Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia. Incyte Corporation currently develops and manufactures prescription biopharmaceutical medications in multiple therapeutic areas including oncology, inflammation, and autoimmunity.3Wikipedia text CC BY-SA 4.0
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$5.1B in 2025+138% since 2019Operating income101112139$1.5B in 2025+277% since 2019Net income101112139$1.3B in 2025+188% since 2019
Revenue141516$1.3B in Q1 FY2026+5% since Q2 FY2025Operating income141516$301.1M in Q1 FY2026−43% since Q2 FY2025Net income141516$303.3M in Q1 FY2026−25% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenues
$5.1B
$4.2B
$3.7B
Cost of product revenues (including definite-lived intangible amortization)
$372.1M
$312.1M
$255.0M
Contract dispute settlement
-$242.3M
$0
$0
Research and development
$2.1B
$2.6B
$1.6B
Selling, general and administrative
$1.4B
$1.2B
$1.2B
Asset impairment
$76.3M
$0
$5.6M
(Gain) loss on change in fair value of acquisition-related contingent consideration
-$6.1M
$19.8M
$29.2M
(Profit) and loss sharing under collaboration agreements
$0
-$1.0M
$2.0M
Total costs, expenses and other
$3.6B
$4.2B
$3.1B
Income from operations
$1.5B
$61.4M
$620.5M
Interest income
$105.6M
$128.7M
$158.4M
Interest expense
-$2.4M
-$2.3M
-$2.6M
Gain on equity investments
$21.3M
$116.0M
$43.9M
Other, net
$25.1M
$12.8M
$13.9M
Income before provision for income taxes
$1.7B
$316.6M
$834.2M
Provision for income taxes
$377.8M
$284.0M
$236.6M
Net income
$1.3B
$32.6M
$597.6M
Basic (in dollars per share)
$6.59
$0.16
$2.67
Diluted (in dollars per share)
$6.41
$0.15
$2.65
Basic (in shares)
195.2M shares
207.1M shares
223.6M shares
Diluted (in shares)
200.7M shares
210.5M shares
225.9M shares
No quarter-by-quarter statement was filed.
Total assets17101112139$7.0B in 2025+103% since 2019Total liabilities17101112139$1.8B in 2025+116% since 2019Shareholders’ equity1112139$5.2B in 2025+99% since 2019Cash17101112139$3.1B in 2025+69% since 2019
Total assets141516$7.3B in Q1 FY2026+26% since Q2 FY2025Total liabilities141516$1.7B in Q1 FY2026+4% since Q2 FY2025Shareholders’ equity141516$5.6B in Q1 FY2026+35% since Q2 FY2025Cash141516$3.5B in Q1 FY2026+77% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$3.1B
$1.7B
Marketable securitiesavailable-for-sale (amortized cost $480,793 and $469,917 as of December 31, 2025 and 2024, respectively; allowance for credit losses $0 as of December 31, 2025 and 2024)
$482.8M
$470.3M
Accounts receivable
$1.0B
$853.2M
Inventory
$101.1M
$58.9M
Prepaid expenses and other current assets
$317.8M
$168.9M
Total current assets
$5.0B
$3.2B
Restricted cash
$1.9M
$1.6M
Long term equity investments
$48.0M
$18.8M
Inventory
$342.2M
$348.3M
Property and equipment, net
$730.9M
$763.4M
Finance lease right-of-use assets, net
$27.5M
$30.8M
Other intangible assets, net
$117.1M
$113.8M
Goodwill
$133.0M
$155.6M
Deferred income tax asset
$515.3M
$762.1M
Other assets
$18.2M
$10.8M
Total assets
$7.0B
$5.4B
Accounts payable
$209.9M
$197.5M
Accrued compensation
$228.1M
$188.7M
Accrued and other current liabilities
$1.0B
$1.2B
Finance lease liabilities
$4.5M
$4.4M
Acquisition-related contingent consideration
$41.1M
$39.2M
Total current liabilities
$1.5B
$1.6B
Acquisition-related contingent consideration
$79.9M
$153.8M
Finance lease liabilities
$30.2M
$33.5M
Other liabilities
$165.3M
$167.5M
Total liabilities
$1.8B
$2.0B
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.001 par value; 400,000,000 shares authorized; 198,460,009 and 193,434,305 shares issued and outstanding as of December 31, 2025 and 2024, respectively
$198.0K
$193.0K
Additional paid-in capital
$4.9B
$4.5B
Accumulated other comprehensive income (loss)
$25.5M
-$13.1M
Retained earnings (accumulated deficit)
$213.8M
-$1.1B
Total stockholders equity
