Incyte Corporation (INCY) 10-Year Financial Performance & Capital Metrics

INCY •

HealthcareBiotechnologyOncology Therapeutics Developers

AboutIncyte Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of proprietary therapeutics in the United States and internationally. The company offers JAKAFI, a drug for the treatment of myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that act as oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and philadelphia-chromosome positive acute lymphoblastic leukemia. Its clinical stage products include ruxolitinib, a steroid-refractory chronic graft-versus-host-diseases (GVHD); itacitinib, which is in Phase II/III clinical trial to treat naive chronic GVHD; and pemigatinib for treating bladder cancer, cholangiocarcinoma, myeloproliferative syndrome, and tumor agnostic. In addition, the company engages in developing Parsaclisib, which is in Phase II clinical trial for follicular lymphoma, marginal zone lymphoma, and mantel cell lymphoma. Additionally, it develops Retifanlimab that is in Phase II clinical trials for MSI-high endometrial cancer, merkel cell carcinoma, and anal cancer, as well as in Phase II clinical trials for patients with non-small cell lung cancer. It has collaboration agreements with Novartis International Pharmaceutical Ltd.; Eli Lilly and Company; Agenus Inc.; Calithera Biosciences, Inc; MacroGenics, Inc.; Merus N.V.; Syros Pharmaceuticals, Inc.; Innovent Biologics, Inc.; Zai Lab Limited; Cellenkos, Inc.; and Nimble Therapeutics, as well as clinical collaborations with MorphoSys AG and Xencor, Inc. to investigate the combination of tafasitamab, plamotamab, and lenalidomide in patients with relapsed or refractory diffuse large B-cell lymphoma, and relapsed or refractory follicular lymphoma. The company was incorporated in 1991 and is headquartered in Wilmington, Delaware.Show more

Revenue $5.14B +21.2%
EBITDA $1.44B +747.8%
Net Income $1.29B +3845.0%
EPS (Diluted) 6.41 +4173.3%
Gross Margin 91.47% +0.4%
EBITDA Margin 27.93% +599.4%
Operating Margin 26.12% +1282.2%
Net Margin 25.03% +3154.4%
ROE 29.87% +3855.2%
ROIC 51.09% +1522.6%
Debt/Equity 0.01 +6.4%
Interest Coverage 553.03 +1473.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.3% free cash flow margin
✓Strong 5Y sales CAGR of 14.0%
✓Share count reduced 4.7% through buybacks
✓Healthy 5Y average net margin of 16.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.17%

