Cash flow Incyte Corporation

Equities

INCY

US45337C1027

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 04:00:00 2026-01-13 pm EST			5-day change	1st Jan Change
103.43 ^USD	-2.73%		+1.61%	+4.72%

Jan. 13	TD Cowen Adjusts Price Target on Incyte to $128 From $101, Maintains Buy Rating	MT
Jan. 12	Incyte Corporation Presents at 44th Annual J.P. Morgan Healthcare Conference, Jan-12-2026 08:15 AM

7bdfc3e31485.a9Bofn-YVVZgpy8pbyQxvR8ZD58Q5SARcW3hK6co00w.KuMcSg7ID3shympTCW9253htdfhFj1J8ECfMXsx8vjsMhi0_Sf4jNAnfWA

Published financial data: INCYTE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2.67B	2.99B	3.39B	3.7B	4.24B
Other Revenues, Total	-	-	-	-	-
Total Revenues	2.67B	2.99B	3.39B	3.7B	4.24B
Cost of Goods Sold, Total	2.39B	1.65B	1.8B	1.88B	2.76B
Gross Profit	277M	1.34B	1.59B	1.81B	1.48B
Selling General & Admin Expenses, Total	518M	741M	999M	1.16B	1.24B
R&D Expenses	-	-	-	-	161M
Other Operating Expenses, Total	518M	741M	999M	1.16B	1.4B
Operating Income	-241M	599M	594M	652M	84.45M
Interest Expense, Total	-2.17M	-1.91M	-2.67M	-2.55M	-2.28M
Interest And Investment Income	-	-	-	170M	129M
Net Interest Expenses	-2.17M	-1.91M	-2.67M	167M	126M
Other Non Operating Income (Expenses)	24.16M	12.05M	37.13M	-	9.53M
EBT, Excl. Unusual Items	-219M	609M	629M	820M	220M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	10.43M	-24.07M	-87.59M	43.89M	116M
Asset Writedown	-	-	-	-	-
Other Unusual Items	-23.38M	-14.74M	-12.15M	-29.2M	-19.8M
EBT, Incl. Unusual Items	-232M	570M	529M	834M	317M
Income Tax Expense	63.48M	-378M	188M	237M	284M
Earnings From Continuing Operations	-296M	949M	341M	598M	32.62M
Net Income to Company	-296M	949M	341M	598M	32.62M
Net Income - (IS)	-296M	949M	341M	598M	32.62M
Net Income to Common Incl Extra Items	-296M	949M	341M	598M	32.62M
Net Income to Common Excl. Extra Items	-296M	949M	341M	598M	32.62M
Per Share Items
Net EPS - Basic	-1.36	4.3	1.53	2.67	0.16
Basic EPS - Continuing Operations	-1.36	4.3	1.53	2.67	0.16
Basic Weighted Average Shares Outstanding	218M	220M	222M	224M	207M
Net EPS - Diluted	-1.36	4.27	1.52	2.65	0.15
Diluted EPS - Continuing Operations	-1.36	4.27	1.52	2.65	0.15
Diluted Weighted Average Shares Outstanding	218M	222M	224M	226M	211M
Normalized Basic EPS	-0.63	1.73	1.77	2.29	0.67
Normalized Diluted EPS	-0.63	1.71	1.75	2.27	0.65
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	-188M	660M	665M	739M	178M
EBITA	-220M	621M	616M	675M	108M
EBIT	-241M	599M	594M	652M	84.45M
EBITDAR	-173M	675M	677M	748M	186M
Total Revenues (As Reported)	2.67B	2.99B	3.39B	3.7B	4.24B
Effective Tax Rate - (Ratio)	-27.34	-66.29	35.62	28.36	89.7
Current Domestic Taxes	62.48M	83.07M	128M	393M	367M
Current Foreign Taxes	1.35M	4.4M	3.14M	3M	2.93M
Total Current Taxes	63.83M	87.47M	131M	396M	370M
Deferred Domestic Taxes	-	-408M	58.4M	-159M	-84.72M
Deferred Foreign Taxes	-350K	-75K	-1.31M	195K	-828K
Total Deferred Taxes	-350K	-408M	57.09M	-159M	-85.55M
Normalized Net Income	-137M	381M	393M	512M	138M
Interest on Long-Term Debt	1.9M	1.3M	1.4M	1.3M	1.3M
Non-Cash Pension Expense	950K	1.4M	-2.8M	-2.64M	-3.28M
Supplemental Operating Expense Items
