Revenue growth remains robust at 20.9% as of 2026Q1, supported by structural gross margins that consistently exceed 91% despite aggressive R&D spending exceeding $500 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.36B | 5.14B | 4.24B | 3.7B | 3.39B | 2.99B | 2.67B | 2.16B | 1.88B | 1.54B | 1.11B | 753.75M | 511.5M | 354.95M | 297.06M | 94.45M | 169.88M | 9.27M | 3.92M | 34.44M | 27.64M | 7.85M | 14.15M | 47.09M | 101.61M | 219.26M | 194.17M | 157M | 134.8M | 88.4M | 41.8M |
| Revenue Growth % | 21.48% | 21.22% | 14.76% | 8.87% | 13.67% | 11.98% | 23.53% | 14.71% | 22.5% | 38.93% | 46.7% | 47.36% | 44.1% | 19.49% | 214.5% | -44.4% | 1733.55% | 136.41% | -88.62% | 24.59% | 252.32% | -44.54% | -69.96% | -53.66% | -53.66% | 12.93% | 23.67% | 16.47% | 52.49% | 111.48% | 242.62% |
| Cost of Goods Sold | 436.56M | 438.72M | 377.72M | 315.15M | 253.35M | 187.34M | 161.63M | 147.28M | 127.59M | 110.16M | 104.01M | 49.41M | 44.42M | 29.84M | 30.14M | 26.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.84M | -24.7M | -17.8M | -10.4M | -6.5M |
| COGS % of Revenue | - | 8.53% | 8.91% | 8.53% | 7.46% | 6.27% | 6.06% | 6.82% | 6.78% | 7.17% | 9.41% | 6.56% | 8.68% | 8.41% | 10.14% | 28.57% | - | - | - | - | - | - | - | - | - | - | -17.94% | -15.73% | -13.2% | -11.76% | -15.55% |
| Gross Profit | 4.92B | 4.7B | 3.86B | 3.38B | 3.14B | 2.8B | 2.51B | 2.01B | 1.75B | 1.43B | 1B | 704.34M | 467.08M | 325.11M | 266.92M | 67.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.09M | 101.61M | 219.26M | 229.01M | 181.7M | 152.6M | 98.8M | 48.3M |
| Gross Margin % | 91.86% | 91.47% | 91.09% | 91.47% | 92.54% | 93.73% | 93.94% | 93.18% | 93.22% | 92.83% | 90.59% | 93.44% | 91.32% | 91.59% | 89.86% | 71.43% | - | - | - | - | - | - | - | 100% | 100% | 100% | 117.94% | 115.73% | 113.2% | 111.76% | 115.55% |
| Gross Profit Growth % | - | 21.72% | 14.29% | 7.62% | 12.23% | 11.73% | 24.54% | 14.66% | 23.02% | 42.36% | 42.22% | 50.8% | 43.67% | 21.8% | 295.65% | - | - | - | - | - | - | - | -100% | -53.66% | -53.66% | -4.26% | 26.04% | 19.07% | 54.45% | 104.55% | 226.35% |
| Operating Expenses | 3.49B | 3.36B | 3.78B | 2.73B | 2.54B | 2.16B | 2.75B | 1.59B | 1.6B | 1.66B | 837.69M | 653.69M | 471.88M | 341.21M | 265.77M | 209.94M | 131.72M | 130.33M | 150.36M | 106.96M | 94.2M | 99.08M | 98M | 162.44M | 199.52M | 283.96M | 291.6M | 208.7M | 140.4M | 91.4M | 54.2M |
| OpEx % of Revenue | - | 65.35% | 89.2% | 73.84% | 74.87% | 72.38% | 102.95% | 73.64% | 84.96% | 108.17% | 75.76% | 86.72% | 92.26% | 96.13% | 89.47% | 222.26% | 77.54% | 1406.71% | 3836.8% | 310.56% | 340.76% | 1262.83% | 692.78% | 344.93% | 196.35% | 129.51% | 150.18% | 132.93% | 104.15% | 103.39% | 129.67% |
| Selling, General & Admin | 1.38B | 1.38B | 1.18B | 1.1B | 955.78M | 703.22M | 516.9M | 435.68M | 400.94M | 335.61M | 255.83M | 174.17M | 124.36M | 80.78M | 55.38M | 30M | 15.3M | 27.58M | 17.07M | 15.24M | 14.03M | 11.66M | 20.55M | 30.32M | 47.15M | 70.63M | 64.2M | 37.2M | 25.4M | 12.1M | 6.8M |
