Incyte (INCY) Financials

$99.85 +2.38 (+2.44%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$99.34 -0.50 (-0.51%)

As of 08:17 AM Eastern

Annual Income Statements for Incyte

This table shows Incyte's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.53	104	-313	109	447	-296	949	341	598	33	1,287
Consolidated Net Income / (Loss)	6.53	104	-313	109	447	-296	949	341	598	33	1,287
Net Income / (Loss) Continuing Operations	6.53	104	-313	109	447	-296	949	341	598	33	1,287
Total Pre-Tax Income	7.56	107	-312	115	487	-232	570	529	834	317	1,664
Total Operating Income	51	145	-243	129	402	-264	586	579	621	61	1,515
Total Gross Profit	727	1,048	1,457	1,788	2,045	2,535	2,835	3,188	3,441	3,929	4,769
Total Revenue	754	1,106	1,536	1,882	2,159	2,667	2,986	3,395	3,696	4,241	5,141
Operating Revenue	754	1,106	1,536	1,882	2,159	2,667	2,986	3,395	3,696	4,241	5,141
Total Cost of Revenue	27	58	79	94	114	131	151	207	255	312	372
Operating Cost of Revenue	27	58	79	94	114	131	151	207	255	312	372
Total Operating Expenses	676	903	1,700	1,659	1,643	2,799	2,249	2,608	2,820	3,868	3,254
Selling, General & Admin Expense	197	303	366	434	469	517	740	1,002	1,156	1,242	1,376
Research & Development Expense	480	582	1,326	1,198	1,154	2,216	1,458	1,586	1,628	2,607	2,050
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	43	37	7.97	2.05	-1.03	0.00
Impairment Charge	-	-	-	-	-	-	-	-	5.63	0.00	76
Other Special Charges / (Income)	0.00	17	7.70	26	20	23	15	12	29	20	-248
Total Other Income / (Expense), net	-43	-38	-69	-14	85	31	-15	-50	214	255	150
Interest Expense	46	39	62	1.54	1.86	2.17	1.91	2.67	2.55	2.28	2.43
Interest & Investment Income	7.09	1.15	-24	-44	34	10	-24	40	202	245	127
Other Income / (Expense), net	-4.58	-	17	32	52	23	11	-88	14	13	25
Income Tax Expense	1.03	3.18	0.85	5.85	40	63	-378	188	237	284	378
Basic Earnings per Share	$0.04	$0.55	($1.53)	$0.52	$2.08	($1.36)	$4.30	$1.53	$2.67	$0.16	$6.59
Weighted Average Basic Shares Outstanding	179.60M	187.87M	204.58M	212.38M	214.91M	218.07M	220.43M	222.00M	223.63M	207.11M	195.20M
Diluted Earnings per Share	$0.03	$0.54	($1.53)	$0.51	$2.05	($1.36)	$4.27	$1.52	$2.65	$0.15	$6.41
Weighted Average Diluted Shares Outstanding	187.30M	194.13M	204.58M	215.64M	217.66M	218.07M	222.07M	223.96M	225.93M	210.53M	200.70M
Weighted Average Basic & Diluted Shares Outstanding	163.30M	189.50M	204.70M	210.60M	216.78M	219.84M	221.33M	222.97M	224.53M	193.52M	199.01M

This table shows Incyte's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	171	201	170	-445	106	201	158	405	424	299	303
Consolidated Net Income / (Loss)	171	201	170	-445	106	201	158	405	424	299	303
Net Income / (Loss) Continuing Operations	171	201	170	-445	106	201	158	405	424	299	303
Total Pre-Tax Income	234	271	236	-390	157	314	234	558	482	390	344
Total Operating Income	215	187	92	-478	146	302	205	530	444	336	301
Total Gross Profit	859	944	820	967	1,052	1,090	980	1,137	1,267	1,386	1,168
Total Revenue	919	1,013	881	1,044	1,138	1,179	1,053	1,216	1,366	1,507	1,273
Operating Revenue	919	1,013	881	1,044	1,138	1,179	1,053	1,216	1,366	1,507	1,273
Total Cost of Revenue	60	70	61	77	86	88	73	79	99	121	105
Operating Cost of Revenue	60	70	61	77	86	88	73	79	99	121	105
Total Operating Expenses	644	756	728	1,445	906	789	775	606	823	1,050	867
Selling, General & Admin Expense	268	294	300	306	309	327	326	331	329	390	328
Research & Development Expense	376	444	429	1,138	573	466	437	495	507	611	516
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	23
Other Special Charges / (Income)	-0.43	15	-0.46	0.89	23	-4.04	12	-219	-12	-28	-0.17
Total Other Income / (Expense), net	19	84	144	88	10	12	29	28	39	54	42
Interest Expense	0.62	0.80	0.43	0.66	0.77	0.42	0.66	0.59	0.59	0.58	0.57
Interest & Investment Income	-27	192	147	81	6.28	119	22	21	35	49	40
Other Income / (Expense), net	46	-108	-2.03	8.29	4.93	-106	8.10	7.31	4.04	5.66	2.77
Income Tax Expense	63	70	67	55	50	113	76	153	58	91	40
Basic Earnings per Share	$0.76	$0.90	$0.76	($2.04)	$0.55	$0.89	$0.82	$2.09	$2.17	$1.51	$1.52
Weighted Average Basic Shares Outstanding	224.08M	223.63M	224.48M	218.18M	192.63M	207.11M	193.71M	194.00M	195.67M	195.20M	199.34M
Diluted Earnings per Share	$0.76	$0.89	$0.75	($2.04)	$0.54	$0.90	$0.80	$2.04	$2.11	$1.46	$1.47
Weighted Average Diluted Shares Outstanding	226.17M	225.93M	227.22M	218.18M	195.84M	210.53M	198.20M	198.74M	201.43M	200.70M	206.83M
Weighted Average Basic & Diluted Shares Outstanding	224.11M	224.53M	224.54M	192.60M	192.65M	193.52M	193.57M	195.28M	196.32M	199.01M	199.78M

This table details how cash moves in and out of Incyte's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	69	117	247	264	669	-319	544	894	262	-1,526	1,410
Net Cash From Operating Activities	89	305	-93	336	711	-125	749	970	496	335	1,413
Net Cash From Continuing Operating Activities	89	317	-93	336	711	-125	749	970	496	335	1,413
Net Income / (Loss) Continuing Operations	6.53	104	-313	109	447	-296	949	341	598	33	1,287
Consolidated Net Income / (Loss)	6.53	104	-313	109	447	-296	949	341	598	33	1,287
Depreciation Expense	45	58	52	55	55	52	58	68	83	89	93
Non-Cash Adjustments To Reconcile Net Income	73	100	225	193	133	168	208	293	195	141	319
Changes in Operating Assets and Liabilities, net	-35	55	-57	-21	77	-49	-465	268	-378	72	-286
Net Cash From Investing Activities	-105	-232	-350	-86	-87	-269	-208	-79	-208	158	-103
Net Cash From Continuing Investing Activities	-105	-232	-350	-86	-87	-269	-208	-79	-208	158	-103
Purchase of Property, Plant & Equipment	-26	-120	-111	-73	-78	-187	-181	-78	-32	-86	-59
Acquisitions	0.00	-143	-	-	-	-	0.00	0.00	-15	-14	-25
Purchase of Investments	-148	-57	-385	-169	-375	-612	-269	-80	-466	-258	-303
Sale and/or Maturity of Investments	69	88	146	156	365	531	242	79	306	516	285
Net Cash From Financing Activities	85	45	690	15	46	72	6.18	-0.79	-20	-2,022	101
Net Cash From Continuing Financing Activities	85	45	690	15	46	72	6.18	-0.79	-20	-2,022	101
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	0.00	-2,005	-19
Issuance of Common Equity	86	50	716	30	80	133	59	61	36	49	222
Other Financing Activities, net	0.00	-4.91	-17	-15	-34	-61	-52	-62	-56	-66	-102
Effect of Exchange Rate Changes	0.00	-0.01	-	-	-	-	-3.57	3.36	-6.68	2.92	-1.71

