NASDAQ : INCY
Incyte Corporation — Financial statements
Healthcare · Biotechnology · United States
Last price 120.39 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 24.54B
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Financial statements
Incyte Corporation (INCY) reported revenue of 6.01B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 6.01B | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B |
| Revenue | 6.01B | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B |
| Cost of Revenue | 2.64B | 2.42B | 2.92B | 1.88B | 1.80B | 1.65B |
| Gross Profit | 3.37B | 2.72B | 1.32B | 1.81B | 1.59B | 1.34B |
| Selling, General & Admin | 1.43B | 1.37B | 1.24B | 1.15B | 999.34M | 740.96M |
| Operating Expenses | 1.43B | 1.37B | 1.24B | 1.15B | 999.34M | 740.96M |
| Operating Income | 1.94B | 1.35B | 84.45M | 658.00M | 594.39M | 599.12M |
| Interest Expense | -2.34M | -2.43M | -2.28M | -2.55M | -2.67M | -1.91M |
| Interest & Investment Income | 134.73M | 105.60M | 128.71M | 158.41M | 40.45M | 12.05M |
| Other Non Operating Income (Expenses) | 11.41M | 21.38M | 9.53M | 11.30M | -3.32M | |
| EBT Excluding Unusual Items | 2.08B | 1.47B | 220.41M | 825.15M | 628.86M | 609.26M |
| Gain (Loss) on Sale of Investments | 21.42M | 21.31M | 116.03M | 43.89M | -87.59M | -24.07M |
| Asset Writedown | -76.28M | -76.28M | -5.63M | |||
| Legal Settlements | 242.25M | |||||
| Other Unusual Items | 25.04M | 6.13M | -19.80M | -29.20M | -12.15M | -14.74M |
| Pretax Income | 796.21M | 1.66B | 316.63M | 834.22M | 529.12M | 570.44M |
| Income Tax Expense | 392.80M | 377.80M | 284.01M | 236.62M | 188.46M | -378.14M |
| Net Income | 403.41M | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M |
| Net Income to Common | 403.41M | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M |
| Shares Outstanding (Basic) | 200.10M | 195.20M | 207.11M | 223.63M | 222.00M | 220.43M |
| Shares Outstanding (Diluted) | 207.72M | 200.70M | 210.53M | 225.93M | 223.96M | 222.07M |
| EPS (Basic) | 2.02 | 6.59 | 0.16 | 2.67 | 1.53 | 4.30 |
| EPS (Diluted) | 1.94 | 6.41 | 0.15 | 2.65 | 1.52 | 4.27 |
| Free Cash Flow | 684.87M | 1.35B | 249.07M | 464.00M | 892.11M | 568.48M |
| Free Cash Flow Per Share | 3.30 | 6.75 | 1.18 | 2.05 | 3.98 | 2.56 |
| Gross Margin | 56.02% | 52.89% | 31.20% | 49.00% | 46.95% | 44.88% |
| Operating Margin | 32.23% | 26.19% | 1.99% | 17.80% | 17.51% | 20.06% |
| Profit Margin | 6.71% | 25.03% | 0.77% | 16.17% | 10.04% | 31.77% |
| Free Cash Flow Margin | 11.39% | 26.35% | 5.87% | 12.55% | 26.28% | 19.04% |
| EBITDA | 2.04B | 1.44B | 173.70M | 740.65M | 665.35M | 659.66M |
| EBITDA Margin | 33.86% | 28.00% | 4.09% | 20.04% | 19.60% | 22.09% |
| D&A For EBITDA | 98.44M | 93.29M | 89.25M | 82.66M | 70.95M | 60.54M |
| EBIT | 1.94B | 1.35B | 84.45M | 658.00M | 594.39M | 599.12M |
