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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $7.0B

Total liabilities $1.8B

Shareholders equity $5.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	60.3%	39.8%	87.0%	86.9%	68.9%
Accounts Receivable	19.9%	20.1%	20.1%	19.0%	20.6%
Inventory	2.0%	1.4%	1.7%	1.2%	0.9%
Prepaid Expenses	6.2%	4.0%	4.9%	4.9%	4.2%
Other Current Assets	0.4%	0.3%	1.4%	0.7%	1.2%
Total Current Assets	97.7%	76.4%	125.7%	120.6%	104.4%
Property,Plant and Equipment	14.2%	18.0%	20.3%	21.8%	24.2%
Operating Lease Assets	0.5%	0.7%	0.7%	0.8%	0.9%
Goodwill	2.6%	3.7%	4.2%	4.6%	5.2%
Intangible Assets	0.0%	0.0%	0.0%	0.0%	0.0%
Deferred Tax Assets	10.0%	18.0%	17.1%	13.5%	15.7%
Other Noncurrent Assets	0.4%	0.3%	1.4%	0.7%	1.2%
Total Assets	135.3%	128.4%	183.5%	172.1%	165.2%
Liabilities
Accounts Payable	4.1%	4.7%	3.0%	8.2%	5.8%
Accrued Liabilities	20.1%	28.6%	25.3%	20.7%	17.9%
Operating Lease Liabilities	0.1%	0.1%	0.2%	0.2%	0.4%
Other Current Liabilities	1.8%	1.4%	2.0%	2.1%	1.5%
Total Current Liabilities	29.5%	38.7%	33.6%	34.1%	28.6%
Operating Lease Liabilities Noncurrent	0.6%	0.4%	0.4%	0.4%	0.5%
Other Noncurrent Liabilities	3.2%	4.0%	4.0%	2.9%	2.4%
Total Liabilities	34.8%	47.1%	43.1%	43.3%	39.0%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.2%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	95.9%	106.9%	135.7%	141.2%	152.9%
Retained Earnings	4.2%	-25.3%	4.3%	-12.9%	-26.0%
Accumulated Other Comprehensive Income	0.5%	-0.3%	0.4%	0.4%	-0.7%
Total Stockholders Equity	100.5%	81.3%	140.4%	128.7%	126.2%
Total Liabilitiesand Equity	135.3%	128.4%	183.5%	172.1%	165.2%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $5.1B

Operating income $1.5B

Net income $1.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	7.2%	7.4%	6.9%	6.1%	5.1%
Expenses Research and Development	39.9%	61.5%	44.0%	46.7%	48.8%
Expenses Selling,General and Administrative	26.8%	29.3%	31.3%	29.5%	24.8%
Expenses Depreciation and Amortization	1.8%	2.1%	2.2%	2.0%	1.9%
Expenses Share Based Compensation	4.8%	6.3%	5.8%	5.6%	6.1%
Expenses Operating Expenses	70.5%	98.6%	83.2%	82.9%	80.4%
Other Income Expense Operating Income	29.5%	1.4%	16.8%	17.1%	19.6%
Other Income Expense Interest Income	2.1%	3.0%	4.3%	1.2%	—
Other Income Expense Interest Expense	0.0%	0.1%	0.1%	0.1%	0.1%
Other Income Expense Other Income/expense	0.5%	0.3%	0.4%	-0.0%	0.4%
Other Income Expense Income Before Tax	32.4%	7.5%	22.6%	15.6%	19.1%
Income Tax Income Tax Expense	7.3%	6.7%	6.4%	5.6%	-12.7%
net Income net Income	25.0%	0.8%	16.2%	10.0%	31.8%
net Income Comprehensive Income	25.8%	0.2%	16.1%	11.1%	31.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.8%	4.9%	6.1%	6.5%	7.4%
Earnings Per Share Weighted Average Shares Diluted	3.9%	5.0%	6.1%	6.6%	7.4%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $1.4B

Investing cash flow $-102.6M

Financing cash flow $101.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	25.0%	0.8%	16.2%	10.0%	31.8%
Operating Activities Depreciation and Amortization	1.8%	2.1%	2.2%	2.0%	1.9%
Operating Activities Stock Based Compensation	4.8%	6.3%	5.8%	5.6%	6.1%
Operating Activities Deferred Income Taxes	4.8%	-2.0%	-4.3%	1.7%	-15.6%
Operating Activities Changes In Operating Assets and Liabilities	4.7%	14.1%	10.1%	13.3%	14.2%
Operating Activities net Cash From Operating Activities	27.5%	7.9%	13.4%	28.6%	25.1%
Investing Activities Purchases of Investments	5.7%	6.1%	12.3%	2.4%	7.9%
Investing Activities Proceeds From Sale of Investments	5.5%	5.5%	8.3%	2.3%	7.8%
Investing Activities net Cash From Investing Activities	-2.0%	3.7%	-5.6%	-2.3%	-7.0%
Financing Activities Repurchase of Common Stock	0.0%	47.3%	0.0%	0.0%	—
Financing Activities Proceeds From Stock Issuance	4.3%	1.2%	1.0%	1.8%	2.0%
Financing Activities Tax Withholding On Stock Based Compensation	1.5%	1.0%	0.8%	0.8%	1.0%
Financing Activities net Cash From Financing Activities	2.0%	-47.7%	-0.5%	-0.0%	0.2%
Cash Reconciliation Effect of Exchange Rate On Cash	-0.0%	0.1%	-0.2%	0.1%	-0.1%
Cash Reconciliation net Change In Cash	27.4%	-36.0%	7.1%	26.3%	18.2%
Cash Reconciliation Cash At Beginning of Period	60.3%	39.8%	87.0%	87.0%	69.0%
Cash Reconciliation Cash At End of Period	60.3%	39.8%	87.0%	87.0%	69.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+92.8%	+92.6%	+93.1%	+93.9%	+94.9%
Operating margin	+29.5%	+1.4%	+16.8%	+17.1%	+19.6%
Net margin	+25.0%	+0.8%	+16.2%	+10.0%	+31.8%
FCF margin	—	—	—	—	—
Growth
Revenue CAGR (3y)	+14.8%	+12.4%	+11.5%	+16.3%	+16.6%
Returns
ROE	+24.9%	+0.9%	+11.5%	+7.8%	+25.2%
ROA	+18.5%	+0.6%	+8.8%	+5.8%	+19.2%
ROIC	—	—	—	—	—
Liquidity
Current ratio	3.32x	1.97x	3.75x	3.54x	3.65x
Quick ratio	2.72x	1.55x	3.19x	3.11x	3.13x
Leverage
D/E	0.35x	0.58x	0.31x	0.34x	0.31x
Interest coverage	623.91x	26.91x	243.25x	217.34x	307.01x
Efficiency
Asset turnover	0.74x	0.78x	0.54x	0.58x	0.61x
Cash conversion cycle	-34d	-89d	+7d	-346d	-273d

Valuation

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FY2025 fundamentals · no price

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