What is Incyte's R&D?

Incyte (INCY) reported R&D of $516.95M in Q2 2026.

How has Incyte's R&D changed year-over-year?

Incyte's R&D increased by 4.5% year-over-year, from $494.92M to $516.95M.

What is the long-term trend for Incyte's R&D?

Over 4 years (2021 to 2025), Incyte's R&D has grown at a 8.9% compound annual growth rate (CAGR), from $1.46B to $2.05B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Incyte INCY R&D

R&D at other companies

Bristol-Myers SquibbBMY

$2.96B+14.7%

Celldex TherapeuticsCLDX

$73M+38.7%

GeronGERN

$14.96M-0.8%

Protagonist TherapeuticsPTGX

$46.74M+30.2%

Syndax PharmaceuticalsSNDX

$58.85M-4.5%

Agios PharmaceuticalsAGIO

$100.75M+9.6%

Other financials

Income statement

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Revenue$1.7B+37.7%

Gross profit$1.6B+38.0%

Operating income$697.9M+31.6%

Net income$585.6M+44.6%

EPS (diluted)$2.81+37.7%

Balance sheet

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Cash & equivalents$4.0B+104%

Total debt$38.3M-9.8%

Total equity$6.3B+52.1%

Total assets$7.9B+35.2%

Cash flow

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Operating cash flow$507.7M+1,035%

CapEx$1.6M-43.5%

Free cash flow$509.3M+1,069%

Valuation

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Market cap$25.96B+70.1%

Enterprise value$22.01B+64.9%

P/E16.1×-1.4×

P/S4.5×+1.1×

Profitability

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Gross margin92.6%-0.3pp

Operating margin30.6%+4.8pp

Net margin27.7%+8.7pp

FCF margin34%+12.3pp

Returns & leverage

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Return on equity30.7%+6.4pp

Debt / equity0×0.0×

Current ratio4.6×+1.7×

Where this comes from

Reported directly by Incyte in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

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

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Questions, answered.

What is Incyte's R&D?: Incyte (INCY) reported R&D of $516.95M in Q2 2026.
How has Incyte's R&D changed year-over-year?: Incyte's R&D increased by 4.5% year-over-year, from $494.92M to $516.95M.
What is the long-term trend for Incyte's R&D?: Over 4 years (2021 to 2025), Incyte's R&D has grown at a 8.9% compound annual growth rate (CAGR), from $1.46B to $2.05B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.