Incyte
INCY · NasdaqServices-Commercial Physical & Biological Research · Fiscal year ends Dec 31
Incyte reported revenue of $5.1B in the fiscal year ended Dec 2025, up 21.2% from the year before. Operating income was $1.5B, an operating margin of 29.5%, and net income was $1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3B | $3.4B | $3.7B | $4.2B | $5.1B |
| Cost of revenue | $151M | $207M | $255M | $312M | $372M |
| Gross profit | $2.8B | $3.2B | $3.4B | $3.9B | $4.8B |
| Research & development | $1.5B | $1.6B | $1.6B | $2.6B | $2.1B |
| Selling, general & admin | $740M | $1B | $1.2B | $1.2B | $1.4B |
| Operating income | $586M | $579M | $621M | $61M | $1.5B |
| Interest expense | $2M | $3M | $3M | $2M | $2M |
| Pre-tax income | $570M | $529M | $834M | $317M | $1.7B |
| Income tax | −$378M | $188M | $237M | $284M | $378M |
| Net income | $949M | $341M | $598M | $33M | $1.3B |
| Diluted EPS | 4.27 | 1.52 | 2.65 | 0.15 | 6.41 |
| Diluted shares | 222M | 224M | 226M | 211M | 201M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.1B | $3B | $3.2B | $1.7B | $3.1B |
| Inventory | $28M | $42M | $63M | $59M | $101M |
| Current assets | $3.1B | $4.1B | $4.6B | $3.2B | $5B |
| Net PP&E | $724M | $739M | $752M | $763M | $731M |
| Goodwill | $156M | $156M | $156M | $156M | $133M |
| Total assets | $4.9B | $5.8B | $6.8B | $5.4B | $7B |
| Payables | $172M | $278M | $110M | $197M | $210M |
| Current liabilities | $854M | $1.2B | $1.2B | $1.6B | $1.5B |
| Total liabilities | $1.2B | $1.5B | $1.6B | $2B | $1.8B |
| Shareholders' equity | $3.8B | $4.4B | $5.2B | $3.4B | $5.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $749M | $970M | $496M | $335M | $1.4B |
| Capital expenditure | $181M | $78M | – | – | – |
| Free cash flow | $568M | $892M | – | – | – |
| Depreciation & amortisation | $58M | $68M | $83M | $89M | $93M |
| Stock-based compensation | $183M | $188M | $216M | $266M | $249M |
| Share buybacks | – | $0 | $0 | $2B | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | 8.9% | 14.8% | 21.2% |
| Operating income growth (YoY) | – | −1.1% | 7.1% | −90.1% | 2368.6% |
| EPS growth (YoY) | – | −64.4% | 74.3% | −94.3% | 4173.3% |
| Gross margin | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% |
| Operating margin | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% |
| Net margin | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| Return on equityBlank when equity is negative | 25.2% | 7.8% | 11.5% | 0.9% | 24.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.4% | 12.4% | 11.2% | 1.6% | 27.8% |
| Free cash flow margin | 19.0% | 26.3% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.79x | 2.85x | 0.83x | 10.3x | 1.10x |
| Inventory days | 67 | 74 | 90 | 69 | 99 |
| Payable days | 416 | 489 | 157 | 231 | 206 |
| Interest cover | 307x | 217x | 243x | 26.9x | 624x |
| Current ratio | 3.65x | 3.54x | 3.75x | 1.97x | 3.32x |
Recent filings
More in Services-Commercial Physical & Biological Research
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.