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Incyte INCY Milestone and contract revenues — Total revenues

Other product segments

JAKAFI
$757.76M+6.8%
OPZELURA
$143.02M+20.5%
JAKAVI Royalty Revenues
$105.56M+14.6%
NIKTIMVO
$55.09M+305%
MINJUVI/MONJUVI
$49.23M+66.6%
ZYNYZ
$41.39M+1,276%
OLUMIANT Royalty Revenues
$36.41M+18.2%
ICLUSIG
$35.46M+20.0%
PEMAZYRE
$22.54M+22.3%
TABRECTA Royalty Revenues
$5.98M-6.7%
Other product royalty revenues
$3.25M+156%

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TBPHLicensing And Milestone — Revenue
$8.13M
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CYTKLicense And Milestone Revenues — Revenue
$11.93M
Axsome Therapeutics logo
AXSMRoyalty And Milestone Revenue — Revenue
$1.8M+63.2%
Crinetics Pharmaceuticals logo
CRNXLicense — Milestone revenue
$1.5M
Zymeworks logo
ZYMEMilestone revenue — Research and development collaborations
$0-100%

Other financials

Income statement

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Revenue$1.3B+20.9%
Gross profit$1.2B+19.2%
Operating income$301.1M+46.8%
Net income$303.3M+91.7%
EPS (diluted)$1.47+83.7%

Balance sheet

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Cash & equivalents$3.5B+78.2%
Total debt$39.4M-8.6%
Total equity$5.6B+53.3%
Total assets$7.3B+27.7%

Cash flow

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Operating cash flow$369.4M+38.8%
CapEx$1.6M-43.5%
Free cash flow$367.7M+39.7%

Valuation

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Market cap$23.32B+74.2%
Enterprise value$19.89B+73.4%
P/E16.3×+0.9×
P/S4.4×+1.4×

Profitability

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Gross margin92.5%-0.2pp
Operating margin30%+26.1pp
Net margin26.7%+26.2pp
FCF margin28.2%+19.7pp

Returns & leverage

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Return on equity30.8%+30.4pp
Debt / equity0.0×
Current ratio3.7×+1.6×

Where this comes from

Reported directly by Incyte in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Incyte’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Incyte's milestone and contract revenues — total revenues?
Incyte (INCY) reported milestone and contract revenues — total revenues of $17M in Q1 2026.
What is the long-term trend for Incyte's milestone and contract revenues — total revenues?
Over 4 years (2021 to 2025), Incyte's milestone and contract revenues — total revenues has grown at a 12.1% compound annual growth rate (CAGR), from $95M to $150M.
What does milestone and contract revenues — total revenues mean?
This metric represents the portion of total revenue derived from contractual milestone payments, such as those triggered by successful clinical trial outcomes, regulatory approvals, or commercial sales thresholds achieved by partners. It reflects the company's ability to monetize its intellectual property through strategic licensing and collaboration agreements. These payments are often non-recurring and can cause significant fluctuations in top-line performance based on the timing of development milestones.