| EBIT Margin | 32.23% | 26.19% | 1.99% | 17.80% | 17.51% | 20.06% |
| Effective Tax Rate | 49.33% | 22.70% | 89.70% | 28.36% | 35.62% | |
| Revenue as Reported | 6.01B | 5.14B | 4.24B | 3.70B | 3.39B | 2.99B |
| Advertising Expenses | 155.90M | 200.70M | 221.90M | 196.40M | 66.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.28B | 3.10B | 1.69B | 3.21B | 2.95B | 2.06B |
| Short-Term Investments | 578.69M | 482.79M | 470.26M | 442.67M | 287.54M | 290.75M |
| Cash & Short-Term Investments | 3.85B | 3.58B | 2.16B | 3.66B | 3.24B | 2.35B |
| Accounts Receivable | 1.24B | 1.02B | 853.15M | 743.56M | 644.88M | 616.30M |
| Receivables | 1.24B | 1.02B | 853.15M | 743.56M | 644.88M | 616.30M |
| Inventory | 134.25M | 101.06M | 58.87M | 62.97M | 41.99M | 27.90M |
| Prepaid Expenses | 279.52M | 317.83M | 168.91M | 182.83M | 167.01M | 126.28M |
| Total Current Assets | 5.52B | 5.02B | 3.24B | 4.65B | 4.09B | 3.12B |
| Property, Plant & Equipment | 725.79M | 758.40M | 794.21M | 777.05M | 765.61M | 751.47M |
| Long-Term Investments | 91.16M | 47.99M | 18.81M | 187.72M | 133.68M | 221.27M |
| Goodwill | 133.00M | 133.00M | 155.59M | 155.59M | 155.59M | 155.59M |
| Other Intangible Assets | 103.23M | 117.13M | 113.80M | 123.55M | 129.22M | 150.75M |
| Long-Term Deferred Tax Assets | 281.69M | 515.29M | 762.07M | 631.89M | 457.94M | 467.54M |
| Other Long-Term Assets | 431.02M | 362.25M | 360.80M | 260.92M | 106.10M | 68.06M |
| Total Assets | 7.29B | 6.96B | 5.44B | 6.78B | 5.84B | 4.93B |
| Accounts Payable | 235.37M | 209.94M | 197.47M | 109.60M | 277.55M | 172.11M |
| Accrued Expenses | 1.08B | 1.16B | 1.31B | 967.61M | 756.08M | 559.15M |
| Current Portion of Leases | 9.78M | 10.21M | 10.00M | 9.12M | 11.37M | 13.19M |
| Current Income Taxes Payable | 2.88M | 4.75M | 23.78M | 42.30M | 7.11M | |
| Other Current Liabilities | 107.65M | 131.87M | 98.10M | 111.75M | 104.97M | 109.86M |
| Total Current Liabilities | 1.44B | 1.52B | 1.64B | 1.24B | 1.16B | 854.31M |
| Long-Term Leases | 27.63M | 44.71M | 50.34M | 43.45M | 44.19M | 47.24M |
| Pension & Post-Retirement Benefits | 41.16M | 45.85M | 41.19M | 11.68M | 37.97M | |
| Other Long-Term Liabilities | 178.87M | 189.46M | 258.66M | 267.26M | 257.91M | 223.83M |
| Total Liabilities | 1.64B | 1.79B | 2.00B | 1.59B | 1.47B | 1.16B |
| Common Stock | 204.00K | 198.00K | 193.00K | 224.00K | 223.00K | 221.00K |
| Additional Paid-In Capital | 5.31B | 4.93B | 4.53B | 5.02B | 4.79B | 4.57B |
| Retained Earnings | 317.90M | 213.77M | -1.07B | 160.38M | -437.21M | -777.87M |
| Comprehensive Income & Other | 13.46M | 25.46M | -13.12M | 13.11M | 15.07M | -19.45M |
| Shareholders' Equity | 5.64B | 5.17B | 3.45B | 5.19B | 4.37B | 3.77B |
| Total Liabilities & Equity | 7.29B | 6.96B | 5.44B | 6.78B | 5.84B | 4.93B |
| Total Debt | 37.41M | 54.92M | 60.34M | 52.57M | 55.57M | 60.43M |
