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Incyte

INCY Clue Score72
United States Fiscal year ends December CIK 0000879169
$112.79 +0.04% Close, 9 Oct 2026
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Price $112.79 +74.03% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,105.7Operating income145.0Net income104.2EPS, diluted0.54Fiscal year 2017Revenue1,536.2 +38.9%Operating income−243.4Net income−313.1 −400.5%EPS, diluted−1.53 −383.3%Fiscal year 2018Revenue1,881.9 +22.5%Operating income129.2Net income109.5EPS, diluted0.51Fiscal year 2019Revenue2,158.8 +14.7%Operating income402.0Net income446.9 +308.2%EPS, diluted2.05 +302.0%Fiscal year 2020Revenue2,666.7 +23.5%Operating income−263.7Net income−295.7 −166.2%EPS, diluted−1.36 −166.3%Fiscal year 2021Revenue2,986.3 +12.0%Operating income585.8Net income948.6EPS, diluted4.27Fiscal year 2022Revenue3,394.6 +13.7%Operating income579.4Net income340.7 −64.1%EPS, diluted1.52 −64.4%Fiscal year 2023Revenue3,695.6 +8.9%Operating income620.5Net income597.6 +75.4%EPS, diluted2.65 +74.3%Fiscal year 2024Revenue4,241.2 +14.8%Operating income61.4Net income32.6 −94.5%EPS, diluted0.15 −94.3%Fiscal year 2025Revenue5,141.2 +21.2%Operating income1,514.9Net income1,286.7 +3,845.0%EPS, diluted6.41 +4,173.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,105.7 1,536.2 1,881.9 2,158.8 2,666.7 2,986.3 3,394.6 3,695.6 4,241.2 5,141.2
Growth +38.9% +22.5% +14.7% +23.5% +12.0% +13.7% +8.9% +14.8% +21.2%
Operating income 145.0 −243.4 129.2 402.0 −263.7 585.8 579.4 620.5 61.4 1,514.9
Net income 104.2 −313.1 109.5 446.9 −295.7 948.6 340.7 597.6 32.6 1,286.7
Growth −400.5% +308.2% −166.2% −64.1% +75.4% −94.5% +3,845.0%
EPS, diluted 0.54 −1.53 0.51 2.05 −1.36 4.27 1.52 2.65 0.15 6.41
Growth −383.3% +302.0% −166.3% −64.4% +74.3% −94.3% +4,173.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin13.1%Net margin9.4%Free cash flow margin16.7%Fiscal year 2017Operating margin−15.8%Net margin−20.4%Free cash flow margin−13.3%Fiscal year 2018Operating margin6.9%Net margin5.8%Free cash flow margin14.0%Fiscal year 2019Operating margin18.6%Net margin20.7%Free cash flow margin29.3%Fiscal year 2020Operating margin−9.9%Net margin−11.1%Free cash flow margin−11.7%Fiscal year 2021Operating margin19.6%Net margin31.8%Free cash flow margin19.0%Fiscal year 2022Operating margin17.1%Net margin10.0%Free cash flow margin26.3%Fiscal year 2023Operating margin16.8%Net margin16.2%Fiscal year 2024Operating margin1.4%Net margin0.8%Fiscal year 2025Operating margin29.5%Net margin25.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 13.1% −15.8% 6.9% 18.6% −9.9% 19.6% 17.1% 16.8% 1.4% 29.5%
Net margin 9.4% −20.4% 5.8% 20.7% −11.1% 31.8% 10.0% 16.2% 0.8% 25.0%
Free cash flow margin 16.7% −13.3% 14.0% 29.3% −11.7% 19.0% 26.3% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow304.8Capital expenditure−120.3Free cash flow184.5Fiscal year 2017Operating cash flow−93.0Capital expenditure−111.0Free cash flow−204.0 −210.6%Fiscal year 2018Operating cash flow336.2Capital expenditure−73.5Free cash flow262.7Fiscal year 2019Operating cash flow710.7Capital expenditure−78.1Free cash flow632.6 +140.8%Fiscal year 2020Operating cash flow−124.6Capital expenditure−187.4Free cash flow−312.0 −149.3%Fiscal year 2021Operating cash flow749.5Capital expenditure−181.0Free cash flow568.5Fiscal year 2022Operating cash flow969.9Capital expenditure−77.8Free cash flow892.1 +56.9%Buybacks0.0Fiscal year 2023Operating cash flow496.5Buybacks0.0Fiscal year 2024Operating cash flow335.3Buybacks−2,004.8Fiscal year 2025Operating cash flow1,413.5Buybacks0.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 304.8 −93.0 336.2 710.7 −124.6 749.5 969.9 496.5 335.3 1,413.5
