Incyte Corporation stock research
FY2026 Q1
Incyte (INCY) Gross Margin — Quarter Ended Mar 31, 2026
Revenue decreased from the prior quarter while cost of revenue also decreased, resulting in gross profit that was lower but gross margin remained relatively stable, weakening slightly. Compared to the same quarter last year, revenue and gross profit were higher, but gross margin was lower.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue decreased from the prior quarter while cost of revenue also decreased, resulting in gross profit that was lower but gross margin remained relatively stable, weakening slightly. Compared to the same quarter last year, revenue and gross profit were higher, but gross margin was lower.
- The slight decline in gross margin was driven by a proportionally smaller reduction in cost of revenue relative to the decrease in revenue. Despite cost reductions, the margin compressed modestly.
- Compared to the preceding quarter, revenue and gross profit were lower, cost of revenue was lower, and gross margin weakened marginally. Relative to the same quarter a year ago, revenue and gross profit were higher, cost of revenue was higher, and gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
91.8%
Gross profit
$1.2B
Revenue
$1.3B
Cost of revenue
$104.5M
Quarter-over-quarter change
-0.2 pts
Year-over-year change
-1.3 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 |
|---|---|---|---|---|
| Jun 30, 2025 | $1.2B | $1.1B | $78.8M | 93.5% |
| Sep 30, 2025 | $1.4B | $1.3B | $99.0M | 92.8% |
| Dec 31, 2025 | $1.5B | $1.4B | $121.2M | 92.0% |
| Mar 31, 2026 | $1.3B | $1.2B | $104.5M | 91.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-0.2 pts
Year-over-year change
Mar 31, 2025
-1.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The slight decline in gross margin was driven by a proportionally smaller reduction in cost of revenue relative to the decrease in revenue. Despite cost reductions, the margin compressed modestly.
Compared to the preceding quarter, revenue and gross profit were lower, cost of revenue was lower, and gross margin weakened marginally. Relative to the same quarter a year ago, revenue and gross profit were higher, cost of revenue was higher, and gross margin was lower.
Monitor competitive pressures that could challenge revenue and margin stability, as noted in the filing's discussion of the business environment.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Incyte Corporation (INCY) | 91.8% |