How does Incyte (INCY) make money?

Incyte (INCY) generates revenue primarily from J A K A F I, which accounted for 70% of total revenue in TTM through Q1 2026. The company reported $5.36B in revenue and converted 26.7% of it into net profit, equivalent to roughly $1.43B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Incyte (INCY)?

Incyte (INCY) reported a gross profit margin of 92.5% in TTM through Q1 2026, equivalent to $4.96B in gross profit on $5.36B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Incyte (INCY)?

Incyte (INCY) reported an operating profit margin of 27.1% in TTM through Q1 2026, equivalent to $1.45B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Incyte (INCY)?

Incyte (INCY) reported a net profit margin of 26.7% in TTM through Q1 2026, equivalent to $1.43B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Incyte (INCY) profitable?

Yes. Incyte (INCY) reported $1.43B in net income for TTM through Q1 2026, with a net profit margin of 26.7%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Incyte (INCY) invest in research and development?

Incyte (INCY) invested $2.13B in research and development during TTM through Q1 2026, roughly 39.7% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much does Incyte (INCY) spend on capital expenditures?

Incyte (INCY) spent $65.90M on capital expenditures (CapEx) during TTM through Q1 2026, roughly 1.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Incyte (INCY) generate?

Incyte (INCY) generated $1.45B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 27.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Incyte (INCY)?

Incyte (INCY) had an effective tax rate of 19.3% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Incyte (INCY)?

Incyte (INCY) reports revenue across 9 reportable product segments, led by J A K A F I at 70% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Incyte (INCY) generate most of its revenue?

U [S] is the largest geographic market for Incyte (INCY), accounting for 93.5% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Incyte Makes Money: 2026 Visual Revenue Map

Incyte (INCY) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 28, 2026).

Incyte (INCY) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Incyte (INCY) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
J A K A F I	$3.75B	70%
OPZELURA	$730.42M	13.6%
Milestone And Contract Revenue	$173.57M	3.2%
M I N J U V I	$170.72M	3.2%
Olumiant Royalty	$156.12M	2.9%
I C L U S I G	$145.50M	2.7%
ZYNYZ	$108.86M	2%
PEMAZYRE Royalty Revenues	$94.40M	1.8%
Other segments	$27.30M	0.5%
Total	$5.36B	100%

J A K A F I$3.75B
OPZELURA$730.42M
Milestone And Contract Revenue$173.57M
M I N J U V I$170.72M
Olumiant Royalty$156.12M
I C L U S I G$145.50M
ZYNYZ$108.86M
PEMAZYRE Royalty Revenues$94.40M
Other segments$27.30M
Total$5.36B

Incyte (INCY) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Incyte (INCY), TTM through Q1 2026
Region	Revenue (USD)	% of total
U [S]	$4.99B	93.5%
Europe	$347.56M	6.5%
Total	$5.34B	100%

U [S]
Europe
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Incyte (INCY) reports revenue across 9 operating segments; the largest segment was J A K A F I at 70%, followed by OPZELURA (13.6%) and Milestone And Contract Revenue (3.2%). Separately, by end-market geography, U [S] accounted for 93.5% of revenue, followed by Europe (6.5%).

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