Incyte recorded net income for the year ended December 31, 2024 of $32.6 million and net income for 2023 of $597.6 million. Diluted net income per share was $0.15 for 2024 and $2.65 for 2023.

10-KAnnual reportFiled Feb 10, 2025Period of report Dec 31, 2024Summary published (UTC) Oct 11, 2026

Key points

AI summary

Incyte recorded net income for the year ended December 31, 2024 of $32.6 million and net income for 2023 of $597.6 million. Diluted net income per share was $0.15 for 2024 and $2.65 for 2023.
The company said research and development expenses for 2024 included $679.4 million of expense related to acquired in-process research and development assets as part of the Escient acquisition. It cited Escient acquisition-related non-deductible expenses of $710.9 million as a factor in the effective tax rate of 89.7%, compared to 28.4% in the prior year.
Incyte said the increase in JAKAFI net product revenues from 2023 to 2024 was comprised of a volume increase of $142.3 million and a price increase of $56.1 million. OPZELURA was comprised of a volume increase of $165.3 million and a price increase of $5.1 million.
The company said net cash provided by investing activities for 2024 was $157.5 million, and net cash used in financing activities of $2.0 billion was primarily due to expenditures for share repurchases of $2.0 billion. Cash, cash equivalents and marketable securities as of December 31, 2024 were $2.2 billion.

Key figures

Fiscal year ended December 31, 2024

Revenue: $4.2B
Operating income: $61M
Net income: $33M
EPS: $0.15
Operating cash flow: $335M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Net Income $32.6 million, Prior Year $597.6 million

Incyte recorded net income for the year ended December 31, 2024 of $32.6 million and net income for 2023 of $597.6 million. Diluted net income per share was $0.15 for 2024 and $2.65 for 2023.

Source · Based on the MD&A text of the filing

Escient IPR&D Expense $679.4 million and Effective Tax Rate 89.7%

The company said research and development expenses for 2024 included $679.4 million of expense related to acquired in-process research and development assets as part of the Escient acquisition. It cited Escient acquisition-related non-deductible expenses of $710.9 million as a factor in the effective tax rate of 89.7%, compared to 28.4% in the prior year.

Source · Based on the MD&A text of the filing

JAKAFI and OPZELURA Net Product Revenue Increase Composition

Incyte said the increase in JAKAFI net product revenues from 2023 to 2024 was comprised of a volume increase of $142.3 million and a price increase of $56.1 million. OPZELURA was comprised of a volume increase of $165.3 million and a price increase of $5.1 million.

Source · Based on the MD&A text of the filing

2024 Investing and Financing Cash Flows and Share Repurchases of $2.0 billion

The company said net cash provided by investing activities for 2024 was $157.5 million, and net cash used in financing activities of $2.0 billion was primarily due to expenditures for share repurchases of $2.0 billion. Cash, cash equivalents and marketable securities as of December 31, 2024 were $2.2 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