Cash flow Incyte Corporation

Stocks

INCY

US45337C1027

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 21:00:00 12/06/2026 BST			5-day change	1st Jan Change
108.53 ^USD	+0.65%		+6.01%	+9.88%

06-11	Guggenheim Lifts Price Target on Incyte to $136 From $130, Maintains Buy Rating	MT
06-11	William O'Neil Initiates Incyte at Buy	MT

9e1a531ef4cdb32d5902663b3781.u_GuYwF6y2dTas9-I0kagAtoB8nn3kFCqe1m-de8RLU.76PqVUoeqlNiHIo2chpIzmJZTeS-sxQn9qIfiObpC_LPnMYSbSORHwAH9w

Published financial data: INCYTE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	2.99B	3.39B	3.7B	4.24B	5.14B
Other Revenues, Total	-	-	-	-	-
Total Revenues	2.99B	3.39B	3.7B	4.24B	5.14B
Cost of Goods Sold, Total	1.65B	1.8B	1.88B	2.91B	2.42B
Gross Profit	1.34B	1.59B	1.81B	1.33B	2.72B
Selling General & Admin Expenses, Total	741M	999M	1.16B	1.22B	1.37B
Other Operating Expenses, Total	741M	999M	1.16B	1.22B	1.37B
Operating Income	599M	594M	652M	116M	1.35B
Interest Expense, Total	-1.91M	-2.67M	-2.55M	-2.28M	-2.43M
Interest And Investment Income	-	-	170M	129M	106M
Net Interest Expenses	-1.91M	-2.67M	167M	126M	103M
Other Non Operating Income (Expenses)	12.05M	37.13M	-	9.53M	21.38M
EBT, Excl. Unusual Items	609M	629M	820M	252M	1.47B
Merger & Related Restructuring Charges	-	-	-	-31.5M	-
Gain (Loss) On Sale Of Investments	-24.07M	-87.59M	43.89M	116M	21.31M
Asset Writedown	-	-	-	-	-76.28M
Legal Settlements	-	-	-	-	242M
Other Unusual Items	-14.74M	-12.15M	-29.2M	-19.8M	6.13M
EBT, Incl. Unusual Items	570M	529M	834M	317M	1.66B
Income Tax Expense	-378M	188M	237M	284M	378M
Earnings From Continuing Operations	949M	341M	598M	32.62M	1.29B
Net Income to Company	949M	341M	598M	32.62M	1.29B
Net Income - (IS)	949M	341M	598M	32.62M	1.29B
Net Income to Common Incl Extra Items	949M	341M	598M	32.62M	1.29B
Net Income to Common Excl. Extra Items	949M	341M	598M	32.62M	1.29B
Per Share Items
Net EPS - Basic	4.3	1.53	2.67	0.16	6.59
Basic EPS - Continuing Operations	4.3	1.53	2.67	0.16	6.59
Basic Weighted Average Shares Outstanding	220M	222M	224M	207M	195M
Net EPS - Diluted	4.27	1.52	2.65	0.15	6.41
Diluted EPS - Continuing Operations	4.27	1.52	2.65	0.15	6.41
Diluted Weighted Average Shares Outstanding	222M	224M	226M	211M	201M
Normalized Basic EPS	1.73	1.77	2.29	0.76	4.71
Normalized Diluted EPS	1.71	1.75	2.27	0.75	4.58
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	660M	665M	739M	209M	1.44B
EBITA	621M	616M	675M	140M	1.37B
EBIT	599M	594M	652M	116M	1.35B
EBITDAR	675M	677M	748M	217M	1.45B
Total Revenues (As Reported)	2.99B	3.39B	3.7B	4.24B	5.14B
Effective Tax Rate - (Ratio)	-66.29	35.62	28.36	89.7	22.7
Current Domestic Taxes	83.07M	128M	393M	367M	124M
Current Foreign Taxes	4.4M	3.14M	3M	2.93M	6.61M
Total Current Taxes	87.47M	131M	396M	370M	130M
Deferred Domestic Taxes	-408M	58.4M	-159M	-84.72M	247M
Deferred Foreign Taxes	-75K	-1.31M	195K	-828K	252K
Total Deferred Taxes	-408M	57.09M	-159M	-85.55M	248M
Normalized Net Income	381M	393M	512M	157M	919M
Interest on Long-Term Debt	1.3M	1.4M	1.3M	1.3M	1.3M
Non-Cash Pension Expense	1.4M	-2.8M	-2.64M	-3.28M	-3.73M