5Y14.03%

3Y14.84%

TTM21.22%

Profit (Net Income) CAGR

10Y69.61%

5Y-

3Y55.73%

TTM3844.96%

EPS CAGR

10Y70.99%

5Y-

3Y61.56%

TTM2274.07%

ROCE

10Y Avg9.16%

5Y Avg15.08%

3Y Avg14.5%

Latest29.05%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.11B	1.54B	1.88B	2.16B	2.67B	2.99B	3.39B	3.7B	4.24B	5.14B
Revenue Growth %	46.7%	38.93%	22.5%	14.71%	23.53%	11.98%	13.67%	8.87%	14.76%	21.22%
Cost of Goods Sold+	104.01M	110.16M	127.59M	147.28M	161.63M	187.34M	253.35M	315.15M	377.72M	438.72M
COGS % of Revenue	9.41%	7.17%	6.78%	6.82%	6.06%	6.27%	7.46%	8.53%	8.91%	8.53%
Gross Profit+	1B	1.43B	1.75B	2.01B	2.51B	2.8B	3.14B	3.38B	3.86B	4.7B
Gross Margin %	90.59%	92.83%	93.22%	93.18%	93.94%	93.73%	92.54%	91.47%	91.09%	91.47%
Gross Profit Growth %	42.22%	42.36%	23.02%	14.66%	24.54%	11.73%	12.23%	7.62%	14.29%	21.72%
Operating Expenses+	837.69M	1.66B	1.6B	1.59B	2.75B	2.16B	2.54B	2.73B	3.78B	3.36B
OpEx % of Revenue	75.76%	108.17%	84.96%	73.64%	102.95%	72.38%	74.87%	73.84%	89.2%	65.35%
Selling, General & Admin	255.83M	335.61M	400.94M	435.68M	516.9M	703.22M	955.78M	1.1B	1.18B	1.38B
SG&A % of Revenue	23.14%	21.85%	21.31%	20.18%	19.38%	23.55%	28.16%	29.8%	27.74%	26.77%
Research & Development	581.86M	1.33B	1.2B	1.15B	2.22B	1.46B	1.59B	1.63B	2.61B	1.98B
R&D % of Revenue	52.62%	86.32%	63.66%	53.46%	83.1%	48.83%	46.72%	44.04%	61.46%	38.58%
Other Operating Expenses	0	0	0	0	12.52M	0	0	0	0	0
Operating Income+	164.02M	-235.68M	155.4M	421.69M	-240.29M	637.54M	599.56M	651.77M	80.14M	1.34B
Operating Margin %	14.83%	-15.34%	8.26%	19.53%	-9.01%	21.35%	17.66%	17.64%	1.89%	26.12%
Operating Income Growth %	223.82%	-243.69%	165.93%	171.36%	-156.98%	365.32%	-5.96%	8.71%	-87.7%	1575.43%
EBITDA+	222.44M	-183.5M	210.37M	476.22M	-188.48M	695.38M	667.42M	734.43M	169.39M	1.44B
EBITDA Margin %	20.12%	-11.95%	11.18%	22.06%	-7.07%	23.29%	19.66%	19.87%	3.99%	27.93%
EBITDA Growth %	132.84%	-182.49%	214.64%	126.38%	-139.58%	468.93%	-4.02%	10.04%	-76.94%	747.76%
D&A (Non-Cash Add-back)	58.42M	52.18M	54.97M	54.53M	51.81M	57.84M	67.86M	82.66M	89.25M	93.29M
EBIT	146.15M	-305.39M	116.89M	488.65M	-230.04M	572.35M	531.78M	836.77M	318.91M	1.67B
Net Interest Income+	-34.13M	-6.9M	-1.54M	-1.85M	-2.17M	-1.91M	-2.67M	-2.55M	126.43M	103.17M
Interest Income	4.61M	0	0	0	0	0	0	0	128.71M	105.6M
Interest Expense	38.74M	6.9M	1.54M	1.85M	2.17M	1.91M	2.67M	2.55M	2.28M	2.43M
Other Income/Expense	-56.62M	-76.61M	-40.05M	65.1M	8.07M	-67.09M	-70.45M	182.44M	236.49M	321.7M
Pretax Income+	107.4M	-312.29M	115.35M	486.79M	-232.22M	570.44M	529.12M	834.22M	316.63M	1.66B
Pretax Margin %	9.71%	-20.33%	6.13%	22.55%	-8.71%	19.1%	15.59%	22.57%	7.47%	32.37%
Income Tax+	3.18M	852K	5.85M	39.88M	63.48M	-378.14M	188.46M	236.62M	284.01M	377.8M
Effective Tax Rate %	97.04%	100.27%	94.92%	91.81%	127.34%	166.29%	64.38%	71.64%	10.3%	77.3%
Net Income+	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Net Margin %	9.43%	-20.38%	5.82%	20.7%	-11.09%	31.76%	10.04%	16.17%	0.77%	25.03%
Net Income Growth %	1495.8%	-400.46%	134.97%	308.16%	-166.17%	420.79%	-64.09%	75.42%	-94.54%	3844.96%
Net Income (Continuing)	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.54	-1.53	0.51	2.05	-1.36	4.27	1.52	2.65	0.15	6.41
EPS Growth %	1700%	-383.33%	133.33%	301.96%	-166.34%	413.97%	-64.4%	74.34%	-94.34%	4173.33%
EPS (Basic)	0.55	-1.53	0.52	2.08	-1.36	4.30	1.53	2.67	0.16	6.59
Diluted Shares Outstanding	194.13M	204.58M	215.63M	217.66M	218.07M	222.07M	223.96M	225.93M	210.53M	200.7M
Basic Shares Outstanding	187.87M	204.58M	212.38M	214.91M	218.07M	220.43M	222M	223.63M	207.11M	195.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	994.18M	1.5B	1.83B	2.48B	2.36B	3.12B	4.09B	4.65B	3.24B	5.02B
