Incyte (INCY) FY2019 results: revenue $2.2 billion, up 14.7% on the year
Incyte Corp. (INCY) reported revenue of $2.2 billion for fiscal 2019, the year ended 31 December 2019, up 14.7% on the year before. Net income was $447 million, up 308.2%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$2.2 billion
+14.7% on the year
FY2012FY2019
Operating margin
18.6%
6.9% a year earlier
FY2012FY2019
Net income
$447 million
+308.2% on the year
FY2012FY2019
Diluted EPS
$2.05
+302.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,159
1,882
1,536
+14.7%
Cost of revenue
114
94.1
79.5
+21.4%
Gross profit
2,045
1,788
1,457
+14.4%
Gross margin
94.7%
95.0%
94.8%
Research and development
1,154
1,198
1,326
-3.7%
Selling, general and administrative
469
434
366
+7.9%
Operating income
402
129
-244
+211.1%
Operating margin
18.6%
6.9%
-15.9%
Interest expense
1.9
1.5
6.9
+20.2%
Pre-tax income
487
115
-312
+322.0%
Income tax
39.9
5.9
0.9
+581.3%
Effective tax rate
8.2%
5.1%
n/a
Net income
447
109
-313
+308.2%
Net margin
20.7%
5.8%
-20.4%
Diluted EPS
$2.05
$0.51
-$1.53
+302.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
711
336
-93.0
+111.4%
Capital expenditure
78.1
73.5
111
+6.2%
Free cash flow
633
263
-204
+140.8%
Free cash flow margin
29.3%
14.0%
-13.3%
Cash from investing
-87.5
-86.4
-350
Cash from financing
45.7
14.7
690
+211.9%
Depreciation and amortisation
54.5
55.0
52.2
-0.8%
Share-based compensation
167
148
133
+12.4%
Diluted shares, weighted
218m
216m
205m
+0.9%
Shares outstanding at period end
216m
213m
211m
+1.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,598
1,926
1,631
+34.9%
Debt
18.3
19,094
26.8
-99.9%
Operating lease liabilities
11.9
n/a
n/a
Finance lease liabilities
31.9
n/a
n/a
Other liabilities
766
n/a
645
Total liabilities and equity
3,427
2,646
2,303
+29.5%
Fixed assets
378
320
260
+18.1%
Goodwill
156
156
156
0.0%
Intangible assets
n/a
n/a
237
Investments
419
374
404
+12.0%
Cash and equivalents
1,833
1,164
900
+57.4%
Inventory
11.4
7.0
6.5
+63.6%
Other assets
631
626
340
+0.8%
Total assets
3,427
2,646
2,303
+29.5%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.