Advertising Expense	28.9M	66M	196M	222M	201M
Selling and Marketing Expenses	28.9M	66M	196M	222M	201M
Research And Development Expense From Footnotes	2.22B	1.49B	1.64B	1.68B	2.64B
Net Rental Expense, Total	14.4M	15M	11.7M	9.8M	8.1M
Imputed Operating Lease Interest Expense	3.74M	3.75M	4.3M	3.7M	2.62M
Imputed Operating Lease Depreciation	10.66M	11.25M	7.4M	6.1M	5.48M
Stock-Based Comp., COGS (Total)	121M	116M	115M	130M	2.3M
Stock-Based Comp., R&D Exp. (Total)	-	-	-	-	161M
Stock-Based Comp., SG&A Exp. (Total)	56.6M	67M	73.2M	86.1M	102M
Stock-Based Comp., Other (Total)	4.6M	-	-	-	-
Total Stock-Based Compensation	183M	183M	188M	216M	266M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.51B	2.06B	2.95B	3.21B	1.69B
Short Term Investments	288M	291M	288M	443M	470M
Total Cash And Short Term Investments	1.8B	2.35B	3.24B	3.66B	2.16B
Accounts Receivable, Total	480M	616M	645M	744M	853M
Other Receivables	2M	-	-	-	-
Total Receivables	482M	616M	645M	744M	853M
Inventory	16.42M	27.9M	42M	62.97M	58.87M
Prepaid Expenses	60.1M	126M	167M	183M	169M
Restricted Cash	-	-	-	-	-
Total Current Assets	2.36B	3.12B	4.09B	4.65B	3.24B
Gross Property Plant And Equipment	732M	927M	978M	1.05B	1.12B
Accumulated Depreciation	-144M	-176M	-213M	-270M	-328M
Net Property Plant And Equipment	588M	751M	766M	777M	794M
Long-term Investments	222M	221M	134M	188M	18.81M
Goodwill	156M	156M	156M	156M	156M
Other Intangibles, Total	172M	151M	129M	124M	114M
Deferred Tax Assets Long-Term	2.05M	468M	458M	632M	762M
Other Long-Term Assets, Total	60.71M	68.06M	106M	261M	361M
Total Assets	3.56B	4.93B	5.84B	6.78B	5.44B
Liabilities
Accounts Payable, Total	98.77M	172M	278M	110M	197M
Accrued Expenses, Total	408M	559M	756M	968M	1.31B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	14.96M	13.19M	11.37M	9.12M	10M
Current Income Taxes Payable	-	-	-	42.3M	23.78M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	109M	110M	112M	112M	98.1M
Total Current Liabilities	631M	854M	1.16B	1.24B	1.64B
Long-Term Debt	-	-	-	-	-
Long-Term Leases	46.76M	47.24M	44.19M	43.45M	50.34M
Pension & Other Post Retirement Benefits	36.69M	37.97M	11.68M	41.18M	45.85M
Other Non Current Liabilities	235M	224M	258M	267M	259M
Total Liabilities	950M	1.16B	1.47B	1.59B	2B
Common Stock, Total	219K	221K	223K	224K	193K
Additional Paid In Capital	4.35B	4.57B	4.79B	5.02B	4.53B
Retained Earnings	-1.73B	-778M	-437M	160M	-1.07B
Comprehensive Income and Other	-15.36M	-19.45M	15.07M	13.11M	-13.12M
Total Common Equity	2.61B	3.77B	4.37B	5.19B	3.45B
Total Equity	2.61B	3.77B	4.37B	5.19B	3.45B
Total Liabilities And Equity	3.56B	4.93B	5.84B	6.78B	5.44B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	220M	221M	223M	225M	194M
ECS Total Common Shares Outstanding	219M	221M	223M	224M	193M
Book Value / Share	11.9	17.05	19.62	23.14	17.82
Tangible Book Value	2.28B	3.46B	4.09B	4.91B	3.18B
Tangible Book Value Per Share	10.4	15.67	18.34	21.89	16.43
Total Debt	61.72M	60.43M	55.57M	52.57M	60.34M
Net Debt	-1.74B	-2.29B	-3.18B	-3.6B	-2.1B
Debt Equivalent of Unfunded Proj. Benefit Obligation	36.69M	37.97M	11.68M	41.18M	45.85M
Debt Equivalent Oper. Leases	115M	120M	93.6M	78.4M	64.8M
