INCYTE CORP INCY

Industrials SIC 8731 - Services-Commercial Physical & Biological Research NAICS Professional, Scientific, and Technical Services › Scientific Research and Development Services › Research and Development in the Physical, Engineering, and Life Sciences › Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) derived Nasdaq

Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal.

We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity ("IAI").

Last close 115.71 2026-10-23
Market cap $23.12B 2026-03-31 share count
52-week range 84.02 - 132.60

Valuation FY2025 figures against the last close

P/S4.5x
P/E18.1x
P/FCF16.4x
EV/EBITDA14.4x
Dividend yield—
Diluted EPS6.41

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Other
Revenue by geography, 3 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 4.8B (93.4%) 93% United States Europe, FY2025: 323.7M (6.3%) 6% Europe Other, FY2025: 17.6M (0.3%) FY2024 United States, FY2024: 4B (93.7%) 94% Europe, FY2024: 260.4M (6.1%) 6% Other, FY2024: 6.2M (0.1%) FY2023 United States, FY2023: 3.5B (95.1%) 95% Europe, FY2023: 175.9M (4.8%) 5% Other, FY2023: 4.9M (0.1%)
Region FY2025FY2024FY2023
United States $4.80B $3.97B $3.51B
Europe $323.7M $260.4M $175.9M
Other $17.6M $6.2M $4.9M

As the company reported it, from the “Segment Reporting - Schedule of Long-Lived Assets by Geographic Areas (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.14B$4.24B$3.70B$3.39B$2.99B$2.67B$2.16B$1.88B$1.54B$1.11B
Cost of revenue $372.1M$312.1M$255.0M$207.0M$151.0M$131.3M$114.2M$94.1M$79.5M$58.2M
Gross profit $4.77B$3.93B$3.44B$3.19B$2.84B$2.54B$2.04B$1.79B$1.46B$1.05B
R&D $2.05B$2.61B$1.63B$1.59B$1.46B$2.22B$1.15B$1.20B$1.33B$581.9M
SG&A $1.38B$1.24B$1.16B$1.00B$739.6M$516.9M$468.7M$434.4M$366.3M$303.3M
Total operating expenses $3.63B$4.18B$3.08B$2.82B$2.40B$2.93B$1.76B$1.75B$1.78B$960.7M
Operating income $1.51B$61.4M$620.5M$579.4M$585.8M-$263.7M$402.0M$129.2M-$243.4M$145.0M
Interest expense $2.4M$2.3M$2.6M$2.7M$1.9M$2.2M$1.9M$1.5M$6.9M$38.7M
Pre-tax income $1.66B$316.6M$834.2M$529.1M$570.4M-$232.2M$486.8M$115.3M-$312.3M$107.4M
Income tax $377.8M$284.0M$236.6M$188.5M$378.1M$63.5M$39.9M$5.9M$852.0K$3.2M
Net income $1.29B$32.6M$597.6M$340.7M$948.6M-$295.7M$446.9M$109.5M-$313.1M$104.2M
EPS, basic 6.590.162.671.534.30-1.362.080.52-1.530.55
EPS, diluted 6.410.152.651.524.27-1.362.050.51-1.530.54
Shares, diluted (wtd. avg.) 200.7M210.5M225.9M224.0M222.1M218.1M217.7M215.6M204.6M194.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $3.10B$1.69B$3.22B$2.95B$2.06B$1.51B$1.83B$1.16B$900.4M$653.2M
Short-term investments ——$442.7M$287.5M$290.8M$288.4M$284.9M$274.3M$270.1M$156.2M
Inventory $101.1M$58.9M$63.0M$42.0M$27.9M$16.4M$11.4M$7.0M$6.5M$4.1M
Total current assets $5.02B$3.24B$4.65B$4.09B$3.12B$2.36B$2.48B$1.83B$1.50B$994.2M
Property, plant and equipment $730.9M$763.4M$751.5M$739.3M$723.9M$559.6M$377.6M$319.8M$259.8M$167.7M
Goodwill $133.0M$155.6M$155.6M$155.6M$155.6M$155.6M$155.6M$155.6M$155.6M$155.6M
Other intangibles ————————$236.9M$270.4M
Total assets $6.96B$5.44B$6.78B$5.84B$4.93B$3.56B$3.43B$2.65B$2.30B$1.64B
Accounts payable $209.9M$197.5M$109.6M$277.5M$172.1M$98.8M$83.6M$103.8M$67.7M$75.6M
Total current liabilities $1.52B$1.64B$1.24B$1.16B$854.3M$631.2M$513.3M$425.3M$375.4M$273.5M
Long-term debt ———————$19.09B$26.8M$749.8M
Total liabilities $1.79B$2.00B$1.59B$1.47B$1.16B$949.6M$828.3M$719.8M$672.0M$1.22B
Retained earnings $213.8M-$1.07B$160.4M-$437.2M-$777.9M-$1.73B-$1.43B-$1.88B-$1.99B-$1.67B
Total equity $5.17B$3.45B$5.19B$4.37B$3.77B$2.61B$2.60B$1.93B$1.63B$419.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.41B$335.3M$496.5M$969.9M$749.5M-$124.6M$710.7M$336.2M-$93.0M$304.8M
Depreciation and amortisation $93.3M$89.2M$82.7M$67.9M$57.8M$51.8M$54.5M$55.0M$52.2M$58.4M
Stock-based compensation $249.3M$266.1M$215.9M$188.4M$183.0M$177.9M$166.6M$148.2M$133.1M$96.2M
Capital expenditure ———$77.8M$181.0M$187.4M$78.1M$73.5M$111.0M$120.3M
Investing cash flow -$102.6M$157.5M-$207.7M-$78.5M-$207.7M-$269.0M-$87.5M-$86.4M-$350.0M-$232.5M
Financing cash flow $101.0M-$2.02B-$20.0M-$794.0K$6.2M$71.7M$45.7M$14.7M$690.2M$44.6M
Buybacks $0$2.00B$0$0——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000879169-26-000031.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 1.1B Gross profit, FY2016: 1B Net income, FY2016: 104.2M Revenue, FY2017: 1.5B Gross profit, FY2017: 1.5B Net income, FY2017: -313.1M Revenue, FY2018: 1.9B Gross profit, FY2018: 1.8B Net income, FY2018: 109.5M Revenue, FY2019: 2.2B Gross profit, FY2019: 2B Net income, FY2019: 446.9M Revenue, FY2020: 2.7B Gross profit, FY2020: 2.5B Net income, FY2020: -295.7M Revenue, FY2021: 3B Gross profit, FY2021: 2.8B Net income, FY2021: 948.6M Revenue, FY2022: 3.4B Gross profit, FY2022: 3.2B Net income, FY2022: 340.7M Revenue, FY2023: 3.7B Gross profit, FY2023: 3.4B Net income, FY2023: 597.6M Revenue, FY2024: 4.2B Gross profit, FY2024: 3.9B Net income, FY2024: 32.6M Revenue, FY2025: 5.1B Gross profit, FY2025: 4.8B Net income, FY2025: 1.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.11B $1.54B $1.88B $2.16B $2.67B $2.99B $3.39B $3.70B $4.24B $5.14B
Gross profit $1.05B $1.46B $1.79B $2.04B $2.54B $2.84B $3.19B $3.44B $3.93B $4.77B
Net income $104.2M -$313.1M $109.5M $446.9M -$295.7M $948.6M $340.7M $597.6M $32.6M $1.29B

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Other event Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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