$5.2B
$3.4B
$5.2B
$4.4B
Total liabilities and stockholders equity
$7.0B
$5.4B
Marketable securities-amortized cost
$480.8M
$469.9M
Marketable securities-allowance for credit losses
$0
$0
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
400.0M shares
400.0M shares
Common stock, shares issued (in shares)
198.5M shares
193.4M shares
Common stock, shares outstanding (in shares)
198.5M shares
193.4M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$3.1B
$1.7B
Marketable securitiesavailable-for-sale (amortized cost $480,793 and $469,917 as of December 31, 2025 and 2024, respectively; allowance for credit losses $0 as of December 31, 2025 and 2024)
$482.8M
$470.3M
Accounts receivable
$1.0B
$853.2M
Inventory
$101.1M
$58.9M
Prepaid expenses and other current assets
$317.8M
$168.9M
Total current assets
$5.0B
$3.2B
Restricted cash
$1.9M
$1.6M
Long term equity investments
$48.0M
$18.8M
Inventory
$342.2M
$348.3M
Property and equipment, net
$730.9M
$763.4M
Finance lease right-of-use assets, net
$27.5M
$30.8M
Other intangible assets, net
$117.1M
$113.8M
Goodwill
$133.0M
$155.6M
Deferred income tax asset
$515.3M
$762.1M
Other assets
$18.2M
$10.8M
Total assets
$7.0B
$5.4B
Accounts payable
$209.9M
$197.5M
Accrued compensation
$228.1M
$188.7M
Accrued and other current liabilities
$1.0B
$1.2B
Finance lease liabilities
$4.5M
$4.4M
Acquisition-related contingent consideration
$41.1M
$39.2M
Total current liabilities
$1.5B
$1.6B
Acquisition-related contingent consideration
$79.9M
$153.8M
Finance lease liabilities
$30.2M
$33.5M
Other liabilities
$165.3M
$167.5M
Total liabilities
$1.8B
$2.0B
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding as of December 31, 2025 and 2024
$0
$0
Common stock, $0.001 par value; 400,000,000 shares authorized; 198,460,009 and 193,434,305 shares issued and outstanding as of December 31, 2025 and 2024, respectively
$198.0K
$193.0K
Additional paid-in capital
$4.9B
$4.5B
Accumulated other comprehensive income (loss)
$25.5M
-$13.1M
Retained earnings (accumulated deficit)
$213.8M
-$1.1B
Total stockholders equity
$5.2B
$3.4B
$5.2B
$4.4B
Total liabilities and stockholders equity
$7.0B
$5.4B
Marketable securities-amortized cost
$480.8M
$469.9M
Marketable securities-allowance for credit losses
$0
$0
Preferred stock, par value (in dollars per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
5.0M shares
5.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
400.0M shares
400.0M shares
Common stock, shares issued (in shares)
198.5M shares
193.4M shares
Common stock, shares outstanding (in shares)
198.5M shares
193.4M shares
Cash from operations101112139$1.4B in 2025+99% since 2019Share buybacks139$0 in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$1.3B
$32.6M
$597.6M
Depreciation and amortization
$93.3M
$89.2M
$82.7M
Stock-based compensation
$249.3M
$266.1M
$215.9M
Deferred income taxes
$247.7M
-$85.6M
-$158.9M
Other, net
$14.9M
-$9.1M
$16.9M
(Gain) on equity investments
-$21.3M
-$116.0M
-$43.9M
(Gain) loss on change in fair value of acquisition-related contingent consideration
-$6.1M
$19.8M
$29.2M
Asset impairment
$76.3M
$0
$5.6M
Accounts receivable
-$170.8M
-$111.6M
-$98.7M
Prepaid expenses and other assets
-$156.2M
$10.4M
-$42.5M
Inventory
-$58.5M
-$127.6M
-$170.2M
Accounts payable
$6.6M
$88.2M
-$167.9M
Accrued and other liabilities
-$148.2M
$278.9M
$230.6M
Net cash provided by operating activities
$1.4B
$335.3M
$496.5M
Purchase of long term investments
-$7.9M
$0
-$10.0M
Sale of equity investments
$8.0K
$284.8M
$45.0K
Capital expenditures
-$58.9M
-$86.3M
-$32.5M
Payments for intangible assets
-$25.0M
-$13.9M
-$15.0M
Purchases of marketable securities
-$295.5M
-$258.4M
-$456.0M
Maturities of marketable securities
$284.6M
$231.3M
$305.8M
Net cash (used in) provided by investing activities
-$102.6M
