Incyte Corporation stock research
FY2024 Q2
Incyte (INCY) Gross Margin — Quarter Ended Jun 30, 2024
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit rose accordingly. Cost of revenue also increased, but gross margin slightly weakened from the prior quarter and remained nearly stable versus the year-ago quarter.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue increased compared to both the prior quarter and the same quarter last year, while gross profit rose accordingly. Cost of revenue also increased, but gross margin slightly weakened from the prior quarter and remained nearly stable versus the year-ago quarter.
- The strongest observable margin driver is the sustained high gross margin above ninety percent, supported by revenue growth that outpaced the increase in cost of revenue compared to the prior quarter.
- 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 higher, while gross margin was marginally lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
92.7%
Gross profit
$967.1M
Revenue
$1.0B
Cost of revenue
$76.6M
Quarter-over-quarter change
-0.4 pts
Year-over-year change
-0.2 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 |
|---|---|---|---|---|
| Sep 30, 2023 | $919.0M | $858.9M | $60.1M | 93.5% |
| Dec 31, 2023 | $1.0B | $943.6M | $69.8M | 93.1% |
| Mar 31, 2024 | $880.9M | $819.9M | $61.0M | 93.1% |
| Jun 30, 2024 | $1.0B | $967.1M | $76.6M | 92.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-0.4 pts
Year-over-year change
Jun 30, 2023
-0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the sustained high gross margin above ninety percent, supported by revenue growth that outpaced the increase in cost of revenue compared to the prior quarter.
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 higher, while gross margin was marginally lower.
Monitor the trend in cost of revenue relative to revenue, as its increase contributed to the slight gross margin weakening.