Revenue growth of 14.0% to roughly $1.6B and a stable 91.8%-93.7% gross margin suggest underlying product economics are sound, but operating margin swinging from -45.8% to 41.7% indicates that R&D intensity, with quarterly spend between $437.3M and $1.8B, remains the dominant driver of reported profitability.
Incyte Corporation (INCY) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 6.01B | 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 | 41.2M | 95.47M | 219.26M | 194.17M | 157M | 134.8M | 90M | 41.9M |
| Revenue Growth % | 24.88% | 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% | -65.66% | -56.85% | -56.46% | 12.93% | 23.67% | 16.47% | 49.78% | 114.8% | 243.44% |
| Cost of Goods Sold | 439.3M | 372.1M | 312.1M | 254.99M | 207M | 150.99M | 131.3M | 114.25M | 94.12M | 79.48M | 58.19M | 27M | 3M | 630K | 157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.84M | -24.7M | -17.8M | -10.6M | -6.5M |
| COGS % of Revenue | - | 7.24% | 7.36% | 6.9% | 6.1% | 5.06% | 4.92% | 5.29% | 5% | 5.17% | 5.26% | 3.58% | 0.59% | 0.18% | 0.05% | - | - | - | - | - | - | - | - | - | - | - | -17.94% | -15.73% | -13.2% | -11.78% | -15.51% |
| Gross Profit | 5.57B | 4.77B | 3.93B | 3.44B | 3.19B | 2.84B | 2.54B | 2.04B | 1.79B | 1.46B | 1.05B | 726.75M | 508.49M | 354.32M | 296.9M | 94.45M | 169.88M | 9.27M | 3.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229.01M | 181.7M | 152.6M | 100.6M | 48.4M |
| Gross Margin % | 92.69% | 92.76% | 92.64% | 93.1% | 93.9% | 94.94% | 95.08% | 94.71% | 95% | 94.83% | 94.74% | 96.42% | 99.41% | 99.82% | 99.95% | 100% | 100% | 100% | 100% | - | - | - | - | - | - | - | 117.94% | 115.73% | 113.2% | 111.78% | 115.51% |
| Gross Profit Growth % | - | 21.38% | 14.2% | 7.94% | 12.43% | 11.83% | 24.01% | 14.36% | 22.72% | 39.06% | 44.14% | 42.92% | 43.51% | 19.34% | 214.33% | -44.4% | 1733.55% | 136.41% | - | - | - | - | - | - | - | -100% | 26.04% | 19.07% | 51.69% | 107.85% | 222.67% |
| Operating Expenses | 4.87B | 3.43B | 3.83B | 2.79B | 2.6B | 2.25B | 2.8B | 1.64B | 1.66B | 1.7B | 902.53M | 676.1M | 513.29M | 370.42M | 295.75M | 237.64M | 155.83M | 149.03M | 163.21M | 119.72M | 104.51M | 108.63M | 163M | 190.55M | 228.1M | 283.96M | 291.6M | 208.7M | 140.4M | 97M | 57.3M |
| OpEx % of Revenue | - | 66.64% | 90.25% | 75.37% | 76.47% | 75.33% | 104.96% | 76.09% | 88.13% | 110.67% | 81.62% | 89.7% | 100.35% | 104.36% | 99.56% | 251.59% | 91.73% | 1608.56% | 4164.53% | 347.62% | 378.06% | 1384.53% | 1152.26% | 462.53% | 238.92% | 129.51% | 150.18% | 132.93% | 104.15% | 107.78% | 136.75% |
| Selling, General & Admin | 1.43B | 1.38B | 1.22B | 1.16B | 1B | 739.56M | 516.9M | 468.71M | 434.41M | 366.29M | 303.25M | 196.61M | 165.77M | 109.98M | 85.36M | 58.22M | 32.33M | 27.58M | 17.07M | 15.24M | 16.91M | 13.01M | 74.73M | 45.19M | 82.48M | 70.63M | 64.2M | 37.2M | 25.4M | 13.9M | 50.8M |
| SG&A % of Revenue | - | 26.77% | 28.81% | 31.27% | 29.52% | 24.77% | 19.38% | 21.71% | 23.08% | 23.84% | 27.43% | 26.08% | 32.41% | 30.99% | 28.74% | 61.64% | 19.03% | 297.68% | 435.65% | 44.25% | 61.18% | 165.84% | 528.26% | 109.7% | 86.39% | 32.21% | 33.06% | 23.69% | 18.84% | 15.44% | 121.24% |
| Research & Development | 3.44B | 2.05B | 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 | 178.71M | 123.88M | 119.44M | 146.36M | 104.89M | 87.6M | 95.62M | 88.27M | 111.4M | 145.31M | 213.34M | 192.56M | 146.8M | 97.2M | 72.5M | 40.9M |
| R&D % of Revenue | - | 39.88% | 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% | 189.2% | 72.92% | 1289.17% | 3734.68% | 304.56% | 316.88% | 1218.68% | 624% | 270.42% | 152.2% | 97.3% | 99.17% | 93.5% | 72.11% | 80.56% | 97.61% |
| Other Operating Expenses | 1.89M | 0 | -1.02M | 2.04M | 7.97M | 51.76M | 66.24M | 19.68M | 26.17M | 7.7M | 17.42M | -28K | 0 | 0 | 0 | 712K | -379K | 2.01M | -227K | -407K | 0 | 0 | 0 | 33.95M | 313K | 0 | 34.84M | 24.7M | 17.8M | 10.6M | -34.4M |
