.8M	56.6M	77.9M	71.7M	61M	64.6M	61.6M	62.2M	64.1M	67.3M
Change in working capital	-59.2M	-209.1M	-4.5M	-37.4M	2.8M	-111.9M	222K	-19.8M	-102.7M	-100.4M	-15.8M	-63.2M
Operating cash flow	153.2M	46M	215M	-420.2M	191.8M	175.5M	251.9M	603.7M	559.4M	543.3M	369.4M	507.7M
Capital expenditure	—	—	—	—	—	—	—	—	-14.7M	-21.9M	-10.2M	-12.4M
Investing cash flow	-6.2M	-152.2M	-63.6M	269.4M	56M	-4.1M	4.3M	202K	-22.4M	-37.4M	-83.2M	-51.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	—	-103K	0	—	—	0	0	—	—
Financing cash flow	-37.2M	-7.2M	-12.4M	-7M	-33.6M	-12.7M	-15.9M	-26.1M	-56.2M	-22.5M	-13.1M	-9.7M
Net change in cash	109.7M	-113.4M	139M	-157.8M	214.1M	158.8M	240.3M	577.8M	480.8M	483.4M	273M	446.2M
Free cash flow	136.9M	145.5M	209.3M	-631.1M	293.2M	363.8M	262.9M	25.7M	519.6M	521.4M	354.2M	495.2M

Incyte Corp. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement