INCY

MKT CAP:$19B

Incyte Corporation

Market Cap

$19B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$96.92-$4.50 (-4.44%)

Apr 20, 2026

Company Details

Incyte 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 myelo...

CEO

William J. Meury

IPO Date

Nov 4, 1993

Website

www.incyte.com

Key Metrics TTM

Revenue

$5.1B

+21.2% YoY

Net Income

$1.3B

EPS (Diluted)

$6.41

Free Cash Flow

$1.4B

Revenue / Share

$25.11

Gross Margin

91.8%

Operating Margin

26.4%

Net Margin

25.0%

FCF Margin

26.3%

P/S

3.7x

P/E

14.7x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

FY 2025

Feb 10, 2026

$5.1B+21.2%EPS $6.41

Q4 2025

Feb 10, 2026

$1.5B+27.8%EPS $1.46

Q3 2025

Oct 28, 2025

$1.4B+20.0%EPS $2.11

Q2 2025

Jul 29, 2025

$1.2B+16.5%EPS $2.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$733M	$680M	$128M
Q2 22	$911M	$850M	$260M
Q3 22	$823M	$757M	$118M
Q4 22	$927M	$855M	$93M
Q1 23	$809M	$738M	$30M
Q2 23	$955M	$872M	$202M
Q3 23	$919M	$843M	$215M
Q4 23	$1.0B	$928M	$205M
Q1 24	$881M	$804M	$90M
Q2 24	$1.0B	$951M	-$477M
Q3 24	$1.1B	$1.0B	$169M
Q4 24	$1.2B	$1.1B	$297M
Q1 25	$1.1B	$963M	$217M
Q2 25	$1.2B	$1.1B	$311M
Q3 25	$1.4B	$1.3B	$444M
Q4 25	$1.5B	$1.4B	$384M

Valuation

Quarter	P/S	P/E
Q1 22	5.6x	18.7x
Q2 22	5.2x	18.1x
Q3 22	4.6x	17.5x
Q4 22	5.2x	51.6x
Q1 23	4.7x	50.0x
Q2 23	4.0x	38.0x
Q3 23	3.6x	30.6x
Q4 23	4.0x	24.7x
Q1 24	3.3x	16.6x
Q2 24	3.0x	120.5x
Q3 24	3.1x	393.1x
Q4 24	3.1x	405.2x
Q1 25	2.7x	552.3x
Q2 25	2.9x	15.3x
Q3 25	3.4x	13.8x
Q4 25	3.8x	15.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$216M	$199M
Q2 22	$174M	$162M
Q3 22	$296M	$269M
Q4 22	$284M	$262M
Q1 23	-$106M	-$133M
Q2 23	$307M	$299M
Q3 23	$148M	$137M
Q4 23	$148M	$145M
Q1 24	$219M	$209M
Q2 24	-$576M	-$631M
Q3 24	$311M	$293M
Q4 24	$381M	$364M
Q1 25	$266M	$263M
Q2 25	$45M	$26M
Q3 25	$559M	$545M
Q4 25	$543M	$521M

Capital Expenditures

Quarter	CapEx
Q1 22	$17M
Q2 22	$12M
Q3 22	$28M
Q4 22	$21M
Q1 23	$27M
Q2 23	$7M
Q3 23	$11M
Q4 23	$2M
Q1 24	$10M
Q2 24	$56M
Q3 24	$18M
Q4 24	$17M
Q1 25	$3M
Q2 25	$19M
Q3 25	$15M
Q4 25	$22M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.3%	+23.6%
Q2 22	+29.1%	+18.3%
Q3 22	+1.3%	+24.7%
Q4 22	+7.4%	+12.2%
Q1 23	+10.3%	+28.7%
Q2 23	+4.7%	+15.6%
Q3 23	+11.6%	-0.2%
Q4 23	+9.3%	-3.0%
Q1 24	+8.9%	+1.5%
Q2 24	+9.3%	+102.0%
Q3 24	+23.8%	+37.6%
Q4 24	+16.3%	+9.0%
Q1 25	+19.5%	+5.8%
Q2 25	+16.5%	-40.5%
Q3 25	+20.0%	-4.7%
Q4 25	+27.8%	+27.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$44M	6.0%
Q2 22	$46M	5.1%
Q3 22	$45M	5.5%
Q4 22	$53M	5.7%
Q1 23	$53M	6.6%
Q2 23	$55M	5.7%
Q3 23	$48M	5.2%
Q4 23	$60M	5.9%
Q1 24	$60M	6.8%
Q2 24	$57M	5.4%
Q3 24	$78M	6.8%
Q4 24	$72M	6.1%
Q1 25	$61M	5.8%
Q2 25	$65M	5.3%
Q3 25	$62M	4.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$353M	—	$199M
Q2 22	$347M	—	$242M
Q3 22	$384M	—	$255M
Q4 22	$501M	—	$260M
Q1 23	$407M	—	$302M
Q2 23	$401M	—	$269M
Q3 23	$376M	—	$252M
Q4 23	$444M	—	$278M
Q1 24	$429M	—	$284M
Q2 24	$1.1B	—	$290M
Q3 24	$573M	—	$293M
Q4 24	$466M	—	$310M
Q1 25	$437M	—	$309M
Q2 25	$478M	—	$331M
Q3 25	$507M	$329M	—
Q4 25	$595M	—	$390M