Cash & Short-Term Investments	808.55M	1.17B	1.44B	2.12B	1.8B	2.35B	3.24B	3.66B	2.16B	3.58B
Cash Only	652.34M	899.51M	1.16B	1.83B	1.51B	2.06B	2.95B	3.21B	1.69B	3.1B
Short-Term Investments	156.2M	270.14M	274.34M	284.87M	288.37M	290.75M	287.54M	442.67M	470.26M	482.79M
Accounts Receivable	148.76M	266.3M	307.6M	308.81M	481.99M	616.3M	644.88M	743.56M	853.15M	1.02B
Days Sales Outstanding	49.11	63.27	59.66	52.21	65.97	75.33	69.34	73.44	73.42	72.73
Inventory	4.11M	6.48M	6.97M	11.4M	16.43M	27.9M	41.99M	62.97M	58.87M	101.06M
Days Inventory Outstanding	14.41	21.48	19.93	28.25	37.09	54.37	60.5	72.93	56.89	84.08
Other Current Assets	32.75M	62.43M	79.37M	43.73M	60.1M	126.28M	167.01M	182.83M	168.91M	317.83M
Total Non-Current Assets+	644.42M	797.73M	813.51M	945.26M	1.2B	1.81B	1.75B	2.14B	2.21B	1.52B
Property, Plant & Equipment	167.68M	259.76M	319.75M	406.63M	588.08M	751.47M	765.61M	777.05M	794.21M	758.4M
Fixed Asset Turnover	6.59x	5.91x	5.89x	5.31x	4.53x	3.97x	4.43x	4.76x	5.34x	6.78x
Goodwill	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	133M
Intangible Assets	270.44M	236.9M	215.36M	193.83M	172.29M	150.75M	129.22M	123.55M	113.8M	117.13M
Long-Term Investments	31.99M	134.36M	99.2M	133.66M	222.3M	221.27M	133.68M	187.72M	18.81M	47.99M
Other Non-Current Assets	18.72M	11.12M	23.6M	55.56M	60.71M	68.06M	106.1M	260.92M	360.8M	-47.99M
Total Assets+	1.64B	2.3B	2.65B	3.43B	3.56B	4.93B	5.84B	6.78B	5.44B	6.96B
Asset Turnover	0.67x	0.67x	0.71x	0.63x	0.75x	0.61x	0.58x	0.54x	0.78x	0.74x
Asset Growth %	62.65%	40.52%	14.9%	29.52%	3.92%	38.54%	18.4%	16.11%	-19.73%	27.8%
Total Current Liabilities+	273.5M	375.4M	425.28M	513.34M	631.2M	854.31M	1.16B	1.24B	1.64B	1.52B
Accounts Payable	75.6M	67.67M	103.83M	83.65M	98.77M	172.11M	277.55M	109.6M	197.47M	209.94M
Days Payables Outstanding	265.29	224.22	297.02	207.3	223.03	335.34	399.86	126.94	190.82	174.66
Short-Term Debt	0	7.39M	0	18.3M	0	0	0	0	0	10.21M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	70.44M	158.88M	171.36M	226.72M	260.06M	328.26M	435.86M	545.01M	724.83M	1.07B
Current Ratio	3.64x	4.01x	4.31x	4.83x	3.74x	3.65x	3.54x	3.75x	1.97x	3.32x
Quick Ratio	3.62x	3.99x	4.29x	4.81x	3.71x	3.62x	3.50x	3.69x	1.94x	3.25x
Cash Conversion Cycle	-201.78	-139.48	-217.43	-126.83	-119.97	-205.64	-270.02	19.43	-60.5	-17.86
Total Non-Current Liabilities+	945.63M	296.56M	294.52M	315M	318.45M	309.04M	313.79M	351.89M	354.85M	288.2M
Long-Term Debt	651.48M	16.61M	17.43M	0	0	0	0	0	0	14.51M
Capital Lease Obligations	0	0	0	31.92M	32.57M	31.63M	30.08M	29.16M	33.54M	44.71M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	12.88M
Other Non-Current Liabilities	294.15M	279.95M	277.08M	283.09M	285.88M	277.41M	283.7M	322.73M	321.31M	216.11M
Total Liabilities	1.22B	671.95M	719.79M	828.34M	949.65M	1.16B	1.47B	1.59B	2B	1.8B
Total Debt+	651.48M	24M	36.13M	60.23M	47.53M	44.82M	41.46M	38.29M	43.54M	69.43M
Net Debt	-862K	-875.51M	-1.13B	-1.77B	-1.47B	-2.01B	-2.91B	-3.18B	-1.64B	-3.03B
Debt / Equity	1.55x	0.01x	0.02x	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	2.93x	-	0.17x	0.13x	-	0.06x	0.06x	0.05x	0.26x	0.05x
Net Debt / EBITDA	-0.00x	-	-5.36x	-3.72x	-	-2.89x	-4.36x	-4.32x	-9.71x	-2.11x
Interest Coverage	4.23x	-34.16x	100.71x	227.33x	-110.53x	334.14x	224.89x	255.50x	35.15x	553.03x
Total Equity+	419.47M	1.63B	1.93B	2.6B	2.61B	3.77B	4.37B	5.19B	3.45B	5.17B
Equity Growth %	145.08%	288.74%	18.11%	34.91%	0.5%	44.37%	15.92%	18.76%	-33.57%	49.89%
Book Value per Share	2.16	7.97	8.93	11.94	11.97	16.98	19.51	22.97	16.38	25.75
Total Shareholders' Equity	419.47M	1.63B	1.93B	2.6B	2.61B	3.77B	4.37B	5.19B	3.45B	5.17B
