greeksoup/ stock research
Stock research / United States / INCY / FY2025

Incyte (INCY) FY2025 results: revenue $5.1 billion, up 21.2% on the year

Incyte Corp. (INCY) reported revenue of $5.1 billion for fiscal 2025, the year ended 31 December 2025, up 21.2% on the year before. Net income was $1.3 billion, up 3845.0%, and diluted earnings per share $6.41. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2026.

Revenue
$5.1 billion
+21.2% on the year
FY2018FY2025
Operating margin
29.5%
1.4% a year earlier
FY2018FY2025
Net income
$1.3 billion
+3,845.0% on the year
FY2018FY2025
Diluted EPS
$6.41
+4,173.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 6 new.

  • Revenue rose 28% in quarter: Total revenue was $1.51 billion in the fourth quarter, up 28%, including $100.0 million of milestone and contract revenue. Full-year total revenue was $5.14 billion, up 21%.
  • Net product revenue exceeded 2025 guidance: Full-year total net product revenue was $4.35 billion, up 20%, above the $4.23 - $4.32 billion range that was raised in October 2025.
  • Jakafi revenue rose 7% in quarter: Jakafi net product revenue was $828 million in the fourth quarter, up 7%, and $3.09 billion for the year, up 11%, reflecting higher demand across all indications.
  • Novartis settlement reduced full-year costs: The company recorded a $242.2 million contract dispute settlement for 2025, equal to the difference between accrued royalties and the total paid to Novartis. It appears as a negative item in costs.
  • FrontMIND met first-line lymphoma endpoints: Positive topline results were announced in January 2026 from the Phase 3 frontMIND trial of tafasitamab in first-line DLBCL. The trial met its primary PFS endpoint and key secondary EFS endpoint.
Read the Q4 FY2025 earnings call summary

From this 10-K

Incyte discovers, develops and sells its own prescription medicines. Its global headquarters is in Wilmington, Delaware, with a European headquarters in Morges, Switzerland, a Japanese headquarters in Tokyo and a Canadian headquarters in Montreal. The work sits in three therapeutic areas defined by what its approved medicines treat: hematology, oncology, and inflammation and autoimmunity. It commercialises six compounds in the United States, three in Europe and one in Japan.

Incyte Corp., the 10-K for 2025

Incyte discovers, develops and sells its own prescription medicines. Its global headquarters is in Wilmington, Delaware, with a European headquarters in Morges, Switzerland, a Japanese headquarters in Tokyo and a Canadian headquarters in Montreal. The work sits in three therapeutic areas defined by what its approved medicines treat: hematology, oncology, and inflammation and autoimmunity. It commercialises six compounds in the United States, three in Europe and one in Japan.

Hematology

Four approved products. JAKAFI, an oral ruxolitinib, was approved by the FDA in November 2011 for intermediate or high-risk myelofibrosis, in December 2014 for polycythemia vera after an inadequate response to or intolerance of hydroxyurea, and in May 2019 and September 2021 for acute and chronic graft-versus-host disease. The company kept all United States rights and sells it through its own specialty sales force, distributing through specialty pharmacy providers and wholesalers, and its composition of matter and use patents expire in mid and late 2028. ICLUSIG, a kinase inhibitor whose primary target is the BCR-ABL tyrosine kinase, came with the 2016 purchase of the European operations of ARIAD Pharmaceuticals and is sold in Europe and selected countries for resistant chronic myeloid leukaemia and Philadelphia-chromosome positive acute lymphoblastic leukaemia. MONJUVI, sold as MINJUVI outside the United States, was approved in 2020 with lenalidomide for relapsed or refractory diffuse large B-cell lymphoma and in 2025 for relapsed or refractory follicular lymphoma. NIKTIMVO, an anti-CSF-1R antibody, was approved in August 2024 for chronic graft-versus-host disease after at least two prior lines of systemic therapy and launched in the United States in January 2025.

