INCYTE CORP (INCY) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
PEMAZYRE Royalty Revenues	1.2
OPZELURA	128.7	4.7
United States	3,200.0	2,900.0	2,600.0
MINJUVI	19.7	4.9
Other	45.0	76.7	66.7
Total revenues [+]	3,394.6	2,986.3	2,666.7	2,158.8	1,881.9	1,536.2	1,105.7	753.8
Royalties								74.8
Products								601.0
Contracts								77.9
Other								0.1
Revenue growth [+]	13.7%	12.0%	23.5%	14.7%	22.5%	38.9%	46.7%	47.4%
OPZELURA	2657.8%
United States	10.3%	11.5%
MINJUVI	300.3%
JAKAVI Royalty Revenues	-1.9%	21.6%	23.0%	16.0%	28.4%
Cost of goods sold	207.0	151.0	131.3	114.2	94.1	79.5	58.2	27.0
Gross profit	3,187.6	2,835.3	2,535.4	2,044.5	1,787.8	1,456.7	1,047.5	726.8
Gross margin	93.9%	94.9%	95.1%	94.7%	95.0%	94.8%	94.7%	96.4%
Selling, general and administrative	1,002.1	739.6	516.9	468.7	434.4	366.3	303.3	196.6
Research and development	1,585.9	1,458.2	2,215.9	1,154.1	1,198.0	1,326.1	581.9	479.5
Other operating expenses	8.0	37.0	42.8
EBITDA [+]	659.4	658.4	-188.5	476.2	210.4	-183.5	220.8	95.5
EBITDA growth	0.2%	-449.3%	-139.6%	126.4%	-214.6%	-183.1%	131.2%	161.0%
EBITDA margin	19.4%	22.0%	-7.1%	22.1%	11.2%	-11.9%	20.0%	12.7%
Depreciation	46.4	36.3	30.3	33.0	33.5	30.7	45.8	44.9
EBITA	613.1	622.0	-218.8	443.2	176.9	-214.2	175.0	50.7
EBITA margin	18.1%	20.8%	-8.2%	20.5%	9.4%	-13.9%	15.8%	6.7%
Amortization of intangibles	21.5	21.5	21.5	21.5	21.5	21.5	12.6
EBIT [+]	591.6	600.5	-240.3	421.7	155.4	-235.7	162.4	50.7
EBIT growth	-1.5%	-349.9%	-157.0%	171.4%	-165.9%	-245.1%	220.7%	-1154.4%
EBIT margin	17.4%	20.1%	-9.0%	19.5%	8.3%	-15.3%	14.7%	6.7%
Non-recurring items [+]	12.1	14.7	23.4	19.7	26.2	7.7	17.4
Loss on contingent liability	12.1	14.7	23.4	19.7	26.2	7.7	17.4
Interest expense, net [+]	2.7	1.9	2.2	1.9	1.5	6.9	34.3	38.5
Interest expense	2.7	1.9	2.2	1.9	1.5	6.9	38.7	45.6
Interest income							4.4	7.1
Other income (expense), net [+]	-47.7	-13.4	33.6	86.6	-12.3	-62.0	-3.3	-4.6
Other	39.9	10.6	23.2	52.2	31.8	17.2
Pre-tax income	529.1	570.4	-232.2	486.8	115.3	-312.3	107.4	7.6
Income taxes	188.5	-378.1	63.5	39.9	5.9	0.9	3.2	1.0
Tax rate	35.6%			8.2%	5.1%		3.0%	13.6%
Net income	340.7	948.6	-295.7	446.9	109.5	-313.1	104.2	6.5
Net margin	10.0%	31.8%	-11.1%	20.7%	5.8%	-20.4%	9.4%	0.9%

Basic EPS [+]	$1.53	$4.30	($1.36)	$2.08	$0.52	($1.53)	$0.55	$0.04
Growth	-64.3%	-417.4%	-165.2%	303.4%	-133.7%	-375.9%	1425.5%	-112.6%
Diluted EPS [+]	$1.52	$4.27	($1.36)	$2.05	$0.51	($1.53)	$0.54	$0.03
Growth	-64.4%	-415.0%	-166.0%	304.4%	-133.2%	-385.1%	1439.7%	-112.1%

Shares outstanding (basic) [+]	222.0	220.4	218.1	214.9	212.4	204.6	187.9	179.6
Growth	0.7%	1.1%	1.5%	1.2%	3.8%	8.9%	4.6%	6.9%
Shares outstanding (diluted) [+]	224.0	222.1	218.1	217.7	215.6	204.6	194.1	187.3
Growth	0.8%	1.8%	0.2%	0.9%	5.4%	5.4%	3.6%	11.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.