Incyte Corporation (INCY)

Pretax margin

Dec 31, 2024 Sep 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019
Earnings before tax but after interest (EBT) (ttm) US$ in thousands 977,363 897,438 1,018,518 834,215 643,874 558,663 510,437 529,116 568,521 629,402 571,657 570,444 618,526 405,554 541,185 -232,213 -274,311 -122,837 -321,383 486,790
Revenue (ttm) US$ in thousands 4,209,569 3,949,271 3,765,356 3,693,101 3,609,260 3,513,520 3,470,962 3,395,993 3,330,147 3,320,472 3,114,784 2,986,267 2,912,923 2,720,579 2,702,913 2,666,702 2,456,582 2,387,520 2,229,409 2,158,759
Pretax margin 23.22% 22.72% 27.05% 22.59% 17.84% 15.90% 14.71% 15.58% 17.07% 18.96% 18.35% 19.10% 21.23% 14.91% 20.02% -8.71% -11.17% -5.14% -14.42% 22.55%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $977,363K ÷ $4,209,569K
= 23.22%

Incyte Corporation's pretax margin has experienced fluctuations over the analyzed period. The pretax margin was positive and relatively stable, ranging from 14.71% to 22.59%, between March 31, 2023, and December 31, 2023. There was a significant improvement in the pretax margin from 14.71% on March 31, 2023, to 27.05% on March 31, 2024, indicating a notable increase in profitability.

However, following this peak, there was a slight decline in the pretax margin to 22.72% by September 30, 2024, and a subsequent increase to 23.22% by December 31, 2024. Overall, Incyte Corporation has shown the ability to maintain positive pretax margins, with occasional fluctuations, illustrating its ability to efficiently manage operating expenses relative to its revenue generation before taxes.