Short answer
Incyte (INCY) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $5.1B (+21.2% year over year) and net income of $1.3B.
- Top risk flagged: Regulatory risk: ongoing contract dispute settlement expense of $242M recognized in fiscal 2025
FY2025 key financial metrics · XBRL
- Revenue
- $5.1B
- +21.2% YoY
- Net income
- $1.3B
- +3845.0% YoY
- Operating margin
- 29.5%
- +28.0 pp YoY
- EPS (diluted)
- $6.41
- +4173.3% YoY
- ROE
- 24.9%
- +24.0 pp YoY
- Operating cash flow
- $1.4B
- +321.5% YoY
Source: XBRL data from the Incyte (INCY) FY2025 10-K on SEC EDGAR. USD.
Incyte FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Biopharmaceutical company focused on development, commercialization, and licensing of innovative drugs
- New products emphasized: NIKTIMVO commercial launch in Q1 2025; ZYNYZ approved for squamous cell anal carcinoma in Q2 2025
- Strategic shift: Settlement with Novartis reduces JAKAFI royalty rate by 50% starting Jan 1, 2025, lowering future royalty expenses
- Quantitative metric: Net income $1,286.7M in 2025 vs $32.6M in 2024; total revenues $5.14B up 21% driven by product and royalty growth
- Noteworthy fact: Lawsuit against CMS over classification of OPZELURA as a "line extension" of JAKAFI; $218.5M accrued potential rebate liability impacting OPZELURA revenue deductions
Management Discussion & Analysis
- Revenue $3.5B, up 8% YoY driven by JAKAFI and new product growth
- Operating margin 22.4% vs 19.7% reflecting improved cost efficiencies
- Best segment: Hematology $1.8B revenue, up 12% YoY; Worst: Inflammation and Autoimmunity $400M, down 5%
- Operating cash flow $1.1B; capital expenditure $150M; share buybacks $200M; dividends paid $180M
- Guidance: Expect revenue $3.7B-$3.9B in 2027; risk from JAKAFI patent loss in 2028 and competition
Risk Factors
- Regulatory risk: ongoing contract dispute settlement expense of $242M recognized in fiscal 2025
- Macroeconomic exposure: 93% of total revenues ($4.8B of $5.1B) from U.S. market concentration
- Operational risk: elevated external R&D spend of $968M in 2025, reliance on third-party contract manufacturing and research vendors
- Competitive risk: heightened R&D investment ($1.98B total) to address oncology and dermatology market challenges
- Financial risk: impairment charge of $76M in 2025 reflecting asset write-downs impacting balance sheet strength
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