Incyte Corporation stock research
FY2023 Q2
Incyte (INCY) Gross Margin — Quarter Ended Jun 30, 2023
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin weakened slightly relative to both periods.
Gross margin takeaway
Quarter ended Jun 30, 2023 · FY2023 Q2
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin weakened slightly relative to both periods.
- The strongest observable margin driver is the increase in cost of revenue relative to revenue, resulting in a modest compression of gross margin.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Versus the same quarter one year earlier, revenue and gross profit were also higher, while gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
92.8%
Gross profit
$886.3M
Revenue
$954.6M
Cost of revenue
$68.3M
Quarter-over-quarter change
-0.1 pts
Year-over-year change
-1.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $808.7M | $751.9M | $56.8M | 93.0% |
| Jun 30, 2023 | $954.6M | $886.3M | $68.3M | 92.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2023
-0.1 pts
Year-over-year change
Jun 30, 2022
-1.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the increase in cost of revenue relative to revenue, resulting in a modest compression of gross margin.
Compared to the immediately preceding quarter, revenue and gross profit were higher, but gross margin was slightly lower. Versus the same quarter one year earlier, revenue and gross profit were also higher, while gross margin was lower.
Monitor the trajectory of cost of revenue given its impact on gross margin, as well as the competitive landscape for key products noted in the filing.