Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.54B | $1.88B | $2.16B | $2.67B | $2.99B | $3.39B | $3.70B | $4.24B | $5.14B |
| Revenue growth | — | 38.9% | 22.5% | 14.7% | 23.5% | 12.0% | 13.7% | 8.9% | 14.8% | 21.2% |
| Operating income | $145M | -$243M | $129M | $402M | -$264M | $586M | $579M | $621M | $61.4M | $1.51B |
| Operating margin | 13.1% | -15.8% | 6.9% | 18.6% | -9.9% | 19.6% | 17.1% | 16.8% | 1.4% | 29.5% |
| Net income | $104M | -$313M | $109M | $447M | -$296M | $949M | $341M | $598M | $32.6M | $1.29B |
| Net margin | 9.4% | -20.4% | 5.8% | 20.7% | -11.1% | 31.8% | 10.0% | 16.2% | 0.8% | 25.0% |
| EPS (diluted) | $0.54 | -$1.53 | $0.51 | $2.05 | -$1.36 | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $305M | -$93.0M | $336M | $711M | -$125M | $749M | $970M | $496M | $335M | $1.41B |
| Capital expenditures | $120M | $111M | $73.5M | $78.1M | $187M | $181M | $77.8M | — | — | — |
| Free cash flow | $184M | -$204M | $263M | $633M | -$312M | $568M | $892M | — | — | — |
| Share buybacks | — | — | — | — | — | — | $0.00 | $0.00 | $2.00B | $0.00 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $652M | $900M | $1.16B | $1.83B | $1.51B | $2.06B | $2.95B | $3.21B | $1.69B | $3.10B |
| Total assets | $1.64B | $2.30B | $2.65B | $3.43B | $3.56B | $4.93B | $5.84B | $6.78B | $5.44B | $6.96B |
| Total liabilities | $1.22B | $672M | $720M | $828M | $950M | $1.16B | $1.47B | $1.59B | $2.00B | $1.79B |
| Long-term debt | $750M | $26.8M | $19.1B | — | — | — | — | — | — | — |
| Shareholders' equity | $419M | $1.63B | $1.93B | $2.60B | $2.61B | $3.77B | $4.37B | $5.19B | $3.45B | $5.17B |
| Retained earnings | -$1.67B | -$1.99B | -$1.88B | -$1.43B | -$1.73B | -$778M | -$437M | $160M | -$1.07B | $214M |
| Shares (wtd avg diluted) | 194M | 205M | 216M | 218M | 218M | 222M | 224M | 226M | 211M | 201M |
Every figure is extracted from INCYTE CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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