Revenue Growth Acceleration
Total revenue grew 20.9% YoY to $1,272.7M in Q1 FY2026, up from $1,052.9M in the prior-year period, reflecting strong demand across Incyte's product portfolio.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Incyte Corporation delivered a strong Q1 FY2026, with revenue surging 20.9% YoY to $1.27B and net income nearly doubling to $303.3M, driven by robust product sales and disciplined cost management.
Revenue
$1.27B
+20.87% YoY
EPS (Diluted)
$1.47
+83.75% YoY
Operating Income
$301.12M
+46.77% YoY
Source: SEC XBRL
Incyte (INCY) reported Q1 FY2026 revenue of $1.27B, up 20.9% year over year. Operating margin was 23.7%, up 4.2 points from 19.5% a year earlier. Operating cash flow was $369.35M, up 38.8% year over year. INCY's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 3.09 | 2.14 | Beat +44.1% |
| Mar 2026This filing | 1.81 | 1.40 | Beat +29.4% |
| Dec 2025 | 1.80 | 1.97 | Miss -8.5% |
| Sep 2025 | 2.26 | 1.69 | Beat +33.7% |
Adjusted (non-GAAP) EPS of $1.81 versus the $1.40 analyst consensus — a +29.4% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $1.47.
Compiled by AI from this SEC filing
Total revenue grew 20.9% YoY to $1,272.7M in Q1 FY2026, up from $1,052.9M in the prior-year period, reflecting strong demand across Incyte's product portfolio.
Source: 10-Q Income Statement
Operating income jumped 46.8% YoY to $301.1M, with operating margin expanding approximately 410 basis points to 23.7%, demonstrating meaningful operating leverage as revenue growth outpaced expense growth.
Source: 10-Q Income Statement
R&D expenses increased 18.0% YoY to $515.9M, representing approximately 40.5% of revenue, underscoring Incyte's continued commitment to pipeline development even as profitability improves.
Source: 10-Q Income Statement
Cash and equivalents surged 78.2% YoY to $3.46B, while stockholders' equity rose 53.3% to $5.62B, reflecting strong cash generation and an improved financial position.
Source: 10-Q Balance Sheet
SG&A expenses grew only 0.7% YoY to $328.1M, indicating disciplined commercial spending even as the company expanded its revenue base, contributing to margin expansion.
Source: 10-Q Income Statement
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
R&D expenses of $515.9M represent approximately 40.5% of Q1 FY2026 revenue, a level that could pressure profitability if pipeline assets fail to advance or receive regulatory approval. Clinical-stage failures could result in significant write-offs with no corresponding revenue benefit.
Source: 10-Q Income Statement
Cost of revenue increased 42.8% YoY to $104.5M, significantly faster than the 20.9% revenue growth rate, which could signal pricing pressure, product mix shifts, or manufacturing cost increases that may compress gross margins over time.
Source: 10-Q Income Statement
Current liabilities of $1.49B remain substantial relative to the prior year, and while the current ratio of 3.68 is healthy, the company must continue generating strong operating cash flows to meet near-term obligations without disrupting its pipeline investment.
Source: 10-Q Balance Sheet
Investing cash flow swung to -$88.2M from essentially breakeven ($1.1M) in the prior-year period, a change of over 8,000%, suggesting increased capital deployment that could reduce financial flexibility if returns are not realized.
Source: 10-Q Cash Flow Statement
Despite strong net income of $303.3M, ROE stands at only 5.4% and ROA at 4.1%, indicating that the large and growing asset and equity base is not yet generating proportionally high returns, which may concern efficiency-focused investors.
Source: 10-Q Key Ratios
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 1.27 $B | 1.05 $B | +20.87% |
Cost of Revenue $M | 104.52 $M | 73.19 $M | +42.81% |
Operating Income $M | 301.12 $M | 205.17 $M | +46.77% |
Net Income $M | 303.33 $M | 158.20 $M | +91.73% |
EPS (Basic) $ | 1.52 $ | 0.82 $ | +85.37% |
EPS (Diluted) $ | 1.47 $ | 0.80 $ | +83.75% |
R&D Expense $M | 515.90 $M | 437.28 $M | +17.98% |
SG&A Expense $M | 328.09 $M | 325.69 $M | +0.74% |
Answers draw on this SEC filing and the data on this page
Incyte's Q2 FY2026 10-Q filing did not include XBRL income statement, balance sheet, cash flow, or ratio data, so this analysis is based solely on qualitative disclosures from the MD&A and Risk Factors sections, which highlight continued reliance on JAKAFI, pipeline advancement (INCA033989, tafasitamab, latarcibart), and the newly approved JAKAFI XR extended-release formulation.
Incyte Corporation delivered a transformational FY2025, with revenue surging 21.2% to $5.14B and net income skyrocketing to $1.29B (from $32.6M), driven by a dramatic reduction in R&D spending and strong commercial momentum, resulting in a 29.5% operating margin.
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