Supplemental Operating Expense Items
Advertising Expense	66M	196M	222M	201M	156M
Selling and Marketing Expenses	66M	196M	222M	201M	156M
Research And Development Expense From Footnotes	1.49B	1.64B	1.68B	2.64B	2.07B
Net Rental Expense, Total	15M	11.7M	9.8M	8.1M	7.7M
Imputed Operating Lease Interest Expense	3.75M	4.3M	3.7M	2.62M	2.6M
Imputed Operating Lease Depreciation	11.25M	7.4M	6.1M	5.48M	5.1M
Stock-Based Comp., COGS (Total)	116M	115M	130M	164M	154M
Stock-Based Comp., SG&A Exp. (Total)	67M	73.2M	86.1M	102M	95.6M
Stock-Based Comp., Other (Total)	-	-	-	-	46K
Total Stock-Based Compensation	183M	188M	216M	266M	249M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.06B	2.95B	3.21B	1.69B	3.1B
Short Term Investments	291M	288M	443M	470M	483M
Total Cash And Short Term Investments	2.35B	3.24B	3.66B	2.16B	3.58B
Accounts Receivable, Total	616M	645M	744M	853M	1.02B
Other Receivables	-	-	-	-	-
Total Receivables	616M	645M	744M	853M	1.02B
Inventory	27.9M	42M	62.97M	58.87M	101M
Prepaid Expenses	126M	167M	183M	169M	318M
Restricted Cash	-	-	-	-	-
Total Current Assets	3.12B	4.09B	4.65B	3.24B	5.02B
Gross Property Plant And Equipment	927M	978M	1.05B	1.12B	1.13B
Accumulated Depreciation	-176M	-213M	-270M	-328M	-375M
Net Property Plant And Equipment	751M	766M	777M	794M	758M
Long-term Investments	221M	134M	188M	18.81M	47.99M
Goodwill	156M	156M	156M	156M	133M
Other Intangibles, Total	151M	129M	124M	114M	117M
Deferred Tax Assets Long-Term	468M	458M	632M	762M	515M
Other Long-Term Assets, Total	68.06M	106M	261M	361M	362M
Total Assets	4.93B	5.84B	6.78B	5.44B	6.96B
Liabilities
Accounts Payable, Total	172M	278M	110M	197M	210M
Accrued Expenses, Total	559M	756M	968M	1.31B	1.16B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	13.19M	11.37M	9.12M	10M	10.21M
Current Income Taxes Payable	-	-	42.3M	23.78M	4.76M
Other Current Liabilities	110M	112M	112M	98.1M	132M
Total Current Liabilities	854M	1.16B	1.24B	1.64B	1.52B
Long-Term Debt	-	-	-	-	-
Long-Term Leases	47.24M	44.19M	43.45M	50.34M	44.71M
Pension & Other Post Retirement Benefits	37.97M	11.68M	41.18M	45.85M	41.16M
Other Non Current Liabilities	224M	258M	267M	259M	189M
Total Liabilities	1.16B	1.47B	1.59B	2B	1.79B
Common Stock, Total	221K	223K	224K	193K	198K
Additional Paid In Capital	4.57B	4.79B	5.02B	4.53B	4.93B
Retained Earnings	-778M	-437M	160M	-1.07B	214M
Comprehensive Income and Other	-19.45M	15.07M	13.11M	-13.12M	25.46M
Total Common Equity	3.77B	4.37B	5.19B	3.45B	5.17B
Total Equity	3.77B	4.37B	5.19B	3.45B	5.17B
Total Liabilities And Equity	4.93B	5.84B	6.78B	5.44B	6.96B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	221M	223M	225M	194M	199M
ECS Total Common Shares Outstanding	221M	223M	224M	193M	198M
Book Value / Share	17.05	19.62	23.14	17.82	26.04
Tangible Book Value	3.46B	4.09B	4.91B	3.18B	4.92B
Tangible Book Value Per Share	15.67	18.34	21.89	16.43	24.78
Total Debt	60.43M	55.57M	52.57M	60.34M	54.92M
Net Debt	-2.29B	-3.18B	-3.6B	-2.1B	-3.53B
Debt Equivalent of Unfunded Proj. Benefit Obligation	37.97M	11.68M	41.18M	45.85M	41.16M
Debt Equivalent Oper. Leases	120M	93.6M	78.4M	64.8M	61.6M