This table details how cash moves in and out of Incyte's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	96	-14	133	-2,359	317	384	254	13	500	643	363
Net Cash From Operating Activities	148	148	219	-576	311	381	266	45	559	543	369
Net Cash From Continuing Operating Activities	148	148	219	-576	311	381	266	45	559	543	369
Net Income / (Loss) Continuing Operations	171	201	170	-445	106	201	158	405	424	299	303
Consolidated Net Income / (Loss)	171	201	170	-445	106	201	158	405	424	299	303
Depreciation Expense	21	22	22	22	23	23	22	23	24	24	24
Non-Cash Adjustments To Reconcile Net Income	78	49	-37	17	83	78	68	60	60	132	70
Changes in Operating Assets and Liabilities, net	-123	-124	65	-170	98	80	18	-443	51	88	-28
Net Cash From Investing Activities	-17	-155	-73	214	38	-21	1.10	-19	-47	-37	-88
Net Cash From Continuing Investing Activities	-17	-155	-73	214	38	-21	1.10	-19	-47	-37	-88
Purchase of Property, Plant & Equipment	-11	-2.27	-9.55	-54	-5.19	-17	-3.17	-19	-15	-22	-10
Acquisitions	-	-	-	-1.40	-13	-	0.00	-	-25	-	-5.00
Purchase of Investments	-80	-234	-166	-38	-25	-29	-41	-56	-116	-91	-143
Sale and/or Maturity of Investments	74	82	102	308	81	25	46	56	108	75	70
Net Cash From Financing Activities	-37	0.35	-12	-1,997	-32	20	-13	-11	-13	138	85
Net Cash From Continuing Financing Activities	-37	0.35	-12	-1,997	-32	20	-13	-11	-13	138	85
Issuance of Common Equity	-0.05	7.52	0.48	14	1.28	33	3.24	15	43	160	98
Other Financing Activities, net	-37	-7.17	-13	-6.97	-34	-13	-16	-7.03	-56	-22	-13
Effect of Exchange Rate Changes	2.72	-7.30	-0.68	0.01	0.13	3.46	-0.55	-1.20	0.84	-0.80	-2.69
Cash Income Taxes Paid	116	125	2.69	227	73	70	0.84	177	7.30	-	-8.79

This table presents Incyte's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,007	1,639	2,303	2,646	3,427	3,561	4,933	5,841	6,782	5,444	6,958
Total Current Assets	842	994	1,505	1,832	2,481	2,360	3,119	4,093	4,645	3,239	5,024
Cash & Equivalents	521	652	900	1,164	1,833	1,513	2,057	2,951	3,213	1,688	3,098
Short-Term Investments	186	156	270	274	285	288	291	288	-	-	483
Accounts Receivable	114	149	266	308	309	482	616	645	744	853	1,024
Inventories, net	1.78	4.11	6.48	6.97	11	16	28	42	63	59	101
Prepaid Expenses	18	33	62	79	44	60	126	167	183	169	318
Plant, Property, & Equipment, net	86	168	260	320	378	560	724	739	752	763	731
Total Noncurrent Assets	79	477	538	494	568	639	1,091	1,009	1,385	1,442	1,203
Long-Term Investments	49	33	135	100	135	224	221	134	188	19	48
Noncurrent Note & Lease Receivables	-	-	-	-	29	28	28	26	26	31	28
Goodwill	0.00	156	156	156	156	156	156	156	156	156	133
Intangible Assets	0.00	258	237	215	194	172	151	129	124	114	117
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	468	458	632	762	515
Other Noncurrent Operating Assets	30	30	10	23	55	59	68	106	261	361	362
Total Liabilities & Shareholders' Equity	1,007	1,639	2,303	2,646	3,427	3,561	4,933	5,841	6,782	5,444	6,958
Total Liabilities	836	1,219	672	720	828	950	1,163	1,471	1,592	1,997	1,790
Total Current Liabilities	168	274	375	425	513	631	854	1,157	1,240	1,642	1,515
Short-Term Debt	0.00	20	34	32	52	38	37	37	38	39	41
Accounts Payable	30	76	68	104	84	99	172	278	110	197	210
Accrued Expenses	87	127	199	229	286	378	534	701	936	1,212	1,032
Current Employee Benefit Liabilities	38	51	75	60	91	113	109	139	153	189	228
Other Current Liabilities	-	-	-	-	0.66	2.28	2.64	3.18	3.44	4.42	4.52
Total Noncurrent Liabilities	668	946	297	295	315	318	309	314	352	355	275
Other Noncurrent Operating Liabilities	48	294	280	277	315	318	309	314	352	355	275
Commitments & Contingencies	-	-	-	-	-	-	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	171	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167
Total Preferred & Common Equity	171	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	171	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167
Common Stock	1,951	2,097	3,628	3,814	4,045	4,353	4,567	4,792	5,016	4,534	4,928
Retained Earnings	-1,779	-1,675	-1,990	-1,878	-1,431	-1,726	-778	-437	160	-1,073	214
Accumulated Other Comprehensive Income / (Loss)	-0.81	-2.89	-7.01	-10	-16	-15	-19	15	13	-13	25

