Incyte Corporation

INCY · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$19,391	$13,306	$14,072	$17,869	$16,213	$19,213	$19,288	$14,046	$20,921	$22,149	$23,956	$12,222	$7,514	$2,155	$1,882	$2,014	$938	$340	$846	$489	$445	$745	$488	$307	$1,287	$1,572	$1,688	$1,006	$1,109	$515	$232	$97	$58
Enterprise value	$15,880	$11,192	$10,454	$14,672	$13,910	$17,459	$17,231	$12,644	$19,775	$21,992	$23,868	$12,297	$7,666	$2,258	$1,920	$1,883	$911	$538	$976	$542	$442	$654	$362	$50	$958	$1,178	$1,622	$957	$1,058	$508	$222	$91	$43
P/E (TTM) at period end	15.07×	407.98×	23.55×	52.45×	17.09×	–	43.16×	128.29×	–	212.51×	3667.98×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	287.48×	160.71×	–	–	–	–
P/S (TTM) at period end	3.77×	3.14×	3.81×	5.26×	5.43×	7.20×	8.93×	7.46×	13.62×	20.03×	31.78×	23.90×	21.17×	7.25×	19.92×	11.86×	101.22×	86.83×	24.57×	17.70×	56.71×	52.65×	11.85×	3.22×	5.87×	8.10×	10.75×	7.46×	12.32×	12.29×	19.02×	486.47×	191.88×
P/B at period end	3.75×	3.86×	2.71×	4.09×	4.30×	7.36×	7.42×	7.29×	12.83×	52.80×	139.96×	–	–	–	–	–	–	–	–	–	–	9.49×	3.16×	1.02×	2.92×	2.53×	9.91×	5.60×	7.60×	11.39×	4.96×	4.05×	3.58×
EV / EBITDA (TTM)	9.87×	74.31×	14.87×	22.67×	21.61×	–	37.74×	68.65×	–	108.11×	249.83×	335.90×	584.98×	72.53×	–	48.88×	–	–	–	–	–	–	–	–	–	–	–	31.90×	74.49×	–	–	–	–
EV / Sales (TTM)	3.09×	2.64×	2.83×	4.32×	4.66×	6.55×	7.98×	6.72×	12.87×	19.89×	31.67×	24.04×	21.60×	7.60×	20.33×	11.09×	98.28×	137.39×	28.34×	19.60×	56.31×	46.22×	8.79×	0.53×	4.37×	6.07×	10.33×	7.10×	11.75×	12.11×	18.17×	453.47×	142.88×
Returns
Return on equity	24.9%	0.9%	11.5%	7.8%	25.2%	(11.3%)	17.2%	5.7%	(19.2%)	24.8%	3.8%	–	–	–	–	–	–	–	–	–	–	(209.9%)	(107.9%)	(45.3%)	(41.6%)	(4.8%)	(15.7%)	1.9%	4.7%	(15.0%)	(21.2%)	(47.9%)	(30.4%)
Return on invested capital	54.7%	0.4%	22.1%	25.5%	33.3%	(23.0%)	44.7%	15.4%	(32.2%)	33.6%	16.2%	(3.4%)	–	–	–	–	–	–	(72.2%)	(28.8%)	(32.2%)	(45.8%)	(51.1%)	(29.4%)	(11.2%)	(8.9%)	(19.0%)	5.6%	3.5%	(23.6%)	(29.9%)	(69.5%)	(350.0%)
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	3.32×	1.97×	3.75×	3.54×	3.65×	3.74×	4.83×	4.31×	4.01×	3.64×	5.01×	3.07×	5.14×	2.27×	2.29×	4.01×	4.94×	4.08×	7.23×	6.64×	12.71×	15.29×	7.40×	5.90×	6.87×	8.49×	2.13×	2.63×	2.74×	2.05×	4.71×	5.50×	15.70×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	9.91×	0.02×	1.79×	4.39×	(18.74×)	(7.81×)	(2.37×)	(1.41×)	(3.36×)	(4.33×)	(1.79×)	(2.42×)	(4.37×)	(17.62×)	4.82×	–	0.57×	0.41×	0.30×	0.00×	0.00×	–	0.00×	0.00×	0.01×	0.05×
Effective tax rate	22.7%	89.7%	28.4%	35.6%	(66.3%)	(27.3%)	8.2%	5.1%	(0.3%)	3.0%	13.6%	0.1%	(0.4%)	(0.4%)	–	–	–	–	–	–	0.5%	(0.3%)	(0.2%)	(0.7%)	(0.5%)	(0.6%)	2.9%	40.7%	6.8%	–	–	–	–
Share count
Diluted shares outstanding	201	211	226	224	222	218	218	216	205	194	187	168	148	130	125	122	103	90	84	84	83	75	71	67	66	63	56	58	53	40	33	28	26

