Incyte (INCY) Operating Margin (2010 - 2026)
Incyte (INCY) posted Operating Margin of 23.66% for Q1 2026, up 6.15% on a QoQ basis from 22.29% in Q4 2025, and up 417.0% year-over-year from 4.58% in Q1 2025.
Incyte (INCY) Operating Margin (2010 - 2026) Analysis & Trends
Incyte's Operating Margin history runs 17 years deep, the most recent figure standing at 23.66% for Q1 2026.
- Quarterly Operating Margin rose 417.0% year-over-year to 23.66% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 30.05% (up 2609.0% YoY) and the FY2025 annual result came in at 29.46%, up 2802.0% from the prior year.
- Operating Margin was 23.66% for Q1 2026 at Incyte, up from 22.29% in the prior quarter.
- Across five years, Operating Margin topped out at 43.63% in Q2 2025 and bottomed at 45.81% in Q2 2024.
- A 5-year average of 16.35% and a median of 19.49% in 2025 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2024 — Operating Margin slumped 6611 bps — and 2025, when it surged 8944 bps.
- Incyte's Operating Margin stood at 7.56% in 2022, then surged by 144 bps to 18.48% in 2023, then jumped by 38 bps to 25.58% in 2024, then retreated by 13 bps to 22.29% in 2025, then grew by 6 bps to 23.66% in 2026.
- Business Quant data shows INCY's Operating Margin at 23.66% in Q1 2026, 22.29% in Q4 2025, and 32.47% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Oculis Holding AG | 68,785.72 Bn | 68,785.72 Bn | - | - |
| 2 | Nanobiotix | 1,895.57 Bn | 1,895.51 Bn | - | - |
| 3 | BeOne Medicines | 471.35 Bn | 466.56 Bn | 1.35 Bn | 16.51% |
| 4 | NuCana | 279.75 Bn | 279.75 Bn | - | - |
| 5 | Vertex Pharmaceuticals | 120.24 Bn | 113.00 Bn | 2.59 Bn | 38.10% |
| 6 | Regeneron Pharmaceuticals | 67.80 Bn | 59.04 Bn | 3.31 Bn | 17.83% |
| 7 | Belite Bio | 62.51 Bn | 62.51 Bn | - | - |
| 8 | Argenx Se | 57.38 Bn | 57.38 Bn | 1.41 Bn | 31.68% |
| 9 | Revolution Medicines | 37.78 Bn | 37.78 Bn | - | - |
| 10 | Incyte | 23.33 Bn | 19.32 Bn | 1.17 Bn | 23.66% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 23.66% |
| Dec 31, 2025 | 22.29% |
| Sep 30, 2025 | 32.47% |
| Jun 30, 2025 | 43.63% |
| Mar 31, 2025 | 19.49% |
| Dec 31, 2024 | 25.58% |
| Sep 30, 2024 | 12.84% |
| Jun 30, 2024 | -45.81% |
| Mar 31, 2024 | 10.43% |
| Dec 31, 2023 | 18.48% |
| Sep 30, 2023 | 23.36% |
| Jun 30, 2023 | 20.30% |
| Mar 31, 2023 | 3.06% |
| Dec 31, 2022 | 7.56% |
| Sep 30, 2022 | 16.81% |
| Jun 30, 2022 | 27.92% |
| Mar 31, 2022 | 15.89% |
| Dec 31, 2021 | 12.83% |
| Sep 30, 2021 | 28.96% |
| Jun 30, 2021 | 19.96% |