Incyte

Health Care Biotechnology Wilmington, Delaware Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.1B
                    3y CAGR +14.8%
                    
                    P90
                    
                    +21.2%
                    
                    Net income
                    FY2025
                
$1.3B
                    Net margin +25.0%
                    
                    P85
                    
                    +3845.0%
                    
                    Total assets
                    FY2025
                
$7.0B
                    ROA +18.5%
                    
                    P97
                    
                    +27.8%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    
                    +321.5%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $7.0B

Total liabilities $1.8B

Shareholders equity $5.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+18.9%	+12.6%	+25.6%	+28.6%	+25.8%	+23.4%	+41.1%	+33.6%	+37.9%	—
Accounts Receivable	+23.9%	+24.4%	+25.8%	+27.7%	+32.9%	+34.2%	+27.6%	+43.8%	+79.0%	—
Inventory	+42.7%	+39.5%	+47.7%	+47.3%	+46.7%	+41.4%	+40.5%	+30.3%	+57.9%	—
Prepaid Expenses	+28.7%	+22.8%	+27.8%	+31.2%	+31.0%	+16.4%	+10.1%	+55.7%	+90.6%	—
Other Current Assets	+23.9%	+19.3%	+53.1%	+45.8%	+69.8%	+99.0%	+165.4%	+169.2%	-15.9%	—
Total Current Assets	+19.7%	+15.9%	+24.6%	+26.6%	+25.7%	+24.1%	+35.6%	+35.8%	+51.4%	—
Property,Plant and Equipment	+17.8%	+20.9%	+23.9%	+28.1%	+34.0%	+35.2%	+31.1%	+38.1%	+54.9%	—
Operating Lease Assets	—	—	—	—	—	—	—	—	—	—
Goodwill	-1.7%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Intangible Assets	—	—	—	—	—	—	—	—	—	—
Deferred Tax Assets	+30.1%	+41.2%	+44.5%	+45.6%	+57.6%	-15.2%	-24.5%	-37.7%	-73.1%	—
Other Noncurrent Assets	+23.9%	+19.3%	+53.1%	+45.8%	+69.8%	+99.0%	+165.4%	+169.2%	-15.9%	—
Total Assets	+17.4%	+16.2%	+22.5%	+23.6%	+24.7%	+21.4%	+27.9%	+27.1%	+40.5%	—
Liabilities
Accounts Payable	+12.0%	+12.8%	+5.4%	+24.2%	+17.9%	+6.9%	+3.4%	+17.2%	-10.5%	—
Accrued Liabilities	+26.2%	+32.6%	+33.1%	+33.0%	+33.3%	+31.5%	+31.2%	+34.6%	+57.0%	—
Operating Lease Liabilities	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+21.0%	+25.1%	+24.1%	+27.2%	+25.6%	+23.3%	+23.4%	+24.7%	+37.3%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Liabilities	+33.0%	+38.1%	+42.2%	+40.9%	+40.9%	+46.4%	+46.8%	+31.5%	+56.0%	—
Total Liabilities	+4.4%	+6.4%	+3.9%	+3.2%	-0.9%	-6.1%	-12.1%	-23.2%	-44.9%	—
Equity
Preferred Stock	—	—	—	—	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Common Stock	+0.5%	+0.3%	+2.5%	+2.8%	+3.2%	+3.8%	+4.6%	+6.2%	+11.6%	—
Additional Paid In Capital	+10.0%	+10.1%	+13.3%	+14.8%	+16.8%	+20.0%	+24.5%	+34.9%	+73.0%	—
Retained Earnings	—	—	—	—	—	—	—	—	—	—
Accumulated Other Comprehensive Income	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+32.2%	+30.1%	+43.2%	+47.8%	+55.1%	+58.0%	+83.7%	+114.3%	+288.7%	—
Total Liabilitiesand Equity	+17.4%	+16.2%	+22.5%	+23.6%	+24.7%	+21.4%	+27.9%	+27.1%	+40.5%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $5.1B

