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Incyte Corporation, a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics in the United States, Europe, Canada, and Japan. The company offers JAKAFI for the treatment of myelofibrosis (MF), polycythemia vera, and steroid-refractory acute graft-versus-host disease; ICLUSIG, a kinase inhibitor to treat chronic myeloid leukemia and Philadelphia-chromosome positive acute lymphoblastic leukemia; MONJUVI/ MINJUVI for the treatment of diffuse large B-cell lymphoma and Follicular Lymphoma; NIKTIMVO for the treatment of chronic graft-versus-host disease. It also provides INCA033989 for the treatment of essential thrombocythemia and MF; INCA035784 for the treatment of anti-mutant calreticulin and myeloproliferative neoplasms (MPNs); INCB160058 for the treatment of MPNs; PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor for the treatment of unresectable biliary tract cancer, metastatic cholangiocarcinoma, and myeloid/lymphoid neoplasms; ZYNYZ to treat adults with metastatic or recurrent locally advanced Merkel cell carcinoma. The company's clinical stage products include INCB123667 for ovarian cancer; INCB161734 for solid tumors; INCA33890 for cancers; Ruxolitinib cream for atopic dermatitis, hidradenitis suppurativa (HS), and prurigo nodularis; Povorcitinib for HS, nonsegmental vitiligo, prurigo nodularis, and asthma; and INCB00928 for the treatment of fibrodysplasia ossificans progressive. It has collaboration and license agreement with Novartis, Lilly, and Syndax. The company sells its products to specialty and retail pharmacies, hospital pharmacies, and distributors. The company was formerly known as Incyte Genomics Inc and changed its name to Incyte Corporation in March 2003. Incyte Corporation was incorporated in 1991 and is headquartered in Wilmington, Delaware.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.1B | $1.8B | $1.3B | $1.3B | 24.9% | 21.2% | 3845.0% |
| 2024 | $4.2B | $408M | $33M | $235M | 0.9% | 14.8% | -94.5% |
| 2023 | $3.7B | $919M | $598M | $449M | 11.5% | 8.9% | 75.4% |
| 2022 | $3.4B | $600M | $341M | $892M | 7.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,394.64 | 3,695.65 | 4,241.22 | 5,141.24 |
| Operating Revenue | - | 3,394.64 | 3,695.65 | 4,241.22 | 5,141.24 |
| Cost Of Revenue | - | 207 | 254.99 | 312.10 | 372.10 |
| Gross Profit | - | 3,187.64 | 3,440.66 | 3,929.12 | 4,769.14 |
| Operating Expense | - | 2,596.01 | 2,785.30 | 3,827.82 | 3,426.35 |
| Research And Development | - | 1,585.94 | 1,627.59 | 2,606.85 | 2,050.15 |
| Selling General And Administration | - | 1,002.10 | 1,155.66 | 1,222 | 1,376.20 |
| Total Expenses | - | 2,803.01 | 3,040.29 | 4,139.92 | 3,798.45 |
| Operating Income | - | 591.63 | 655.36 | 101.29 | 1,342.79 |
| Total Operating Income As Reported | - | 579.44 | 620.52 | 61.37 | 1,514.86 |
| EBITDA | - | 599.64 | 919.43 | 408.16 | 1,760.16 |
| Normalized EBITDA | - | 699.38 | 910.37 | 332.14 | 1,566.75 |
| EBIT | - | 531.78 | 836.77 | 318.91 | 1,666.88 |
| Interest Income | - | 40.45 | 158.41 | 128.71 | 105.60 |
| Interest Expense | - | 2.67 | 2.55 | 2.28 | 2.43 |
| Net Interest Income | - | 37.78 | 155.86 | 126.43 | 103.17 |
| Other Non Operating Income Expenses | - | -0.52 | 13.93 | 12.81 | 25.11 |
| Other Income Expense | - | -100.26 | 22.99 | 88.83 | 218.52 |
| Interest Income Non Operating | - | 40.45 | 158.41 | 128.71 | 105.60 |
| Interest Expense Non Operating | - | 2.67 | 2.55 | 2.28 | 2.43 |
| Net Non Operating Interest Income Expense | - | 37.78 | 155.86 | 126.43 | 103.17 |
| Pretax Income | - | 529.12 | 834.22 | 316.63 | 1,664.45 |
| Tax Provision | - | 188.46 | 236.62 | 284.02 | 377.80 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -35.51 | 2.57 | 15.96 | 43.91 |
| Net Income Continuous Operations | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Net Income From Continuing And Discontinued Operation | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Net Income From Continuing Operation Net Minority Interest | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Net Income | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Net Income Common Stockholders | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Net Income Including Noncontrolling Interests | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Normalized Income | - | 404.89 | 591.11 | -27.44 | 1,137.14 |
| Diluted NI Availto Com Stockholders | - | 340.66 | 597.60 | 32.62 | 1,286.65 |
| Basic Average Shares | - | 222 | 223.63 | 207.11 | 195.20 |
| Diluted Average Shares | - | 223.96 | 225.93 | 210.53 | 200.70 |
| Reconciled Depreciation | - | 67.86 | 82.66 | 89.25 | 93.29 |
| Reconciled Cost Of Revenue | - | 207 | 254.99 | 312.10 | 372.10 |
| Total Unusual Items | - | -99.74 | 9.06 | 76.02 | 193.42 |
| Total Unusual Items Excluding Goodwill | - | -99.74 | 9.06 | 76.02 | 193.42 |
| Special Income Charges | - | -12.15 | -34.83 | -40 | 172.10 |
| Other Special Charges | - | - | - | - | -242.25 |
| Write Off | - | - | 5.63 | 0 | 76.28 |
| Restructuring And Mergern Acquisition | - | 12.15 | 29.20 | 40 | -6.13 |
| Gain On Sale Of Security | - | -87.59 | 43.89 | 116.02 | 21.31 |
| General And Administrative Expense | - | 1,002.10 | 1,161.30 | 1,222 | 1,376.20 |
| Other Gand A | - | 659.80 | 775.10 | 769.90 | 860.90 |
| Salaries And Wages | - | 342.30 | 386.20 | 452.10 | 515.30 |
| Other Operating Expenses | 37.02 | 7.97 | 2.04 | -1.02 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Incyte Corporationthis co. | INCY | $20.2B | 15.72↓ discount | 3.91 | 24.9% | 9.75 |
| Insmed Incorporated | INSM | $22.7B | -17.81 | 30.77 | -172.8% | - |
| West Pharmaceutical Services, Inc. | WST | $22.4B | 45.41 | 7.06 | 15.5% | 28.40 |
| Quest Diagnostics Incorporated | DGX | $21.7B | 21.88 | 3.03 | 13.8% | 12.88 |
| Labcorp Holdings Inc. | LH | $21.4B |
| - |
| - |
| - |
| - |
| - |
| 24.41 |
| 2.48 |
| 10.2% |
| 13.61 |
| STERIS plc | STE | $20.7B | 26.48 | 2.88 | 10.9% | 14.02 |
| Moderna, Inc. | MRNA | $20.5B | -7.25 | 2.37 | -32.6% | -7.54 |
| Viatris Inc. | VTRS | $18.5B | - | 1.26 | -23.9% | - |
| Zimmer Biomet Holdings, Inc. | ZBH | $16.8B | 23.79 | 1.32 | 5.6% | 10.69 |
| Peer Median | - | 23.79 | 2.68 | 7.9% | 13.24 | |