Incyte Corporation stock research
FY2023 Q3
Incyte (INCY) Gross Margin — Quarter Ended Sep 30, 2023
Revenue and gross profit both decreased from the prior quarter, while cost of revenue also declined. Gross margin improved slightly compared to both the prior quarter and the same quarter last year.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue and gross profit both decreased from the prior quarter, while cost of revenue also declined. Gross margin improved slightly compared to both the prior quarter and the same quarter last year.
- The decline in cost of revenue relative to revenue was the primary observable factor supporting gross margin improvement.
- Compared to the prior quarter, revenue and gross profit were lower, but gross margin was higher. Versus the same quarter last year, revenue and gross profit were higher, while gross margin remained stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
93.5%
Gross profit
$858.9M
Revenue
$919.0M
Cost of revenue
$60.1M
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+0.1 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% |
| Sep 30, 2023 | $919.0M | $858.9M | $60.1M | 93.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
+0.6 pts
Year-over-year change
Sep 30, 2022
+0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The decline in cost of revenue relative to revenue was the primary observable factor supporting gross margin improvement.
Compared to the prior quarter, revenue and gross profit were lower, but gross margin was higher. Versus the same quarter last year, revenue and gross profit were higher, while gross margin remained stable.
Monitor the trajectory of cost of revenue, as its relative movement has a direct impact on gross margin.