Company file · INCY
Incyte
Milestone and Contract Revenues was Incyte's fastest-growing product or service in FY2025, up 248.8%
Revenue rose 21.2% to $5.1B in FY2025, from $4.2B in FY2024. Net income rose 3845.0% to $1.3B. Products was the largest product or service, at 85% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Incyte (Nasdaq: INCY) took in $5.1B of revenue (up 21.2% on fiscal 2024); net income was $1.3B (up 3845.0%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.6B, up 14.0% year over year, with net income of −$785M. Products was the biggest single line by product or service: 85% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 10, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Products$4.4B85%+20.3%
- Royalty$637M12%+9.9%
- Milestone and Contract Revenues$150M3%+248.8%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Products (85%), Royalty (12%) and Milestone and Contract Revenues (3%), as shares of total revenue. Total revenue was $5.1B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Incyte 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
By product or service
Source: Incyte 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 21.2% in FY2025 to $5.1B, from $4.2B a year earlier. 10-K, FY2025
- Net income rose 3845.0% in FY2025 to $1.3B, from $33M. 10-K, FY2025
- Operating cash flow rose 321.5% in FY2025 to $1.4B. 10-K, FY2025
- Diluted shares fell 4.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include regulation; pricing and reimbursement; competition. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Incyte is in the biotechnology industry, part of the health care sector. The SEC files it under Services-Commercial Physical & Biological Research.
The full description of Incyte's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the biotechnology industry. They are not a summary of Incyte’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- RegulationApprovals, safety rules and government oversight shape what it can sell and how.
- Pricing and reimbursementPayers, insurers and governments influence what it can charge.
- CompetitionNew treatments, generics and rival products can take share.
- LitigationProduct liability and other legal claims can lead to costs.
- SupplyManufacturing and supplier problems can interrupt products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $3.7B | $4.2B | $5.1B |
| Net income | $598M | $33M | $1.3B |
| Operating cash flow | $496M | $335M | $1.4B |
| Cash & equivalents (year end) | $3.2B | $1.7B | $3.1B |
| Diluted shares | 226M | 211M | 201M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- The cash flow statement
- Risk factors (Item 1A)
- Legal proceedings and loss contingencies
- Debt-to-equity ratio
- Market cap and enterprise value
- Interest coverage ratio
- How ETF shares are created
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 |
| DEF 14A | Apr 28, 2026 | Dec 31, 2025 |
| 10-Q | Apr 28, 2026 | Mar 31, 2026 |
| 10-K | Feb 10, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Incyte
How does Incyte make money?
In fiscal 2025, revenue totaled $5.1B. By product or service in FY2025: Products (85%), Royalty (12%) and Milestone and Contract Revenues (3%), as shares of total revenue. Total revenue was $5.1B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What was Incyte's revenue in fiscal 2025?
Revenue came to $5.1B in the year ended Dec 31, 2025. Going back two years, it was $3.7B in fiscal 2023 and $4.2B in fiscal 2024, so the latest year was up 21.2%. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
Is Incyte profitable?
Yes, by US accounting rules (GAAP): net income was $1.3B in fiscal 2025, up 3845.0% from $33M a year earlier. For the quarter ended Sep 30, 2026, net income was −$785M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What did Incyte report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.6B, against $1.4B in the same quarter a year before (up 14.0%), and net income of −$785M, against $424M (compared with $424M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
What are the main risks Incyte faces?
Incyte's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the biotechnology industry include Regulation; pricing and reimbursement; competition; litigation; supply. The first: Approvals, safety rules and government oversight shape what it can sell and how. Source: 10-K, Item 1A Risk Factors.
Where do these Incyte numbers come from?
Two filings Incyte made with the SEC: its fiscal 2025 10-K, filed Feb 10, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Incyte
- Renaissance Technologies: 3,512,132 shares, reported value $398.1M at Jun 30, 2026 (−3.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Two Sigma Investments: 2,003,559 shares, reported value $227.1M at Jun 30, 2026 (+381.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 168,253 shares, reported value $19.1M at Jun 30, 2026 (+29.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 143,509 shares, reported value $16.3M at Jun 30, 2026 (+191.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 82,812 shares, reported value $9.4M at Jun 30, 2026 (−52.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in INCY
- The editor holds no position in Incyte (INCY). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell INCY from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold INCY, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| IncyteINCY | FY2025 | $5.1B | +21.2% | $1.3B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
| AmgenAMGN | FY2025 | $36.8B | +10.0% | $7.7B |
| GileadGILD | FY2025 | $29.4B | +2.4% | $8.5B |
| Vertex PharmaceuticalsVRTX | FY2025 | $12.0B | +8.9% | $4.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.