Account Code - Inventory Valuation	8	8	8	8	8
Inventories - Finished Goods, Total	-	-	-	-	-
Land - (BS)	10.67M	10.49M	10.43M	10.93M	15.4M
Buildings, Total	238M	434M	564M	585M	597M
Machinery, Total	171M	207M	307M	392M	410M
Full Time Employees	1.77K	2.09K	2.32K	2.52K	2.62K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-296M	949M	341M	598M	32.62M
Depreciation & Amortization - CF	32.21M	39.04M	49.46M	63.66M	69.55M
Amortization of Goodwill and Intangible Assets - (CF)	21.5M	21.5M	21.5M	22.5M	23.6M
Depreciation & Amortization, Total	53.71M	60.54M	70.96M	86.16M	93.15M
Amortization of Deferred Charges, Total - (CF)	700K	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-10.43M	24.07M	87.59M	-43.89M	-116M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	178M	183M	188M	216M	266M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	20.98M	-452M	83.51M	-111M	-78.7M
Change In Accounts Receivable	-173M	-134M	-28.58M	-98.68M	-112M
Change In Inventories	-19.47M	-20.96M	-67.5M	-170M	-128M
Change In Accounts Payable	15.12M	73.34M	105M	-168M	88.16M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	106M	67.36M	189M	188M	289M
Cash from Operations	-125M	749M	970M	496M	335M
Capital Expenditure	-187M	-181M	-77.83M	-32.49M	-86.26M
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-15M	-13.9M
Investment in Marketable and Equity Securities, Total	-81.62M	-26.69M	-709K	-160M	258M
Cash from Investing	-269M	-208M	-78.54M	-208M	158M
Long-Term Debt Repaid, Total	-836K	-2.42M	-2.86M	-3.36M	-3.8M
Total Debt Repaid	-836K	-2.42M	-2.86M	-3.36M	-3.8M
Issuance of Common Stock	110M	58.63M	61.12M	35.84M	49.3M
Repurchase of Common Stock	-	-29.94M	-26.3M	-28.55M	-2.05B
Other Financing Activities, Total	-37.76M	-20.09M	-32.75M	-23.96M	-21.96M
Cash from Financing	71.71M	6.18M	-794K	-20.03M	-2.02B
Foreign Exchange Rate Adjustments	2.95M	-3.57M	3.36M	-6.68M	2.92M
Net Change in Cash	-319M	544M	894M	262M	-1.53B
Supplemental Items
Cash Interest Paid	194K	396K	-	-	-
Cash Income Tax Paid (Refund)	70.71M	67.73M	136M	378M	373M
Levered Free Cash Flow	-166M	449M	773M	611M	619M
Unlevered Free Cash Flow	-165M	450M	774M	612M	621M
Change In Net Working Capital	63.38M	-12.92M	-221M	49.92M	-309M
Net Debt Issued / Repaid	-836K	-2.42M	-2.86M	-3.36M	-3.8M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-4.32	8.82	6.9	6.46	0.86
Return on Total Capital	-5.64	11.52	9	8.43	1.21
Return On Equity %	-11.35	29.73	8.37	12.5	0.76
Return on Common Equity	-11.35	29.73	8.37	12.5	0.76
Margin Analysis
Gross Profit Margin %	10.37	44.87	46.95	49	35
SG&A Margin	19.42	24.81	29.44	31.35	29.21
EBITDA Margin %	-7.03	22.09	19.6	19.98	4.19
EBITA Margin %	-8.24	20.78	18.14	18.26	2.55
EBIT Margin %	-9.05	20.06	17.51	17.65	1.99
Income From Continuing Operations Margin %	-11.09	31.76	10.04	16.17	0.77
Net Income Margin %	-11.09	31.76	10.04	16.17	0.77
Net Avail. For Common Margin %	-11.09	31.76	10.04	16.17	0.77
Normalized Net Income Margin	-5.14	12.75	11.58	13.86	3.25
Levered Free Cash Flow Margin	-6.22	15.03	22.76	16.53	14.61
Unlevered Free Cash Flow Margin	-6.2	15.07	22.81	16.57	14.64
Asset Turnover
