Incyte (INCY) FY2020 results: revenue $2.7 billion, up 23.5% on the year
Incyte Corp. (INCY) reported revenue of $2.7 billion for fiscal 2020, the year ended 31 December 2020, up 23.5% on the year before. Net income was -$296 million, and diluted earnings per share $-1.36. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$2.7 billion
+23.5% on the year
FY2013FY2020
Operating margin
-9.9%
18.6% a year earlier
FY2013FY2020
Net income
-$296 million
FY2013FY2020
Diluted EPS
-$1.36
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,667
2,159
1,882
+23.5%
Cost of revenue
131
114
94.1
+14.9%
Gross profit
2,535
2,045
1,788
+24.0%
Gross margin
95.1%
94.7%
95.0%
Research and development
2,216
1,154
1,198
+92.0%
Selling, general and administrative
517
469
434
+10.3%
Operating income
-264
402
129
Operating margin
-9.9%
18.6%
6.9%
Interest expense
2.2
1.9
1.5
+17.2%
Pre-tax income
-232
487
115
Income tax
63.5
39.9
5.9
+59.2%
Effective tax rate
n/a
8.2%
5.1%
Net income
-296
447
109
Net margin
-11.1%
20.7%
5.8%
Diluted EPS
-$1.36
$2.05
$0.51
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-125
711
336
Capital expenditure
187
78.1
73.5
+140.0%
Free cash flow
-312
633
263
Free cash flow margin
-11.7%
29.3%
14.0%
Cash from investing
-269
-87.5
-86.4
Cash from financing
71.7
45.7
14.7
+56.9%
Depreciation and amortisation
51.8
54.5
55.0
-5.0%
Share-based compensation
178
167
148
+6.8%
Diluted shares, weighted
218m
218m
216m
+0.2%
Shares outstanding at period end
219m
216m
213m
+1.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,611
2,598
1,926
+0.5%
Debt
0.0
18.3
19,094
Operating lease liabilities
14.2
11.9
n/a
+19.7%
Finance lease liabilities
32.6
31.9
n/a
+2.1%
Other liabilities
903
766
n/a
+17.8%
Total liabilities and equity
3,561
3,427
2,646
+3.9%
Fixed assets
560
378
320
+48.2%
Goodwill
156
156
156
0.0%
Investments
511
419
374
+22.0%
Cash and equivalents
1,513
1,833
1,164
-17.4%
Inventory
16.4
11.4
7.0
+44.1%
Other assets
806
631
626
+27.7%
Total assets
3,561
3,427
2,646
+3.9%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.