| Net Cash (Debt) | 3.82B | 3.53B | 2.10B | 3.60B | 3.18B | 2.29B |
| Net Cash Per Share | 18.38 | 17.57 | 9.96 | 15.95 | 14.21 | 10.30 |
| Filing Date Shares Outstanding | 203.83M | 199.01M | 193.52M | 224.53M | 222.97M | 221.33M |
| Total Common Shares Outstanding | 204.00M | 198.46M | 193.43M | 224.29M | 222.75M | 221.08M |
| Working Capital | 4.08B | 3.51B | 1.60B | 3.41B | 2.94B | 2.26B |
| Book Value Per Share | 27.66 | 26.04 | 17.82 | 23.14 | 19.62 | 17.05 |
| Tangible Book Value | 5.41B | 4.92B | 3.18B | 4.91B | 4.09B | 3.46B |
| Tangible Book Value Per Share | 26.50 | 24.78 | 16.43 | 21.89 | 18.34 | 15.67 |
| Land | 10.98M | 11.27M | 15.39M | 10.93M | 10.43M | 10.49M |
| Buildings | 598.34M | 610.03M | 597.34M | 584.75M | 564.17M | 434.32M |
| Machinery | 457.34M | 434.57M | 410.37M | 391.66M | 306.99M | 207.47M |
| Construction In Progress | 33.84M | 30.48M | 46.06M | 13.54M | 47.22M | 220.05M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 403.41M | 1.29B | 32.62M | 597.60M | 340.66M | 948.58M |
| Depreciation & Amortization | 98.44M | 93.29M | 89.25M | 82.66M | 70.95M | 60.54M |
| Asset Writedown & Restructuring Costs | 76.28M | 76.28M | 5.63M | |||
| Loss (Gain) From Sale of Investments | -21.42M | -21.31M | -116.03M | -43.89M | 87.59M | 24.07M |
| Stock-Based Compensation | 263.34M | 249.35M | 266.06M | 215.89M | 188.42M | 183.01M |
| Other Operating Activities | 294.73M | 256.41M | -74.80M | -112.75M | 83.51M | -452.15M |
| Change in Accounts Receivable | -341.18M | -170.77M | -111.59M | -98.68M | -28.58M | -134.31M |
| Change in Inventory | -50.63M | -58.51M | -127.63M | -170.15M | -67.50M | -20.96M |
| Change in Accounts Payable | 64.46M | 6.56M | 88.16M | -167.94M | 105.44M | 73.34M |
| Change in Other Net Operating Assets | -42.43M | -304.44M | 289.30M | 188.12M | 189.46M | 67.36M |
| Operating Cash Flow | 744.99M | 1.41B | 335.34M | 496.49M | 969.94M | 749.49M |
| Capital Expenditures | -60.12M | -58.87M | -86.26M | -32.49M | -77.83M | -181.01M |
| Sale (Purchase) of Intangibles | -5.00M | -25.00M | -13.90M | -15.00M | ||
| Investment in Securities | -156.63M | -18.74M | 257.68M | -160.19M | -709.00K | -26.69M |
| Investing Cash Flow | -221.75M | -102.61M | 157.52M | -207.68M | -78.54M | -207.70M |
| Long-Term Debt Repaid | -4.54M | -3.80M | -3.36M | -2.86M | -2.42M | |
| Net Debt Issued (Repaid) | -4.65M | -4.54M | -3.80M | -3.36M | -2.86M | -2.42M |
| Issuance of Common Stock | 455.58M | 221.76M | 49.30M | 35.84M | 61.12M | 58.63M |
| Repurchase of Common Stock | -129.85M | -95.92M | -2.05B | -28.55M | -26.30M | -29.94M |
| Other Financing Activities | -19.13M | -20.26M | -21.96M | -23.96M | -32.75M | -20.09M |
| Financing Cash Flow | 301.95M | 101.04M | -2.02B | -20.03M | -794.00K | 6.18M |
| Foreign Exchange Rate Adjustments | -4.41M | -1.71M | 2.92M | -6.68M | 3.35M | -3.57M |
