Incyte (INCY) FY2024 results: revenue $4.2 billion, up 14.8% on the year

Incyte Corp. (INCY) reported revenue of $4.2 billion for fiscal 2024, the year ended 31 December 2024, up 14.8% on the year before. Net income was $33 million, down 94.5%, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2025.

Revenue

$4.2 billion

+14.8% on the year

FY2017FY2024

Operating margin

1.4%

16.8% a year earlier

FY2017FY2024

Net income

$33 million

-94.5% on the year

FY2017FY2024

Diluted EPS

$0.15

-94.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,241	3,696	3,395	+14.8%
Cost of revenue	312	255	207	+22.4%
Gross profit	3,929	3,441	3,188	+14.2%
Gross margin	92.6%	93.1%	93.9%
Research and development	2,607	1,628	1,586	+60.2%
Selling, general and administrative	1,242	1,156	1,002	+7.5%
Operating income	61.4	621	579	-90.1%
Operating margin	1.4%	16.8%	17.1%
Interest expense	2.3	2.6	2.7	-10.6%
Pre-tax income	317	834	529	-62.0%
Income tax	284	237	188	+20.0%
Effective tax rate	89.7%	28.4%	35.6%
Net income	32.6	598	341	-94.5%
Net margin	0.8%	16.2%	10.0%
Diluted EPS	$0.15	$2.65	$1.52	-94.3%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	335	496	970	-32.5%
Capital expenditure	n/a	n/a	77.8
Free cash flow	n/a	n/a	892
Free cash flow margin	n/a	n/a	26.3%
Cash from investing	158	-208	-78.5
Cash from financing	-2,022	-20.0	-0.8
Depreciation and amortisation	89.2	82.7	67.9	+8.0%
Share-based compensation	266	216	188	+23.2%
Buybacks	2,005	0.0	0.0
Diluted shares, weighted	211m	226m	224m	-6.8%
Shares outstanding at period end	193m	224m	223m	-13.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,448	5,190	4,370	-33.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	16.8	14.3	14.1	+17.6%
Finance lease liabilities	33.5	29.2	30.1	+15.0%
Other liabilities	1,946	1,549	1,427	+25.7%
Total liabilities and equity	5,444	6,782	5,841	-19.7%
Fixed assets	763	752	739	+1.6%
Goodwill	156	156	156	0.0%
Investments	n/a	630	421
Securities held for sale or to maturity	470	n/a	n/a
Cash and equivalents	1,688	3,213	2,951	-47.5%
Inventory	58.9	63.0	42.0	-6.5%
Other assets	2,308	1,968	1,531	+17.3%
Total assets	5,444	6,782	5,841	-19.7%

10-K for the year ended 31 December 2024, filed 10 February 2025: the filing.