| SG&A % of Revenue | - | 26.77% | 27.74% | 29.8% | 28.16% | 23.55% | 19.38% | 20.18% | 21.31% | 21.85% | 23.14% | 23.11% | 24.31% | 22.76% | 18.64% | 31.76% | 9.01% | 297.68% | 435.65% | 44.25% | 50.74% | 148.56% | 145.28% | 64.4% | 46.4% | 32.21% | 33.06% | 23.69% | 18.84% | 13.69% | 16.27% |
| Research & Development | 2.1B | 1.98B | 2.61B | 1.63B | 1.59B | 1.46B | 2.22B | 1.15B | 1.2B | 1.33B | 581.86M | 479.51M | 347.52M | 260.44M | 210.39M | 151.72M | 99.39M | 102.75M | 133.29M | 91.93M | 80.19M | 87.43M | 74.36M | 116.25M | 152.37M | 213.34M | 192.56M | 146.8M | 97.2M | 68.9M | 40.9M |
| R&D % of Revenue | - | 38.58% | 61.46% | 44.04% | 46.72% | 48.83% | 83.1% | 53.46% | 63.66% | 86.32% | 52.62% | 63.62% | 67.94% | 73.37% | 70.82% | 160.62% | 58.51% | 1109.03% | 3401.15% | 266.92% | 290.07% | 1114.27% | 525.65% | 246.85% | 149.96% | 97.3% | 99.17% | 93.5% | 72.11% | 77.94% | 97.85% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 12.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.22M | 17.03M | 0 | 0 | -207K | -16K | 0 | 3.09M | 15.87M | 0 | 0 | 34.84M | 24.7M | 17.8M | 10.4M | 6.5M |
| Operating Income | 1.44B | 1.34B | 80.14M | 651.77M | 599.56M | 637.54M | -240.29M | 421.69M | 155.4M | -235.68M | 164.02M | 50.65M | -4.8M | -16.1M | 1.15M | -142.47M | 13.67M | -137.76M | -159.52M | -85.48M | -73.96M | -99.43M | -97.77M | -149.3M | -97.91M | -64.7M | -62.59M | -27M | 12.2M | 7.4M | -5.9M |
| Operating Margin % | 26.85% | 26.12% | 1.89% | 17.64% | 17.66% | 21.35% | -9.01% | 19.53% | 8.26% | -15.34% | 14.83% | 6.72% | -0.94% | -4.54% | 0.39% | -150.83% | 8.05% | -1486.85% | -4070.32% | -248.2% | -267.57% | -1267.24% | -691.14% | -317.03% | -96.35% | -29.51% | -32.24% | -17.2% | 9.05% | 8.37% | -14.11% |
| Operating Income Growth % | - | 1575.43% | -87.7% | 8.71% | -5.96% | 365.32% | -156.98% | 171.36% | 165.93% | -243.69% | 223.82% | 1154.35% | 70.17% | -1502.61% | 100.81% | -1142.22% | 109.92% | 13.64% | -86.61% | -15.57% | 25.61% | -1.7% | 34.51% | -52.49% | -51.33% | -3.37% | -131.81% | -321.31% | 64.86% | 225.42% | 46.36% |
| EBITDA | 1.53B | 1.44B | 169.39M | 734.43M | 667.42M | 695.38M | -188.48M | 476.22M | 210.37M | -183.5M | 222.44M | 95.53M | 36.61M | 13.11M | 31.13M | -115.48M | 38.16M | -121.07M | -146.44M | -72.52M | -66.55M | -91.24M | -83.86M | -131.61M | -74.7M | -17.03M | -27.75M | -2.3M | 30M | 17.8M | 600K |
| EBITDA Margin % | 28.62% | 27.93% | 3.99% | 19.87% | 19.66% | 23.29% | -7.07% | 22.06% | 11.18% | -11.95% | 20.12% | 12.67% | 7.16% | 3.69% | 10.48% | -122.26% | 22.46% | -1306.71% | -3736.8% | -210.56% | -240.76% | -1162.83% | -592.78% | -279.48% | -73.52% | -7.77% | -14.29% | -1.47% | 22.26% | 20.14% | 1.44% |
| EBITDA Growth % | 418.04% | 747.76% | -76.94% | 10.04% | -4.02% | 468.93% | -139.58% | 126.38% | 214.64% | -182.49% | 132.84% | 160.96% | 179.35% | -57.9% | 126.95% | -402.66% | 131.52% | 17.33% | -101.95% | -8.96% | 27.05% | -8.8% | 36.29% | -76.18% | -338.55% | 38.61% | -1106.43% | -107.67% | 68.54% | 2866.67% | 107.14% |