Account Code - Inventory Valuation	8	8	8	8	8
Inventories - Finished Goods, Total	-	-	-	-	-
Land - (BS)	10.49M	10.43M	10.93M	15.4M	11.27M
Buildings, Total	434M	564M	585M	597M	610M
Machinery, Total	207M	307M	392M	410M	435M
Full Time Employees	2.09K	2.32K	2.52K	2.62K	2.84K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	949M	341M	598M	32.62M	1.29B
Depreciation & Amortization - CF	39.04M	49.46M	63.66M	69.55M	66.59M
Amortization of Goodwill and Intangible Assets - (CF)	21.5M	21.5M	22.5M	23.6M	26.7M
Depreciation & Amortization, Total	60.54M	70.96M	86.16M	93.15M	93.29M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	24.07M	87.59M	-43.89M	-116M	-21.31M
Asset Writedown & Restructuring Costs	-	-	-	-	76.28M
Stock-Based Compensation (CF)	183M	188M	216M	266M	249M
Other Operating Activities, Total	-452M	83.51M	-111M	-78.7M	256M
Change In Accounts Receivable	-134M	-28.58M	-98.68M	-112M	-171M
Change In Inventories	-20.96M	-67.5M	-170M	-128M	-58.51M
Change In Accounts Payable	73.34M	105M	-168M	88.16M	6.56M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	67.36M	189M	188M	289M	-304M
Cash from Operations	749M	970M	496M	335M	1.41B
Capital Expenditure	-181M	-77.83M	-32.49M	-86.26M	-58.87M
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-15M	-13.9M	-25M
Investment in Marketable and Equity Securities, Total	-26.69M	-709K	-160M	258M	-18.74M
Cash from Investing	-208M	-78.54M	-208M	158M	-103M
Long-Term Debt Repaid, Total	-2.42M	-2.86M	-3.36M	-3.8M	-4.54M
Total Debt Repaid	-2.42M	-2.86M	-3.36M	-3.8M	-4.54M
Issuance of Common Stock	58.63M	61.12M	35.84M	49.3M	222M
Repurchase of Common Stock	-29.94M	-26.3M	-28.55M	-2.05B	-95.92M
Other Financing Activities, Total	-20.09M	-32.75M	-23.96M	-21.96M	-20.26M
Cash from Financing	6.18M	-794K	-20.03M	-2.02B	101M
Foreign Exchange Rate Adjustments	-3.57M	3.36M	-6.68M	2.92M	-1.71M
Net Change in Cash	544M	894M	262M	-1.53B	1.41B
Supplemental Items
Cash Interest Paid	396K	-	-	-	-
Cash Income Tax Paid (Refund)	67.73M	136M	378M	373M	212M
Levered Free Cash Flow	449M	773M	611M	639M	610M
Unlevered Free Cash Flow	450M	774M	612M	641M	611M
Change In Net Working Capital	-12.92M	-221M	49.92M	-309M	489M
Net Debt Issued / Repaid	-2.42M	-2.86M	-3.36M	-3.8M	-4.54M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.82	6.9	6.46	1.19	13.57
Return on Total Capital	11.52	9	8.43	1.66	19.28
Return On Equity %	29.73	8.37	12.5	0.76	29.87
Return on Common Equity	29.73	8.37	12.5	0.76	29.87
Margin Analysis
Gross Profit Margin %	44.87	46.95	49	31.47	52.89
SG&A Margin	24.81	29.44	31.35	28.73	26.7
EBITDA Margin %	22.09	19.6	19.98	4.93	28
EBITA Margin %	20.78	18.14	18.26	3.29	26.71
EBIT Margin %	20.06	17.51	17.65	2.73	26.19
Income From Continuing Operations Margin %	31.76	10.04	16.17	0.77	25.03
Net Income Margin %	31.76	10.04	16.17	0.77	25.03
Net Avail. For Common Margin %	31.76	10.04	16.17	0.77	25.03
Normalized Net Income Margin	12.75	11.58	13.86	3.71	17.88
Levered Free Cash Flow Margin	15.03	22.76	16.53	15.07	11.86
Unlevered Free Cash Flow Margin	15.07	22.81	16.57	15.1	11.89
Asset Turnover
Asset Turnover	0.7	0.63	0.59	0.69	0.83
