Incyte (INCY) FY2022 results: revenue $3.4 billion, up 13.7% on the year

Incyte Corp. (INCY) reported revenue of $3.4 billion for fiscal 2022, the year ended 31 December 2022, up 13.7% on the year before. Net income was $341 million, down 64.1%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2023.

Revenue

$3.4 billion

+13.7% on the year

FY2015FY2022

Operating margin

17.1%

19.6% a year earlier

FY2015FY2022

Net income

$341 million

-64.1% on the year

FY2015FY2022

Diluted EPS

$1.52

-64.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,395	2,986	2,667	+13.7%
Cost of revenue	207	151	131	+37.1%
Gross profit	3,188	2,835	2,535	+12.4%
Gross margin	93.9%	94.9%	95.1%
Research and development	1,586	1,458	2,216	+8.8%
Selling, general and administrative	1,002	740	517	+35.5%
Operating income	579	586	-264	-1.1%
Operating margin	17.1%	19.6%	-9.9%
Interest expense	2.7	1.9	2.2	+39.7%
Pre-tax income	529	570	-232	-7.2%
Income tax	188	-378	63.5
Effective tax rate	35.6%	-66.3%	n/a
Net income	341	949	-296	-64.1%
Net margin	10.0%	31.8%	-11.1%
Diluted EPS	$1.52	$4.27	-$1.36	-64.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	970	749	-125	+29.4%
Capital expenditure	77.8	181	187	-57.0%
Free cash flow	892	568	-312	+56.9%
Free cash flow margin	26.3%	19.0%	-11.7%
Cash from investing	-78.5	-208	-269
Cash from financing	-0.8	6.2	71.7
Depreciation and amortisation	67.9	57.8	51.8	+17.3%
Share-based compensation	188	183	178	+3.0%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	224m	222m	218m	+0.8%
Shares outstanding at period end	223m	221m	219m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,370	3,770	2,611	+15.9%
Debt	0.0	0.0	0.0
Operating lease liabilities	14.1	15.6	14.2	-9.6%
Finance lease liabilities	30.1	31.6	32.6	-4.9%
Other liabilities	1,427	1,116	903	+27.8%
Total liabilities and equity	5,841	4,933	3,561	+18.4%
Fixed assets	739	724	560	+2.1%
Goodwill	156	156	156	0.0%
Investments	421	512	511	-17.7%
Cash and equivalents	2,951	2,057	1,513	+43.5%
Inventory	42.0	27.9	16.4	+50.5%
Other assets	1,531	1,456	806	+5.1%
Total assets	5,841	4,933	3,561	+18.4%

10-K for the year ended 31 December 2022, filed 7 February 2023: the filing.