Common Stock	189K	211K	213K	216K	219K	221K	223K	224K	193K	198K
Retained Earnings	-1.67B	-1.99B	-1.88B	-1.43B	-1.73B	-777.87M	-437.21M	160.38M	-1.07B	213.77M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.89M	-7.01M	-10.16M	-15.54M	-15.36M	-19.45M	15.07M	13.11M	-13.12M	25.46M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	304.76M	-92.99M	336.23M	710.66M	-124.6M	749.49M	969.94M	496.49M	335.34M	1.41B
Operating CF Margin %	27.56%	-6.05%	17.87%	32.92%	-4.67%	25.1%	28.57%	13.43%	7.91%	27.49%
Operating CF Growth %	252.17%	-130.51%	461.58%	111.36%	-117.53%	701.52%	29.41%	-48.81%	-32.46%	321.52%
Net Income	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Depreciation & Amortization	58.42M	52.18M	54.97M	54.53M	51.81M	57.84M	67.86M	82.66M	89.25M	93.29M
Stock-Based Compensation	96.2M	133.06M	148.15M	166.59M	177.88M	183.01M	188.42M	215.89M	266.06M	249.35M
Deferred Taxes	3.26M	91.16M	-459K	-377K	-350K	-465.6M	57.09M	-158.9M	-85.55M	247.69M
Other Non-Cash Items	17.89M	7.99M	70.61M	-14.29M	13.51M	40.23M	117.11M	7.89M	-105.28M	63.69M
Working Capital Changes	24.75M	-64.23M	-46.54M	57.3M	-71.74M	-14.57M	198.81M	-248.65M	138.24M	-527.16M
Change in Receivables	-23.95M	-117.54M	-41.3M	-1.21M	-173.19M	-134.31M	-28.58M	-98.68M	-111.59M	-170.77M
Change in Inventory	4.05M	4.85M	4.04M	-6.1M	-19.47M	-20.96M	-67.5M	-170.15M	-127.63M	-58.51M
Change in Payables	43.76M	-7.93M	36.16M	-20.18M	15.12M	73.34M	105.44M	-167.94M	88.16M	6.56M
Cash from Investing+	-232.49M	-349.98M	-86.42M	-87.45M	-269M	-207.7M	-78.54M	-207.68M	157.52M	-102.61M
Capital Expenditures	-120.28M	-111.02M	-73.48M	-78.06M	-187.38M	-181.01M	-77.83M	-47.49M	-86.26M	-58.87M
CapEx % of Revenue	10.88%	7.23%	3.9%	3.62%	7.03%	6.06%	2.29%	1.28%	2.03%	1.15%
Acquisitions	-142.86M	111.02M	73.48M	78.06M	187.38M	181.01M	709K	47.49M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	30.64M	-111.02M	-73.48M	-78.06M	-187.38M	-181.01M	-709K	-47.49M	-13.9M	-25M
Cash from Financing+	58.65M	690.17M	14.66M	45.71M	71.71M	6.18M	-794K	-20.03M	-2.02B	101.04M
Debt Issued (Net)	-445K	0	0	-822K	-836K	-2.42M	-2.86M	-3.36M	-3.8M	-4.54M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	-2B	-19.1M
Other Financing	9.12M	49.72M	-15.29M	-16.77M	-37.76M	-50.03M	-59.05M	-52.51M	-12.96M	-97.08M
Net Change in Cash	130.9M	247.17M	264.55M	668.72M	-318.94M	544.39M	893.96M	262.1M	-1.53B	1.41B
Free Cash Flow+	184.48M	-204.01M	262.74M	632.59M	-311.98M	568.48M	892.11M	449M	249.07M	1.35B
FCF Margin %	16.68%	-13.28%	13.96%	29.3%	-11.7%	19.04%	26.28%	12.15%	5.87%	26.35%
FCF Growth %	204.76%	-210.59%	228.79%	140.76%	-149.32%	282.22%	56.93%	-49.67%	-44.53%	443.87%
FCF per Share	0.95	-1.00	1.22	2.91	-1.43	2.56	3.98	1.99	1.18	6.75
FCF Conversion (FCF/Net Income)	2.92x	0.30x	3.07x	1.59x	0.42x	0.79x	2.85x	0.83x	10.28x	1.10x
Interest Paid	7.22M	314K	268K	239K	0	396K	0	0	0	0
Taxes Paid	927K	6.3M	5.42M	33.55M	70.71M	67.73M	136.24M	378.21M	373.06M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.29%	-30.55%	6.16%	19.76%	-11.35%	29.73%	8.37%	12.5%	0.76%	29.87%
Return on Invested Capital (ROIC)	35.75%	-30.12%	15.01%	38.95%	-18.28%	32.94%	27.95%	28.13%	3.15%	51.09%
Gross Margin	90.59%	92.83%	93.22%	93.18%	93.94%	93.73%	92.54%	91.47%	91.09%	91.47%
Net Margin	9.43%	-20.38%	5.82%	20.7%	-11.09%	31.76%	10.04%	16.17%	0.77%	25.03%
Debt / Equity	1.55x	0.01x	0.02x	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x	0.01x
Interest Coverage	4.23x	-34.16x	100.71x	227.33x	-110.53x	334.14x	224.89x	255.50x	35.15x	553.03x
FCF Conversion	2.92x	0.30x	3.07x	1.59x	0.42x	0.79x	2.85x	0.83x	10.28x	1.10x
Revenue Growth	46.7%	38.93%	22.5%	14.71%	23.53%	11.98%	13.67%	8.87%	14.76%	21.22%

