Incyte Corporation stock research
FY2025 Q2
Incyte (INCY) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. The gross margin improved slightly, reflecting that revenue growth outpaced the increase in cost of revenue.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. The gross margin improved slightly, reflecting that revenue growth outpaced the increase in cost of revenue.
- The strongest observable margin driver is the expansion of revenue relative to cost of revenue, as the gross margin improved from both the prior quarter and the year-ago quarter.
- Sequentially, revenue and gross profit were higher, while cost of revenue increased modestly. Compared to the same quarter last year, revenue and gross profit were also higher, and cost of revenue was slightly higher. Gross margin improved in both comparisons.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
93.5%
Gross profit
$1.1B
Revenue
$1.2B
Cost of revenue
$78.8M
Quarter-over-quarter change
+0.5 pts
Year-over-year change
+0.9 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, 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% |
| Jun 30, 2025 | $1.2B | $1.1B | $78.8M | 93.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+0.5 pts
Year-over-year change
Jun 30, 2024
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the expansion of revenue relative to cost of revenue, as the gross margin improved from both the prior quarter and the year-ago quarter.
Sequentially, revenue and gross profit were higher, while cost of revenue increased modestly. Compared to the same quarter last year, revenue and gross profit were also higher, and cost of revenue was slightly higher. Gross margin improved in both comparisons.
Monitor the impact of generic competition and patent challenges on JAKAFI's revenue as noted in the filing.