Revenue Segments

Quarter	I C L U S I G	J A K A F I	M I N J U V I	Opzelura	Olumiant Royalty	PEMAZYRE Royalty Revenues	Tabrecta Royalty Revenues	Zynyz	Milestone And Contract Revenue
Q3 22	$26M	$705M	$6M	$38M	$20M	$23M	$4M	—	—
Q1 23	$28M	$657M	$7M	$57M	$34M	$23M	$4M	—	—
Q2 23	$29M	$773M	$13M	$80M	$32M	$22M	$5M	$570.0K	—
Q3 23	$28M	$733M	$8M	$92M	$30M	$19M	$4M	$98.0K	—
Q1 25	$30M	$802M	$30M	$119M	$31M	$18M	$6M	$3M	—
Q2 25	$33M	$874M	$31M	$164M	$33M	$22M	$7M	$9M	$5M
Q3 25	$38M	$917M	$42M	$188M	$37M	$23M	$7M	$23M	$45M
Q4 25	$34M	$958M	$42M	$207M	$43M	$23M	$7M	$32M	$100M

Revenue by Geography

Quarter	Europe	U [S]
Q1 25	$69M	$982M
Q2 25	$79M	$1.1B
Q3 25	$100M	$1.3B
Q4 25	$76M	$1.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$287M	$2.5B
Q2 22	$2.4B	$287M	$2.7B
Q3 22	$2.7B	$287M	$3.0B
Q4 22	$3.0B	$288M	$3.2B
Q1 23	$2.8B	$292M	$3.1B
Q2 23	$3.1B	$292M	$3.4B
Q3 23	$3.2B	$289M	$3.5B
Q4 23	$3.2B	$443M	$3.7B
Q1 24	$3.3B	$504M	$3.9B
Q2 24	$987M	$532M	$1.5B
Q3 24	$1.3B	$471M	$1.8B
Q4 24	$1.7B	$470M	$2.2B
Q1 25	$1.9B	$467M	$2.4B
Q2 25	$2.0B	$467M	$2.4B
Q3 25	$2.5B	$475M	$2.9B
Q4 25	$3.1B	$483M	$3.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	223M	+0.4%	+0.5%
Q2 22	224M	+0.3%	+0.6%
Q3 22	224M	+0.2%	+0.9%
Q4 22	225M	+0.3%	+1.3%
Q1 23	226M	+0.3%	+1.2%
Q2 23	226M	+0.0%	+0.9%
Q3 23	226M	+0.2%	+0.9%
Q4 23	226M	-0.0%	+0.6%
Q1 24	227M	+0.5%	+0.7%
Q2 24	218M	-4.0%	-3.3%
Q3 24	196M	-10.2%	-13.4%
Q4 24	197M	+0.8%	-12.7%
Q1 25	198M	+0.4%	-12.8%
Q2 25	199M	+0.3%	-8.9%
Q3 25	201M	+1.4%	+2.9%
Q4 25	205M	+1.7%	+3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$350.2K	2K
Q2 22	$435.2K	2K
Q3 22	$393.2K	2K
Q4 22	$398.8K	2K
Q1 23	$348.0K	2K
Q2 23	$410.8K	2K
Q3 23	$395.4K	2K
Q4 23	$401.5K	3K
Q1 24	$349.0K	3K
Q2 24	$413.5K	3K
Q3 24	$450.8K	3K
Q4 24	$450.4K	3K
Q1 25	$402.3K	3K
Q2 25	$464.5K	3K
Q3 25	$522.0K	3K
Q4 25	$529.8K	3K

Revenue / Employee