Incyte (INCY) FY2021 results: revenue $3.0 billion, up 12.0% on the year

Incyte Corp. (INCY) reported revenue of $3.0 billion for fiscal 2021, the year ended 31 December 2021, up 12.0% on the year before. Net income was $949 million, and diluted earnings per share $4.27. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2022.

Revenue

$3.0 billion

+12.0% on the year

FY2014FY2021

Operating margin

19.6%

-9.9% a year earlier

FY2014FY2021

Net income

$949 million

FY2014FY2021

Diluted EPS

$4.27

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,986	2,667	2,159	+12.0%
Cost of revenue	151	131	114	+15.0%
Gross profit	2,835	2,535	2,045	+11.8%
Gross margin	94.9%	95.1%	94.7%
Research and development	1,458	2,216	1,154	-34.2%
Selling, general and administrative	740	517	469	+43.1%
Operating income	586	-264	402
Operating margin	19.6%	-9.9%	18.6%
Interest expense	1.9	2.2	1.9	-12.2%
Pre-tax income	570	-232	487
Income tax	-378	63.5	39.9
Effective tax rate	-66.3%	n/a	8.2%
Net income	949	-296	447
Net margin	31.8%	-11.1%	20.7%
Diluted EPS	$4.27	-$1.36	$2.05

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	749	-125	711
Capital expenditure	181	187	78.1	-3.4%
Free cash flow	568	-312	633
Free cash flow margin	19.0%	-11.7%	29.3%
Cash from investing	-208	-269	-87.5
Cash from financing	6.2	71.7	45.7	-91.4%
Depreciation and amortisation	57.8	51.8	54.5	+11.7%
Share-based compensation	183	178	167	+2.9%
Diluted shares, weighted	222m	218m	218m	+1.8%
Shares outstanding at period end	221m	219m	216m	+0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,770	2,611	2,598	+44.4%
Debt	0.0	0.0	18.3
Operating lease liabilities	15.6	14.2	11.9	+10.0%
Finance lease liabilities	31.6	32.6	31.9	-2.9%
Other liabilities	1,116	903	766	+23.6%
Total liabilities and equity	4,933	3,561	3,427	+38.5%
Fixed assets	724	560	378	+29.4%
Goodwill	156	156	156	0.0%
Investments	512	511	419	+0.3%
Cash and equivalents	2,057	1,513	1,833	+36.0%
Inventory	27.9	16.4	11.4	+69.9%
Other assets	1,456	806	631	+80.8%
Total assets	4,933	3,561	3,427	+38.5%

10-K for the year ended 31 December 2021, filed 8 February 2022: the filing.