| Operating Income | 697.67M | 1.34B | 101.29M | 655.36M | 591.63M | 585.78M | -263.68M | 402.01M | 129.22M | -243.39M | 145M | 50.65M | -4.8M | -16.1M | 1.15M | -143.18M | 14.05M | -139.77M | -159.29M | -85.28M | -76.86M | -100.78M | -148.85M | -149.35M | -132.63M | -64.7M | -62.59M | -27M | 12.2M | 3.6M | -8.9M |
| Operating Margin % | 11.61% | 26.12% | 2.39% | 17.73% | 17.43% | 19.62% | -9.89% | 18.62% | 6.87% | -15.84% | 13.11% | 6.72% | -0.94% | -4.54% | 0.39% | -151.59% | 8.27% | -1508.56% | -4064.53% | -247.62% | -278.06% | -1284.53% | -1052.26% | -362.53% | -138.92% | -29.51% | -32.24% | -17.2% | 9.05% | 4% | -21.24% |
| Operating Income Growth % | - | 1225.64% | -84.54% | 10.77% | 1% | 322.16% | -165.59% | 211.09% | 153.09% | -267.86% | 186.27% | 1154.35% | 70.17% | -1502.61% | 100.8% | -1119.17% | 110.05% | 12.26% | -86.78% | -10.95% | 23.73% | 32.29% | 0.33% | -12.61% | -104.99% | -3.37% | -131.81% | -321.31% | 238.89% | 140.45% | 18.35% |
| EBITDA | 792.05M | 1.44B | 190.54M | 738.02M | 659.48M | 643.62M | -211.87M | 456.54M | 184.19M | -191.21M | 203.42M | 95.53M | 36.61M | 13.11M | 31.13M | -116.19M | 38.53M | -123.08M | -146.22M | -72.32M | -69.45M | -92.59M | -134.94M | -132.46M | -110.52M | -17.03M | -27.75M | -2.3M | 30M | 14.2M | -2.4M |
| EBITDA Margin % | 13.18% | 27.93% | 4.49% | 19.97% | 19.43% | 21.55% | -7.95% | 21.15% | 9.79% | -12.45% | 18.4% | 12.67% | 7.16% | 3.69% | 10.48% | -123.01% | 22.68% | -1328.42% | -3731% | -209.98% | -251.25% | -1180.12% | -953.91% | -321.52% | -115.76% | -7.77% | -14.29% | -1.47% | 22.26% | 15.78% | -5.73% |
| EBITDA Growth % | -41.25% | 653.68% | -74.18% | 11.91% | 2.46% | 403.78% | -146.41% | 147.86% | 196.33% | -194% | 112.93% | 160.96% | 179.35% | -57.9% | 126.79% | -401.53% | 131.31% | 15.83% | -102.19% | -4.12% | 24.99% | 31.38% | -1.87% | -19.85% | -548.81% | 38.61% | -1106.43% | -107.67% | 111.27% | 691.67% | 70.37% |
| D&A (Non-Cash Add-back) | 74.26M | 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 | 16.89M | 22.11M | 47.66M | 34.84M | 24.7M | 17.8M | 10.6M | 6.5M |
| EBIT | 798.54M | 1.67B | 318.91M | 836.77M | 531.78M | 572.35M | -230.04M | 488.65M | 116.89M | -305.39M | 146.15M | 53.16M | -1.72M | -44.2M | 1.91M | -142.72M | 11.48M | -139.77M | -159.29M | -85.28M | -76.86M | -100.78M | -148.85M | -115.4M | -132.63M | -64.7M | -62.59M | -27M | 12.2M | 3.6M | -8.9M |
| Net Interest Income | 132.4M | 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 | 134.73M | 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 | 98.53M | 321.66M | 215.34M | 178.86M | -62.51M | -15.33M | 31.46M | 84.78M | -13.88M | -68.9M | -37.59M | -43.09M | -43.74M | -66.75M | -45.29M | -43.36M | -45.9M | 139.77M | -19.63M | -1.6M | 2.7M | -3.13M | -14.36M | -16.69M | -225K | -122.27M | 29.92M | -600K | -6.3M | 3.8M | 8.9M |
| Pretax Income | 796.21M | 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 | 0 | -178.92M | -86.88M | -74.17M | -103.91M | -163.21M | -166.04M | -132.85M | -186.97M | -32.67M | -27.6M | 5.9M | 7.4M | 0 |
| Pretax Margin % | 13.25% | 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% | - | -4565.45% | -252.27% | -268.3% | -1324.36% | -1153.76% | -403.05% | -139.15% | -85.27% | -16.82% | -17.58% | 4.38% | 8.22% | - |
| Income Tax | 392.8M | 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 | 0 | -552K | 453K | 342K | 945K | 930K | 205K | -800K | 2.4M | 500K | 0 |
| Effective Tax Rate % | 49.33% | 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% | 0.53% | -0.28% | -0.21% | -0.71% | -0.5% | -0.63% | 2.9% | 40.68% | 6.76% | - |
| Net Income | 403.41M | 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 | 6.9M | -6.8M |
| Net Margin % | 6.71% | 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% | -404.07% | -143.38% | -83.57% | -15.31% | -17.07% | 2.6% | 7.67% | -16.23% |
| Net Income Growth % | -66.06% | 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% | -49.28% | 201.47% | 31.31% |
