Incyte (INCY) FY2023 results: revenue $3.7 billion, up 8.9% on the year

Incyte Corp. (INCY) reported revenue of $3.7 billion for fiscal 2023, the year ended 31 December 2023, up 8.9% on the year before. Net income was $598 million, up 75.4%, and diluted earnings per share $2.65. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.

Revenue

$3.7 billion

+8.9% on the year

FY2016FY2023

Operating margin

16.8%

17.1% a year earlier

FY2016FY2023

Net income

$598 million

+75.4% on the year

FY2016FY2023

Diluted EPS

$2.65

+74.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,696	3,395	2,986	+8.9%
Cost of revenue	255	207	151	+23.2%
Gross profit	3,441	3,188	2,835	+7.9%
Gross margin	93.1%	93.9%	94.9%
Research and development	1,628	1,586	1,458	+2.6%
Selling, general and administrative	1,156	1,002	740	+15.3%
Operating income	621	579	586	+7.1%
Operating margin	16.8%	17.1%	19.6%
Interest expense	2.6	2.7	1.9	-4.3%
Pre-tax income	834	529	570	+57.7%
Income tax	237	188	-378	+25.6%
Effective tax rate	28.4%	35.6%	-66.3%
Net income	598	341	949	+75.4%
Net margin	16.2%	10.0%	31.8%
Diluted EPS	$2.65	$1.52	$4.27	+74.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	496	970	749	-48.8%
Capital expenditure	n/a	77.8	181
Free cash flow	n/a	892	568
Free cash flow margin	n/a	26.3%	19.0%
Cash from investing	-208	-78.5	-208
Cash from financing	-20.0	-0.8	6.2
Depreciation and amortisation	82.7	67.9	57.8	+21.8%
Share-based compensation	216	188	183	+14.6%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	226m	224m	222m	+0.9%
Shares outstanding at period end	224m	223m	221m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	5,190	4,370	3,770	+18.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	14.3	14.1	15.6	+1.2%
Finance lease liabilities	29.2	30.1	31.6	-3.1%
Other liabilities	1,549	1,427	1,116	+8.6%
Total liabilities and equity	6,782	5,841	4,933	+16.1%
Fixed assets	752	739	724	+1.7%
Goodwill	156	156	156	0.0%
Investments	630	421	512	+49.7%
Cash and equivalents	3,213	2,951	2,057	+8.9%
Inventory	63.0	42.0	27.9	+50.0%
Other assets	1,968	1,531	1,456	+28.5%
Total assets	6,782	5,841	4,933	+16.1%

10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.