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$5,820	$5,141	$4,241	$3,696	$3,395	$2,986	$2,667	$2,159	$1,882	$1,536	$1,106	$754	$511	$355	$297	$94	$170	$9	$4	$34	$28	$8	$14	$41	$95	$219	$194	$157	$135	$90	$42	$12	$0	$0
Cost of revenue	($430)	($372)	($312)	($255)	($207)	($151)	($131)	($114)	($94)	($79)	($58)	($27)	($3)	($1)	($0)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($4)
Gross profit	$5,390	$4,769	$3,929	$3,441	$3,188	$2,835	$2,535	$2,045	$1,788	$1,457	$1,048	$727	$508	$354	$297	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($3)
Operating expenses
Research and development	($2,151)	($2,050)	($2,607)	($1,628)	($1,586)	($1,458)	($2,216)	($1,154)	($1,198)	($1,326)	($582)	($480)	($348)	($260)	($210)	($179)	($124)	($119)	($146)	($105)	($88)	($96)	($88)	($111)	($145)	($213)	($193)	($147)	($97)	($72)	($41)	($19)	–	–
Selling, general and administrative	($1,399)	($1,376)	($1,242)	($1,156)	($1,002)	($740)	($517)	($469)	($434)	($366)	($303)	($197)	($166)	($110)	($85)	($58)	($32)	($28)	($17)	($15)	($17)	($13)	($75)	($45)	($82)	($71)	($64)	($37)	($25)	($14)	($51)	($4)	($12)	($1)
Total operating expenses	($3,611)	($3,254)	($3,868)	($2,820)	($2,608)	($2,249)	($2,799)	($1,643)	($1,659)	($1,700)	($903)	($676)	($513)	($370)	($296)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($2)
Total costs and expenses	($4,041)	($3,626)	($4,180)	($3,075)	($2,815)	($2,400)	($2,930)	($1,757)	($1,753)	($1,780)	($961)	($703)	($516)	($371)	($296)	($238)	($156)	($149)	($163)	($120)	($105)	($109)	($163)	($191)	($228)	($284)	($257)	($184)	($123)	($86)	($51)	($23)	($12)	($5)
Operating income	$1,778	$1,515	$61	$621	$579	$586	($264)	$402	$129	($243)	$145	$51	($5)	($16)	$1	($143)	$14	($140)	($159)	($85)	($77)	($101)	($149)	($149)	($133)	($65)	($63)	($27)	$12	$4	($9)	($11)	($12)	($5)
Earnings
EBITDA	$1,877	$1,608	$151	$703	$647	$644	($212)	$457	$184	($191)	$203	$96	$37	$13	$31	($116)	$39	($123)	($146)	($72)	($69)	($93)	($135)	($132)	($111)	($17)	($28)	($2)	$30	$14	($2)	($8)	($11)	($4)
Interest income	$129	$106	$129	$158	$40	–	–	–	–	–	$4	$7	$3	$1	$1	$0	$1	$0	$4	$14	$16	$10	$9	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($2)	($2)	($2)	($3)	($3)	($2)	($2)	($2)	($2)	($7)	($39)	($46)	($47)	($39)	($46)	($44)	($43)	($32)	($25)	($24)	($18)	($16)	($17)	–	($9)	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,967	$1,664	$317	$834	$529	$570	($232)	$487	$115	($312)	$107	$8	($49)	($83)	($44)	($187)	($32)	–	($179)	($87)	($74)	($104)	($163)	($166)	($133)	($187)	($33)	($28)	$6	$7	–	–	–	–
Income tax expense	($355)	($378)	($284)	($237)	($188)	$378	($63)	($40)	($6)	($1)	($3)	($1)	$0	($0)	($0)	–	–	–	–	–	–	$1	($0)	($0)	($1)	($1)	($0)	$1	($2)	($0)	–	–	–	–
Net income	$1,612	$1,287	$33	$598	$341	$949	($296)	$447	$109	($313)	$104	$7	($48)	($83)	($44)	($187)	($32)	($212)	($179)	($87)	($74)	($103)	($165)	($166)	($137)	($183)	($30)	($27)	$4	$7	($7)	($10)	($12)	($5)
Per share
Diluted EPS (GAAP)	$7.85	$6.41	$0.15	$2.65	$1.52	$4.27	($1.36)	$2.05	$0.51	($1.53)	$0.54	$0.03	($0.29)	($0.56)	($0.34)	($1.49)	($0.26)	($2.06)	($1.99)	($1.03)	($0.89)	($1.24)	($2.21)	($2.33)	($2.03)	($2.77)	($0.47)	($0.48)	$0.06	$0.13	($0.17)	($0.31)	($0.41)	($0.19)
Basic EPS (GAAP)	$8.13	$6.59	$0.16	$2.67	$1.53	$4.30	($1.36)	$2.08	$0.52	($1.53)	$0.55	$0.04	($0.29)	($0.56)	($0.34)	($1.49)	($0.26)	($2.06)	($1.99)	($1.03)	($0.89)	($1.24)	($2.21)	($2.33)	($2.03)	($2.77)	($0.47)	($0.48)	$0.065	$0.14	($0.17)	($0.31)	($0.41)	($0.19)
Basic shares outstanding	198	195	207	224	222	220	218	215	212	205	188	180	168	148	130	125	122	103	90	84	84	83	75	71	67	66	63	56	54	49	40	33	28	26
Margins
Gross margin	92.6%	92.8%	92.6%	93.1%	93.9%	94.9%	95.1%	94.7%	95.0%	94.8%	94.7%	96.4%	99.4%	99.8%	99.9%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(1100.0%)
Operating margin	30.6%	29.5%	1.4%	16.8%	17.1%	19.6%	(9.9%)	18.6%	6.9%	(15.8%)	13.1%	6.7%	(0.9%)	(4.5%)	0.4%	(151.6%)	8.3%	(1508.6%)	(4064.5%)	(247.6%)	(278.1%)	(1284.5%)	(1052.3%)	(362.5%)	(138.9%)	(29.5%)	(32.2%)	(17.2%)	9.1%	4.0%	(21.2%)	(89.3%)	(6050.0%)	(1633.3%)
Net margin	27.7%	25.0%	0.8%	16.2%	10.0%	31.8%	(11.1%)	20.7%	5.8%	(20.4%)	9.4%	0.9%	(9.5%)	(23.4%)	(14.9%)	(197.5%)	(18.7%)	(2286.8%)	(4565.5%)	(252.3%)	(268.3%)	(1313.3%)	(1165.1%)	(404.1%)	(143.4%)	(83.6%)	(15.3%)	(17.1%)	2.6%	7.7%	(16.2%)	(81.1%)	(5750.0%)	(1633.3%)