Fixed Assets Turnover	4.46	4.48	4.79	5.4	6.62
Receivables Turnover (Average Receivables)	5.44	5.38	5.32	5.31	5.48
Inventory Turnover (Average Inventory)	74.27	51.53	35.91	47.71	30.29
Short Term Liquidity
Current Ratio	3.65	3.54	3.75	1.97	3.32
Quick Ratio	3.47	3.36	3.55	1.83	3.04
Operating Cash Flow to Current Liabilities	0.88	0.84	0.4	0.2	0.93
Days Sales Outstanding (Average Receivables)	67.12	67.8	68.56	68.89	66.65
Days Outstanding Inventory (Average Inventory)	4.91	7.08	10.16	7.67	12.05
Average Days Payable Outstanding	29.82	45.21	37.08	19.36	30.17
Cash Conversion Cycle (Average Days)	42.21	29.67	41.65	57.21	48.53
Long Term Solvency
Total Debt/Equity	1.6	1.27	1.01	1.75	1.06
Total Debt / Total Capital	1.58	1.26	1	1.72	1.05
LT Debt/Equity	1.25	1.01	0.84	1.46	0.87
Long-Term Debt / Total Capital	1.23	1	0.83	1.43	0.86
Total Liabilities / Total Assets	23.58	25.18	23.48	36.67	25.73
EBIT / Interest Expense	314	222.95	255.73	50.85	554.57
EBITDA / Interest Expense	353.59	253.96	293.35	95.26	596.16
(EBITDA - Capex) / Interest Expense	258.73	224.76	280.61	57.43	571.91
Total Debt / EBITDA	0.09	0.08	0.07	0.28	0.04
Net Debt / EBITDA	-3.39	-4.7	-4.82	-9.66	-2.44
Total Debt / (EBITDA - Capex)	0.12	0.09	0.07	0.46	0.04
Net Debt / (EBITDA - Capex)	-4.63	-5.31	-5.03	-16.02	-2.54
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.98	13.67	8.87	14.76	21.22
Gross Profit, 1 Yr. Growth %	384.43	18.93	13.63	-26.31	105.46
EBITDA, 1 Yr. Growth %	-451.75	0.86	11	-71.69	728.9
EBITA, 1 Yr. Growth %	-382.43	-0.76	9.57	-79.32	1.17K
EBIT, 1 Yr. Growth %	-348.35	-0.79	9.75	-82.23	1.49K
Earnings From Cont. Operations, 1 Yr. Growth %	-420.79	-64.09	75.42	-94.54	3.84K
Net Income, 1 Yr. Growth %	-420.79	-64.09	75.42	-94.54	3.84K
Normalized Net Income, 1 Yr. Growth %	-377.87	3.22	30.32	-69.26	567.41
Diluted EPS Before Extra, 1 Yr. Growth %	-413.97	-64.4	74.34	-94.34	4.17K
Accounts Receivable, 1 Yr. Growth %	27.86	4.64	15.3	14.74	20.07
Inventory, 1 Yr. Growth %	69.89	50.5	49.95	-6.51	71.66
Net Property, Plant and Equip., 1 Yr. Growth %	27.78	1.88	1.49	2.21	-4.51
Total Assets, 1 Yr. Growth %	38.54	18.4	16.11	-19.73	27.8
Tangible Book Value, 1 Yr. Growth %	51.69	17.95	20.2	-35.28	54.72
Common Equity, 1 Yr. Growth %	44.37	15.92	18.76	-33.57	49.88
Cash From Operations, 1 Yr. Growth %	-701.52	29.41	-48.81	-32.46	321.52
Capital Expenditures, 1 Yr. Growth %	-3.4	-57	-58.26	165.54	-31.76
Levered Free Cash Flow, 1 Yr. Growth %	-363.2	72.17	-20.94	4.64	-0.97
Unlevered Free Cash Flow, 1 Yr. Growth %	-364.92	72.08	-20.9	4.6	-0.96
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.61	12.83	11.25	11.78	17.95
Gross Profit, 2 Yr. CAGR %	22.68	140.03	16.25	-8.49	22.53
EBITDA, 2 Yr. CAGR %	17.76	88.71	5.81	-43.94	39.42
EBITA, 2 Yr. CAGR %	18.41	67.42	4.28	-52.4	42.05
EBIT, 2 Yr. CAGR %	19.28	56.97	4.35	-55.83	43.05
Earnings From Cont. Operations, 2 Yr. CAGR %	45.69	7.33	-20.63	-69.06	46.73
Net Income, 2 Yr. CAGR %	45.69	7.33	-20.63	-69.06	46.73
Normalized Net Income, 2 Yr. CAGR %	13.61	69.35	15.98	-36.71	33.52
