Incyte Corporation stock research
FY2025 Q1
Incyte (INCY) Gross Margin — Quarter Ended Mar 31, 2025
Revenue and gross profit decreased from the immediately preceding quarter but increased from the same quarter one year earlier. Gross margin improved slightly compared to the prior quarter and was nearly stable relative to the year-ago quarter.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue and gross profit decreased from the immediately preceding quarter but increased from the same quarter one year earlier. Gross margin improved slightly compared to the prior quarter and was nearly stable relative to the year-ago quarter.
- The relationship between cost of revenue and revenue was the most observable driver: cost of revenue decreased from the prior quarter while revenue also decreased, resulting in a modest improvement in gross margin.
- Compared with the prior quarter, revenue was lower and cost of revenue was lower, leading to a higher gross margin. Compared with the same quarter last year, revenue was higher and cost of revenue was higher, while gross margin was slightly lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
93.0%
Gross profit
$979.7M
Revenue
$1.1B
Cost of revenue
$73.2M
Quarter-over-quarter change
+0.6 pts
Year-over-year change
-0.0 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 |
|---|---|---|---|---|
| Jun 30, 2024 | $1.0B | $967.1M | $76.6M | 92.7% |
| Sep 30, 2024 | $1.1B | $1.1B | $86.0M | 92.4% |
| Dec 31, 2024 | $1.2B | $1.1B | $88.5M | 92.5% |
| Mar 31, 2025 | $1.1B | $979.7M | $73.2M | 93.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.6 pts
Year-over-year change
Mar 31, 2024
-0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between cost of revenue and revenue was the most observable driver: cost of revenue decreased from the prior quarter while revenue also decreased, resulting in a modest improvement in gross margin.
Compared with the prior quarter, revenue was lower and cost of revenue was lower, leading to a higher gross margin. Compared with the same quarter last year, revenue was higher and cost of revenue was higher, while gross margin was slightly lower.
Monitor the trend in cost of revenue relative to revenue, as it has a direct impact on gross margin stability.