Filing Flows › Incyte (INCY) › Q1 2025
Incyte (INCY) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
Incyte (INCY) reported revenue of $1.1B for the first quarter 2025 (Q1 2025), +20% from a year earlier and -11% from the quarter before. Operating margin was 19.5%, net earnings $158M (15.0% of revenue).
Incyte, Q1 2025: revenue $1.1B (+20% year over year), operating margin 19.5%, net earnings $158M, operating cash flow $266M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | -11% | +20% |
| Operating profit | $205M | -32% | +123% |
| Net earnings | $158M | -21% | -7% |
| Operating cash flow | $266M | -30% | +22% |
| Free cash flow | $263M | — | +26% |
What changed
Revenue was $1.1B in Q1 2025, up 20% year over year and down 11% from the previous quarter. JAKAFI was the largest line at 67% of revenue. JAKAFI added $0.14B year over year (up 24%), 80% of the total change. ICLUSIG declined 3%.
Operating profit was $0.21B, a 19.5% margin (up 9.1 points year over year). Of the extra revenue versus a year earlier, 66% reached operating profit, above the 10% margin then. Total costs grew 7% against revenue growth of 20%. The fastest-growing cost line was Cost of revenue (+20%). Net earnings were $0.16B, down 7% year over year. The effective tax rate was 32.4%.
Operating cash flow was $0.27B (up 22% year over year), 168% of net earnings. Non-cash charges added back $0.02B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.02B. Capital expenditures of $3.2M left free cash flow of $0.26B.
Questions
What was Incyte's revenue in the first quarter 2025?
Incyte (INCY) reported revenue of $1.1B for the first quarter 2025 (Q1 2025), +20% from a year earlier and -11% from the quarter before.
Was Incyte profitable in the first quarter 2025?
Operating profit was $205M (19.5% of revenue) and net earnings $158M.
Source: Incyte 10-Q on SEC EDGAR.