Friday 6 November 2026 Export INCY’s income statement to Excel — free account

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

119.30 1.29 +1.09%

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Market cap: $24.1B
P/E: 56.3×
Fwd P/E: 55.6×
Dividend yield: —
F-score: 9/9
Altman Z: 8.57
Beneish M: −2.43
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Incyte Corporation (INCY) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Reportable Segment	5,141	100.00%
Gross margin		92.76%
Operating margin		29.46%
Pre-tax margin		32.37%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
JAKAFI	3,093 60.15%	2,792 65.83%	2,594 70.18%	2,409 70.97%	2,135 71.48%	1,938 72.67%	1,685 78.05%	1,387 73.70%	1,133 73.78%
OPZELURA	678 13.20%	508 11.98%	338 9.14%	129 3.79%	5 0.16%	0 0.00%	—	—	—
JAKAVI	458 8.90%	419 9.88%	368 9.95%	332 9.77%	338 11.32%	278 10.42%	226 10.46%	195 10.35%	152 9.87%
NIKTIMVO	152 2.95%	0 0.00%	0 0.00%	—	—	—	—	—	—
Milestone and contract revenues	150 2.92%	43 1.01%	7 0.19%	165 4.86%	95 3.18%	—	—	—	—
OLUMIANT	145 2.81%	136 3.20%	136 3.68%	135 3.96%	221 7.40%	111 4.16%	80 3.73%	40 2.13%	9 0.59%
MINJUVI/MONJUVI	145 2.81%	119 2.81%	37 1.00%	20 0.58%	5 0.16%	0 0.00%	—	—	—
ICLUSIG	134 2.61%	114 2.70%	112 3.02%	106 3.12%	109 3.66%	105 3.94%	—	80 4.25%	67 4.36%
PEMAZYRE	87 1.69%	82 1.93%	84 2.26%	83 2.46%	69 2.29%	26 0.97%	90 4.17%	—	—
ZYNYZ	66 1.29%	3 0.08%	1 0.03%	0 0.00%	0 0.00%	—	—	—	—
TABRECTA	27 0.52%	23 0.54%	18 0.48%	15 0.45%	10 0.35%	4 0.16%	—	—	—
Other	8 0.15%	2 0.05%	2 0.05%	—	—	—	—	—	—
PEMAZYRE Royalty Revenues	—	—	—	1 0.04%	0 0.00%	0 0.00%	—	—	—
Milestone and contract revenues	—	—	—	—	—	205 7.69%	78 3.59%	180 9.56%	175 11.39%
Product and Service, Other	—	—	—	—	—	—	—	0 0.01%	0 0.01%
Net sales	4,354	3,619	3,165	2,747	2,322	2,069	1,775	1,467	1,200
Product royalty revenues	637	579	523	483	569	393	306	235	161
Revenue	5,141	4,241	3,696	3,395	2,986	2,667	2,159	1,882	1,536

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Reportable Segment	5,141 100.00%	4,241 100.00%	3,696 100.00%	3,395 100.00%
Revenue	5,141	4,241	3,696	3,395

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022
Reportable Segment	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2018
United States	4,800 93.36%	3,975 93.71%	3,515 95.11%	3,200 94.27%	1,800 95.65%
Europe	324 6.30%	260 6.14%	176 4.76%	147 4.33%	80 4.25%
Other countries	18 0.34%	6 0.15%	5 0.13%	—	—
Other, not broken out	—	—	—	48 1.40%	—
Revenue	5,141	4,241	3,696	3,395	1,882

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Paid demand	Q3 FY2026	12.0%	10.0%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.