US Stock Screener

...

Incyte Corporation (INCY) 10-Year Financial Performance & Capital Metrics

INCY •

HealthcareBiotechnologyOncology Therapeutics Developers

Revenue $5.14B +21.2%
EBITDA $1.44B +747.8%
Net Income $1.29B +3845.0%
EPS (Diluted) 6.41 +4173.3%
Gross Margin 91.47% +0.4%
EBITDA Margin 27.93% +599.4%
Operating Margin 26.12% +1282.2%
Net Margin 25.03% +3154.4%
ROE 29.87% +3855.2%
ROIC 51.09% +1522.6%
Debt/Equity 0.01 +6.4%
Interest Coverage 553.03 +1473.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.3% free cash flow margin
✓Strong 5Y sales CAGR of 14.0%
✓Share count reduced 4.7% through buybacks
✓Healthy 5Y average net margin of 16.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y21.17%

5Y14.03%

3Y14.84%

TTM21.22%

Profit (Net Income) CAGR

10Y69.61%

5Y-

3Y55.73%

TTM3844.96%

EPS CAGR

10Y70.99%

5Y-

3Y61.56%

TTM2274.07%

ROCE

10Y Avg9.16%

5Y Avg15.08%

3Y Avg14.5%

Latest29.05%

Peer Comparison

Oncology Therapeutics Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXELExelixis, Inc.	11.81B	44.06	15.85	6.98%	29.63%	31.37%	7.49%	0.08
INCYIncyte Corporation	20.1B	101.27	15.80	21.22%	25.03%	24.9%	6.74%	0.01
GMABGenmab A/S	18.13B	29.44	15.36	30.67%	46.8%	114.25%	6.6%	0.03
SNDXSyndax Pharmaceuticals, Inc.	1.89B	21.71	-5.82		-279.31%	-269.93%		1.20
RCUSArcus Biosciences, Inc.	2.55B	20.37	-6.19	-4.26%	-142.91%	-55.94%		0.16
RLAYRelay Therapeutics, Inc.	1.78B	10.26	-6.37	53.44%	-18.01%	-48.76%		0.06
STROSutro Biopharma, Inc.	1.74B	20.47	-6.92	-59.64%	-205.18%	-234.19%		4.57
OLMAOlema Pharmaceuticals, Inc.	1.66B	24.20	-11			-48.77%		0.00