Oncology

Two approved products. PEMAZYRE, a selective fibroblast growth factor receptor kinase inhibitor, was approved by the FDA in April 2020 for previously treated advanced or metastatic cholangiocarcinoma with an FGFR2 fusion or rearrangement, and in August 2022 for myeloid and lymphoid neoplasms with an FGFR1 rearrangement, and it is also cleared in Japan, the European Union and China. ZYNYZ, an antibody targeting programmed death receptor-1 licensed worldwide from MacroGenics in 2017, was approved by the FDA in March 2023 for metastatic or recurrent locally advanced Merkel cell carcinoma and in May 2025 for advanced squamous cell carcinoma of the anal canal.

Inflammation and autoimmunity

One approved product, OPZELURA, a ruxolitinib cream. The FDA approved it in September 2021 for short-term and non-continuous chronic treatment of mild to moderate atopic dermatitis in patients 12 years and older, widened in September 2025 to children two years and older, and in July 2022 for nonsegmental vitiligo in patients 12 years and older, where it is approved for continuous use with no limit on duration. The European Commission approved it for nonsegmental vitiligo with facial involvement in April 2023 and Health Canada granted a Notice of Compliance for both conditions in October 2024.

Licensed to others

Three compounds earn milestone payments and royalties rather than product sales. Novartis holds exclusive development and commercialisation rights to ruxolitinib outside the United States for all hematologic and oncologic indications, selling it as JAKAVI, and also holds TABRECTA. Eli Lilly holds exclusive worldwide rights to baricitinib, a second JAK1 and JAK2 inhibitor, for inflammatory and autoimmune diseases, sold as OLUMIANT.

Selling and people

Products go to specialty and retail pharmacies, specialty distributors and wholesalers in the United States, and to retail pharmacies, hospital pharmacies, distributors and an exclusive wholesaler outside it. There were 2,844 employees at 31 December 2025, approximately 9% more than the 2,617 a year earlier: 940 in research and development, 213 in medical affairs, 975 in sales and marketing and 716 in operations support and administrative positions. Of those, 70% were based in the United States and Canada, 27% in Europe and 3% in Asia, and employees in Austria, Belgium and Spain are covered by collective agreements.

From Incyte's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue5,1414,2413,696+21.2%
Cost of revenue372312255+19.2%
Gross profit4,7693,9293,441+21.4%
Gross margin92.8%92.6%93.1%
Research and development2,0502,6071,628-21.4%
Selling, general and administrative1,3761,2421,156+10.8%
Operating income1,51561.4621+2,368.6%
Operating margin29.5%1.4%16.8%
Interest expense2.42.32.6+6.5%
Pre-tax income1,664317834+425.7%
Income tax378284237+33.0%
Effective tax rate22.7%89.7%28.4%
Net income1,28732.6598+3,845.0%
Net margin25.0%0.8%16.2%
Diluted EPS$6.41$0.15$2.65+4,173.3%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,413335496+321.5%
Cash from investing-103158-208
Cash from financing101-2,022-20.0
Depreciation and amortisation93.389.282.7+4.5%
Share-based compensation249266216-6.3%
Buybacks0.02,0050.0
Diluted shares, weighted201m211m226m-4.7%
Shares outstanding at period end198m193m224m+2.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,1673,4485,190+49.9%
Debt0.00.00.0
Operating lease liabilities14.516.814.3-13.6%
Finance lease liabilities30.233.529.2-10.0%
Other liabilities1,7461,9461,549-10.3%
Total liabilities and equity6,9585,4446,782+27.8%
Fixed assets731763752-4.3%
Goodwill133156156-14.5%
Investmentsn/an/a630
Securities held for sale or to maturity483470n/a+2.7%
Cash and equivalents3,0981,6883,213+83.5%
Inventory10158.963.0+71.7%
Other assets2,4122,3081,968+4.5%
Total assets6,9585,4446,782+27.8%

10-K for the year ended 31 December 2025, filed 10 February 2026: the filing.