| Net Income (Continuing) | 403.41M | 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) | 1.98 | 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 % | -68.51% | 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 | 203.25M | 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 | 203.25M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 12170.3% increase compared to $41.9M 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 $4.77B in gross profit for the year, representing a gross profit margin of 92.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Jakafi patent cliff ahead
Metrics are mathematically derived from official filings.
Revenue Growth Driven by Diversification
Based on reported quarterly figures, Incyte's revenue rose 14.0% year over year to roughly $1.6B in the latest quarter, following a Q2 2026 peak of $1.7B that grew 37.7% year over year, reflecting broad-based product momentum beyond the legacy Jakafi franchise.
The 37.7% year-over-year growth in Q2 2026 suggests the Opzelura dermatology launch and other marketed products are contributing meaningfully rather than relying solely on hematology volume. The sharp deceleration to 14.0% in Q3 2026 may indicate lumpiness from milestone or royalty timing rather than a durable slowdown, and investors should monitor whether sequential growth holds through the next reporting cycle.
Gross Margin Resilient, Operating Margin Volatile
As reported in the income statement, Incyte's gross margin held in a 91.8% to 93.7% band across the ten quarters shown, while operating margin swung from roughly -45.8% to 41.7%, indicating that spending rather than product economics drives profitability variance.
The stable gross margin is consistent with the low marginal cost of small-molecule therapeutics and suggests limited pricing or cost-of-goods pressure at the product level. The wide operating margin range therefore appears driven by R&D intensity, which fluctuated between roughly $437M and $1.8B per quarter. Operating margin trajectory is thus best read as a function of management's discretionary reinvestment choices rather than structural deterioration.
R&D Spending Dictates Profit Swings
Based on reported figures, R&D expense ranged from $437.3M to $1.8B per quarter, with the Q3 2026 spike coinciding with an operating loss of $708.4M, making research spending the dominant driver of reported earnings volatility.
SG&A remained comparatively contained in a $285.8M to $390.4M range, indicating the commercial cost base has been more predictable than the research budget. The Q3 2026 R&D step-up may reflect pipeline acceleration or a one-time charge, and the filings alone do not clarify which. Investors should monitor whether elevated R&D is recurring, since it materially affects the path back to sustained profitability.
Net Income Sensitive to Non-Operating Items
According to the reported figures, net income diverged from operating income in several quarters, such as Q2 2026 where net income of $585.6M trailed operating income of $697.9M, while stock-based compensation ran roughly $56M to $137M per quarter.
The gap between operating and net income suggests tax effects and non-operating items meaningfully shape reported EPS, which warrants footnote review before capitalizing earnings. Stock-based compensation is a recurring non-cash expense that flatters cash earnings relative to GAAP profit. Net income figures should therefore be read alongside operating trends rather than in isolation.
Patent Cliff Could Overwhelm Diversification Gains
Based on reported figures, the Q3 2026 operating loss of $708.4M and a net margin of -50.4% suggest that a single bad quarter can erase several quarters of profit, raising questions about how durable the recent diversification narrative really is.
The bear case centers on whether Opzelura and royalty income can offset the eventual Jakafi exclusivity loss, given that current gross margins above 90% depend on a concentrated product base. Competitive pressure from GSK's Ojjaara in myelofibrosis and IRA-driven Medicare pricing may compress the hematology profit pool faster than modeled. Investors should monitor whether R&D intensity moderates and whether operating margin recovers toward its prior positive range.