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.11B	1.54B	1.88B	2.16B	2.67B	2.99B	3.39B	3.7B	4.24B	5.14B
Revenue Growth %	46.7%	38.93%	22.5%	14.71%	23.53%	11.98%	13.67%	8.87%	14.76%	21.22%
Cost of Goods Sold+	104.01M	110.16M	127.59M	147.28M	161.63M	187.34M	253.35M	315.15M	377.72M	438.72M
COGS % of Revenue	9.41%	7.17%	6.78%	6.82%	6.06%	6.27%	7.46%	8.53%	8.91%	8.53%
Gross Profit+	1B	1.43B	1.75B	2.01B	2.51B	2.8B	3.14B	3.38B	3.86B	4.7B
Gross Margin %	90.59%	92.83%	93.22%	93.18%	93.94%	93.73%	92.54%	91.47%	91.09%	91.47%
Gross Profit Growth %	42.22%	42.36%	23.02%	14.66%	24.54%	11.73%	12.23%	7.62%	14.29%	21.72%
Operating Expenses+	837.69M	1.66B	1.6B	1.59B	2.75B	2.16B	2.54B	2.73B	3.78B	3.36B
OpEx % of Revenue	75.76%	108.17%	84.96%	73.64%	102.95%	72.38%	74.87%	73.84%	89.2%	65.35%
Selling, General & Admin	255.83M	335.61M	400.94M	435.68M	516.9M	703.22M	955.78M	1.1B	1.18B	1.38B
SG&A % of Revenue	23.14%	21.85%	21.31%	20.18%	19.38%	23.55%	28.16%	29.8%	27.74%	26.77%
Research & Development	581.86M	1.33B	1.2B	1.15B	2.22B	1.46B	1.59B	1.63B	2.61B	1.98B
R&D % of Revenue	52.62%	86.32%	63.66%	53.46%	83.1%	48.83%	46.72%	44.04%	61.46%	38.58%
Other Operating Expenses	0	0	0	0	12.52M	0	0	0	0	0
Operating Income+	164.02M	-235.68M	155.4M	421.69M	-240.29M	637.54M	599.56M	651.77M	80.14M	1.34B
Operating Margin %	14.83%	-15.34%	8.26%	19.53%	-9.01%	21.35%	17.66%	17.64%	1.89%	26.12%
Operating Income Growth %	223.82%	-243.69%	165.93%	171.36%	-156.98%	365.32%	-5.96%	8.71%	-87.7%	1575.43%
EBITDA+	222.44M	-183.5M	210.37M	476.22M	-188.48M	695.38M	667.42M	734.43M	169.39M	1.44B
EBITDA Margin %	20.12%	-11.95%	11.18%	22.06%	-7.07%	23.29%	19.66%	19.87%	3.99%	27.93%
EBITDA Growth %	132.84%	-182.49%	214.64%	126.38%	-139.58%	468.93%	-4.02%	10.04%	-76.94%	747.76%
D&A (Non-Cash Add-back)	58.42M	52.18M	54.97M	54.53M	51.81M	57.84M	67.86M	82.66M	89.25M	93.29M
EBIT	146.15M	-305.39M	116.89M	488.65M	-230.04M	572.35M	531.78M	836.77M	318.91M	1.67B
Net Interest Income+	-34.13M	-6.9M	-1.54M	-1.85M	-2.17M	-1.91M	-2.67M	-2.55M	126.43M	103.17M
Interest Income	4.61M	0	0	0	0	0	0	0	128.71M	105.6M
Interest Expense	38.74M	6.9M	1.54M	1.85M	2.17M	1.91M	2.67M	2.55M	2.28M	2.43M
Other Income/Expense	-56.62M	-76.61M	-40.05M	65.1M	8.07M	-67.09M	-70.45M	182.44M	236.49M	321.7M
Pretax Income+	107.4M	-312.29M	115.35M	486.79M	-232.22M	570.44M	529.12M	834.22M	316.63M	1.66B
Pretax Margin %	9.71%	-20.33%	6.13%	22.55%	-8.71%	19.1%	15.59%	22.57%	7.47%	32.37%
Income Tax+	3.18M	852K	5.85M	39.88M	63.48M	-378.14M	188.46M	236.62M	284.01M	377.8M
Effective Tax Rate %	97.04%	100.27%	94.92%	91.81%	127.34%	166.29%	64.38%	71.64%	10.3%	77.3%
Net Income+	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Net Margin %	9.43%	-20.38%	5.82%	20.7%	-11.09%	31.76%	10.04%	16.17%	0.77%	25.03%
Net Income Growth %	1495.8%	-400.46%	134.97%	308.16%	-166.17%	420.79%	-64.09%	75.42%	-94.54%	3844.96%
Net Income (Continuing)	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.54	-1.53	0.51	2.05	-1.36	4.27	1.52	2.65	0.15	6.41
EPS Growth %	1700%	-383.33%	133.33%	301.96%	-166.34%	413.97%	-64.4%	74.34%	-94.34%	4173.33%
EPS (Basic)	0.55	-1.53	0.52	2.08	-1.36	4.30	1.53	2.67	0.16	6.59
Diluted Shares Outstanding	194.13M	204.58M	215.63M	217.66M	218.07M	222.07M	223.96M	225.93M	210.53M	200.7M
Basic Shares Outstanding	187.87M	204.58M	212.38M	214.91M	218.07M	220.43M	222M	223.63M	207.11M	195.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	994.18M	1.5B	1.83B	2.48B	2.36B	3.12B	4.09B	4.65B	3.24B	5.02B
Cash & Short-Term Investments	808.55M	1.17B	1.44B	2.12B	1.8B	2.35B	3.24B	3.66B	2.16B	3.58B
Cash Only	652.34M	899.51M	1.16B	1.83B	1.51B	2.06B	2.95B	3.21B	1.69B	3.1B
Short-Term Investments	156.2M	270.14M	274.34M	284.87M	288.37M	290.75M	287.54M	442.67M	470.26M	482.79M