Operating income $1.5B

Net income $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+18.6%	+18.3%	+18.8%	+20.6%	+22.0%	+24.6%	+25.0%	+30.5%	+38.9%	—
Expenses Cost of Revenue	+22.9%	+23.4%	+23.5%	+23.6%	+21.0%	+22.6%	+25.2%	+27.2%	+36.6%	—
Expenses Research and Development	+15.0%	+20.6%	+15.8%	+18.2%	+20.2%	+39.7%	+25.6%	+43.5%	+127.9%	—
Expenses Selling,General and Administrative	+18.3%	+19.3%	+21.1%	+22.0%	+19.5%	+14.3%	+15.6%	+19.7%	+20.8%	—
Expenses Depreciation and Amortization	+5.3%	+5.4%	+5.1%	+2.5%	-0.2%	-3.0%	-2.3%	-3.0%	-10.7%	—
Expenses Share Based Compensation	+11.2%	+13.6%	+12.2%	+11.9%	+13.7%	+16.6%	+20.1%	+24.1%	+38.3%	—
Expenses Operating Expenses	+15.9%	+20.2%	+18.1%	+19.6%	+20.1%	+32.2%	+22.3%	+35.1%	+85.2%	—
Other Income Expense Operating Income	+29.8%	-10.2%	+23.1%	+26.0%	+32.2%	—	+40.5%	-5.6%	—	—
Other Income Expense Interest Income	+42.3%	+52.4%	+66.8%	+44.7%	—	—	—	+168.3%	+288.8%	—
Other Income Expense Interest Expense	-26.5%	-29.8%	-32.2%	-36.0%	-45.2%	-51.3%	-63.7%	-80.0%	-82.2%	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	+35.6%	+14.5%	+34.0%	+30.4%	+39.6%	—	+65.5%	+3.6%	—	—
Income Tax Income Tax Expense	+70.0%	+75.3%	+85.1%	+97.4%	—	+111.3%	+132.3%	+35.6%	-73.2%	—
net Income net Income	+32.2%	-13.5%	+28.3%	+21.8%	+55.5%	—	+62.5%	+2.5%	—	—
net Income Comprehensive Income	+32.9%	-29.3%	+28.6%	+24.2%	+56.0%	—	+62.9%	+3.3%	—	—
Earnings Per Share Basic Eps	+31.8%	-14.3%	+25.3%	+18.6%	+50.9%	—	+55.8%	-2.8%	—	—
Earnings Per Share Diluted Eps	+31.6%	-14.8%	+25.5%	+18.8%	+51.2%	—	+56.0%	-2.8%	—	—
Earnings Per Share Weighted Average Shares Basic	+0.4%	+1.2%	+2.5%	+2.8%	+3.2%	+3.8%	+4.6%	+6.3%	+8.9%	—
Earnings Per Share Weighted Average Shares Diluted	+0.4%	+1.0%	+2.2%	+2.4%	+2.7%	+3.0%	+3.9%	+5.4%	+5.4%	—

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 10 years

Operating cash flow $1.4B

Investing cash flow $-102.6M

Financing cash flow $101.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+32.2%	-13.5%	+28.3%	+21.8%	+55.5%	—	+62.5%	+2.5%	—	—
Operating Activities Depreciation and Amortization	+5.3%	+5.4%	+5.1%	+2.5%	-0.2%	-3.0%	-2.3%	-3.0%	-10.7%	—
Operating Activities Stock Based Compensation	+11.2%	+13.6%	+12.2%	+11.9%	+13.7%	+16.6%	+20.1%	+24.1%	+38.3%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+10.0%	+24.5%	+20.2%	+27.9%	+32.7%	+33.7%	-16.3%	-4.2%	+116.9%	—
Operating Activities net Cash From Operating Activities	+18.6%	+1.2%	+7.2%	+21.3%	+19.7%	—	+32.6%	+5.0%	—	—
Investing Activities Purchases of Investments	+20.0%	+20.7%	+34.5%	+5.7%	+32.6%	+73.2%	+86.9%	+67.0%	+354.5%	—
Investing Activities Proceeds From Sale of Investments	+13.9%	+12.8%	+19.5%	-1.8%	+21.3%	+55.4%	+60.7%	+33.1%	+65.6%	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	+18.0%	-0.2%	-4.6%	+3.4%	+3.2%	+27.7%	+17.0%	-22.6%	+33.6%	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+9.5%	—	—	—	-32.7%	+12.6%	+0.8%	-42.7%	+1446.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	+31.9%	—	+12.2%	+40.4%	+36.0%	—	+78.9%	+50.4%	+111.5%	—
Cash Reconciliation Cash At Beginning of Period	+18.9%	+12.6%	+25.6%	+28.6%	+25.8%	+23.4%	+41.1%	+33.5%	+37.8%	—
Cash Reconciliation Cash At End of Period	+18.9%	+12.6%	+25.6%	+28.6%	+25.8%	+23.4%	+41.1%	+33.5%	+37.8%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+92.8%	+92.6%	+93.1%	+93.9%	+94.9%	+95.1%	+94.7%	+95.0%	+94.8%	+94.7%
Operating margin	+29.5%	+1.4%	+16.8%	+17.1%	+19.6%	-9.9%	+18.6%	+6.9%	-15.8%	+13.1%
Net margin	+25.0%	+0.8%	+16.2%	+10.0%	+31.8%	-11.1%	+20.7%	+5.8%	-20.4%	+9.4%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+14.8%	+12.4%	+11.5%	+16.3%	+16.6%	+20.2%	+25.0%	+35.7%	+44.3%	+46.0%
Returns
ROE	+24.9%	+0.9%	+11.5%	+7.8%	+25.2%	-11.3%	+17.2%	+5.7%	-19.2%	+24.8%
ROA	+18.5%	+0.6%	+8.8%	+5.8%	+19.2%	-8.3%	+13.0%	+4.1%	-13.6%	+6.4%
ROIC	—	—	—	—	—	—	+47.1%	+15.7%	-32.2%	+33.6%
Liquidity
Current ratio	3.32x	1.97x	3.75x	3.54x	3.65x	3.74x	4.83x	4.31x	4.01x	3.64x
Quick ratio	2.72x	1.55x	3.19x	3.11x	3.13x	3.16x	4.17x	3.46x	3.11x	2.93x
Leverage
D/E	0.35x	0.58x	0.31x	0.34x	0.31x	0.36x	0.32x	0.37x	0.41x	2.91x
Interest coverage	623.91x	26.91x	243.25x	217.34x	307.01x	-121.29x	216.71x	83.75x	-35.27x	3.74x
Efficiency
Asset turnover	0.74x	0.78x	0.54x	0.58x	0.61x	0.75x	0.63x	0.71x	0.67x	0.67x
Cash conversion cycle	-34d	-89d	+7d	-346d	-273d	-163d	-179d	-316d	-218d	-399d

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