INCYINCYTE CORP
Services-Commercial Physical & Biological Research
- Revenue
- $5.1B
- 21% YoY
- Operating margin
- 29.5%
- 1936% YoY
- EBITDA
- $1.6B
- 968% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 9.8×
- $15.8B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear110% of net incomeCash flow under 80% of net income
- Dilutive SBCClear5% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear2% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.4B | $3.7B | $4.2B | $5.1B | 21% |
| Operating income | $586M | $579M | $621M | $61M | $1.5B | 2369% |
| Net income | $949M | $341M | $598M | $33M | $1.3B | 3847% |
| Operating cash flow | $749M | $970M | $496M | $335M | $1.4B | 322% |
| Capex | $181M | $78M | — | — | — | |
| Stock-based comp | $183M | $188M | $216M | $266M | $249M | 6.3% |
| Buybacks | — | $0 | $0 | $2.0B | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 4
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 114 | 120 |
| FY2024 | — | — | 79 | 91 |
| FY2023 | — | — | 72 | 92 |
| FY2022 | — | — | 92 | 89 |
| FY2021 | — | — | 84 | 99 |