Accounts Receivable	148.76M	266.3M	307.6M	308.81M	481.99M	616.3M	644.88M	743.56M	853.15M	1.02B
Days Sales Outstanding	49.11	63.27	59.66	52.21	65.97	75.33	69.34	73.44	73.42	72.73
Inventory	4.11M	6.48M	6.97M	11.4M	16.43M	27.9M	41.99M	62.97M	58.87M	101.06M
Days Inventory Outstanding	14.41	21.48	19.93	28.25	37.09	54.37	60.5	72.93	56.89	84.08
Other Current Assets	32.75M	62.43M	79.37M	43.73M	60.1M	126.28M	167.01M	182.83M	168.91M	317.83M
Total Non-Current Assets+	644.42M	797.73M	813.51M	945.26M	1.2B	1.81B	1.75B	2.14B	2.21B	1.52B
Property, Plant & Equipment	167.68M	259.76M	319.75M	406.63M	588.08M	751.47M	765.61M	777.05M	794.21M	758.4M
Fixed Asset Turnover	6.59x	5.91x	5.89x	5.31x	4.53x	3.97x	4.43x	4.76x	5.34x	6.78x
Goodwill	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	155.59M	133M
Intangible Assets	270.44M	236.9M	215.36M	193.83M	172.29M	150.75M	129.22M	123.55M	113.8M	117.13M
Long-Term Investments	31.99M	134.36M	99.2M	133.66M	222.3M	221.27M	133.68M	187.72M	18.81M	47.99M
Other Non-Current Assets	18.72M	11.12M	23.6M	55.56M	60.71M	68.06M	106.1M	260.92M	360.8M	-47.99M
Total Assets+	1.64B	2.3B	2.65B	3.43B	3.56B	4.93B	5.84B	6.78B	5.44B	6.96B
Asset Turnover	0.67x	0.67x	0.71x	0.63x	0.75x	0.61x	0.58x	0.54x	0.78x	0.74x
Asset Growth %	62.65%	40.52%	14.9%	29.52%	3.92%	38.54%	18.4%	16.11%	-19.73%	27.8%
Total Current Liabilities+	273.5M	375.4M	425.28M	513.34M	631.2M	854.31M	1.16B	1.24B	1.64B	1.52B
Accounts Payable	75.6M	67.67M	103.83M	83.65M	98.77M	172.11M	277.55M	109.6M	197.47M	209.94M
Days Payables Outstanding	265.29	224.22	297.02	207.3	223.03	335.34	399.86	126.94	190.82	174.66
Short-Term Debt	0	7.39M	0	18.3M	0	0	0	0	0	10.21M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	70.44M	158.88M	171.36M	226.72M	260.06M	328.26M	435.86M	545.01M	724.83M	1.07B
Current Ratio	3.64x	4.01x	4.31x	4.83x	3.74x	3.65x	3.54x	3.75x	1.97x	3.32x
Quick Ratio	3.62x	3.99x	4.29x	4.81x	3.71x	3.62x	3.50x	3.69x	1.94x	3.25x
Cash Conversion Cycle	-201.78	-139.48	-217.43	-126.83	-119.97	-205.64	-270.02	19.43	-60.5	-17.86
Total Non-Current Liabilities+	945.63M	296.56M	294.52M	315M	318.45M	309.04M	313.79M	351.89M	354.85M	288.2M
Long-Term Debt	651.48M	16.61M	17.43M	0	0	0	0	0	0	14.51M
Capital Lease Obligations	0	0	0	31.92M	32.57M	31.63M	30.08M	29.16M	33.54M	44.71M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	12.88M
Other Non-Current Liabilities	294.15M	279.95M	277.08M	283.09M	285.88M	277.41M	283.7M	322.73M	321.31M	216.11M
Total Liabilities	1.22B	671.95M	719.79M	828.34M	949.65M	1.16B	1.47B	1.59B	2B	1.8B
Total Debt+	651.48M	24M	36.13M	60.23M	47.53M	44.82M	41.46M	38.29M	43.54M	69.43M
Net Debt	-862K	-875.51M	-1.13B	-1.77B	-1.47B	-2.01B	-2.91B	-3.18B	-1.64B	-3.03B
Debt / Equity	1.55x	0.01x	0.02x	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	2.93x	-	0.17x	0.13x	-	0.06x	0.06x	0.05x	0.26x	0.05x
Net Debt / EBITDA	-0.00x	-	-5.36x	-3.72x	-	-2.89x	-4.36x	-4.32x	-9.71x	-2.11x
Interest Coverage	4.23x	-34.16x	100.71x	227.33x	-110.53x	334.14x	224.89x	255.50x	35.15x	553.03x
Total Equity+	419.47M	1.63B	1.93B	2.6B	2.61B	3.77B	4.37B	5.19B	3.45B	5.17B
Equity Growth %	145.08%	288.74%	18.11%	34.91%	0.5%	44.37%	15.92%	18.76%	-33.57%	49.89%
Book Value per Share	2.16	7.97	8.93	11.94	11.97	16.98	19.51	22.97	16.38	25.75
Total Shareholders' Equity	419.47M	1.63B	1.93B	2.6B	2.61B	3.77B	4.37B	5.19B	3.45B	5.17B
Common Stock	189K	211K	213K	216K	219K	221K	223K	224K	193K	198K
Retained Earnings	-1.67B	-1.99B	-1.88B	-1.43B	-1.73B	-777.87M	-437.21M	160.38M	-1.07B	213.77M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.89M	-7.01M	-10.16M	-15.54M	-15.36M	-19.45M	15.07M	13.11M	-13.12M	25.46M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	304.76M	-92.99M	336.23M	710.66M	-124.6M	749.49M	969.94M	496.49M	335.34M	1.41B
