Incyte (INCY) financial statements
Incyte reported revenue of $5.1B in fiscal 2025, up 18.6% a year over 9 years.
Net income was $1.3B and the operating margin 29.5%, against 13.1% in 2016.
The diluted share count rose 3% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Incyte's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.5B | $1.9B | $2.2B | $2.7B | $3.0B | $3.4B | $3.7B | $4.2B | $5.1B |
| Cost of revenue | $58M | $79M | $94M | $114M | $131M | $151M | $207M | $255M | $312M | $372M |
| Gross profit | $1.0B | $1.5B | $1.8B | $2.0B | $2.5B | $2.8B | $3.2B | $3.4B | $3.9B | $4.8B |
| Research and development | $582M | $1.3B | $1.2B | $1.2B | $2.2B | $1.5B | $1.6B | $1.6B | $2.6B | $2.1B |
| Selling, general and admin | $303M | $366M | $434M | $469M | $517M | $740M | $1.0B | $1.2B | $1.2B | $1.4B |
| Operating income | $145M | -$243M | $129M | $402M | -$264M | $586M | $579M | $621M | $61M | $1.5B |
| Interest expense | $39M | $7M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $2M |
| Pre-tax income | $107M | -$312M | $115M | $487M | -$232M | $570M | $529M | $834M | $317M | $1.7B |
| Income tax | $3M | $852,000 | $6M | $40M | $63M | -$378M | $188M | $237M | $284M | $378M |
| Net income | $104M | -$313M | $109M | $447M | -$296M | $949M | $341M | $598M | $33M | $1.3B |
| EPS (diluted) | $0.54 | -$1.53 | $0.51 | $2.05 | -$1.36 | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
| Diluted shares | 194M | 205M | 216M | 218M | 218M | 222M | 224M | 226M | 211M | 201M |
| Gross margin | 94.7% | 94.8% | 95.0% | 94.7% | 95.1% | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% |
| Operating margin | 13.1% | -15.8% | 6.9% | 18.6% | -9.9% | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% |
| Net margin | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
Balance sheet
Fiscal years, from Incyte's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $809M | $1.2B | $1.4B | $2.1B | $1.8B | $2.3B | $3.2B | $3.7B | $1.7B | $3.1B |
| Inventory | $4M | $6M | $7M | $11M | $16M | $28M | $42M | $63M | $59M | $101M |
| Total current assets | $994M | $1.5B | $1.8B | $2.5B | $2.4B | $3.1B | $4.1B | $4.6B | $3.2B | $5.0B |
| Property, plant and equipment | $168M | $260M | $320M | $378M | $560M | $724M | $739M | $752M | $763M | $731M |
| Goodwill | $156M | $156M | $156M | $156M | $156M | $156M | $156M | $156M | $156M | $133M |
| Total assets | $1.6B | $2.3B | $2.6B | $3.4B | $3.6B | $4.9B | $5.8B | $6.8B | $5.4B | $7.0B |
| Total current liabilities | $274M | $375M | $425M | $513M | $631M | $854M | $1.2B | $1.2B | $1.6B | $1.5B |
| Total liabilities | $1.2B | $672M | $720M | $828M | $950M | $1.2B | $1.5B | $1.6B | $2.0B | $1.8B |
| Shareholders' equity | $419M | $1.6B | $1.9B | $2.6B | $2.6B | $3.8B | $4.4B | $5.2B | $3.4B | $5.2B |
| Net debt | -$652M | -$900M | -$1.2B | -$1.8B | -$1.5B | -$2.1B | -$3.0B | -$3.2B | -$1.7B | -$3.1B |
Cash flow
Fiscal years, from Incyte's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $305M | -$93M | $336M | $711M | -$125M | $749M | $970M | $496M | $335M | $1.4B |
| Capital spending | $120M | $111M | $73M | $78M | $187M | $181M | $78M | — | — | — |
| Free cash flow | $184M | -$204M | $263M | $633M | -$312M | $568M | $892M | — | — | — |
| Stock-based compensation | $96M | $133M | $148M | $167M | $178M | $183M | $188M | $216M | $266M | $249M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$2.0B | $0 |
| Free cash flow margin | 16.7% | -13.3% | 14.0% | 29.3% | -11.7% | 19.0% | 26.3% | — | — | — |
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What was Incyte's revenue in 2025?
$5.1B in fiscal 2025, from its 10-K filing.
From Incyte's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.