| D&A (Non-Cash Add-back) | 94.73M | 93.29M | 89.25M | 82.66M | 67.86M | 57.84M | 51.81M | 54.53M | 54.97M | 52.18M | 58.42M | 44.88M | 41.41M | 29.21M | 29.98M | 26.99M | 24.48M | 16.69M | 13.07M | 12.96M | 7.41M | 8.19M | 13.91M | 17.68M | 23.21M | 47.66M | 34.84M | 24.7M | 17.8M | 10.4M | 6.5M |
| EBIT | 1.78B | 1.67B | 318.91M | 836.77M | 531.78M | 572.35M | -230.04M | 488.65M | 116.89M | -305.39M | 146.15M | 53.16M | -1.45M | -44.2M | 1.91M | -142.72M | 11.48M | -179.75M | -153.98M | -62.85M | -56.26M | -87.86M | -145.97M | -115.4M | -132.63M | -64.7M | -62.59M | -27M | 12.2M | 3.6M | -8.9M |
| Net Interest Income | 114.02M | 103.17M | 126.43M | -2.55M | -2.67M | -1.91M | -2.17M | -1.85M | -1.54M | -6.9M | -34.13M | -40.31M | -43.74M | -37.33M | -45.89M | -43.56M | -41.91M | -32.08M | -20.53M | -10.1M | -2.13M | -6.33M | -7.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 116.36M | 105.6M | 128.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.61M | 5.29M | 3.35M | 1.32M | 164K | 262K | 1.42M | 50K | 4.41M | 13.93M | 15.78M | 9.73M | 9.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.34M | 2.43M | 2.28M | 2.55M | 2.67M | 1.91M | 2.17M | 1.85M | 1.54M | 6.9M | 38.74M | 45.6M | 47.09M | 38.65M | 46.06M | 43.82M | 43.32M | 32.13M | 24.94M | 24.03M | 17.91M | 16.05M | 17.24M | 0 | 9.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 334.53M | 321.7M | 236.49M | 182.44M | -70.45M | -67.09M | 8.07M | 65.1M | -40.05M | -76.61M | -56.62M | -43.09M | -43.74M | -66.75M | -45.29M | -44.07M | -45.52M | -74.11M | -19.4M | -1.4M | -202K | -4.48M | -65.44M | -16.69M | 2.7M | -122.27M | 29.92M | -600K | -6.3M | 0 | 2.3M |
| Pretax Income | 1.77B | 1.66B | 316.63M | 834.22M | 529.12M | 570.44M | -232.22M | 486.79M | 115.35M | -312.29M | 107.4M | 7.56M | -48.55M | -82.85M | -44.15M | -186.54M | -31.85M | -211.87M | -178.92M | -86.88M | -74.17M | -103.91M | -163.21M | -165.99M | -135.76M | -186.97M | -32.67M | -27.6M | 5.9M | 10.9M | -6.6M |
| Pretax Margin % | 33.09% | 32.37% | 7.47% | 22.57% | 15.59% | 19.1% | -8.71% | 22.55% | 6.13% | -20.33% | 9.71% | 1% | -9.49% | -23.34% | -14.86% | -197.49% | -18.75% | -2286.78% | -4565.45% | -252.27% | -268.3% | -1324.36% | -1153.76% | -352.47% | -133.61% | -85.27% | -16.82% | -17.58% | 4.38% | 12.33% | -15.79% |
| Income Tax | 342.08M | 377.8M | 284.01M | 236.62M | 188.46M | -378.14M | 63.48M | 39.88M | 5.85M | 852K | 3.18M | 1.02M | -66K | 299K | 174K | 0 | 0 | 0 | 0 | 0 | -552K | -552K | 453K | 477K | 1.12M | 930K | 205K | -800K | 2.4M | 500K | 900K |
| Effective Tax Rate % | 19.28% | 22.7% | 89.7% | 28.36% | 35.62% | -66.29% | -27.34% | 8.19% | 5.08% | -0.27% | 2.96% | 13.57% | 0.14% | -0.36% | -0.39% | 0% | 0% | 0% | 0% | 0% | 0.74% | 0.53% | -0.28% | -0.29% | -0.82% | -0.5% | -0.63% | 2.9% | 40.68% | 4.59% | -13.64% |
| Net Income | 1.43B | 1.29B | 32.62M | 597.6M | 340.66M | 948.58M | -295.7M | 446.91M | 109.49M | -313.14M | 104.22M | 6.53M | -48.48M | -83.15M | -44.32M | -186.54M | -31.85M | -211.87M | -178.92M | -86.88M | -74.17M | -103.04M | -164.82M | -166.46M | -136.88M | -183.24M | -29.73M | -26.8M | 3.5M | 10.4M | -6.8M |