Diluted EPS Before Extra, 2 Yr. CAGR %	44.32	5.72	-21.22	-68.59	55.53
Accounts Receivable, 2 Yr. CAGR %	42.17	15.67	9.84	15.02	17.38
Inventory, 2 Yr. CAGR %	56.45	59.9	50.22	18.4	26.68
Net Property, Plant and Equip., 2 Yr. CAGR %	35.94	14.1	1.69	1.85	-1.21
Total Assets, 2 Yr. CAGR %	19.99	28.07	17.25	-3.46	1.29
Tangible Book Value, 2 Yr. CAGR %	24.1	33.76	19.07	-11.8	0.07
Common Equity, 2 Yr. CAGR %	20.45	29.37	17.33	-11.18	-0.22
Cash From Operations, 2 Yr. CAGR %	2.7	179.01	-18.61	-41.2	68.73
Capital Expenditures, 2 Yr. CAGR %	52.27	-35.55	-57.64	5.28	34.61
Levered Free Cash Flow, 2 Yr. CAGR %	-6.53	112.87	16.67	-9.04	-0.1
Unlevered Free Cash Flow, 2 Yr. CAGR %	-6.51	113.95	16.67	-9.04	-0.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	16.64	16.29	11.49	12.41	14.84
Gross Profit, 3 Yr. CAGR %	31.46	21.42	87.07	-0.14	19.49
EBITDA, 3 Yr. CAGR %	46.49	11.84	58.11	-31.82	29.34
EBITA, 3 Yr. CAGR %	52.1	11.64	45.36	-39.19	30.64
EBIT, 3 Yr. CAGR %	56.98	12.17	39.32	-42.16	31.33
Earnings From Cont. Operations, 3 Yr. CAGR %	105.38	-8.65	26.43	-67.48	55.73
Net Income, 3 Yr. CAGR %	105.38	-8.65	26.43	-67.48	55.73
Normalized Net Income, 3 Yr. CAGR %	48.62	10.04	55.19	-25.5	32.75
Diluted EPS Before Extra, 3 Yr. CAGR %	103.06	-9.49	24.9	-67.25	61.56
Accounts Receivable, 3 Yr. CAGR %	26.16	28.36	15.55	11.45	16.68
Inventory, 3 Yr. CAGR %	58.81	54.44	56.51	28.26	34.01
Net Property, Plant and Equip., 3 Yr. CAGR %	32.95	23.48	9.73	1.86	-0.31
Total Assets, 3 Yr. CAGR %	23.08	19.45	23.96	3.34	6.01
Tangible Book Value, 3 Yr. CAGR %	30.6	22.01	29.08	-2.83	6.37
Common Equity, 3 Yr. CAGR %	25.09	18.92	25.73	-2.94	5.75
Cash From Operations, 3 Yr. CAGR %	30.63	10.92	58.54	-23.52	13.37
Capital Expenditures, 3 Yr. CAGR %	35.05	-0.1	-44.24	-21.89	-8.89
Levered Free Cash Flow, 3 Yr. CAGR %	28.99	14.58	53.01	12.52	-7.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	28.91	14.58	53.56	12.5	-7.58
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	21.98	17.18	14.45	14.46	14.03
Gross Profit, 5 Yr. CAGR %	23.54	62.05	25.15	8.43	57.94
EBITDA, 5 Yr. CAGR %	28.16	31.09	28.62	-15.16	50.44
EBITA, 5 Yr. CAGR %	28.58	24.91	30.79	-20.62	44.27
EBIT, 5 Yr. CAGR %	29.58	21.55	33.32	-22.74	41.04
Earnings From Cont. Operations, 5 Yr. CAGR %	55.53	1.7	40.41	-40.76	34.19
Net Income, 5 Yr. CAGR %	55.53	1.7	40.41	-40.76	34.19
Normalized Net Income, 5 Yr. CAGR %	36.23	24.12	34.58	-11.8	46.33
Diluted EPS Before Extra, 5 Yr. CAGR %	51.22	-0.14	39.04	-40.73	36.35
Accounts Receivable, 5 Yr. CAGR %	32.99	19.49	19.36	22.85	16.28
Inventory, 5 Yr. CAGR %	46.71	45.31	55.32	38.87	43.82
Net Property, Plant and Equip., 5 Yr. CAGR %	34.99	24.13	19.43	14.33	5.22
Total Assets, 5 Yr. CAGR %	24.66	20.46	20.72	9.7	14.34
Tangible Book Value, 5 Yr. CAGR %	250.34	26.97	25.86	7.16	16.58
Common Equity, 5 Yr. CAGR %	55.14	21.79	21.93	5.82	14.63
Cash From Operations, 5 Yr. CAGR %	19.72	59.83	8.11	-13.95	62.54
Capital Expenditures, 5 Yr. CAGR %	8.52	-6.86	-15.06	2.02	-20.67
Levered Free Cash Flow, 5 Yr. CAGR %	21.5	44.66	23.91	4.47	29.02
Unlevered Free Cash Flow, 5 Yr. CAGR %	22.65	45.77	23.86	4.47	29.29