This table presents Incyte's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,208	6,388	6,782	7,136	4,662	5,012	5,444	5,749	5,821	6,330	7,339
Total Current Assets	4,264	4,403	4,645	4,849	2,567	2,809	3,239	3,507	3,644	4,278	5,484
Cash & Equivalents	3,131	3,227	3,213	3,346	987	1,304	1,688	1,942	1,955	2,455	3,461
Short-Term Investments	292	289	-	504	532	471	470	467	-	475	555
Accounts Receivable	638	657	744	746	739	758	853	823	843	896	1,051
Inventories, net	36	57	63	64	101	70	59	64	83	83	116
Prepaid Expenses	167	172	183	189	208	205	169	212	296	369	301
Plant, Property, & Equipment, net	749	733	752	720	762	773	763	765	799	799	720
Total Noncurrent Assets	1,194	1,253	1,385	1,567	1,333	1,431	1,442	1,477	1,379	1,254	1,135
Long-Term Investments	170	154	188	288	30	28	19	17	13	22	55
Noncurrent Note & Lease Receivables	26	25	26	26	26	25	31	30	29	28	27
Goodwill	156	156	156	156	156	156	156	156	156	156	133
Intangible Assets	135	129	124	118	114	120	114	108	126	119	110
Noncurrent Deferred & Refundable Income Taxes	533	564	632	667	730	762	762	769	652	528	453
Other Noncurrent Operating Assets	175	225	261	313	279	340	361	397	403	401	358
Total Liabilities & Shareholders' Equity	6,208	6,388	6,782	7,136	4,662	5,012	5,444	5,749	5,821	6,330	7,339
Total Liabilities	1,468	1,457	1,592	1,741	1,665	1,841	1,997	2,082	1,650	1,679	1,716
Total Current Liabilities	1,119	1,125	1,240	1,396	1,337	1,502	1,642	1,720	1,279	1,339	1,490
Short-Term Debt	38	37	38	37	37	40	39	42	47	46	39
Accounts Payable	156	139	110	164	148	179	197	196	241	172	229
Accrued Expenses	811	821	936	1,102	1,034	1,128	1,212	1,376	857	948	1,092
Current Employee Benefit Liabilities	112	125	153	89	114	151	189	103	129	168	125
Other Current Liabilities	3.17	3.06	3.44	3.68	3.87	3.93	4.42	4.48	4.48	4.49	4.41
Total Noncurrent Liabilities	349	332	352	345	328	340	355	362	372	340	227
Capital Lease Obligations	-	29	-	29	-	28	-	33	-	31	29
Other Noncurrent Operating Liabilities	349	303	352	316	328	311	355	329	372	310	197
Commitments & Contingencies	-	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,741	4,931	5,190	5,394	2,997	3,171	3,448	3,668	4,171	4,651	5,623
Total Preferred & Common Equity	4,741	4,931	5,190	5,394	2,997	3,171	3,448	3,668	4,171	4,651	5,623
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,741	4,931	5,190	5,394	2,997	3,171	3,448	3,668	4,171	4,651	5,623
Common Stock	4,926	4,949	5,016	5,071	4,383	4,430	4,534	4,588	4,667	4,722	5,083
Retained Earnings	-212	-41	160	330	-1,380	-1,274	-1,073	-915	-510	-86	517
Accumulated Other Comprehensive Income / (Loss)	27	23	13	-6.17	-5.42	16	-13	-6.24	13	15	22

