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INCY

Incyte Corporation

INCY

Incyte Corporation • NASDAQ
$104.46 ▼ -1.13% (-1.19)
Market Cap $20.51 B
52w High $109.28
52w Low $53.56
Dividend Yield 0%
P/E 17.71
Volume 782.39K
Outstanding Shares 196.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.366B ▲ $835.665M ▲ $424.169M ▲ 31.052% ▼ $2.17 ▲ $506.331M ▼
Q2-2025 $1.216B ▲ $809.02M ▲ $404.999M ▲ 33.319% ▲ $2.09 ▲ $581.525M ▲
Q1-2025 $1.053B ▼ $746.608M ▼ $158.203M ▼ 15.025% ▼ $0.82 ▼ $257.212M ▼
Q4-2024 $1.179B ▲ $776.111M ▼ $201.212M ▲ 17.071% ▲ $1.04 ▲ $336.876M ▲
Q3-2024 $1.138B $865.963M $106.456M 9.356% $0.55 $179.818M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.93B ▲ $6.33B ▲ $1.679B ▲ $4.651B ▲
Q2-2025 $2.422B ▲ $5.821B ▲ $1.65B ▼ $4.171B ▲
Q1-2025 $2.409B ▲ $5.749B ▲ $2.082B ▲ $3.668B ▲
Q4-2024 $2.158B ▲ $5.444B ▲ $1.997B ▲ $3.448B ▲
Q3-2024 $1.775B $5.012B $1.841B $3.171B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $424.169M ▲ $559.389M ▲ $-47.416M ▼ $-12.778M ▼ $500.036M ▲ $544.642M ▲
Q2-2025 $404.999M ▲ $44.741M ▼ $-18.872M ▼ $-11.246M ▲ $13.426M ▼ $25.667M ▼
Q1-2025 $158.203M ▼ $266.067M ▼ $1.097M ▲ $-12.676M ▼ $253.936M ▼ $262.898M ▼
Q4-2024 $201.212M ▲ $381.218M ▲ $-21.465M ▼ $20.394M ▲ $383.605M ▲ $363.834M ▲
Q3-2024 $106.456M $310.871M $38.274M $-32.351M $316.922M $293.184M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
I C L U S I G
I C L U S I G
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
J A K A F I
J A K A F I
 $2.91Bn ▲$800.00M ▼$870.00M ▲$920.00M ▲
M I N J U V I
M I N J U V I
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Milestone And Contract Revenue
Milestone And Contract Revenue
 $0 ▲$0 ▲$10.00M ▲$40.00M ▲
Olumiant Royalty
Olumiant Royalty
 $40.00M ▲$30.00M ▼$30.00M ▲$40.00M ▲
OPZELURA
OPZELURA
 $160.00M ▲$120.00M ▼$160.00M ▲$190.00M ▲
PEMAZYRE Royalty Revenues
PEMAZYRE Royalty Revenues
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Tabrecta Royalty Revenues
Tabrecta Royalty Revenues
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
ZYNYZ
ZYNYZ
 $0 ▲$0 ▲$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past several years, showing that Incyte is successfully growing its commercial portfolio. However, profits have been quite uneven. After a period of solid profitability, the most recent year shows earnings shrinking to almost breakeven. That suggests rising costs — likely from R&D, commercialization, or pricing pressures — are absorbing much of the incremental sales. Overall, the business is clearly scaling its top line, but the quality of that growth has weakened recently as margins have tightened.

Balance Sheet

Balance Sheet The balance sheet looks conservatively financed, with very little debt compared with the company’s equity. Incyte has historically held a strong cash position, but its cash balance has come down meaningfully in the latest year, and overall assets and equity have also declined from their recent peak. That still leaves the company with a solid financial cushion, but it signals that the prior build-up in financial strength is now being drawn down, likely to fund operations, R&D, or shareholder returns.

Cash Flow

Cash Flow Incyte generates positive cash from its core operations, but the trend has been downward in the last couple of years despite higher revenue. Free cash flow remains positive, helped by relatively modest capital spending, yet the cushion has narrowed. This pattern points to a business that is still self-funding and not reliant on heavy borrowing, but with less room for error if costs rise further or new products take longer than expected to contribute.

Competitive Edge

Competitive Edge The company enjoys a strong position in its key niches, built around its leadership in JAK inhibition. Jakafi gives it an entrenched franchise in certain blood cancers, supported by long clinical experience and physician familiarity. Opzelura extends that same scientific base into dermatology and holds a first-in-class position in vitiligo repigmentation, a meaningful differentiator. Intellectual property and specialist commercial capabilities help protect this position, but the franchise remains heavily dependent on a few flagship products and faces the usual risks of patent expirations and intensifying competition in oncology and immunology.

Innovation and R&D

Innovation and R&D Incyte’s identity is deeply tied to innovation, with a long track record in the JAK-STAT pathway and a broadening set of targets across oncology and inflammatory diseases. The pipeline includes multiple later-stage assets and planned launches across oncology, dermatology, and immunology, along with earlier-stage programs that aim to extend its leadership beyond current products. Partnerships with larger pharma companies expand reach and help share risk. The flip side is that this innovation engine is costly and inherently uncertain, which helps explain the pressure on recent profitability even as the long-term opportunity set looks substantial.

Summary

Incyte combines strong revenue growth and a conservative balance sheet with a powerful but concentrated product portfolio and a heavy commitment to R&D. The company’s scientific depth and leading positions in JAK-based therapies provide real competitive advantages, especially in select oncology and dermatology indications. At the same time, earnings and cash flow trends show that the transition from a few core products to a more diversified portfolio is putting pressure on margins and cash generation. The investment case around Incyte hinges on how effectively it can convert its rich pipeline and scientific strengths into durable, profitable franchises before key patents expire and competition intensifies.

NEWS

November 19, 2025 · 8:00 AM UTC

Incyte to Present at Upcoming Investor Conferences

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November 17, 2025 · 1:00 AM UTC

Incyte Announces Positive CHMP Opinion for Minjuvi® (tafasitamab) for the Treatment of Relapsed or Refractory Follicular Lymphoma (FL)

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November 6, 2025 · 9:15 AM UTC

Incyte's Moments of Clarity Program Expands to Highlight Powerful Patient Stories in Vitiligo and Pediatric Eczema

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November 4, 2025 · 7:01 AM UTC

Prelude Therapeutics Announces Exclusive Option Agreement with Incyte to Advance Mutant Selective JAK2V617F JH2 Inhibitors

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November 3, 2025 · 9:31 AM UTC

Incyte Announces More than 50 Abstracts Accepted for Presentation at the 2025 ASH Annual Meeting

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