Asset Turnover	0.76	0.7	0.63	0.59	0.69
Fixed Assets Turnover	5.36	4.46	4.48	4.79	5.4
Receivables Turnover (Average Receivables)	6.79	5.44	5.38	5.32	5.31
Inventory Turnover (Average Inventory)	171.79	74.27	51.53	35.91	45.25
Short Term Liquidity
Current Ratio	3.74	3.65	3.54	3.75	1.97
Quick Ratio	3.62	3.47	3.36	3.55	1.83
Operating Cash Flow to Current Liabilities	-0.2	0.88	0.84	0.4	0.2
Days Sales Outstanding (Average Receivables)	53.86	67.12	67.8	68.56	68.89
Days Outstanding Inventory (Average Inventory)	2.13	4.91	7.08	10.16	8.09
Average Days Payable Outstanding	13.94	29.82	45.21	37.08	20.42
Cash Conversion Cycle (Average Days)	42.06	42.21	29.67	41.65	56.57
Long Term Solvency
Total Debt/Equity	2.36	1.6	1.27	1.01	1.75
Total Debt / Total Capital	2.31	1.58	1.26	1	1.72
LT Debt/Equity	1.79	1.25	1.01	0.84	1.46
Long-Term Debt / Total Capital	1.75	1.23	1	0.83	1.43
Total Liabilities / Total Assets	26.67	23.58	25.18	23.48	36.67
EBIT / Interest Expense	-110.97	314	222.95	255.73	37.04
EBITDA / Interest Expense	-79.64	353.59	253.96	293.35	81.45
(EBITDA - Capex) / Interest Expense	-165.83	258.73	224.76	280.61	43.61
Total Debt / EBITDA	-0.36	0.09	0.08	0.07	0.32
Net Debt / EBITDA	10.05	-3.39	-4.7	-4.82	-11.3
Total Debt / (EBITDA - Capex)	-0.17	0.12	0.09	0.07	0.61
Net Debt / (EBITDA - Capex)	4.83	-4.63	-5.31	-5.03	-21.1
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.53	11.98	13.67	8.87	14.76
Gross Profit, 1 Yr. Growth %	-68.93	384.43	18.93	13.63	-23.38
EBITDA, 1 Yr. Growth %	-139.36	-451.75	0.86	11	-75.95
EBITA, 1 Yr. Growth %	-149.65	-382.43	-0.76	9.57	-83.99
EBIT, 1 Yr. Growth %	-157.29	-348.35	-0.79	9.75	-87.06
Earnings From Cont. Operations, 1 Yr. Growth %	-166.17	-420.79	-64.09	75.42	-94.54
Net Income, 1 Yr. Growth %	-166.17	-420.79	-64.09	75.42	-94.54
Normalized Net Income, 1 Yr. Growth %	-146.45	-377.87	3.22	30.32	-73.11
Diluted EPS Before Extra, 1 Yr. Growth %	-166.34	-413.97	-64.4	74.34	-94.34
Accounts Receivable, 1 Yr. Growth %	57.42	27.86	4.64	15.3	14.74
Inventory, 1 Yr. Growth %	44.08	69.89	50.5	49.95	-6.51
Net Property, Plant and Equip., 1 Yr. Growth %	44.62	27.78	1.88	1.49	2.21
Total Assets, 1 Yr. Growth %	3.92	38.54	18.4	16.11	-19.73
Tangible Book Value, 1 Yr. Growth %	1.53	51.69	17.95	20.2	-35.28
Common Equity, 1 Yr. Growth %	0.49	44.37	15.92	18.76	-33.57
Cash From Operations, 1 Yr. Growth %	-117.53	-701.52	29.41	-48.81	-32.46
Capital Expenditures, 1 Yr. Growth %	140.03	-3.4	-57	-58.26	165.54
Levered Free Cash Flow, 1 Yr. Growth %	-131.98	-363.2	72.17	-20.94	1.42
Unlevered Free Cash Flow, 1 Yr. Growth %	-131.84	-364.92	72.08	-20.9	1.39
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	19.04	17.61	12.83	11.25	11.78
Gross Profit, 2 Yr. CAGR %	-31.51	22.68	140.03	16.25	-6.72
EBITDA, 2 Yr. CAGR %	-5.46	17.76	88.71	5.81	-48.34
EBITA, 2 Yr. CAGR %	11.62	18.41	67.42	4.28	-58.12
EBIT, 2 Yr. CAGR %	24.81	19.28	56.97	4.35	-62.31
Earnings From Cont. Operations, 2 Yr. CAGR %	64.34	45.69	7.33	-20.63	-69.06
Net Income, 2 Yr. CAGR %	64.34	45.69	7.33	-20.63	-69.06
Normalized Net Income, 2 Yr. CAGR %	8.69	13.61	69.35	15.98	-40.8
