INCYTE CORP INCY
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").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 6.59 | 0.16 | 2.67 | 1.53 | 4.30 | -1.36 | 2.08 | 0.52 | -1.53 | 0.55 |
| EPS, diluted | 6.41 | 0.15 | 2.65 | 1.52 | 4.27 | -1.36 | 2.05 | 0.51 | -1.53 | 0.54 |
| Shares, diluted (wtd. avg.) | $200.7M | $210.5M | $225.9M | $224.0M | $222.1M | $218.1M | $217.7M | $215.6M | $204.6M | $194.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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