How does Incyte (INCY) make money?

Incyte (INCY) generates revenue primarily from J A K A F I, which accounted for 65.8% of total revenue in TTM through Q2 2026. The company reported $5.82B in revenue and converted 27.7% of it into net profit, equivalent to roughly $1.61B 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 92.6% in TTM through Q2 2026, equivalent to $5.39B in gross profit on $5.82B 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 31.6% in TTM through Q2 2026, equivalent to $1.84B 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 27.7% in TTM through Q2 2026, equivalent to $1.61B 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 $1.61B in net income for TTM through Q2 2026, with a net profit margin of 27.7%. 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 $2.15B in research and development during TTM through Q2 2026, roughly 37.0% 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 $59.2M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 1.0% 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 $1.92B in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 33.0%. 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 18% in TTM through Q2 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 65.8% of total revenue in TTM through Q2 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 Q2 2026

Calculated from the four most recent reported quarters, ending June 30, 2026 (reported July 28, 2026).

Incyte (INCY) Revenue by Product Segment — TTM through Q2 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), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
J A K A F I	$3.83B	65.8%
OPZELURA	$1.03B	17.7%
M I N J U V I	$195M	3.3%
Milestone And Contract Revenue	$180M	3.1%
Olumiant Royalty	$162M	2.8%
ZYNYZ	$152M	2.6%
I C L U S I G	$148M	2.5%
PEMAZYRE Royalty Revenues	$95.9M	1.6%
Other segments	$27.4M	0.5%
Total	$5.82B	100%

J A K A F I$3.83B
OPZELURA$1.03B
M I N J U V I$195M
Milestone And Contract Revenue$180M
Olumiant Royalty$162M
ZYNYZ$152M
I C L U S I G$148M
PEMAZYRE Royalty Revenues$95.9M
Other segments$27.4M
Total$5.82B

Incyte (INCY) Revenue by Geography — TTM through Q2 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 Q2 2026
Region	Revenue (USD)	% of total
U [S]	$5.42B	93.5%
Europe	$374M	6.5%
Total	$5.79B	100%

U [S]
Europe
Total

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Incyte (INCY) reports revenue across 9 reportable product segments; the largest segment was J A K A F I at 65.8%, followed by OPZELURA (17.7%) and M I N J U V I (3.3%). Geographically, U [S] accounted for 93.5% of revenue, followed by Europe (6.5%).

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