| Net Margin % | 26.71% | 25.03% | 0.77% | 16.17% | 10.04% | 31.76% | -11.09% | 20.7% | 5.82% | -20.38% | 9.43% | 0.87% | -9.48% | -23.43% | -14.92% | -197.49% | -18.75% | -2286.78% | -4565.45% | -252.27% | -268.3% | -1313.32% | -1165.11% | -353.48% | -134.71% | -83.57% | -15.31% | -17.07% | 2.6% | 11.76% | -16.27% |
| Net Income Growth % | 6631.44% | 3844.96% | -94.54% | 75.42% | -64.09% | 420.79% | -166.17% | 308.16% | 134.97% | -400.46% | 1495.8% | 113.47% | 41.69% | -87.61% | 76.24% | -485.76% | 84.97% | -18.42% | -105.94% | -17.14% | 28.02% | 37.48% | 0.99% | -21.61% | 25.3% | -516.23% | -10.95% | -865.71% | -66.35% | 252.94% | 32.67% |
| Net Income (Continuing) | 1.43B | 1.29B | 32.62M | 597.6M | 340.66M | 948.58M | -295.7M | 446.91M | 109.49M | -313.14M | 104.22M | 6.53M | -48.48M | -83.15M | -44.32M | -186.54M | -31.85M | -211.87M | -178.92M | -86.88M | -74.17M | -103.36M | -163.66M | -166.39M | -133.8M | -187.9M | -32.87M | -26.8M | 3.5M | 6.9M | -6.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.92 | 6.41 | 0.15 | 2.65 | 1.52 | 4.27 | -1.36 | 2.05 | 0.51 | -1.53 | 0.54 | 0.03 | -0.29 | -0.56 | -0.34 | -1.49 | -0.26 | -2.06 | -1.99 | -1.03 | -0.89 | -1.24 | -2.21 | -2.33 | -2.03 | -2.77 | -0.47 | -0.48 | 0.06 | 0.13 | -0.17 |
| EPS Growth % | 2112.5% | 4173.33% | -94.34% | 74.34% | -64.4% | 413.97% | -166.34% | 301.96% | 133.33% | -383.33% | 1700% | 110.34% | 48.21% | -64.71% | 77.18% | -473.08% | 87.38% | -3.52% | -93.2% | -15.73% | 28.23% | 43.89% | 5.15% | -14.78% | 26.71% | -489.36% | 2.08% | -900% | -53.85% | 176.47% | 45.16% |
| EPS (Basic) | - | 6.59 | 0.16 | 2.67 | 1.53 | 4.30 | -1.36 | 2.08 | 0.52 | -1.53 | 0.55 | 0.04 | -0.29 | -0.56 | -0.34 | -1.49 | -0.26 | -2.06 | -1.99 | -1.03 | -0.89 | -1.24 | -2.21 | -2.33 | -2.03 | -2.77 | -0.47 | -0.48 | 0.07 | 0.14 | -0.17 |
| Diluted Shares Outstanding | 206.83M | 200.7M | 210.53M | 225.93M | 223.96M | 222.07M | 218.07M | 217.66M | 215.63M | 204.58M | 194.13M | 187.3M | 167.95M | 148.4M | 129.75M | 125.36M | 121.63M | 102.94M | 89.78M | 84.19M | 83.8M | 83.32M | 74.56M | 71.37M | 67.4M | 66.19M | 63.21M | 56.28M | 57.8M | 53.08M | 40M |
| Basic Shares Outstanding | 199.34M | 195.2M | 207.11M | 223.63M | 222M | 220.43M | 218.07M | 214.91M | 212.38M | 204.58M | 187.87M | 179.6M | 167.18M | 148.4M | 129.75M | 125.36M | 121.63M | 102.94M | 89.78M | 84.19M | 83.8M | 83.32M | 74.56M | 71.37M | 67.4M | 66.19M | 63.21M | 56.28M | 53.84M | 49.29M | 40M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
2028 Jakafi patent cliff
According to quarterly financial data, Incyte has maintained a consistent upward revenue trajectory, achieving a 20.9% year-over-year growth rate in 2026Q1, which suggests that the successful commercial expansion of the Opzelura dermatology franchise is effectively offsetting the maturity of the core hematology portfolio.
The company's ability to sustain double-digit top-line growth indicates that the pivot toward dermatology is gaining meaningful traction in the market. Investors should monitor whether this growth remains durable as the company faces increasing competitive pressure in its core myelofibrosis indications.
