Incyte Corporation (INCY)

Pretax margin

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Earnings before tax but after interest (EBT)	US$ in thousands	316,630	834,215	529,116	570,444	-232,218
Revenue	US$ in thousands	4,241,220	3,693,100	3,394,640	2,986,270	2,666,700
Pretax margin		7.47%	22.59%	15.59%	19.10%	-8.71%

December 31, 2024 calculation

Pretax margin = EBT ÷ Revenue
= $316,630K ÷ $4,241,220K
= 7.47%

Incyte Corporation's pretax margin has exhibited fluctuations over the past five years as follows:

- As of December 31, 2020, the pretax margin was at a negative 8.71%, indicating that the company's expenses exceeded its revenues before accounting for taxes.
- By December 31, 2021, the pretax margin had significantly improved to 19.10%, reflecting a more efficient management of costs relative to revenues.
- In the subsequent year ending December 31, 2022, the pretax margin slightly decreased to 15.59%, possibly due to shifts in the company's cost structure or revenue generation.
- As of December 31, 2023, the pretax margin surged to 22.59%, signaling a strong performance in terms of profitability before taxes.
- However, by December 31, 2024, the pretax margin declined to 7.47%, potentially indicating challenges in maintaining profitability levels.

Overall, Incyte Corporation's pretax margin has shown variability, suggesting the need for continued monitoring and potential adjustments to optimize its profitability levels.