Incyte Corporation

INCY

Healthcare Biotechnology

Incyte Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 21.2% from fiscal 2024.

Revenue
+14.0%
EPS
−277.9%
Free cash flow
−233.0%
Total debt
−10.5%

Quarter to September 2026, against a year earlier

121.89 0.38 −0.31%
Market cap
$24.9B
P/E
58.1×
Fwd P/E
57.3×
Dividend yield
—
F-score
9/9
ROIC
21.6%
Net debt / EBITDA
−2.2×
Dividend safety
n/a

Incyte Corporation (INCY) Operating margin

Alert me on Operating margin

Incyte Corporation's operating margin over the twelve months to 30 September 2026 was 10.4%, down 19.0 percentage points from fiscal 2025 (29.5%). Over the past ten years it has ranged from −15.8% (fiscal 2017) to 29.5% (fiscal 2025) — the current reading is the highest in ten years. That is above the Biotechnology industry median of 0.00% and above the Healthcare sector median of 0.00%.

Operating margin, annual

Embed this chart

Annual newest first

Period Operating margin Change (points)
FY2025 29.5% 28.01
FY2024 1.45% (15.34)
FY2023 16.8% (0.28)
FY2022 17.1% (2.55)
FY2021 19.6% 29.51
FY2020 −9.89% (28.51)
FY2019 18.6% 11.75
FY2018 6.87% 22.71
FY2017 −15.8% (28.95)
FY2016 13.1% 6.39

Quarterly newest first

Period Operating margin Change (points)
Sep 2026 −45.5% (87.18)
Jun 2026 41.7% 18.03
Mar 2026 23.7% 1.37
Dec 2025 22.3% (10.18)
43 more quarters

Against its own ten years

Low −15.8% High 29.5%
Ten-year median 13.1%
Current reading's percentile 40

Operating margin against peers

Company Operating margin
EXEL Exelixis, Inc. compare 40.2%
ASND Ascendis Pharma A/S compare 24.8%
GMAB Genmab A/S Sponsored ADR compare 24.3%
ALNY Alnylam Pharmaceuticals, Inc. compare 19.5%
INCY Incyte Corporation 10.4%
JAZZ Jazz Pharmaceuticals PLC compare 9.03%
INSM Insmed, Inc. compare −37.1%
BNTX BioNTech SE Sponsored ADR compare −79.0%
ROIV Roivant Sciences Ltd. compare −1,358.2%
Biotechnology industry median 0.00%
Healthcare sector median 0.00%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

More on INCY