| Net Cash Flow | 820.79M | 1.41B | -1.53B | 262.10M | 893.96M | 544.39M |
| Free Cash Flow | 684.87M | 1.35B | 249.07M | 464.00M | 892.11M | 568.48M |
| Free Cash Flow Margin | 11.39% | 26.35% | 5.87% | 12.55% | 26.28% | 19.04% |
| Free Cash Flow Per Share | 3.30 | 6.75 | 1.18 | 2.05 | 3.98 | 2.56 |
| Levered Free Cash Flow | 1.29B | 609.55M | 615.55M | 610.80M | 772.53M | 448.71M |
| Unlevered Free Cash Flow | 1.29B | 611.07M | 616.98M | 612.40M | 774.20M | 449.90M |
| Cash Income Tax Paid | 45.27M | 212.18M | 373.10M | 378.20M | 136.24M | 67.73M |
| Change in Working Capital | -369.78M | -527.16M | 138.24M | -248.65M | 198.81M | -14.57M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 24.47B | 19.39B | 13.31B | 14.07B | 17.87B | 16.21B |
| Enterprise Value | 20.65B | 16.50B | 11.57B | 10.59B | 14.93B | 13.99B |
| Last Close Price | 120.04 | 98.77 | 69.07 | 62.79 | 80.32 | 73.40 |
| PE Ratio | 61.75 | 15.07 | 407.98 | 23.55 | 52.45 | 17.09 |
| Forward PE | 15.25 | 12.69 | 12.06 | 14.83 | 27.02 | 21.62 |
| PS Ratio | 4.07 | 3.77 | 3.14 | 3.81 | 5.26 | 5.43 |
| PB Ratio | 4.34 | 3.75 | 3.86 | 2.71 | 4.09 | 4.30 |
| P/TBV Ratio | 4.53 | 3.94 | 4.19 | 2.87 | 4.37 | 4.68 |
| P/FCF Ratio | 35.73 | 14.31 | 53.42 | 30.33 | 20.03 | 28.52 |
| P/OCF Ratio | 32.84 | 13.72 | 39.68 | 28.34 | 18.42 | 21.63 |
| PEG Ratio | 1.40 | 0.06 | 0.63 | 0.54 | 0.96 | 0.68 |
| EV/Sales Ratio | 3.44 | 3.21 | 2.73 | 2.87 | 4.40 | 4.68 |
| EV/EBITDA Ratio | 10.15 | 11.46 | 66.60 | 14.30 | 22.45 | 21.20 |
| EV/EBIT Ratio | 10.66 | 12.26 | 136.98 | 16.10 | 25.12 | 23.35 |
| EV/FCF Ratio | 30.15 | 12.18 | 46.45 | 22.83 | 16.74 | 24.61 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 |
| Debt / EBITDA Ratio | 0.02 | 0.04 | 0.33 | 0.07 | 0.08 | 0.09 |
| Debt / FCF Ratio | 0.06 | 0.04 | 0.24 | 0.11 | 0.06 | 0.11 |
| Net Debt / Equity Ratio | -0.68 | -0.68 | -0.61 | -0.69 | -0.73 | -0.61 |
| Net Debt / EBITDA Ratio | -1.88 | -2.45 | -12.08 | -4.87 | -4.79 | -3.47 |
| Net Debt / FCF Ratio | -5.57 | -2.60 | -8.42 | -7.77 | -3.57 | -4.02 |
| Asset Turnover | 0.88 | 0.83 | 0.69 | 0.59 | 0.63 | 0.70 |
| Inventory Turnover | 24.29 | 30.29 | 47.90 | 35.91 | 51.53 | 74.27 |
| Quick Ratio | 3.54 | 3.04 | 1.83 | 3.55 | 3.36 | 3.47 |
| Current Ratio | 3.84 | 3.32 | 1.97 | 3.75 | 3.54 | 3.65 |
| Return on Equity (ROE) | 7.84% | 29.87% | 0.76% | 12.50% | 8.37% | 29.73% |
| Return on Assets (ROA) | 17.78% | 13.57% | 0.86% | 6.52% | 6.90% | 8.82% |
| Return on Invested Capital (ROIC) | 53.44% | 69.58% | 0.59% | 33.99% | 28.68% | 50.91% |
| Return on Capital Employed (ROCE) | 33.10% | 24.70% | 2.20% | 11.90% | 12.70% | 14.70% |
| Earnings Yield | 1.62% | 6.64% | 0.24% | 4.25% | 1.91% | 5.85% |
| FCF Yield | 2.80% | 6.99% | 1.87% | 3.30% | 4.99% | 3.51% |
| Buyback Yield / Dilution | -3.21% | 4.67% | 6.82% | -0.88% | -0.85% | -1.84% |