Capital expenditure −120.3 −111.0 −73.5 −78.1 −187.4 −181.0 −77.8 n/a n/a n/a
Free cash flow 184.5 −204.0 262.7 632.6 −312.0 568.5 892.1 n/a n/a n/a
Growth −210.6% +140.8% −149.3% +56.9%
Buybacks n/a n/a n/a n/a n/a n/a 0.0 0.0 −2,004.8 0.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash652.3Total debt749.8Net cash (debt)−97.5Shareholders’ equity419.5Debt to equity1.79Fiscal year 2017Cash899.5Total debt26.8Net cash (debt)872.7Shareholders’ equity1,630.6Debt to equity0.02Fiscal year 2018Cash1,164.0Total debt19,094.0Net cash (debt)−17,930.0Shareholders’ equity1,926.0Debt to equity9.91Fiscal year 2019Cash1,832.7Shareholders’ equity2,598.4Fiscal year 2020Cash1,513.0Shareholders’ equity2,611.3Fiscal year 2021Cash2,057.4Shareholders’ equity3,770.0Fiscal year 2022Cash2,951.4Shareholders’ equity4,370.1Fiscal year 2023Cash3,213.4Shareholders’ equity5,189.8Fiscal year 2024Cash1,687.8Shareholders’ equity3,447.6Fiscal year 2025Cash3,097.8Shareholders’ equity5,167.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 652.3 899.5 1,164.0 1,832.7 1,513.0 2,057.4 2,951.4 3,213.4 1,687.8 3,097.8
Total debt 749.8 26.8 19,094.0 n/a n/a n/a n/a n/a n/a n/a
Net cash (debt) −97.5 872.7 −17,930.0 n/a n/a n/a n/a n/a n/a n/a
Shareholders’ equity 419.5 1,630.6 1,926.0 2,598.4 2,611.3 3,770.0 4,370.1 5,189.8 3,447.6 5,167.5
Debt to equity 1.79 0.02 9.91 n/a n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1,105.7 1,536.2 1,881.9 2,158.8 2,666.7 2,986.3 3,394.6 3,695.6 4,241.2 5,141.2
Growth +38.9% +22.5% +14.7% +23.5% +12.0% +13.7% +8.9% +14.8% +21.2%
58.2 79.5 94.1 114.2 131.3 151.0 207.0 255.0 312.1 372.1
581.9 1,326.1 1,198.0 1,154.1 2,215.9 1,458.2 1,585.9 1,627.6 2,606.8 2,050.2
303.3 366.3 434.4 468.7 516.9 739.6 1,002.1 1,155.7 1,242.2 1,376.2
145.0 −243.4 129.2 402.0 −263.7 585.8 579.4 620.5 61.4 1,514.9
Growth −267.9% +211.1% −165.6% −1.1% +7.1% −90.1% +2,368.6%
107.4 −312.3 115.3 486.8 −232.2 570.4 529.1 834.2 316.6 1,664.5
3.2 0.9 5.9 39.9 63.5 −378.1 188.5 236.6 284.0 377.8
104.2 −313.1 109.5 446.9 −295.7 948.6 340.7 597.6 32.6 1,286.7
Growth −400.5% +308.2% −166.2% −64.1% +75.4% −94.5% +3,845.0%
Per share
0.55 −1.53 0.52 2.08 −1.36 4.30 1.53 2.67 0.16 6.59
0.54 −1.53 0.51 2.05 −1.36 4.27 1.52 2.65 0.15 6.41
Growth −383.3% +302.0% −166.3% −64.4% +74.3% −94.3% +4,173.3%
187.9 204.6 212.4 214.9 218.1 220.4 222.0 223.6 207.1 195.2
194.1 204.6 215.6 217.7 218.1 222.1 224.0 225.9 210.5 200.7
Growth +5.4% +5.4% +0.9% +0.2% +1.8% +0.8% +0.9% −6.8% −4.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 14.0% a year over five years.
  • The diluted share count fell 8.0% in five years, so buybacks did some of the work per share.
  • Operating margin is up 39.4 points on five years ago, at 29.5%.
  • A net loss in 2 of 10 years on file.