FirmAtlas

Company handbook · INCY · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16

INCY · CIK 879169 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026

INCYTE CORPORATION

$113.07 −0.20 (−0.18%)

Close, Oct 16, 2026 · 52-week $84–133

↗ incyte.com

Last fiscal year

INCYTE CORPORATION reported revenue of $5.1B for the year ended Dec 31, 2025 (FY25), up 21.2% from FY24. Net income was $1.3B and operating cash flow $1.4B. Source: 10-K filed Feb 10, 2026.

Market cap

$22.4B

P/E

15.7

EV/EBITDA

12.0x

P/B

4.0

ROIC

60.1%

Revenue 1Y

21.2%/yr

EPS 1Y

4173.3%/yr

Shares 1Y

+3%

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Daily closes, split-adjusted · ratios at each fiscal year end

Company

CEOWilliam J. Meury

HQWilmington, DE

AuditorErnst & Young LLP

Employees2,844

Year endsDecember

Compounded growth & averages

10Y

TTM

Share price

2.6%

11.5%

25.2%

29.5%

Upgrade to see 10 years

Share price: yearly compound rate of the traded close; the last column is the past year.

Where the cash went · FY24–FY25

$2.0B deployed

Buybacks $2.0B 100.0%

Operating cash flow over the period: $1.7B. Total debt changed by −$3M. R&D of $4.7B is already inside operating costs.

More cash than debt at the end of FY25.

Sources 10-K FY25 10-Q Jun '26 All filings on EDGAR

Latest filings

Aug 31, 2026 Other announcement 8-K Jul 28, 2026 Quarterly results 8-K Jul 6, 2026 Other announcement 8-K Jun 22, 2026 Other announcement 8-K Jun 9, 2026 Shareholder vote results 8-K

Growth engines

How much of the profit growth came from new investment, and how much from running the business better.

Upgrade to see 10 years

Financials

Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year

Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier

TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.

Income

FY24 FY25

TTM

Revenue

4,241

5,141+21.2%

5,361

YoY

+21.2%

Gross profit

3,929

4,769+21.4%

4,958

Gross margin

92.6%

92.8%+0.1 pp

—

Operating income

1,515+2368.6%

1,611

Operating margin

1.4%

29.5%+28.0 pp

—

EBITDA

151

1,608+967.7%

—

EBITDA margin

3.6%

31.3%+27.7 pp

—

Interest expense

2+6.5%

—

Interest coverage

66.06x

662.33x+596.27x

—

Net income

1,287+3845.0%

1,432

YoY

+3845.0%

Net margin

0.8%

25.0%+24.3 pp

—

EPS (diluted, $)

0.15

6.41+4173.3%

7.13

YoY

+4173.3%

Balance sheet

FY24 FY25

TTM

Total assets

5,444

6,958+27.8%

7,339

Cash & short-term investments

1,689

3,100+83.5%

—

Inventory

101+71.7%

—

Net PP&E

763

731−4.3%

—

Other assets

2,933

3,026+3.2%

—

Total liabilities

1,997

1,790−10.3%

1,716

Accounts payable

197

210+6.3%

—

Total debt

35−8.6%

Other liabilities

1,761

1,546−12.2%

—

Shareholders’ equity

3,448

5,167+49.9%

5,623

Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.

Cash flow statement · as filed

FY24 FY25

TTM

Cash from operations

335

1,413+321.5%

1,517

Net income

1,287+3845.0%

—

Depreciation & amortization

93+4.5%

—

Stock-based compensation

266

249−6.3%

—

Working capital & other

(53)

(216)n/m

—

Cash from investing

158

(103)−165.1%

—

Investments bought

(258)

(296)n/m

—

Investments sold / matured

231

285+23.1%

—

Other investing

185

(92)−149.7%

—

Cash from financing

(2,022)

101n/m

—

Buybacks

(2,005)

0n/m

—

Other financing

(17)

101n/m

—

Net change in cash

(1,526)

1,410n/m

—

Where the cash went

FY24 FY25

TTM

Operating cash flow

335

1,413+321.5%

1,517

R&D (memo, already in costs)

2,607

2,050−21.4%

—

Returned to shareholders

2,005

0−100.0%

—

% of free cash flow

—

Buybacks

2,005

0−100.0%

—

Change in total debt

—

(3)

—

Returns & ratios

FY24 FY25

TTM

ROIC (all capital)

1.4%

60.1%+58.7 pp

—

ROIC (operating)

3.9%

187.8%+183.9 pp

—

Net debt / EBITDA

−10.97x

−1.91x+9.06x

—

Debt / equity

0.01x

0.01x−0.00x

—

ROE

0.9%

24.9%+24.0 pp

—

ROA

0.6%

18.5%+17.9 pp

—

ROCE

1.6%

27.8%+26.2 pp

—

NOPAT

1,171+4670.6%

—

Invested capital (operating)

625

622−0.4%

—

Invested capital (all)

1,796

2,103+17.1%

—

Reinvestment rate

—

−0.2%

—

Income

Jun '25

Sep '25

Dec '25

Mar '26

Revenue

1,216

1,366

1,507

1,273

vs year-ago quarter

Gross profit

1,137

1,267

1,386

1,168

Gross margin

93.5%

92.8%

92.0%

91.8%

Operating income

530

444

336

301

Net income

405

424

299

303

vs year-ago quarter

Net margin

33.3%

31.1%

19.9%

23.8%

EPS (diluted, $)

2.04

2.11

1.51

1.47

vs year-ago quarter

Balance sheet

Jun '25

Sep '25

Dec '25

Mar '26

Total assets

5,821

6,330

6,958

7,339

Cash & equivalents

1,957

2,457

3,100

3,463

Total debt

Shareholders’ equity

4,171

4,651

5,167

5,623

Cash flow

Jun '25

Sep '25

Dec '25

Mar '26

Operating cash flow

559

543

369