INCY

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Incyte Corp.

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Key Metrics

Previous Close: $128.47
52-Week Range: $81.09 – $132.60
Market Cap: $25.79B
P/E (TTM): 15.57
EPS (TTM): 8.17
Dividend Yield: —

Advanced Metrics

Price/Book: 4.03
PEG Ratio: 30.60
Return on Equity: 30.67%
Return on Assets: 16.83%
Gross Margin: 55.66%
Operating Margin: 41.90%
Profit Margin: 27.71%
Current Ratio: 4.59
Debt/Equity: 0.01
Total Debt: $38.27M
Free Cash Flow: $1.18B
Revenue Growth: 37.70%
Earnings Growth: 37.70%
Enterprise Value: $21.54B

INCY Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$3.39B	$3.70B	$4.24B	$5.14B
Cost of Revenue	$207.00M	$254.99M	$312.10M	$372.10M
Gross Profit	$3.19B	$3.44B	$3.93B	$4.77B
Research & Development	$1.59B	$1.63B	$2.61B	$2.05B
Selling, General & Admin	$1.00B	$1.16B	$1.22B	$1.38B
Operating Expenses	$2.60B	$2.79B	$3.83B	$3.43B
Operating Income	$591.63M	$655.36M	$101.29M	$1.34B
EBITDA	$599.64M	$919.43M	$408.16M	$1.76B
Pretax Income	$529.12M	$834.22M	$316.63M	$1.66B
Income Tax	$188.46M	$236.62M	$284.01M	$377.80M
Net Income	$340.66M	$597.60M	$32.62M	$1.29B
Diluted EPS	1.52	2.65	0.15	6.41
Diluted Shares	223.96M	225.93M	210.53M	200.70M

INCY Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$2.95B	$3.21B	$1.69B	$3.10B
Receivables	$644.88M	$743.56M	$853.15M	$1.02B
Inventory	$41.99M	$62.97M	$58.87M	$101.06M
Current Assets	$4.09B	$4.65B	$3.24B	$5.02B
Total Assets	$5.84B	$6.78B	$5.44B	$6.96B
Current Liabilities	$1.16B	$1.24B	$1.64B	$1.52B
Total Debt	$41.46M	$38.29M	$43.54M	$40.41M
Total Liabilities	$1.47B	$1.59B	$2.00B	$1.79B
Retained Earnings	-$437.21M	$160.38M	-$1.07B	$213.77M
Shareholders' Equity	$4.37B	$5.19B	$3.45B	$5.17B
Working Capital	$2.94B	$3.41B	$1.60B	$3.51B

INCY Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$969.94M	$496.49M	$335.34M	$1.41B
Capital Expenditure	-$77.83M	-$47.49M	-$100.16M	-$83.87M
Free Cash Flow	$892.11M	$449.00M	$235.17M	$1.33B
Depreciation & Amortisation	$67.86M	$82.66M	$89.25M	$93.29M
Stock-Based Compensation	$188.42M	$215.89M	$266.06M	$249.35M
Investing Cash Flow	-$78.54M	-$207.68M	$157.52M	-$102.61M
Financing Cash Flow	-$794.00K	-$20.03M	-$2.02B	$101.04M
Share Repurchases	$0.00	$0.00	-$2.00B	$0.00
Net Change in Cash	$890.61M	$268.78M	-$1.53B	$1.41B

INCY Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$1.22B	$1.37B	$1.51B	$1.27B	$1.67B
Cost of Revenue	$78.80M	$99.00M	$121.10M	$104.50M	$105.00M
Gross Profit	$1.14B	$1.27B	$1.39B	$1.17B	$1.57B
Research & Development	$494.92M	$506.58M	$611.37M	$515.90M	$516.95M
Selling, General & Admin	$331.00M	$329.10M	$390.40M	$328.10M	$351.70M
Operating Expenses	$825.92M	$835.68M	$1.00B	$844.00M	$868.65M
Operating Income	$310.81M	$431.30M	$383.96M	$324.17M	$700.39M
EBITDA	$581.52M	$506.92M	$414.50M	$367.97M	$778.57M
Pretax Income	$558.01M	$482.31M	$389.94M	$343.60M	$751.51M
Income Tax	$153.01M	$58.14M	$90.66M	$40.27M	$165.91M
Net Income	$405.00M	$424.17M	$299.28M	$303.33M	$585.61M
Diluted EPS	2.04	2.11	1.46	1.47	2.81
Diluted Shares	198.74M	201.43M	204.77M	206.83M	208.22M

INCY Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$1.95B	$2.46B	$3.10B	$3.46B	$3.98B
Receivables	$842.89M	$895.89M	$1.02B	$1.05B	$1.13B
Inventory	$83.42M	$83.45M	$101.06M	$115.62M	$112.54M
Current Assets	$3.64B	$4.28B	$5.02B	$5.48B	$6.03B
Total Assets	$5.82B	$6.33B	$6.96B	$7.34B	$7.87B
Current Liabilities	$1.28B	$1.34B	$1.52B	$1.49B	$1.31B
Total Debt	$42.41M	$41.27M	$40.41M	$39.43M	$38.27M
Total Liabilities	$1.65B	$1.68B	$1.79B	$1.72B	$1.53B
Retained Earnings	-$509.68M	-$85.51M	$213.77M	$517.10M	$1.10B
Shareholders' Equity	$4.17B	$4.65B	$5.17B	$5.62B	$6.34B
Working Capital	$2.37B	$2.94B	$3.51B	$3.99B	$4.71B

INCY Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$44.74M	$559.39M	$543.30M	$369.35M	$507.66M
Capital Expenditure	-$19.07M	-$39.75M	-$21.88M	-$15.20M	-$12.41M
Free Cash Flow	$25.67M	$519.64M	$521.42M	$354.15M	$495.25M
Depreciation & Amortisation	$22.92M	$24.02M	$23.98M	$23.80M	$26.48M
Stock-Based Compensation	$64.61M	$61.60M	$62.16M	$64.13M	$67.26M
Investing Cash Flow	-$18.87M	-$47.42M	-$37.42M	-$88.20M	-$51.79M
Financing Cash Flow	-$11.25M	-$12.78M	$137.74M	$84.82M	$65.46M
Share Repurchases	—	$0.00	$0.00	—	—
Net Change in Cash	$14.62M	$499.19M	$643.62M	$365.97M	$521.33M

Market Snapshot

About

Incyte Corp. is a biopharmaceutical company focused on discovering, developing, and commercializing proprietary therapeutics for serious unmet medical needs. The company's marketed products include Jakafi for myelofibrosis and polycythemia vera, Pemazyre for cholangiocarcinoma, and Opzelura for atopic dermatitis and vitiligo. Incyte maintains a diverse pipeline of oncology and inflammation programs built around novel mechanisms including JAK inhibitors, FGFR inhibitors, and immuno-oncology approaches. The company combines internal drug discovery expertise with strategic collaborations to advance multiple therapeutic candidates across various disease areas.