This table displays calculated financial ratios and metrics derived from Incyte's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	47.36%	46.70%	38.93%	22.50%	14.71%	23.53%	11.98%	13.67%	8.87%	14.76%	21.22%
EBITDA Growth	148.44%	123.66%	-185.56%	224.07%	135.57%	-137.09%	446.79%	-14.53%	28.24%	-77.21%	899.40%
EBIT Growth	1,058.99%	214.73%	-256.03%	171.16%	182.13%	-152.95%	348.02%	-17.62%	29.13%	-88.31%	1,976.13%
NOPAT Growth	1,401.89%	221.38%	-221.09%	172.00%	200.88%	-150.01%	627.75%	-61.70%	19.16%	-98.58%	18,425.44%
Net Income Growth	113.47%	1,495.80%	-400.46%	134.97%	308.16%	-166.17%	420.79%	-64.09%	75.42%	-94.54%	3,844.96%
EPS Growth	110.34%	1,700.00%	-383.33%	133.33%	301.96%	-166.34%	413.97%	-64.40%	74.34%	-94.34%	4,173.33%
Operating Cash Flow Growth	2.08%	240.86%	-130.51%	461.58%	111.36%	-117.53%	701.52%	29.41%	-48.81%	-32.46%	321.52%
Free Cash Flow Firm Growth	73.71%	-656.82%	-297.01%	121.04%	551.64%	-200.23%	187.87%	60.74%	-160.46%	250.17%	2,474.31%
Invested Capital Growth	276.89%	628.66%	50.74%	15.98%	-8.75%	56.12%	98.91%	-16.45%	76.71%	-28.31%	-11.25%
Revenue Q/Q Growth	18.92%	8.08%	8.29%	4.69%	2.42%	8.55%	2.52%	1.92%	2.40%	4.06%	6.82%
EBITDA Q/Q Growth	1,311.22%	-15.06%	-1,349.74%	4,753.14%	3.40%	23.52%	-7.22%	-20.52%	-1.90%	-20.10%	2.49%
EBIT Q/Q Growth	215.02%	-22.89%	-228.39%	376.40%	4.03%	19.48%	-8.10%	-23.12%	-2.68%	-36.20%	2.56%
NOPAT Q/Q Growth	256.14%	-14.51%	-253.29%	305.75%	1.10%	20.79%	76.30%	-60.96%	33.80%	200.79%	5.69%
Net Income Q/Q Growth	107.63%	-30.76%	-102.50%	200.27%	10.36%	11.61%	77.44%	-61.11%	40.62%	0.41%	8.25%
EPS Q/Q Growth	106.38%	-32.50%	-91.25%	204.08%	10.22%	13.38%	74.29%	-61.32%	40.21%	7.14%	9.57%
Operating Cash Flow Q/Q Growth	-51.02%	36.47%	-202.57%	106.12%	7.21%	-138.02%	139.10%	21.00%	-21.49%	229.25%	12.95%
Free Cash Flow Firm Q/Q Growth	-81.67%	-8.32%	-108.51%	196.31%	15.02%	-396.40%	329.19%	15.08%	-306.67%	548.26%	78.20%
Invested Capital Q/Q Growth	28.90%	-4.01%	6.21%	21.37%	7.49%	0.00%	74.54%	-11.13%	37.69%	-8.87%	-11.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.42%	94.74%	94.83%	95.00%	94.71%	95.08%	94.94%	93.90%	93.10%	92.64%	92.76%
EBITDA Margin	12.07%	18.40%	-11.33%	11.48%	23.57%	-7.07%	21.91%	16.47%	19.40%	3.85%	31.77%
Operating Margin	6.72%	13.11%	-15.84%	6.87%	18.62%	-9.89%	19.62%	17.07%	16.79%	1.45%	29.46%
EBIT Margin	6.11%	13.11%	-14.73%	8.55%	21.04%	-9.02%	19.97%	14.47%	17.17%	1.75%	29.95%
Profit (Net Income) Margin	0.87%	9.43%	-20.38%	5.82%	20.70%	-11.09%	31.76%	10.04%	16.17%	0.77%	25.03%
Tax Burden Percent	86.43%	97.04%	100.27%	94.92%	91.81%	127.34%	166.29%	64.38%	71.64%	10.30%	77.30%
Interest Burden Percent	16.40%	74.07%	138.04%	71.65%	107.18%	96.57%	95.64%	107.69%	131.48%	426.87%	108.08%
Effective Tax Rate	13.57%	2.96%	0.00%	5.08%	8.19%	0.00%	-66.29%	35.62%	28.36%	89.70%	22.70%
Return on Invested Capital (ROIC)	587.53%	99.05%	-54.40%	30.16%	88.37%	-36.17%	104.75%	32.85%	31.07%	0.40%	69.70%
ROIC Less NNEP Spread (ROIC-NNEP)	687.36%	122.85%	-34.34%	31.12%	84.15%	-30.86%	105.88%	33.95%	26.50%	-0.55%	65.30%
Return on Net Nonoperating Assets (RNNOA)	-572.94%	-63.75%	23.85%	-24.01%	-68.62%	24.81%	-75.02%	-24.48%	-18.57%	0.35%	-39.83%
Return on Equity (ROE)	14.59%	35.29%	-30.55%	6.16%	19.76%	-11.35%	29.73%	8.37%	12.50%	0.76%	29.87%
Cash Return on Invested Capital (CROIC)	-28.84%	-52.68%	-94.87%	15.37%	97.53%	-79.99%	38.58%	50.77%	-24.37%	33.38%	81.61%
Operating Return on Assets (OROA)	5.11%	10.96%	-11.48%	6.51%	14.96%	-6.88%	14.04%	9.12%	10.05%	1.21%	24.83%
Return on Assets (ROA)	0.72%	7.88%	-15.89%	4.43%	14.72%	-8.46%	22.33%	6.32%	9.47%	0.53%	20.75%
Return on Common Equity (ROCE)	14.59%	35.29%	-30.55%	6.16%	19.76%	-11.35%	29.73%	8.37%	12.50%	0.76%	29.87%
Return on Equity Simple (ROE_SIMPLE)	3.82%	24.85%	-19.20%	5.69%	17.20%	-11.32%	25.16%	7.80%	11.51%	0.95%	0.00%
Net Operating Profit after Tax (NOPAT)	44	141	-170	123	369	-185	974	373	445	6.32	1,171
NOPAT Margin	5.81%	12.73%	-11.09%	6.52%	17.10%	-6.92%	32.62%	10.99%	12.03%	0.15%	22.78%
Net Nonoperating Expense Percent (NNEP)	-99.83%	-23.80%	-20.06%	-0.96%	4.22%	-5.31%	-1.13%	-1.10%	4.57%	0.96%	4.40%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	8.47%	8.50%	0.18%	22.48%
Cost of Revenue to Revenue	3.58%	5.26%	5.17%	5.00%	5.29%	4.92%	5.06%	6.10%	6.90%	7.36%	7.24%
SG&A Expenses to Revenue	26.08%	27.43%	23.84%	23.08%	21.71%	19.38%	24.77%	29.52%	31.42%	29.29%	26.77%
R&D to Revenue	63.62%	52.62%	86.32%	63.66%	53.46%	83.10%	48.83%	46.72%	44.04%	61.46%	39.88%
Operating Expenses to Revenue	89.70%	81.62%	110.67%	88.13%	76.09%	104.96%	75.33%	76.83%	76.31%	91.20%	63.30%
Earnings before Interest and Taxes (EBIT)	46	145	-226	161	454	-240	596	491	634	74	1,540
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	203	-174	216	509	-189	654	559	717	163	1,633
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	117.86	45.03	12.26	7.03	7.24	7.29	4.30	4.09	2.71	3.86	3.75
Price to Tangible Book Value (P/TBV)	117.86	3,474.23	16.14	8.70	8.36	8.34	4.68	4.37	2.87	4.19	3.94
Price to Revenue (P/Rev)	26.76	17.08	13.01	7.19	8.71	7.14	5.43	5.26	3.81	3.14	3.77
Price to Earnings (P/E)	3,088.64	181.24	0.00	123.59	42.09	0.00	17.09	52.45	23.55	407.98	15.07
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.03%	0.55%	0.00%	0.81%	2.38%	0.00%	5.85%	1.91%	4.25%	0.25%	6.64%
Enterprise Value to Invested Capital (EV/IC)	584.33	74.93	49.75	27.57	41.68	27.42	11.05	14.06	5.86	8.53	10.00
Enterprise Value to Revenue (EV/Rev)	26.58	16.93	12.19	6.40	7.69	6.40	4.58	4.28	2.90	2.63	3.07
Enterprise Value to EBITDA (EV/EBITDA)	220.27	92.02	0.00	55.77	32.65	0.00	20.91	25.99	14.93	68.34	9.68
Enterprise Value to EBIT (EV/EBIT)	434.87	129.10	0.00	74.81	36.57	0.00	22.94	29.58	16.88	150.57	10.26
Enterprise Value to NOPAT (EV/NOPAT)	457.61	133.04	0.00	98.18	45.00	0.00	14.05	38.96	24.09	1,766.89	13.50
Enterprise Value to Operating Cash Flow (EV/OCF)	224.08	61.42	0.00	35.82	23.37	0.00	18.25	14.98	21.57	33.31	11.18
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	192.68	40.78	0.00	38.14	25.21	0.00	21.33	11.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.62	1.60	0.03	0.03	0.02	0.01	0.01	0.01	0.01	0.01	0.01
