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Icon vs Incyte: revenue, profit, margins and growth compared

Icon brought in $8.3B of revenue in fiscal 2025, Incyte $5.1B in fiscal 2025. Revenue changed by +0.8% at Icon and +21.2% at Incyte on the year before, so Incyte grew faster. Icon kept 2.8% of its revenue as net profit, Incyte 25.0%.

Side by side, latest fiscal year

ICLRINCY
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8.3B$5.1B
Revenue growth+0.8%+21.2%
Net income$229.3M$1.3B
Net margin2.8%25.0%
Free cash flow$862Mn/a
Free cash flow margin10.4%n/a
Earnings per share (diluted)$2.90$6.41
Cash$647.3M$3.1B
Debt$2.9Bn/a
Price to earningsn/a19.3
Market value$13.2B$25.1B
Dividend yieldn/an/a
Rank by revenue in sector#50 of 523 · Health care#60 of 523 · Health care

Over the years

Revenue
ICLR FY2018: $2.6BICLR FY2019: $2.8BICLR FY2020: $2.8BICLR FY2021: $5.5BICLR FY2022: $7.7BICLR FY2023: $8.1BICLR FY2024: $8.2BICLR FY2025: $8.3BINCY FY2018: $1.9BINCY FY2019: $2.2BINCY FY2020: $2.7BINCY FY2021: $3BINCY FY2022: $3.4BINCY FY2023: $3.7BINCY FY2024: $4.2BINCY FY2025: $5.1BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $8.3BINCY $5.1B
Net income
ICLR FY2018: $322.7MICLR FY2019: $374MICLR FY2020: $332.3MICLR FY2021: $153.2MICLR FY2022: $505.3MICLR FY2023: $554.2MICLR FY2024: $739.1MICLR FY2025: $229.3MINCY FY2018: $109.5MINCY FY2019: $446.9MINCY FY2020: -$295.7MINCY FY2021: $948.6MINCY FY2022: $340.7MINCY FY2023: $597.6MINCY FY2024: $32.6MINCY FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $229.3MINCY $1.3B
Net margin
ICLR FY2018: 12.4%ICLR FY2019: 13.3%ICLR FY2020: 11.9%ICLR FY2021: 2.8%ICLR FY2022: 6.5%ICLR FY2023: 6.9%ICLR FY2024: 9.0%ICLR FY2025: 2.8%INCY FY2018: 5.8%INCY FY2019: 20.7%INCY FY2020: -11.1%INCY FY2021: 31.8%INCY FY2022: 10.0%INCY FY2023: 16.2%INCY FY2024: 0.8%INCY FY2025: 25.0%FY18FY19FY20FY21FY22FY23FY24FY25
ICLR 2.8%INCY 25.0%
Revenue growth
ICLR FY2019: +8.1%ICLR FY2020: -0.3%ICLR FY2021: +95.9%ICLR FY2022: +41.2%ICLR FY2023: +4.1%ICLR FY2024: +1.7%ICLR FY2025: +0.8%INCY FY2019: +14.7%INCY FY2020: +23.5%INCY FY2021: +12.0%INCY FY2022: +13.7%INCY FY2023: +8.9%INCY FY2024: +14.8%INCY FY2025: +21.2%FY19FY20FY21FY22FY23FY24FY25
ICLR +0.8%INCY +21.2%
Free cash flow
ICLR FY2018: $220.2MICLR FY2019: $373.6MICLR FY2020: $527.2MICLR FY2021: $735.4MICLR FY2022: $421.2MICLR FY2023: $1BICLR FY2024: $1.1BICLR FY2025: $862MINCY FY2018: $262.7MINCY FY2019: $632.6MINCY FY2020: -$312MINCY FY2021: $568.5MINCY FY2022: $892.1MFY18FY19FY20FY21FY22FY23FY24FY25
ICLR $862MINCY $892.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Icon and Incyte

Which is bigger by revenue, Icon or Incyte?

Icon is bigger by revenue: $8.3B in fiscal 2025, against $5.1B for Incyte in fiscal 2025.

Which keeps more of its revenue as profit, Icon or Incyte?

Icon had a net margin of 2.8% in fiscal 2025; Incyte had 25.0% in fiscal 2025.

Which grew revenue faster, Icon or Incyte?

In their latest fiscal years revenue changed by +0.8% at Icon and +21.2% at Incyte.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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