Tuesday 20 October 2026 Export INCY’s income statement to Excel — free account

Incyte Corporation

Incyte Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.1 billion, up 21.2% from fiscal 2024. In the quarter to June 2026, revenue grew 37.7%, EPS grew 39.7%, free cash flow grew 1,829.5% and total debt fell 10.5%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for ten consecutive years.

113.25 0.18 +0.16%

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Market cap: $23.0B
P/E: 13.9×
Fwd P/E: 58.4×
Dividend yield: —
F-score: 9/9
Altman Z: 8.57
Beneish M: −2.43
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 58.26

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	6	4	2	1	1	1	2	1	5	4	1	1

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 22,960.00

Revenue 5,819.53

Net Income 1,612.38

Free Cash Flow 1,890.47

Net Debt (4,507.32)

Current Ratio 4.59

Debt/Equity 0.00

P/E ratio 13.92

Fwd P/E 58.40

P/S ratio 3.90

P/B ratio 3.57

Past 5Y EPS Growth —

This Y EPS Growth (52.60%)

Next Y EPS Growth 152.04%

Next Y revenue growth 15.52%

Next 5Y EPS Growth 9.54%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 3.31%

10-year low 10-year high

P/S against its own 10 years 23.40%

10-year low 10-year high

P/B against its own 10 years 16.32%

10-year low 10-year high

EV/Sales against its own 10 years 22.00%

10-year low 10-year high

EV/FCF against its own 10 years 0.38%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,656	2,158	3,581	4,536
Receivables	744	853	1,024	1,125
Inventory	63	59	101	113
Other	—	—	—	—
	4,645	3,239	5,024	6,027

	2023	2024	2025	Q'26
Payables	110	197	210	250
ST’ Debt	—	—	—	—
Other	—	—	—	—
	1,240	1,642	1,515	1,312

Compound Annual Growth %

	10y	5y	3y
Sales	21.17%	14.03%	14.84%
Cash Flow	31.79%	0.00%	13.37%
Earnings	69.61%	0.00%	55.73%
Book Value	40.60%	14.63%	5.75%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,273	1,674	—	—	—
’25	1,053	1,216	1,366	1,507	5,141
’24	881	1,044	1,138	1,179	4,241
’23	809	955	919	1,013	3,696
’22	733	911	823	927	3,395
’21	605	706	813	863	2,986
’20	569	688	621	790	2,667

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	369	508	—	—	—
’25	266	45	559	543	1,413
’24	219	(576)	311	381	335
’23	(106)	307	148	148	496
’22	216	174	296	284	970
’21	206	173	255	115	749
’20	(683)	269	182	107	(125)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	354	495	—	—	—
’25	263	26	520	521	1,330
’24	209	(631)	293	364	235
’23	(133)	299	137	145	449
’22	199	162	269	262	892
’21	158	107	223	81	568
’20	(723)	226	129	56	(312)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.47	2.81	—	—	—
’25	0.80	2.04	2.11	1.46	6.41
’24	0.75	(2.04)	0.54	1.02	0.15
’23	0.10	0.90	0.76	0.89	2.65
’22	0.17	0.72	0.50	0.13	1.52
’21	0.24	0.67	0.82	2.54	4.27
’20	(3.33)	1.32	(0.07)	0.68	(1.36)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	55.00	92.91	57.00	62.03	62.48	61.91	65.07	50.27	50.35	53.56		(0.3%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	109.95	153.15	102.63	96.79	110.37	101.47	84.86	86.29	83.95	109.28		(0.1%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	980	1,208	1,367	1,456	1,773	2,094	2,324	2,524	2,617	2,844		+12.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	1.13	1.27	1.38	1.48	1.50	1.43	1.46	1.46	1.62	1.81		+5.4%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	1,106	1,536	1,882	2,159	2,667	2,986	3,395	3,696	4,241	5,141		+18.6%	5,939	6,245	6,560	+8.5%
	Gross margin, %	94.74	94.83	95.00	94.71	95.08	94.94	93.90	93.10	92.64	92.76		(2.0) pt	Powerpack Incyte Corporation’s next three years, line by line Analysts expect revenue to grow 8.5% a year to 2028 — slower than the 18.6% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	107	(312)	115	487	(232)	570	529	834	317	1,664		+35.6%
	EBT margin, %	9.71	(20.33)	6.13	22.55	(8.71)	19.10	15.59	22.57	7.47	32.37		+22.7 pt
	Net income	104	(313)	109	447	(296)	949	341	598	33	1,287		+32.2%
	Depreciation	58	52	55	55	52	58	68	83	89	93		+5.3%
Per share, $
Per share, $	Revenue	5.89	7.51	8.86	10.04	12.23	13.55	15.29	16.53	20.48	26.34		+18.1%
	Earnings	0.55	(1.53)	0.52	2.08	(1.36)	4.30	1.53	2.67	0.16	6.59		+31.8%
	Cash flow	1.62	(0.45)	1.58	3.31	(0.57)	3.40	4.37	2.22	1.62	7.24		+18.1%
	Capex	(0.64)	(0.54)	(0.35)	(0.36)	(0.86)	(0.82)	(0.35)	(0.21)	(0.48)	(0.43)		(4.3%)
	Free cash flow	0.98	(1.00)	1.24	2.94	(1.43)	2.58	4.02	2.01	1.14	6.81		+24.0%
	Book value	2.23	7.97	9.07	12.09	11.97	17.10	19.68	23.21	16.65	26.47		+31.6%
	Shares, m	188	205	212	215	218	220	222	224	207	195		+0.4%
Valuation, ×
Valuation, ×	P/E	182.71	0.00	122.29	41.98	0.00	17.11	51.66	24.51	222.81	14.97		67.8
	P/S	17.39	13.44	7.18	8.69	7.11	5.42	5.20	3.96	3.37	3.75		7.6
	P/B	45.83	12.66	7.01	7.22	7.26	4.29	4.04	2.82	4.15	3.73		9.9
	EV/Sales	17.24	12.69	6.43	7.74	6.45	4.65	4.26	2.98	2.87	3.06		6.8
	EV/FCF	103.35	(95.56)	46.02	26.40	(55.17)	24.41	16.21	24.55	51.84	11.84		15.4
Cash, $m
Cash, $m	Operating cash flow	305	(93)	336	711	(125)	749	970	496	335	1,413		+18.6%
	Capex	(120)	(111)	(73)	(78)	(187)	(181)	(78)	(47)	(100)	(84)		(3.9%)
	Free cash flow	184	(204)	263	633	(312)	568	892	449	235	1,330		+24.5%
Balance, $m
Balance, $m	Working capital	721	1,129	1,407	1,968	1,729	2,264	2,936	3,405	1,597	3,509		+19.2%
	Total debt	651	24	17	50	33	32	30	29	34	30		(28.9%)
	Net debt	(157)	(1,146)	(1,421)	(2,067)	(1,769)	(2,317)	(3,209)	(3,627)	(2,125)	(3,550)		+41.4%
	Shareholders’ equity	419	1,631	1,926	2,598	2,611	3,770	4,370	5,190	3,448	5,167		+32.2%
Returns, %
Returns, %	ROA	7.88	(15.89)	4.43	14.72	(8.46)	22.33	6.32	9.47	0.53	20.75		+12.9 pt
	ROIC	34.54	(31.37)	15.99	47.31	(19.56)	25.19	31.19	24.81	2.90	58.55		+24.0 pt
	ROE	35.29	(30.55)	6.16	19.76	(11.35)	29.73	8.37	12.50	0.76	29.87		(5.4) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.00 Actual 3.09

