Incyte Corporation stock research
FY2025 Q3
Incyte (INCY) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased from the prior quarter and from the same quarter last year. Cost of revenue also rose, leading to a slight sequential decline in gross margin, though the margin remained above the year-ago level.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased from the prior quarter and from the same quarter last year. Cost of revenue also rose, leading to a slight sequential decline in gross margin, though the margin remained above the year-ago level.
- The gross margin was primarily driven by revenue growth outpacing the increase in cost of revenue on a year-over-year basis, while sequentially the cost of revenue grew at a faster pace relative to revenue.
- Compared to the immediately preceding quarter, gross margin weakened slightly as cost of revenue increased more than revenue. Versus the same quarter one year earlier, gross margin improved as revenue growth exceeded the increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
92.8%
Gross profit
$1.3B
Revenue
$1.4B
Cost of revenue
$99.0M
Quarter-over-quarter change
-0.8 pts
Year-over-year change
+0.3 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $1.4B | $1.3B | $99.0M | 92.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.8 pts
Year-over-year change
Sep 30, 2024
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin was primarily driven by revenue growth outpacing the increase in cost of revenue on a year-over-year basis, while sequentially the cost of revenue grew at a faster pace relative to revenue.
Compared to the immediately preceding quarter, gross margin weakened slightly as cost of revenue increased more than revenue. Versus the same quarter one year earlier, gross margin improved as revenue growth exceeded the increase in cost of revenue.
Monitor the filing's discussion of competitive pressures, including potential generic competition for JAKAFI, which could affect future revenue and margins.