Incyte Corporation stock research
FY2023 Q4
Incyte (INCY) Gross Margin — Quarter Ended Dec 31, 2023
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from both periods, as cost of revenue grew at a faster pace than revenue.
Gross margin takeaway
Quarter ended Dec 31, 2023 · FY2023 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin weakened slightly from both periods, as cost of revenue grew at a faster pace than revenue.
- The primary observable factor affecting gross margin was the change in cost of revenue relative to revenue. Cost of revenue increased at a higher rate than revenue, leading to a slight compression in margin.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, while gross margin was lower. Versus the same quarter one year earlier, revenue and gross profit were also higher, with gross margin slightly lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
93.1%
Gross profit
$943.6M
Revenue
$1.0B
Cost of revenue
$69.8M
Quarter-over-quarter change
-0.3 pts
Year-over-year change
-0.5 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% |
| Dec 31, 2023 | $1.0B | $943.6M | $69.8M | 93.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
-0.3 pts
Year-over-year change
Dec 31, 2022
-0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable factor affecting gross margin was the change in cost of revenue relative to revenue. Cost of revenue increased at a higher rate than revenue, leading to a slight compression in margin.
Compared to the immediately preceding quarter, revenue and gross profit were higher, while gross margin was lower. Versus the same quarter one year earlier, revenue and gross profit were also higher, with gross margin slightly lower.
Monitor the trend in cost of revenue as a proportion of revenue, given its impact on gross margin.