−4.58 −2.41 −0.25 1.92 4.09

Q3 FY25 Beat +0.60

Q4 FY25 Miss −0.14

Q1 FY26 Beat +0.43

Q2 FY26 Beat +1.09

Q3 FY26 — Oct 29

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	1.66	2.26	Beat by 0.60
Q4 FY25	1.94	1.80	Miss by 0.14
Q1 FY26	1.38	1.81	Beat by 0.43
Q2 FY26	2.00	3.09	Beat by 1.09
Q3 FY26	−3.58	—	Reports 29 October 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
RPRX Royalty Pharma PLC	$34.7B	41.7×	24.8×	+16.50% (above 0%: growing)	−40.00% (below 0%: shrinking)	+31.57% (above 0%: growing)	100.00%	19.75%	Compare
ALNY Alnylam Pharmaceuticals, Inc.	$31.2B	39.8×	34.9×	+66.86% (above 0%: growing)	n/m	+152.82% (above 0%: growing)	76.88%	17.93%	Compare
ROIV Roivant Sciences Ltd.	$25.1B	— (loss-making)	— (loss-making)	−33.55% (below 0%: shrinking)	n/m	−29.99% (below 0%: shrinking)	80.31%	(25,380.93%)	Compare
GMAB Genmab A/S Sponsored ADR	$23.0B	30.3×	30.7×	+24.86% (above 0%: growing)	−9.26% (below 0%: shrinking)	−7.69% (below 0%: shrinking)	92.73%	32.47%	Compare
INCY Incyte Corporation	$23.0B	13.9×	58.4×	+37.72% (above 0%: growing)	+39.71% (above 0%: growing)	+1,829.52% (above 0%: growing)	93.73%	41.69%
BNTX BioNTech SE Sponsored ADR	$22.4B	— (loss-making)	— (loss-making)	−58.53% (below 0%: shrinking)	n/m	−342.04% (below 0%: shrinking)	8.14%	(897.82%)	Compare
INSM Insmed, Inc.	$20.8B	— (loss-making)	— (loss-making)	+296.11% (above 0%: growing)	n/m	+54.52% (above 0%: growing)	84.20%	(0.36%)	Compare
EXEL Exelixis, Inc.	$15.5B	19.0×	19.3×	+10.63% (above 0%: growing)	+25.00% (above 0%: growing)	+557.25% (above 0%: growing)	96.71%	39.51%	Compare
ASND Ascendis Pharma A/S	$15.1B	16.6×	13.8×	+119.88% (above 0%: growing)	n/m	+2,335.93% (above 0%: growing)	91.85%	64.98%	Compare
Median of peers	$22.7B	30.3×	24.8×	+20.68%	−9.26%	+43.05%	88.03%	18.84%

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