Long-Term Debt to Equity	3.62	1.55	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.83	-0.52	-0.69	-0.77	-0.82	-0.80	-0.71	-0.72	-0.70	-0.64	-0.61
Leverage Ratio	20.15	4.48	1.92	1.39	1.34	1.34	1.33	1.32	1.32	1.42	1.44
Compound Leverage Factor	3.30	3.32	2.65	1.00	1.44	1.30	1.27	1.43	1.74	6.04	1.56
Debt to Total Capital	78.36%	61.53%	3.02%	2.49%	1.97%	1.45%	0.97%	0.83%	0.73%	1.13%	0.79%
Short-Term Debt to Total Capital	0.00%	1.79%	2.04%	1.61%	1.97%	1.45%	0.97%	0.83%	0.73%	1.13%	0.79%
Long-Term Debt to Total Capital	78.36%	59.74%	0.99%	0.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	21.64%	38.47%	96.98%	97.51%	98.03%	98.55%	99.03%	99.17%	99.27%	98.87%	99.21%
Debt to EBITDA	6.82	3.30	-0.29	0.23	0.10	-0.20	0.06	0.07	0.05	0.24	0.03
Net Debt to EBITDA	-1.51	-0.84	7.21	-6.90	-4.32	10.53	-3.87	-5.97	-4.69	-13.08	-2.20
Long-Term Debt to EBITDA	6.82	3.20	-0.10	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	14.16	4.77	-0.30	0.40	0.14	-0.21	0.04	0.10	0.09	6.21	0.04
Net Debt to NOPAT	-3.14	-1.21	7.36	-12.14	-5.96	10.77	-2.60	-8.94	-7.56	-338.18	-3.06
Long-Term Debt to NOPAT	14.16	4.63	-0.10	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	13.70	9.36	17.57	11.84	14.80	12.46	9.70	8.65	6.79	4.90	8.62
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.01	3.64	4.01	4.31	4.83	3.74	3.65	3.54	3.75	1.97	3.32
Quick Ratio	4.89	3.50	3.83	4.11	4.73	3.62	3.47	3.36	3.19	1.83	3.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.89	-75	-297	63	407	-408	359	577	-349	524	1,371
Operating Cash Flow to CapEx	343.84%	253.38%	-83.76%	457.56%	910.35%	-66.50%	414.07%	1,246.18%	1,528.31%	388.74%	2,401.17%
Free Cash Flow to Firm to Interest Expense	-0.22	-1.93	-4.81	40.51	219.57	-187.78	188.00	216.28	-136.66	229.62	564.75
Operating Cash Flow to Interest Expense	1.96	7.87	-1.51	217.90	383.10	-57.31	392.81	363.82	194.62	147.08	582.17
Operating Cash Flow Less CapEx to Interest Expense	1.39	4.76	-3.30	170.28	341.02	-143.50	297.95	334.62	181.89	109.24	557.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	0.84	0.78	0.76	0.71	0.76	0.70	0.63	0.59	0.69	0.83
Accounts Receivable Turnover	8.75	8.40	7.40	6.56	7.00	6.74	5.44	5.38	5.32	5.31	5.48
Inventory Turnover	25.20	19.76	15.01	14.00	12.44	9.44	6.81	5.92	4.86	5.12	4.65
Fixed Asset Turnover	8.98	8.72	7.19	6.49	6.19	5.69	4.65	4.64	4.96	5.60	6.88
Accounts Payable Turnover	0.99	1.10	1.11	1.10	1.22	1.44	1.11	0.92	1.32	2.03	1.83
Days Sales Outstanding (DSO)	41.74	43.44	49.31	55.66	52.11	54.12	67.12	67.80	68.56	68.71	66.65
Days Inventory Outstanding (DIO)	14.49	18.47	24.31	26.08	29.34	38.67	53.58	61.63	75.13	71.26	78.43
Days Payable Outstanding (DPO)	369.08	331.47	328.98	332.53	299.47	253.49	327.40	396.44	277.09	179.57	199.80
Cash Conversion Cycle (CCC)	-312.86	-269.56	-255.36	-250.79	-218.02	-160.70	-206.70	-267.01	-133.40	-39.61	-54.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	34	250	377	437	399	622	1,238	1,034	1,827	1,310	1,580
Invested Capital Turnover	101.15	7.78	4.90	4.63	5.17	5.23	3.21	2.99	2.58	2.70	3.06
Increase / (Decrease) in Invested Capital	54	216	127	60	-38	224	615	-204	793	-517	-200
Enterprise Value (EV)	20,034	18,719	18,733	12,043	16,609	17,061	13,681	14,533	10,709	11,169	15,803
Market Capitalization	20,172	18,889	19,987	13,532	18,808	19,048	16,213	17,869	14,072	13,306	19,391
Book Value per Share	$0.92	$2.23	$7.73	$9.05	$12.06	$11.92	$17.07	$19.64	$23.16	$17.90	$26.32
Tangible Book Value per Share	$0.92	$0.03	$5.87	$7.31	$10.44	$10.43	$15.68	$18.36	$21.91	$16.50	$25.05
Total Capital	791	1,090	1,681	1,975	2,651	2,650	3,807	4,407	5,228	3,487	5,209
Total Debt	620	671	51	49	52	38	37	37	38	39	41
Total Long-Term Debt	620	651	17	17	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-138	-170	-1,254	-1,489	-2,200	-1,987	-2,532	-3,336	-3,363	-2,138	-3,587
Capital Expenditures (CapEx)	26	120	111	73	78	187	181	78	32	86	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	-68	-5.95	0.50	-97	-34	-47	-267	230	-522	-31
Debt-free Net Working Capital (DFNWC)	674	740	1,164	1,439	2,020	1,767	2,301	2,972	3,443	1,636	3,550
Net Working Capital (NWC)	674	721	1,129	1,407	1,968	1,729	2,264	2,936	3,405	1,597	3,509
Net Nonoperating Expense (NNE)	37	36	143	13	-78	111	25	32	-153	-26	-116
Net Nonoperating Obligations (NNO)	-137	-170	-1,254	-1,489	-2,200	-1,989	-2,532	-3,336	-3,363	-2,138	-3,587
Total Depreciation and Amortization (D&A)	45	58	52	55	55	52	58	68	83	89	93
Debt-free, Cash-free Net Working Capital to Revenue	-4.50%	-6.18%	-0.39%	0.03%	-4.50%	-1.29%	-1.57%	-7.86%	6.23%	-12.30%	-0.60%
Debt-free Net Working Capital to Revenue	89.47%	66.94%	75.75%	76.46%	93.60%	66.27%	77.07%	87.56%	93.18%	38.58%	69.05%
Net Working Capital to Revenue	89.47%	65.18%	73.52%	74.76%	91.17%	64.83%	75.83%	86.48%	92.14%	37.66%	68.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.04	$0.55	($1.53)	$0.52	$2.08	($1.36)	$4.30	$1.53	$2.67	$0.16	$6.59
Adjusted Weighted Average Basic Shares Outstanding	179.60M	187.87M	204.58M	212.38M	214.91M	218.07M	220.43M	222.00M	223.63M	207.11M	195.20M
Adjusted Diluted Earnings per Share	$0.03	$0.54	($1.53)	$0.51	$2.05	($1.36)	$4.27	$1.52	$2.65	$0.15	$6.41
Adjusted Weighted Average Diluted Shares Outstanding	187.30M	194.13M	204.58M	215.64M	217.66M	218.07M	222.07M	223.96M	225.93M	210.53M	200.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	187.20M	189.41M	211.66M	214.05M	216.78M	219.84M	221.33M	222.97M	224.53M	193.52M	199.01M
Normalized Net Operating Profit after Tax (NOPAT)	44	158	-165	148	387	-168	420	381	465	57	1,038
Normalized NOPAT Margin	5.81%	14.25%	-10.74%	7.84%	17.93%	-6.31%	14.08%	11.22%	12.59%	1.34%	20.19%
Pre Tax Income Margin	1.00%	9.71%	-20.33%	6.13%	22.55%	-8.71%	19.10%	15.59%	22.57%	7.47%	32.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.01	3.74	-3.66	104.33	244.85	-110.61	312.59	184.30	248.71	32.53	634.25
NOPAT to Interest Expense	0.96	3.63	-2.76	79.50	198.96	-84.90	510.52	139.93	174.25	2.77	482.30
EBIT Less CapEx to Interest Expense	0.44	0.64	-5.46	56.71	202.76	-196.80	217.72	155.10	235.98	-5.30	610.01
NOPAT Less CapEx to Interest Expense	0.39	0.53	-4.55	31.87	156.88	-171.09	415.66	110.74	161.52	-35.06	458.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6,146.83%	1.48%

This table displays calculated financial ratios and metrics derived from Incyte's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	199,014,486.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	199,014,486.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.52
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.63%	9.35%	8.93%	9.34%	23.81%	16.32%	19.53%	16.46%	20.05%	27.84%	20.87%
EBITDA Growth	69.57%	871.82%	106.35%	-258.26%	-31.74%	116.07%	110.72%	225.18%	171.75%	12.17%	39.07%
EBIT Growth	74.18%	353.24%	137.05%	-281.17%	-34.78%	146.70%	137.30%	214.43%	196.37%	12.67%	42.50%
NOPAT Growth	49.76%	461.60%	536.43%	-335.56%	-36.83%	39.15%	110.07%	215.00%	292.58%	33.30%	91.80%
Net Income Growth	51.87%	606.51%	681.22%	-318.43%	-37.84%	0.07%	-6.69%	191.09%	298.45%	48.74%	91.73%
EPS Growth	52.00%	584.62%	650.00%	-326.67%	-28.95%	1.12%	6.67%	200.00%	290.74%	62.22%	83.75%
Operating Cash Flow Growth	-50.12%	-47.92%	307.20%	-287.77%	110.28%	158.05%	21.60%	107.77%	79.94%	42.52%	38.82%
Free Cash Flow Firm Growth	98.21%	-386.56%	148.86%	-408.88%	-78.40%	208.62%	347.30%	40.28%	561.98%	90.56%	-127.35%
Invested Capital Growth	14.06%	76.71%	2.61%	25.38%	8.33%	-28.31%	-0.47%	51.46%	23.55%	-11.25%	23.21%
Revenue Q/Q Growth	-3.73%	10.26%	-13.07%	18.49%	9.02%	3.59%	-10.67%	15.45%	12.38%	10.31%	-15.54%
EBITDA Q/Q Growth	10.02%	-64.22%	-38.88%	-356.21%	147.45%	13.25%	7.91%	137.89%	-15.87%	-22.49%	-10.35%
EBIT Q/Q Growth	10.42%	-69.63%	-42.52%	-413.49%	139.75%	14.88%	9.02%	152.09%	-16.75%	-23.69%	-11.02%
NOPAT Q/Q Growth	10.70%	-11.64%	-52.53%	-607.28%	129.69%	94.63%	-28.33%	177.71%	1.34%	-33.91%	3.12%
Net Income Q/Q Growth	-15.86%	17.41%	-15.68%	-362.23%	123.94%	89.01%	-21.38%	156.00%	4.73%	-29.44%	1.35%
EPS Q/Q Growth	-15.56%	17.11%	-15.73%	-372.00%	126.47%	66.67%	-11.11%	155.00%	3.43%	-30.81%	0.68%
Operating Cash Flow Q/Q Growth	-51.77%	-0.07%	48.12%	-363.04%	154.01%	22.63%	-30.21%	-83.18%	1,150.28%	-2.88%	-32.02%
Free Cash Flow Firm Q/Q Growth	-103.04%	-10,354.65%	115.31%	-2,062.49%	98.24%	6,465.65%	-79.62%	-362.00%	113.59%	788.05%	-108.65%
Invested Capital Q/Q Growth	12.03%	37.69%	-4.51%	12.34%	-3.21%	-8.87%	0.45%	70.96%	-21.05%	-11.04%	2.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	93.46%	93.12%	93.08%	92.66%	92.44%	92.49%	93.05%	93.52%	92.75%	91.96%	91.79%
EBITDA Margin	30.74%	9.97%	18.00%	-38.93%	16.94%	18.52%	22.38%	46.11%	34.52%	24.26%	25.75%
Operating Margin	23.36%	18.48%	10.43%	-45.81%	12.84%	25.58%	19.49%	43.63%	32.47%	22.29%	23.66%
EBIT Margin	28.41%	7.82%	15.51%	-41.04%	14.96%	16.60%	20.26%	44.23%	32.76%	22.66%	23.88%
Profit (Net Income) Margin	18.64%	19.84%	19.25%	-42.60%	9.36%	17.07%	15.03%	33.32%	31.05%	19.86%	23.83%
Tax Burden Percent	73.25%	74.21%	71.79%	114.07%	68.01%	64.14%	67.55%	72.58%	87.95%	76.75%	88.28%
Interest Burden Percent	89.55%	341.72%	172.83%	90.99%	91.92%	160.38%	109.81%	103.79%	107.76%	114.18%	113.07%
Effective Tax Rate	26.75%	25.79%	28.21%	0.00%	31.99%	35.86%	32.45%	27.42%	12.05%	23.25%	11.72%
Return on Invested Capital (ROIC)	49.60%	35.43%	21.62%	-92.65%	25.75%	44.36%	44.05%	77.75%	85.54%	52.35%	76.25%
ROIC Less NNEP Spread (ROIC-NNEP)	49.18%	33.57%	18.76%	-88.32%	25.48%	44.08%	43.44%	76.58%	84.06%	50.77%	75.07%
Return on Net Nonoperating Assets (RNNOA)	-35.81%	-23.53%	-13.79%	57.85%	-16.79%	-28.07%	-30.79%	-36.68%	-49.53%	-30.97%	-51.34%
Return on Equity (ROE)	13.79%	11.90%	7.83%	-34.81%	8.96%	16.29%	13.25%	41.07%	36.01%	21.38%	24.91%
Cash Return on Invested Capital (CROIC)	13.55%	-24.37%	35.99%	-22.20%	-8.45%	33.38%	1.37%	2.78%	47.89%	81.61%	67.74%
Operating Return on Assets (OROA)	17.23%	4.58%	9.04%	-29.12%	10.70%	11.51%	13.88%	38.69%	27.81%	18.79%	19.56%
Return on Assets (ROA)	11.31%	11.62%	11.21%	-30.23%	6.69%	11.84%	10.29%	29.15%	26.35%	16.47%	19.52%
Return on Common Equity (ROCE)	13.79%	11.90%	7.83%	-34.81%	8.96%	16.29%	13.25%	41.07%	36.01%	21.38%	24.91%
Return on Equity Simple (ROE_SIMPLE)	8.62%	0.00%	13.82%	3.25%	1.02%	0.00%	0.58%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	157	139	66	-335	99	193	139	385	390	258	266
NOPAT Margin	17.11%	13.71%	7.49%	-32.07%	8.73%	16.41%	13.16%	31.66%	28.55%	17.11%	20.89%
Net Nonoperating Expense Percent (NNEP)	0.42%	1.85%	2.86%	-4.34%	0.27%	0.28%	0.61%	1.17%	1.48%	1.58%	1.18%
Return On Investment Capital (ROIC_SIMPLE)	-	2.66%	-	-	-	5.55%	3.70%	9.13%	8.25%	4.95%	4.67%
Cost of Revenue to Revenue	6.54%	6.88%	6.92%	7.34%	7.56%	7.51%	6.95%	6.48%	7.25%	8.04%	8.21%
SG&A Expenses to Revenue	29.15%	29.00%	34.09%	29.32%	27.17%	27.72%	30.93%	27.23%	24.09%	25.91%	25.78%
R&D to Revenue	40.88%	43.86%	48.73%	109.07%	50.37%	39.54%	41.53%	40.72%	37.09%	40.57%	40.54%
Operating Expenses to Revenue	70.10%	74.64%	82.65%	138.47%	79.60%	66.91%	73.56%	49.89%	60.28%	69.67%	68.13%
Earnings before Interest and Taxes (EBIT)	261	79	137	-428	170	196	213	538	448	342	304
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	282	101	159	-406	193	218	236	561	472	366	328
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.63	2.71	0.00	4.54	4.01	3.86	3.20	3.16	3.56	3.75	3.33
Price to Tangible Book Value (P/TBV)	2.79	2.87	0.00	4.99	4.40	4.19	3.44	3.39	3.78	3.94	3.48
Price to Revenue (P/Rev)	3.59	3.81	0.00	3.53	3.12	3.14	2.66	2.88	3.44	3.77	3.49
Price to Earnings (P/E)	30.46	23.55	0.00	139.90	391.93	407.98	550.91	15.14	13.93	15.07	13.08
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.28%	4.25%	0.00%	0.71%	0.26%	0.25%	0.18%	6.61%	7.18%	6.64%	7.64%
Enterprise Value to Invested Capital (EV/IC)	7.04	5.86	0.00	8.15	7.65	8.53	7.12	5.01	7.71	10.00	9.09
Enterprise Value to Revenue (EV/Rev)	2.59	2.90	0.00	3.14	2.70	2.63	2.12	2.46	2.84	3.07	2.75
Enterprise Value to EBITDA (EV/EBITDA)	12.78	14.93	0.00	41.13	53.76	68.34	32.61	8.69	8.59	9.68	8.54
Enterprise Value to EBIT (EV/EBIT)	14.33	16.88	0.00	58.44	94.58	150.57	47.41	9.34	9.11	10.26	9.03
Enterprise Value to NOPAT (EV/NOPAT)	28.12	24.09	0.00	2,773.80	0.00	1,766.89	793.42	13.80	12.35	13.50	11.33
Enterprise Value to Operating Cash Flow (EV/OCF)	14.77	21.57	0.00	0.00	107.98	33.31	24.48	11.23	10.94	11.18	9.71
Enterprise Value to Free Cash Flow (EV/FCFF)	55.37	0.00	0.00	0.00	0.00	21.33	519.86	217.28	17.79	11.53	14.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.01	0.01	0.01	0.02	0.01	0.02	0.01	0.02	0.01	0.01
Long-Term Debt to Equity	0.01	0.00	0.01	0.00	0.01	0.00	0.01	0.00	0.01	0.00	0.01
Financial Leverage	-0.73	-0.70	-0.74	-0.66	-0.66	-0.64	-0.71	-0.48	-0.59	-0.61	-0.68
Leverage Ratio	1.30	1.32	1.31	1.40	1.41	1.42	1.42	1.46	1.45	1.44	1.41
Compound Leverage Factor	1.16	4.51	2.27	1.28	1.29	2.27	1.56	1.52	1.56	1.64	1.59
Debt to Total Capital	1.31%	0.73%	1.21%	1.22%	2.12%	1.13%	1.99%	1.11%	1.62%	0.79%	1.21%
Short-Term Debt to Total Capital	0.74%	0.73%	0.68%	1.22%	1.25%	1.13%	1.11%	1.11%	0.97%	0.79%	0.69%
Long-Term Debt to Total Capital	0.58%	0.00%	0.53%	0.00%	0.87%	0.00%	0.87%	0.00%	0.65%	0.00%	0.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	98.69%	99.27%	98.79%	98.78%	97.88%	98.87%	98.01%	98.89%	98.38%	99.21%	98.79%
Debt to EBITDA	0.09	0.05	0.07	0.13	0.34	0.24	0.26	0.04	0.05	0.03	0.04
Net Debt to EBITDA	-4.93	-4.69	-4.25	-5.14	-8.48	-13.08	-8.19	-1.48	-1.80	-2.20	-2.32
Long-Term Debt to EBITDA	0.04	0.00	0.03	0.00	0.14	0.00	0.11	0.00	0.02	0.00	0.02
Debt to NOPAT	0.20	0.09	0.13	8.52	-10.93	6.21	6.30	0.06	0.07	0.04	0.05
Net Debt to NOPAT	-10.85	-7.56	-8.09	-346.59	276.44	-338.18	-199.22	-2.35	-2.60	-3.06	-3.08
Long-Term Debt to NOPAT	0.09	0.00	0.06	0.00	-4.50	0.00	2.77	0.00	0.03	0.00	0.02
Altman Z-Score	6.64	6.52	0.00	5.33	5.03	4.97	4.42	6.25	7.45	8.05	8.17
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.91	3.75	3.47	1.92	1.87	1.97	2.04	2.85	3.20	3.32	3.68
Quick Ratio	3.71	3.19	3.29	1.69	1.69	1.83	1.88	2.19	2.86	3.04	3.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.26	-654	32	-635	-11	711	145	-379	52	458	-40
Operating Cash Flow to CapEx	1,346.89%	6,516.50%	2,291.45%	-1,063.04%	5,993.27%	2,192.92%	8,395.93%	234.57%	3,793.24%	2,483.43%	3,621.09%
Free Cash Flow to Firm to Interest Expense	-10.04	-813.65	75.29	-967.04	-14.42	1,695.91	219.41	-638.71	87.11	786.89	-69.61
Operating Cash Flow to Interest Expense	237.30	183.74	508.86	-876.05	401.64	909.83	403.13	75.32	944.91	933.51	649.12
Operating Cash Flow Less CapEx to Interest Expense	219.68	180.92	486.66	-958.46	394.94	868.34	398.33	43.21	920.00	895.92	631.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	0.59	0.58	0.71	0.72	0.69	0.69	0.87	0.85	0.83	0.82
Accounts Receivable Turnover	5.66	5.32	5.50	5.60	5.76	5.31	5.63	5.80	5.82	5.48	5.72
Inventory Turnover	4.74	4.86	4.96	3.91	4.60	5.12	5.08	3.55	4.41	4.65	4.49
Fixed Asset Turnover	4.98	4.96	5.16	5.10	5.41	5.60	5.94	5.88	6.12	6.88	7.22
Accounts Payable Turnover	1.62	1.32	2.36	1.76	1.84	2.03	1.80	1.68	1.94	1.83	1.90
Days Sales Outstanding (DSO)	64.50	68.56	66.32	65.16	63.39	68.71	64.87	62.97	62.73	66.65	63.82
Days Inventory Outstanding (DIO)	76.96	75.13	73.61	93.25	79.41	71.26	71.82	102.94	82.74	78.43	81.24
Days Payable Outstanding (DPO)	225.95	277.09	154.85	207.26	197.92	179.57	202.46	217.63	188.52	199.80	191.86
Cash Conversion Cycle (CCC)	-84.49	-133.40	-14.92	-48.86	-55.12	-39.61	-65.78	-51.72	-43.05	-54.72	-46.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,327	1,827	1,322	1,485	1,438	1,310	1,316	2,249	1,776	1,580	1,621
Invested Capital Turnover	2.90	2.58	2.89	2.89	2.95	2.70	3.35	2.46	3.00	3.06	3.65
Increase / (Decrease) in Invested Capital	164	793	34	301	111	-517	-6.21	764	338	-200	305
Enterprise Value (EV)	9,341	10,709	0.00	12,100	10,997	11,169	9,366	11,261	13,686	15,803	14,730
Market Capitalization	12,946	14,072	0.00	13,612	12,731	13,306	11,718	13,182	16,561	19,391	18,731
Book Value per Share	$22.01	$23.16	$24.03	$13.35	$16.47	$17.90	$18.95	$21.55	$23.82	$26.32	$28.25
Tangible Book Value per Share	$20.74	$21.91	$22.81	$12.15	$15.03	$16.50	$17.59	$20.09	$22.41	$25.05	$27.03
Total Capital	4,997	5,228	5,460	3,034	3,240	3,487	3,742	4,218	4,728	5,209	5,692
Total Debt	66	38	66	37	69	39	74	47	77	41	69
Total Long-Term Debt	29	0.00	29	0.00	28	0.00	33	0.00	31	0.00	29
Net Debt	-3,604	-3,363	-4,072	-1,512	-1,734	-2,138	-2,352	-1,921	-2,875	-3,587	-4,002
Capital Expenditures (CapEx)	11	2.27	9.55	54	5.19	17	3.17	19	15	22	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-202	230	-361	-252	-427	-522	-580	457	55	-31	18
Debt-free Net Working Capital (DFNWC)	3,315	3,443	3,490	1,267	1,347	1,636	1,829	2,412	2,985	3,550	4,034
Net Working Capital (NWC)	3,278	3,405	3,453	1,230	1,307	1,597	1,787	2,365	2,939	3,509	3,995
Net Nonoperating Expense (NNE)	-14	-62	-104	110	-7.10	-7.83	-20	-20	-34	-42	-38
Net Nonoperating Obligations (NNO)	-3,604	-3,363	-4,072	-1,512	-1,734	-2,138	-2,352	-1,921	-2,875	-3,587	-4,002
Total Depreciation and Amortization (D&A)	21	22	22	22	23	23	22	23	24	24	24
Debt-free, Cash-free Net Working Capital to Revenue	-5.59%	6.23%	-9.58%	-6.54%	-10.48%	-12.30%	-13.14%	9.97%	1.14%	-0.60%	0.34%
Debt-free Net Working Capital to Revenue	91.85%	93.18%	92.62%	32.85%	33.06%	38.58%	41.44%	52.60%	62.01%	69.05%	75.25%
Net Working Capital to Revenue	90.83%	92.14%	91.63%	31.89%	32.07%	37.66%	40.49%	51.58%	61.07%	68.25%	74.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.76	$0.90	$0.76	($2.04)	$0.55	$0.89	$0.82	$2.09	$2.17	$1.51	$1.52
Adjusted Weighted Average Basic Shares Outstanding	224.08M	223.63M	224.48M	218.18M	192.63M	207.11M	193.71M	194.00M	195.67M	195.20M	199.34M
Adjusted Diluted Earnings per Share	$0.76	$0.89	$0.75	($2.04)	$0.54	$0.90	$0.80	$2.04	$2.11	$1.46	$1.47
Adjusted Weighted Average Diluted Shares Outstanding	226.17M	225.93M	227.22M	218.18M	195.84M	210.53M	198.20M	198.74M	201.43M	200.70M	206.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	224.11M	224.53M	224.54M	192.60M	192.65M	193.52M	193.57M	195.28M	196.32M	199.01M	199.78M
Normalized Net Operating Profit after Tax (NOPAT)	157	150	66	-334	115	191	146	226	379	236	286
Normalized NOPAT Margin	17.08%	14.82%	7.45%	-32.01%	10.13%	16.19%	13.91%	18.56%	27.77%	15.67%	22.49%
Pre Tax Income Margin	25.44%	26.74%	26.81%	-37.34%	13.76%	26.62%	22.24%	45.91%	35.31%	25.88%	27.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	419.06	98.62	317.77	-652.00	220.00	466.86	323.13	905.09	756.02	586.81	534.08
NOPAT to Interest Expense	252.46	172.85	153.44	-509.42	128.37	461.53	210.00	647.97	658.88	442.91	467.18
EBIT Less CapEx to Interest Expense	401.44	95.80	295.57	-734.40	213.30	425.37	318.33	872.97	731.10	549.22	516.15
NOPAT Less CapEx to Interest Expense	234.84	170.03	131.23	-591.83	121.67	420.04	205.20	615.86	633.97	405.32	449.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	6,146.83%	0.00%	2.21%	1.61%	1.48%	0.00%

Financials Breakdown Chart

Key Financial Trends

Incyte (NASDAQ: INCY) has shown a clear, multi-year improvement in revenue, profitability, and cash generation based on the provided quarterly financial data over the last four years. The latest Q4 2025 results reflect continued top-line growth, strong gross margins, rising net income, and meaningful operating cash flow, all backed by a solid balance sheet.

Strong four-year revenue uptrend. Operating revenue rose from about $0.93B in 2022 to approximately $1.51B in Q4 2025, signaling sustained demand and ongoing portfolio activity.
High and stable gross margins. Total gross profit in Q4 2025 was about $1.386B on $1.507B revenue, implying gross margins around 92%, a consistency seen across the period.
Net income and earnings per share improving. Net income attributable to common shareholders reached about $299.3M in Q4 2025, with diluted earnings per share of $1.46, up meaningfully from earlier years.
Robust cash flow from operations. Net cash from continuing operating activities was roughly $543M in Q4 2025 and about $559M in Q3 2025, highlighting strong ongoing cash generation.
Free cash flow potential remains positive. After accounting for capital expenditures (PP&E) around $21.9M in Q4 2025, the company posted solid net cash from operating activities, supporting positive free cash flow in the period.
Liquidity and balance-sheet strength. As of recent quarters, total current assets were around $4.3B–$4.3–$4.7B with total current liabilities well below, indicating strong liquidity; total equity sits in the mid-to-high single-digit billions, reflecting a solid capital base.
Ongoing R&D intensity. Research & Development expense remains high (e.g., about $611M in Q4 2025), consistent with continued pipeline investment. This lowers near-term profits but is a deliberate, growth-driven expenditure.
Operating expenses trend. Selling, General & Administrative expenses and other operating costs rose over the period, contributing to higher overall operating expenses while supporting revenue growth and pipeline development.
Investing activity modest but persistent. Net cash used in investing activities reflects ongoing investments in securities and PP&E, which aligns with ongoing growth initiatives and portfolio management.

05/07/26 05:41 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Incyte's Financials

When does Incyte's fiscal year end?

According to the most recent income statement we have on file, Incyte's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Incyte's net income changed over the last 10 years?

Incyte's net income appears to be on an upward trend, with a most recent value of $1.29 billion in 2025, rising from $6.53 million in 2015. The previous period was $32.62 million in 2024. View Incyte's forecast to see where analysts expect Incyte to go next.

What is Incyte's operating income?

Incyte's total operating income in 2025 was $1.51 billion, based on the following breakdown:

Total Gross Profit: $4.77 billion
Total Operating Expenses: $3.25 billion

How has Incyte's revenue changed over the last 10 years?

Over the last 10 years, Incyte's total revenue changed from $753.75 million in 2015 to $5.14 billion in 2025, a change of 582.1%.

How much debt does Incyte have?

Incyte's total liabilities were at $1.79 billion at the end of 2025, a 10.3% decrease from 2024, and a 114.1% increase since 2015.

How much cash does Incyte have?

In the past 10 years, Incyte's cash and equivalents has ranged from $521.44 million in 2015 to $3.21 billion in 2023, and is currently $3.10 billion as of their latest financial filing in 2025.

How has Incyte's book value per share changed over the last 10 years?

Over the last 10 years, Incyte's book value per share changed from 0.92 in 2015 to 26.32 in 2025, a change of 2,760.4%.

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Financial statements for NASDAQ:INCY last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Incyte (INCY) Financials

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