INCYTE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INCYTE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,106	1,536	1,882	2,159	2,667	2,986	3,395	3,696	4,241	5,141
Cost of revenue	58.2	79.5	94.1	114	131	151	207	255	312	372
Gross profit	1,048	1,457	1,788	2,045	2,535	2,835	3,188	3,441	3,929	4,769
Research and development	582	1,326	1,198	1,154	2,216	1,458	1,586	1,628	2,607	2,050
Selling, general and administrative	303	366	434	469	517	740	1,002	1,156	1,242	1,376
Operating income	145	-243	129	402	-264	586	579	621	61.4	1,515
Interest expense	38.7	6.9	1.54	1.86	2.17	1.91	2.67	2.55	2.28	2.43
Interest income							40.5	158	129	106
Other non-operating income		17.2	31.8	52.2	23.2	10.6	-0.52	13.9	12.8	25.1
Pre-tax income	107	-312	115	487	-232	570	529	834	317	1,664
Income tax	3.18	0.85	5.85	39.9	63.5	-378	188	237	284	378
Net income	104	-313	109	447	-296	949	341	598	32.6	1,287
EBITDA	203	-191	184	457	-212	644	647	703	151	1,608
EPS, basic	0.55	-1.53	0.52	2.08	-1.36	4.30	1.53	2.67	0.16	6.59
EPS, diluted	0.54	-1.53	0.51	2.05	-1.36	4.27	1.52	2.65	0.15	6.41
Shares, basic (weighted)	188	205	212	215	218	220	222	224	207	195
Shares, diluted (weighted)	194	205	216	218	218	222	224	226	211	201

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	652	900	1,164	1,833	1,513	2,057	2,951	3,213	1,688	3,098
Short-term investments	156	270	274	285	288	291	288	443
Inventory	4.11	6.48	6.97	11.4	16.4	27.9	42	63	58.9	101
Other current assets	32.8	62.4	79.4	43.7	60.1	126	167	183	169	318
Total current assets	994	1,505	1,832	2,481	2,360	3,119	4,093	4,645	3,239	5,024
Property, plant and equipment	168	260	320	378	560	724	739	752	763	731
Goodwill	156	156	156	156	156	156	156	156	156	133
Intangible assets	270	237
Long-term investments	32	134	99.2	134	222	221	134	188
Other non-current assets	2.64	2.22	19.2	49.4	39.4	37.3	25.4	52.1	10.8	18.2
Total assets	1,639	2,303	2,646	3,427	3,561	4,933	5,841	6,782	5,444	6,958
Accounts payable	75.6	67.7	104	83.6	98.8	172	278	110	197	210
Accrued liabilities	127	199	229	286	378	534	701	936	1,212	1,032
Total current liabilities	274	375	425	513	631	854	1,157	1,240	1,642	1,515
Lease liabilities				11.9	14.2	15.6	14.1	14.3	16.8	14.5
Other non-current liabilities	12.7	19.8	21.9	40.1	58.3	70.4	99.2	149	168	165
Total liabilities	1,219	672	720	828	950	1,163	1,471	1,592	1,997	1,790
Total debt	750	26.8	19,094
Paid-in capital	2,097	3,627	3,814	4,044	4,353	4,567	4,792	5,016	4,533	4,928
Retained earnings	-1,675	-1,990	-1,878	-1,431	-1,726	-778	-437	160	-1,073	214
Other comprehensive income	-2.89	-7.01	-10.2	-15.5	-15.4	-19.5	15.1	13.1	-13.1	25.5
Shareholders' equity	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167
Total equity	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167
Total liabilities and equity	1,639	2,303	2,646	3,427	3,561	4,933	5,841	6,782	5,444	6,958
Shares outstanding	189	211	213	216	219	221	223	224	193	198

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	104	-313	109	447	-296	949	341	598	32.6	1,287
Depreciation and amortization	58.4	52.2	55	54.5	51.8	57.8	67.9	82.7	89.2	93.3
Stock-based compensation	96.2	133	148	167	178	183	188	216	266	249
Deferred income tax		-0.81	-0.46	-0.38	-0.35	-466	57.1	-159	-85.6	248
Change in receivables	-23.9	-118	-41.3	-1.21	-173	-134	-28.6	-98.7	-112	-171
Change in inventory	4.05	4.85	4.04	-6.1	-19.5	-21	-67.5	-170	-128	-58.5
Change in payables	43.8	-7.93	36.2	-20.2	15.1	73.3	105	-168	88.2	6.56
Cash from operations	305	-93	336	711	-125	749	970	496	335	1,413
Capital expenditures	-120	-111	-73.5	-78.1	-187	-181	-77.8
Acquisitions	-143
Purchases of investments	-57.4	-261	-160	-375	-517	-235	-79.9	-456	-258	-296
Sales and maturities of investments	88	146	156	365	513	232	79.2	306	231	285
Cash from investing	-232	-350	-86.4	-87.5	-269	-208	-78.5	-208	158	-103
Stock issued		649
Share buybacks							0	0	-2,005	0
Cash from financing	44.6	690	14.7	45.7	71.7	6.18	-0.79	-20	-2,022	101
Exchange rate effect	-0.01	-0.04	0.09	-0.19	2.95	-3.57	3.36	-6.68	2.92	-1.71
Net change in cash	117	247	265	669	-319	544	894	262	-1,526	1,410
Free cash flow	184	-204	263	633	-312	568	892
Interest paid	7.22	0.31	0.27	0.24	0.19	0.4
Income taxes paid	0.93	6.31	5.42	33.6	70.7	67.7	136	378	373	212

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $123.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	92.5%	Gross profit / revenue.
Operating margin	30.0%	Operating income / revenue.
EBITDA margin	31.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.1%	Pre-tax income / revenue.
Net margin	26.7%	Net income / revenue.
Operating cash flow margin	28.3%	Cash from operations / revenue.
Effective tax rate	19.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.5%	Net income / average total assets.
Return on invested capital (ROIC)	60.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	39.7%	Research and development expense / revenue.
SG&A / revenue	25.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2,369.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	37.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	967.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	35.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	3,845.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	55.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	4,173.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	61.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	321.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	49.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	27.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.68x	Current assets / current liabilities.
Quick ratio	2.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	23.4%	Total liabilities / total assets.
Interest coverage	689x	Operating income / interest expense.
Working capital	$3.99B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.49B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	7.44x	Revenue / average property, plant and equipment.
Inventory turnover	3.49x	Cost of revenue / average inventory.
Days inventory	105 days	365 x average inventory / cost of revenue.
Days payables	207 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$25.92	Revenue / diluted weighted shares.
Operating cash flow per share	$7.33	Cash from operations / diluted weighted shares.
Book value per share	$28.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$27.46	Tangible book value / shares outstanding.
Cash per share	$17.31	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$25.11B	Share price x shares outstanding.
Enterprise value	$21.65B	Market cap + total debt - cash - short-term investments.
P/E	17.5x	Market cap / net income. Only when net income is positive.
P/S	4.68x	Market cap / revenue.
P/B	4.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.57x	Market cap / tangible book value, when positive.
P/OCF	16.6x	Market cap / cash from operations, when positive.
EV/Sales	4.04x	Enterprise value / revenue.
EV/EBIT	13.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.7x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
PEG	0.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was INCYTE CORP's revenue in fiscal 2025?

INCYTE CORP reported revenue of $5.14B for fiscal 2025, 21.2% higher than the year before.

Was INCYTE CORP profitable in fiscal 2025?

Yes. Net income was $1.29B, a net margin of 25%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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