INCYTE CORP
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
INCY$120.30-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $987,371 | $(168,597) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 69,304 | 66,515 |
| Stock-based compensation | 187,189 | 194,340 |
| Deferred income taxes | 234,188 | (85,609) |
| Other, net | 3,445 | (4,824) |
| (Gain) on equity investments | (3,064) | (126,206) |
| Loss on change in fair value of acquisition-related contingent consideration | 22,129 | 23,847 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (42,275) | (14,893) |
| Prepaid expenses and other assets | (221,275) | (55,381) |
| Inventory | (53,654) | (93,352) |
| Accounts payable | (26,414) | 69,109 |
| Accrued and other liabilities | (286,747) | 149,170 |
| Net cash provided by (used in) operating activities | 870,197 | (45,881) |
| Cash flows from investing activities: | ||
| Sale of equity investments | 8 | 282,866 |
| Capital expenditures | (36,990) | (68,879) |
| Payments for intangible assets | (25,000) | (13,900) |
| Purchases of marketable securities | (212,852) | (228,986) |
| Maturities of marketable securities | 209,643 | 207,881 |
| Net cash (used in) provided by investing activities | (65,191) | 178,982 |
| Cash flows from financing activities: | ||
| Repurchases of Common Stock | — | (2,004,790) |
| Excise tax paid on repurchase of Common Stock | (19,100) | — |
| Proceeds from issuance of Common Stock under stock plans | 61,553 | 16,242 |
| Tax withholdings related to restricted and performance share vesting | (60,469) | (39,416) |
| Payment of finance lease liabilities | (3,386) | (2,761) |
| Payment of contingent consideration | (15,298) | (11,216) |
| Net cash used in financing activities | (36,700) | (2,041,941) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash | (908) | (535) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 767,398 | (1,909,375) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,689,451 | 3,215,221 |
| Cash, cash equivalents, and restricted cash at end of period | $2,456,849 | $1,305,846 |
| Supplemental Schedule of Cash Flow Information | ||
| Income taxes paid | $185,221 | $302,860 |
| Cash paid for contract dispute settlement | $294,881 | $— |
| Unpaid excise tax on repurchase of Common Stock | $— | $19,185 |
| Unpaid purchases of property and equipment | $4,158 | $3,538 |
| Leased assets obtained in exchange for new operating lease liabilities | $3,163 | $2,436 |
| Leased assets obtained in exchange for new finance lease liabilities | $438 | $1,959 |
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