Analyst consensus

Buy44 analysts

Bearish · 1 · Hold · 20 · Bullish · 23

Earnings history

	EPS	Estimate
Q3 2024	$1.07	$1.12	Miss
Q4 2024	$1.43	$1.57	Miss
Q1 2025	$1.16	$1.01	Beat
Q2 2025	$1.57	$1.39	Beat
Q3 2025	$2.26	$1.66	Beat
Q4 2025	$1.80	$1.90	Miss
Q1 2026	$1.81	$1.34	Beat
Q2 2026	$3.09	$2.15	Beat

Peers

Company overview

IPO dateNov 4, 1993

CEOWilliam J. Meury

Employees2,844

SectorHealthcare

IndustryBiotechnology

CountryUS

ExchangeNASDAQ Global Select

Websitewww.incyte.com

Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia. Beyond its marketed drugs, Incyte's pipeline features several promising candidates. Among its clinical-stage assets are ruxolitinib, targeting steroid-refractory chronic graft-versus-host disease (GVHD), and itacitinib, which is undergoing Phase II/III trials for newly diagnosed chronic GVHD. Pemigatinib is also being investigated for conditions such as bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and other tumor types. Further advancing its research, the company is developing Parsaclisib, currently in Phase II studies for follicular lymphoma, marginal zone lymphoma, and mantle cell lymphoma. Additionally, Retifanlimab is in Phase II development for multiple indications, including MSI-high endometrial cancer, Merkel cell carcinoma, anal cancer, and non-small cell lung cancer. Incyte maintains a broad network of strategic alliances with numerous pharmaceutical and biotech companies, including key partners like Novartis International Pharmaceutical Ltd., Eli Lilly and Company, and Agenus Inc., among many others. These collaborations extend to clinical trials, notably joint efforts with MorphoSys AG and Xencor, Inc., to evaluate a combination therapy involving tafasitamab, plamotamab, and lenalidomide for patients with recurrent or resistant diffuse large B-cell lymphoma and follicular lymphoma. Established in 1991, the corporation's main offices are situated in Wilmington, Delaware.

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