INCYTE CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$5.1B
Gross margin	92.8%
Operating income	$1.5B
Net income	$1.3B
Diluted EPS	$6.41
Cash & equivalents	$3.1B
Total assets	$7.0B
Long-term debt	— not reported

Key takeaway

Incyte reported $5.14 billion in revenue and $1.29 billion in net income for fiscal 2025, driven by its JAKAFI and OPZELURA franchises.

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Beneath the surface

The company reports a large deferred tax valuation allowance of $2.27 billion against gross deferred tax assets of $2.79 billion, suggesting substantial historical losses or uncertain future tax benefit realization not evident from headline net income.

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