Diluted EPS Before Extra, 2 Yr. CAGR %	63.3	44.32	5.72	-21.22	-68.59
Accounts Receivable, 2 Yr. CAGR %	25.06	42.17	15.67	9.84	15.02
Inventory, 2 Yr. CAGR %	53.54	56.45	59.9	50.22	18.4
Net Property, Plant and Equip., 2 Yr. CAGR %	35.62	35.94	14.1	1.69	1.85
Total Assets, 2 Yr. CAGR %	16.01	19.99	28.07	17.25	-3.46
Tangible Book Value, 2 Yr. CAGR %	21.18	24.1	33.76	19.07	-11.8
Common Equity, 2 Yr. CAGR %	16.44	20.45	29.37	17.33	-11.18
Cash From Operations, 2 Yr. CAGR %	-39.12	2.7	179.01	-18.61	-41.2
Capital Expenditures, 2 Yr. CAGR %	59.69	52.27	-35.55	-57.64	5.28
Levered Free Cash Flow, 2 Yr. CAGR %	-10.92	-6.53	112.87	16.67	-10.45
Unlevered Free Cash Flow, 2 Yr. CAGR %	-11.31	-6.51	113.95	16.67	-10.45
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	20.18	16.64	16.29	11.49	12.41
Gross Profit, 3 Yr. CAGR %	24.72	31.46	21.42	87.07	3.47
EBITDA, 3 Yr. CAGR %	2.95	46.49	11.84	58.11	-35.43
EBITA, 3 Yr. CAGR %	2.76	52.1	11.64	45.36	-44.16
EBIT, 3 Yr. CAGR %	2.5	56.98	12.17	39.32	-47.96
Earnings From Cont. Operations, 3 Yr. CAGR %	-1.89	105.38	-8.65	26.43	-67.48
Net Income, 3 Yr. CAGR %	-1.89	105.38	-8.65	26.43	-67.48
Normalized Net Income, 3 Yr. CAGR %	0.9	48.62	10.04	55.19	-28.75
Diluted EPS Before Extra, 3 Yr. CAGR %	-3.86	103.06	-9.49	24.9	-67.25
Accounts Receivable, 3 Yr. CAGR %	21.94	26.16	28.36	15.55	11.45
Inventory, 3 Yr. CAGR %	36.33	58.81	54.44	56.51	28.26
Net Property, Plant and Equip., 3 Yr. CAGR %	31.31	32.95	23.48	9.73	1.86
Total Assets, 3 Yr. CAGR %	15.64	23.08	19.45	23.96	3.34
Tangible Book Value, 3 Yr. CAGR %	22.63	30.6	22.01	29.08	-2.83
Common Equity, 3 Yr. CAGR %	16.99	25.09	18.92	25.73	-2.94
Cash From Operations, 3 Yr. CAGR %	10.25	30.63	10.92	58.54	-23.52
Capital Expenditures, 3 Yr. CAGR %	19.06	35.05	-0.1	-44.24	-21.89
Levered Free Cash Flow, 3 Yr. CAGR %	10.8	28.99	14.58	53.01	11.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	11.99	28.91	14.58	53.56	11.33
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	28.75	21.98	17.18	14.45	14.46
Gross Profit, 5 Yr. CAGR %	2.27	23.54	62.05	25.15	10.77
EBITDA, 5 Yr. CAGR %	24.89	28.16	31.09	28.62	-17.88
EBITA, 5 Yr. CAGR %	34.11	28.58	24.91	30.79	-24.57
EBIT, 5 Yr. CAGR %	36.64	29.58	21.55	33.32	-27.48
Earnings From Cont. Operations, 5 Yr. CAGR %	114.37	55.53	1.7	40.41	-40.76
Net Income, 5 Yr. CAGR %	114.37	55.53	1.7	40.41	-40.76
Normalized Net Income, 5 Yr. CAGR %	84.32	36.23	24.12	34.58	-14.13
Diluted EPS Before Extra, 5 Yr. CAGR %	114.43	51.22	-0.14	39.04	-40.73
Accounts Receivable, 5 Yr. CAGR %	33.28	32.99	19.49	19.36	22.85
Inventory, 5 Yr. CAGR %	55.91	46.71	45.31	55.32	38.87
Net Property, Plant and Equip., 5 Yr. CAGR %	46.89	34.99	24.13	19.43	14.33
Total Assets, 5 Yr. CAGR %	28.73	24.66	20.46	20.72	9.7
Tangible Book Value, 5 Yr. CAGR %	67.9	250.34	26.97	25.86	7.16
Common Equity, 5 Yr. CAGR %	72.46	55.14	21.79	21.93	5.82
Cash From Operations, 5 Yr. CAGR %	6.86	19.72	59.83	8.11	-13.95
Capital Expenditures, 5 Yr. CAGR %	48.44	8.52	-6.86	-15.06	2.02
Levered Free Cash Flow, 5 Yr. CAGR %	18.45	21.5	44.66	23.91	3.82
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.2	22.65	45.77	23.86	3.82