As reported in recent income statements, Incyte consistently maintains gross margins exceeding 91%, a figure that highlights the inherent pricing power and low marginal production costs of its small-molecule therapeutic portfolio despite the ongoing shift toward higher-cost dermatology product launches.
This high-margin profile provides the company with significant financial flexibility to fund its extensive R&D pipeline. The stability of these margins suggests that the company's manufacturing and supply chain remain highly efficient, even as the product mix evolves toward newer, less mature indications.
Based on the provided financial figures, Incyte's operating income has shown volatility, with operating margins fluctuating between 10% and 32% over the last ten quarters, reflecting a strategic decision to prioritize aggressive R&D spending over immediate bottom-line expansion to defend its long-term market position.
The inconsistent scaling of operating income relative to gross profit suggests that management is heavily reinvesting into the LIMBER program and other clinical assets. This approach appears designed to mitigate the impact of future patent expirations, though it currently suppresses the company's overall operating efficiency.
Analysis of the company's cost structure reveals that R&D expenses remain the most significant drag on profitability, frequently exceeding $500 million per quarter, which underscores the firm's commitment to pipeline development as a core defense mechanism against the upcoming 2028 Jakafi patent cliff.
The high level of R&D spending is a necessary, albeit expensive, component of the company's strategy to replace legacy revenue streams. Investors should evaluate whether these expenditures are yielding sufficient clinical milestones to justify the continued pressure on short-term earnings.
While current revenue growth appears robust, the income statement reveals a heavy reliance on the Jakafi franchise, and the potential for margin compression remains a significant risk if the dermatology segment fails to achieve the necessary scale to replace high-margin oncology earnings by 2028.
The market's skepticism regarding the company's terminal value is likely rooted in the concentration of earnings within a single therapeutic pathway. Further investigation into the success of combination therapies is warranted to determine if the projected earnings valley can be successfully bridged.
Quick answers to the most common questions about buying INCY stock.
For fiscal year 2025, Incyte Corporation (INCY) reported total revenue of $5.14B. This represents a 12199.6% increase compared to $41.8M in 1996.
Incyte Corporation (INCY) is profitable, generating $1.29B in net income for the fiscal year ending 2025 with a net profit margin of 25.0%.
Incyte Corporation (INCY) reported an operating income of $1.34B, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Incyte Corporation (INCY) generated $4.70B in gross profit for the year, representing a gross profit margin of 91.5%. This demonstrates the company's core pricing power and production efficiency.