$157.5M
-$207.7M
Repurchase of Common Stock
$0
-$2.0B
$0
Excise tax paid on repurchase of Common Stock
-$19.1M
$0
$0
Proceeds from issuance of Common Stock under stock plans
$221.8M
$49.3M
$35.8M
Tax withholdings related to restricted and performance share vesting
-$76.8M
-$40.3M
-$28.6M
Payment of finance lease liabilities
-$4.5M
-$3.8M
-$3.4M
Payment of contingent consideration
-$20.3M
-$22.0M
-$24.0M
Net cash provided by (used in) financing activities
$101.0M
-$2.0B
-$20.0M
Effect of exchange rates on cash, cash equivalents, and restricted cash
-$1.7M
$2.9M
-$6.7M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$1.4B
-$1.5B
$262.1M
Cash paid for contract dispute settlement
$294.9M
$0
$0
Unpaid purchases of property and equipment
$4.9M
$2.6M
$5.1M
Unpaid excise tax on repurchase of common stock
$0
$19.2M
$0
Leased assets obtained in exchange for new operating lease liabilities
$3.2M
$9.7M
$5.3M
Leased assets obtained in exchange for new finance lease liabilities
Incyte sits at the top of its group. 34 entities, 19 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Incyte
&. Cox Dodge Filed SCHEDULE 13G/A on Incyte, latest May 14, 2026 (4 filings since Feb 14, 2022)
BAKER BROS. ADVISORS LPFiled SCHEDULE 13D/A on Incyte, latest May 11, 2026 (8 filings since Feb 14, 2022)
Incyte Biosciences UK Ltd Subsidiary · United Kingdom
and 8 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (4 companies). Each entity in the chart links to its source.
What it owns
What Incyte reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our global headquarters is located in Wilmington, Delaware, where we conduct global clinical development and commercial operations. We own three buildings comprising approximately 541,000 square feet of laboratory and office space at this site.
In May 2024, we purchased additional property in Wilmington, Delaware, including land, office buildings and parking garages, adding an additional approximately 517,000 square feet of office space in Wilmington, Delaware. During December 2025, the downtown Wilmington properties that we acquired in May 2024 met the criteria to be classified as assets held for sale on our consolidated balance sheet as of December 31, 2025. As a result of this classification, we recorded an asset impairment charge on our consolidated statement of operations relating to the downtown Wilmington properties as of December 31, 2025. Additional information relating to the asset impairment can be found in Note 8 of Notes to the Consolidated Financial Statements.
The rest of Item 2
We lease approximately 116,000 square feet of office space in Chadds Ford, Pennsylvania.
We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland and our Tokyo and Shanghai offices in East Asia. Our large molecule production facility is located in Yverdon, Switzerland. Our Canadian office is in Montreal.
Incyte Corporation was founded by Roy A. Whitfield on April 8, 1991, in Palo Alto, California, as a genomics company. It became a public company in 1993. Subsequently, scientists and chemists were recruited from DuPont to work for Incyte. Incyte moved its headquarters to Delaware, and acquired Maxia Pharmaceuticals in 2003.
In November 2013, Incyte announced its relocation to new headquarters in Wilmington, Delaware, completing the move by the end of 2014. Hervé Hoppenot became CEO in January 2014.
In 2017, the company became part of the S&P 500 Index, which tracks the 500 most widely held U.S. stocks.
In 2015, Incyte established its European headquarters in Geneva, Switzerland, and later moved this headquarters in 2021. The company expanded its Delaware headquarters, including the addition of a research and development facility, in 2022. Incyte acquired Villaris Therapeutics in 2022, and Escient Pharmaceuticals in 2024.
For 2025, the company reported $5.141 billion in revenue, $6.957 billion in assets and $1.286 billion in net income. Incyte is publicly traded on the NASDAQ under the symbol INCY. Incyte now operates out of North America, Asia, and Europe. Bill Meury became CEO in 2025. Meury replaced Hoppenot, who retired after 11 years in the position.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Acquisitions
Incyte has made a total of 3 acquisitions.
Maxia Pharmaceuticals (2003): An early acquisition in Incyte's history, the company purchased Maxia in 2003 for $42 million.
Villaris Therapeutics (2022): This acquisition was valued at approximately $1.4 billion and included an upfront payment along with milestones. It added new assets to Incyte's portfolio for treating vitiligo and other autoimmune conditions.
Escient Pharmaceuticals (2024): In May 2024, Incyte acquired this San Diego-based, clinical-stage company for $750 million. The acquisition provided Incyte with two oral drug candidates for inflammatory diseases, EP262 and EP547.
Oct 29, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $2.03 a share, on Oct 28, 2025.79
When it reported results
Jul 28, 2026Reported quarterly or annual results68
Apr 28, 2026Reported quarterly or annual results73
Feb 10, 2026Reported quarterly or annual results77
Oct 28, 2025Reported quarterly or annual results80
Jul 29, 2025Reported quarterly or annual results81
Apr 29, 2025Reported quarterly or annual results82
Feb 10, 2025Reported quarterly or annual results83
Oct 29, 2024Reported quarterly or annual results84
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
652 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 46 major events, 435 insider forms, 30 large holders, 120 other. The latest 20:
107 open-market trades by officers, directors and large owners since October 2021: 12 buys and 95 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 10, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Incyte names in Item 1A of its 10-K filed Feb 10, 2026: 40 risks under these headings, as written.18
RISKS RELATING TO COMMERCIALIZATION OF OUR PRODUCTS
We depend heavily on our lead product, JAKAFI (ruxolitinib), which is marketed as JAKAVI outside the United States. If we are unable to maintain revenues from JAKAFI or those revenues decrease, our business may be materially harmed.
If we are unable to obtain, or maintain at anticipated levels, coverage and reimbursement for our products from government health administration authorities, private health insurers and other organizations, our pricing may be affected and our product sales, results of operations and financial condition could be harmed.
We depend upon a limited number of specialty pharmacies and wholesalers for a significant portion of any revenues from JAKAFI and most of our other drug products, and the loss of, or significant reduction in sales to, any one of these specialty pharmacies or wholesalers could adversely affect our operations and financial condition.
If we are unable to establish and maintain effective sales, marketing and distribution capabilities, or to enter into agreements with third parties to do so, we will not be able to successfully commercialize our products.
If we fail to comply with applicable laws and regulations, we could lose our approval to market our products or be subject to other governmental enforcement activity.
If the use of our products harms patients, or is perceived to harm patients even when such harm is unrelated to our products, our regulatory approvals could be revoked or otherwise negatively impacted or we could be subject to costly and damaging product liability claims.
If we market our products in a manner that violates various laws and regulations, we may be subject to civil or criminal penalties.
Competition for our products could harm our business and result in a decrease in our revenue.
We may be unsuccessful in our efforts to discover and develop drug candidates and commercialize drug products.
If we or our collaborators are unable to obtain regulatory approval for our drug candidates in the United States or foreign jurisdictions, we or our collaborators will not be permitted to commercialize products resulting from our research.
Healthcare reform measures could impact the pricing and profitability of pharmaceuticals, and adversely affect the commercial viability of our or our collaborators’ products and drug candidates. If recent proposals for changes to Medicare and Medicaid reimbursement of drug prices are adopted into law, our results of operations and financial condition could be harmed.
The other 29 risks
Changes in government pricing policies, including the enactment of “most favored nation” pricing legislation, could adversely affect our business.
We depend on our collaborators and licensees for the future development and commercialization of some of our drug candidates. Conflicts may arise between our collaborators and licensees and us, or our collaborators and licensees may choose to terminate their agreements with us, which may adversely affect our business.
The success of our drug discovery and development efforts may depend on our ability to find suitable collaborators to fully exploit our capabilities. If we are unable to establish collaborations or if these future collaborations are unsuccessful in the development and commercialization of our drug candidates, our research, development and commercialization efforts may be unsuccessful, which could adversely affect our results of operations, financial condition and future revenue prospects.
If we fail to enter into additional licensing agreements or if these arrangements are unsuccessful, our business and operations might be adversely affected.
Public health epidemics and pandemics, such as the COVID-19 pandemic, have adversely affected and could in the future adversely affect our business, results of operations, and financial condition.
Even if a drug candidate that we develop receives regulatory approval, we may decide not to commercialize it if we determine that commercialization of that product would require more money and time than we are willing to invest.
We have limited capacity to conduct preclinical testing and clinical trials, and our resulting dependence on other parties could result in delays in and additional costs for our drug development efforts.
Our reliance on other parties to manufacture our drug products and drug candidates could result in a short supply of the drugs, delays in clinical trials or drug development, increased costs, and withdrawal or denial of a regulatory authority’s approval.
If we fail to comply with the extensive legal and regulatory requirements affecting the healthcare industry, we could face increased costs, penalties and a loss of business.
The illegal distribution and sale by third parties of counterfeit or unfit versions of our or our collaborators’ products or stolen products could harm our business and reputation.
As most of our drug discovery and development operations are conducted at our headquarters in Wilmington, Delaware, the loss of access to this facility would negatively impact our business.
We depend on key employees in a competitive market for skilled personnel, and the loss of the services of any of our key employees or our inability to attract and retain additional personnel would affect our ability to expand our drug discovery and development programs and achieve our objectives.
If we fail to manage our growth effectively, our ability to develop and commercialize products could suffer.
We may acquire businesses or assets, form joint ventures or make investments in other companies that may be unsuccessful, divert our management’s attention and harm our operating results and prospects.
Risks associated with our operations outside of the United States could adversely affect our business.
If product liability lawsuits are brought against us, we could face substantial liabilities and may be required to limit commercialization of our products and our results of operations could be harmed.
Because our activities involve the use of hazardous materials, we may be subject to claims relating to improper handling, storage or disposal of these materials that could be time consuming and costly.
Business disruptions and uncertainties could seriously harm our operations, future revenues and financial condition and increase our costs and expenses.
RISKS RELATING TO OUR FINANCIAL RESULTS
We may incur losses in the future, and we expect to continue to incur significant expenses to discover and develop drugs, which may make it difficult for us to achieve sustained profitability on a quarterly or annual basis in the future.
We may need additional capital in the future. If we are unable to generate sufficient funds from operations, the capital markets may not permit us to raise additional capital at the time that we require it, which could result in limitations on our research and development or commercialization efforts or the loss of certain of our rights in our technologies or drug candidates.
Our marketable securities and equity investments are subject to risks that could adversely affect our overall financial position.
Changes in tax laws or regulations could adversely affect our results of operations, business and financial condition.
We derive a substantial portion of our revenues from royalties, milestone payments and other payments under our collaboration agreements. If we are unable to achieve milestones, develop product candidates to license or renew or enter into new collaborations, our revenues may decrease, and future milestone and royalty payments may not contribute significantly to revenues for several years, and may never result in revenues.
RISKS RELATING TO INTELLECTUAL PROPERTY AND LEGAL MATTERS
If we are subject to arbitration, litigation and infringement claims, they could be costly and disrupt our drug discovery and development efforts.
We may be unable to adequately protect or enforce our proprietary information, which may result in its unauthorized use, a loss of revenue under a collaboration agreement or loss of sales to generic versions of our products or otherwise reduce our ability to compete in developing and commercializing products.
If the effective term of our patents is decreased due to changes in U.S. patent laws or if we need to refile some of our patent applications, the value of our patent portfolio and the revenues we derive from it may be decreased.
International patent protection is particularly uncertain and costly, and our involvement in opposition proceedings in foreign countries may result in the expenditure of substantial sums and management resources.
RISKS RELATING TO INFORMATION TECHNOLOGY AND DATA PRIVACY
Significant disruptions of information technology systems, breaches of data security, or unauthorized disclosures of personal information (including sensitive personal information) could adversely affect our business, and could subject us to liability or reputational damage.
Increasing use of social media and new technology, including artificial intelligence, could give rise to liability, breaches of data security, or reputational damage.
Legal proceedings
From time to time, we are party to legal proceedings in the course of our business. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. Legal proceedings, including litigation, government investigations and enforcement actions, can result in significant costs and occupy significant management resources. We do not expect any current legal proceedings to have a material adverse impact on our business or financial condition.