Operating CF Margin %	27.56%	-6.05%	17.87%	32.92%	-4.67%	25.1%	28.57%	13.43%	7.91%	27.49%
Operating CF Growth %	252.17%	-130.51%	461.58%	111.36%	-117.53%	701.52%	29.41%	-48.81%	-32.46%	321.52%
Net Income	104.22M	-313.14M	109.49M	446.91M	-295.7M	948.58M	340.66M	597.6M	32.62M	1.29B
Depreciation & Amortization	58.42M	52.18M	54.97M	54.53M	51.81M	57.84M	67.86M	82.66M	89.25M	93.29M
Stock-Based Compensation	96.2M	133.06M	148.15M	166.59M	177.88M	183.01M	188.42M	215.89M	266.06M	249.35M
Deferred Taxes	3.26M	91.16M	-459K	-377K	-350K	-465.6M	57.09M	-158.9M	-85.55M	247.69M
Other Non-Cash Items	17.89M	7.99M	70.61M	-14.29M	13.51M	40.23M	117.11M	7.89M	-105.28M	63.69M
Working Capital Changes	24.75M	-64.23M	-46.54M	57.3M	-71.74M	-14.57M	198.81M	-248.65M	138.24M	-527.16M
Change in Receivables	-23.95M	-117.54M	-41.3M	-1.21M	-173.19M	-134.31M	-28.58M	-98.68M	-111.59M	-170.77M
Change in Inventory	4.05M	4.85M	4.04M	-6.1M	-19.47M	-20.96M	-67.5M	-170.15M	-127.63M	-58.51M
Change in Payables	43.76M	-7.93M	36.16M	-20.18M	15.12M	73.34M	105.44M	-167.94M	88.16M	6.56M
Cash from Investing+	-232.49M	-349.98M	-86.42M	-87.45M	-269M	-207.7M	-78.54M	-207.68M	157.52M	-102.61M
Capital Expenditures	-120.28M	-111.02M	-73.48M	-78.06M	-187.38M	-181.01M	-77.83M	-47.49M	-86.26M	-58.87M
CapEx % of Revenue	10.88%	7.23%	3.9%	3.62%	7.03%	6.06%	2.29%	1.28%	2.03%	1.15%
Acquisitions	-142.86M	111.02M	73.48M	78.06M	187.38M	181.01M	709K	47.49M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	30.64M	-111.02M	-73.48M	-78.06M	-187.38M	-181.01M	-709K	-47.49M	-13.9M	-25M
Cash from Financing+	58.65M	690.17M	14.66M	45.71M	71.71M	6.18M	-794K	-20.03M	-2.02B	101.04M
Debt Issued (Net)	-445K	0	0	-822K	-836K	-2.42M	-2.86M	-3.36M	-3.8M	-4.54M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	-2B	-19.1M
Other Financing	9.12M	49.72M	-15.29M	-16.77M	-37.76M	-50.03M	-59.05M	-52.51M	-12.96M	-97.08M
Net Change in Cash	130.9M	247.17M	264.55M	668.72M	-318.94M	544.39M	893.96M	262.1M	-1.53B	1.41B
Free Cash Flow+	184.48M	-204.01M	262.74M	632.59M	-311.98M	568.48M	892.11M	449M	249.07M	1.35B
FCF Margin %	16.68%	-13.28%	13.96%	29.3%	-11.7%	19.04%	26.28%	12.15%	5.87%	26.35%
FCF Growth %	204.76%	-210.59%	228.79%	140.76%	-149.32%	282.22%	56.93%	-49.67%	-44.53%	443.87%
FCF per Share	0.95	-1.00	1.22	2.91	-1.43	2.56	3.98	1.99	1.18	6.75
FCF Conversion (FCF/Net Income)	2.92x	0.30x	3.07x	1.59x	0.42x	0.79x	2.85x	0.83x	10.28x	1.10x
Interest Paid	7.22M	314K	268K	239K	0	396K	0	0	0	0
Taxes Paid	927K	6.3M	5.42M	33.55M	70.71M	67.73M	136.24M	378.21M	373.06M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.29%	-30.55%	6.16%	19.76%	-11.35%	29.73%	8.37%	12.5%	0.76%	29.87%
Return on Invested Capital (ROIC)	35.75%	-30.12%	15.01%	38.95%	-18.28%	32.94%	27.95%	28.13%	3.15%	51.09%
Gross Margin	90.59%	92.83%	93.22%	93.18%	93.94%	93.73%	92.54%	91.47%	91.09%	91.47%
Net Margin	9.43%	-20.38%	5.82%	20.7%	-11.09%	31.76%	10.04%	16.17%	0.77%	25.03%
Debt / Equity	1.55x	0.01x	0.02x	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x	0.01x
Interest Coverage	4.23x	-34.16x	100.71x	227.33x	-110.53x	334.14x	224.89x	255.50x	35.15x	553.03x
FCF Conversion	2.92x	0.30x	3.07x	1.59x	0.42x	0.79x	2.85x	0.83x	10.28x	1.10x
Revenue Growth	46.7%	38.93%	22.5%	14.71%	23.53%	11.98%	13.67%	8.87%	14.76%	21.22%

Incyte Corporation (INCY) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Key Ratios

Deep Dive Analysis

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Dividend History

Earnings History

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Revenue History

Financial Ratios

Incyte Corporation (INCY) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare INCY vs Peers

vs RVMD

vs GMAB

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios