Detailed financial statements for Incyte Corporation (INCY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Incyte Corporation is a biopharmaceutical firm engaged in the research, development, and global marketing of its own innovative therapies. Its current product offerings include JAKAFI, prescribed for myelofibrosis and polycythemia vera; PEMAZYRE, a fibroblast growth factor receptor kinase inhibitor that targets oncogenic drivers in various liquid and solid tumor types; and ICLUSIG, a kinase inhibitor utilized for chronic myeloid leukemia and Philadelphia-chromosome positive a...
Analysis Summary
Incyte Corporation reported revenue of $5.14B in the most recent fiscal year, growing at a 5-year CAGR of 14.0%.
Trailing-twelve-month margins: gross margin 92.7%, operating margin 11.6%, net margin 6.7%.
At $120.39 (closing price, October 30, 2026), INCY trades at a P/E of 64.04 and an ROE of 7.11%. Market capitalisation stands at $24.5B, placing it among large-cap names.
Balance sheet quality for INCY: current ratio of 3.3, net cash position of $3.51B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.35B represents 105% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.54B | $1.88B | $2.16B | $2.67B | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B |
| Cost of Revenue | $58.2M | $79.5M | $94.1M | $114.2M | $131.3M | $151.0M | $207.0M | $255.0M | $312.1M | $372.1M |
| Gross Profit | $1.05B | $1.46B | $1.79B | $2.04B | $2.54B | $2.84B | $3.19B | $3.44B | $3.93B | $4.77B |
| Research & Development | $581.9M | $1.33B | $1.20B | $1.15B | $2.22B | $1.46B | $1.59B | $1.63B | $2.61B | $2.05B |
| Selling, General & Admin | $303.3M | $366.3M | $434.4M | $468.7M | $516.9M | $739.6M | $1.00B | $1.16B | $1.22B | $1.38B |
| Operating Expenses | $902.5M | $1.70B | $1.66B | $1.64B | $2.80B | $2.25B | $2.60B | $2.79B | $3.83B | $3.43B |
| Operating Income | $145.0M | -$243.4M | $129.2M | $402.0M | -$263.7M | $585.8M | $591.6M | $655.4M | $101.3M | $1.34B |
| EBITDA | $204.6M | -$253.2M | $171.9M | $543.2M | -$178.2M | $630.2M | $599.6M | $919.4M | $408.2M | $1.76B |
| Interest Expense | $38.7M | $6.9M | $1.5M | $1.9M | $2.2M | $1.9M | $2.7M | $2.6M | $2.3M | $2.4M |
| Pre-tax Income | $107.4M | -$312.3M | $115.3M | $486.8M | -$232.2M | $570.4M | $529.1M | $834.2M | $316.6M | $1.66B |
| Income Tax | $3.2M | $852,000 | $5.9M | $39.9M | $63.5M | -$378.1M | $188.5M | $236.6M | $284.0M | $377.8M |
| Net Income | $104.2M | -$313.1M | $109.5M | $446.9M | -$295.7M | $948.6M | $340.7M | $597.6M | $32.6M | $1.29B |
| EPS | $0.55 | $-1.53 | $0.52 | $2.08 | $-1.36 | $4.30 | $1.53 | $2.67 | $0.16 | $6.59 |
| EPS (Diluted) | $0.54 | $-1.53 | $0.51 | $2.05 | $-1.36 | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
| Shares Outstanding (Diluted) | 194.1 M | 204.6 M | 215.6 M | 217.7 M | 218.1 M | 222.1 M | 224.0 M | 225.9 M | 210.5 M | 200.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.51B | $1.27B | $1.67B | $1.56B |
| Gross Profit | $1.39B | $1.17B | $1.57B | $1.45B |
| Operating Income | $384.0M | $324.2M | $697.9M | -$708.4M |
| EBITDA | $414.5M | $368.0M | $778.6M | -$688.2M |
| Net Income | $299.3M | $303.3M | $585.6M | -$784.8M |
| EPS | $1.52 | $1.52 | $2.92 | $-3.86 |
| EPS (Diluted) | $1.46 | $1.47 | $2.81 | $-3.86 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $652.3M | $899.5M | $1.16B | $1.83B | $1.51B | $2.06B | $2.95B | $3.21B | $1.69B | $3.10B |
| Short-term Investments | $156.2M | $270.1M | $274.3M | $284.9M | $288.4M | $290.8M | $287.5M | $442.7M | $470.3M | $482.8M |
| Receivables | $148.8M | $266.3M | $307.6M | $308.8M | $482.0M | $616.3M | $644.9M | $743.6M | $853.2M | $1.02B |
| Inventory | $4.1M | $6.5M | $7.0M | $11.4M | $16.4M | $27.9M | $42.0M | $63.0M | $58.9M | $101.1M |
| Total Current Assets | $994.2M | $1.50B | $1.83B | $2.48B | $2.36B | $3.12B | $4.09B | $4.65B | $3.24B | $5.02B |
| Property, Plant & Equipment | $167.7M | $259.8M | $319.8M | $406.6M | $588.1M | $751.5M | $765.6M | $777.0M | $794.2M | $758.4M |
| Goodwill | $155.6M | $155.6M | $155.6M | $155.6M | $155.6M | $155.6M | $155.6M | $155.6M | $155.6M | $133.0M |
| Intangible Assets | $270.4M | $236.9M | $215.4M | $193.8M | $172.3M | $150.8M | $129.2M | $123.5M | $113.8M | $117.1M |
| Total Assets | $1.64B | $2.30B | $2.65B | $3.43B | $3.56B | $4.93B | $5.84B | $6.78B | $5.44B | $6.96B |
| Accounts Payable | $75.6M | $67.7M | $103.8M | $83.6M | $98.8M | $172.1M | $277.5M | $109.6M | $197.5M | $209.9M |
| Short-term Debt | 0 | $7.4M | 0 | $18.3M | 0 | 0 | 0 | 0 | 0 | $10.2M |
| Total Current Liabilities | $273.5M | $375.4M | $425.3M | $513.3M | $631.2M | $854.3M | $1.16B | $1.24B | $1.64B | $1.52B |
| Long-term Debt | $651.5M | $16.6M | $17.4M | 0 | 0 | 0 | 0 | 0 | 0 | $14.5M |
| Total Liabilities | $1.22B | $672.0M | $719.8M | $828.3M | $949.6M | $1.16B | $1.47B | $1.59B | $2.00B | $1.80B |
| Retained Earnings | -$1.67B | -$1.99B | -$1.88B | -$1.43B | -$1.73B | -$777.9M | -$437.2M | $160.4M | -$1.07B | $213.8M |
| Total Equity | $419.5M | $1.63B | $1.93B | $2.60B | $2.61B | $3.77B | $4.37B | $5.19B | $3.45B | $5.17B |
| Total Debt | $651.5M | $24.0M | $36.1M | $60.2M | $47.5M | $44.8M | $41.5M | $38.3M | $43.5M | $69.4M |
| Net Debt | -$157.1M | -$1.15B | -$1.40B | -$2.06B | -$1.75B | -$2.30B | -$3.20B | -$3.62B | -$2.11B | -$3.51B |
| Working Capital | $720.7M | $1.13B | $1.41B | $1.97B | $1.73B | $2.26B | $2.94B | $3.41B | $1.60B | $3.51B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.46B | $3.10B | $3.46B | $3.98B |
| Total Assets | $6.33B | $6.96B | $7.34B | $7.87B |
| Total Liabilities | $1.68B | $1.80B | $1.79B | $1.53B |
| Total Equity | $4.65B | $5.17B | $5.55B | $6.34B |
| Total Debt | $41.3M | $69.4M | $33.8M | $38.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $104.2M | -$313.1M | $109.5M | $446.9M | -$295.7M | $948.6M | $340.7M | $597.6M | $32.6M | $1.29B |
| Depreciation & Amortization | $58.4M | $52.2M | $55.0M | $54.5M | $51.8M | $57.8M | $67.9M | $82.7M | $89.2M | $93.3M |
| Stock-based Compensation | $96.2M | $133.1M | $148.2M | $166.6M | $177.9M | $183.0M | $188.4M | $215.9M | $266.1M | $249.3M |
| Change in Working Capital | $24.8M | -$64.2M | -$46.5M | $57.3M | -$71.7M | -$14.6M | $198.8M | -$248.7M | $138.2M | -$527.2M |
| Operating Cash Flow | $304.8M | -$93.0M | $336.2M | $710.7M | -$124.6M | $749.5M | $969.9M | $496.5M | $335.3M | $1.41B |
| Capital Expenditure | -$120.3M | -$111.0M | -$73.5M | -$78.1M | -$187.4M | -$181.0M | -$77.8M | -$47.5M | -$86.3M | -$58.9M |
| Acquisitions | -$142.9M | $111.0M | $73.5M | $78.1M | $187.4M | $181.0M | $709,000 | $47.5M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.00B | -$19.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $184.5M | -$204.0M | $262.7M | $632.6M | -$312.0M | $568.5M | $892.1M | $449.0M | $249.1M | $1.35B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $559.4M | $543.3M | $369.4M | $507.7M |
| Capital Expenditure | -$14.7M | -$21.9M | -$10.2M | -$12.4M |
| Free Cash Flow | $544.6M | $521.4M | $359.2M | $495.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $61.6M | $62.2M | $64.1M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +38.9% | +22.5% | +14.7% | +23.5% | +12.0% | +13.7% | +8.9% | +14.8% | +21.2% | |
| Net Income Growth (YoY) | -400.5% | +135.0% | +308.2% | -166.2% | +420.8% | -64.1% | +75.4% | -94.5% | +3,845.0% | |
| EPS Growth (YoY) | -378.2% | +134.0% | +300.0% | -165.4% | +416.2% | -64.4% | +74.5% | -94.0% | +4,018.8% | |
| Shares Change (YoY) | +5.4% | +5.4% | +0.9% | +0.2% | +1.8% | +0.8% | +0.9% | -6.8% | -4.7% | |
| FCF Growth (YoY) | -210.6% | +228.8% | +140.8% | -149.3% | +282.2% | +56.9% | -49.7% | -44.5% | +443.9% | |
| Gross Margin | 94.7% | 94.8% | 95.0% | 94.7% | 95.1% | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% |
| Operating Margin | 13.1% | -15.8% | 6.9% | 18.6% | -9.9% | 19.6% | 17.4% | 17.7% | 2.4% | 26.1% |
| EBITDA Margin | 18.5% | -16.5% | 9.1% | 25.2% | -6.7% | 21.1% | 17.7% | 24.9% | 9.6% | 34.2% |
| Net Margin | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| FCF Margin | 16.7% | -13.3% | 14.0% | 29.3% | -11.7% | 19.0% | 26.3% | 12.1% | 5.9% | 26.3% |
| Effective Tax Rate | 3.0% | -0.3% | 5.1% | 8.2% | -27.3% | -66.3% | 35.6% | 28.4% | 89.7% | 22.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.95 | $-1.00 | $1.22 | $2.91 | $-1.43 | $2.56 | $3.98 | $1.99 | $1.18 | $6.75 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 187.9 M | 204.6 M | 212.4 M | 214.9 M | 218.1 M | 220.4 M | 222.0 M | 223.6 M | 207.1 M | 195.2 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 7.11% |
| Return on Invested Capital | 6.03% |
| Return on Assets | 5.54% |
| Gross Margin | 92.69% |
| Operating Margin | 11.61% |
| Net Margin | 6.71% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 3.84 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 8.44 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 182.31 | -61.90 | 122.29 | 41.98 | -63.96 | 17.07 | 52.50 | 23.52 | 431.69 | 14.99 |
| P/B | 44.91 | 11.88 | 7.01 | 7.22 | 7.26 | 4.29 | 4.08 | 2.71 | 4.15 | 3.73 |
| P/S | 17.04 | 12.61 | 7.18 | 8.69 | 7.11 | 5.42 | 5.25 | 3.80 | 3.37 | 3.75 |
| Gross Margin | 94.7% | 94.8% | 95.0% | 94.7% | 95.1% | 94.9% | 93.9% | 93.1% | 92.6% | 92.8% |
| Operating Margin | 13.1% | -15.8% | 6.9% | 18.6% | -9.9% | 19.6% | 17.4% | 17.7% | 2.4% | 26.1% |
| Net Margin | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
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Explore sector: Healthcare · Biotechnology
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