01—Abstract
Summary
Summary of the 10-K/A filed February 16, 2024. Cited figures are marked; the original filing is the authoritative source.
This Amendment No. 1 to Form 10-K amends the Annual Report for the fiscal year ended December 31, 2023, originally filed on February 13, 2024.
Incyte Corporation filed it solely to correct an administrative error in which an incorrect document was filed as Exhibit 97.1, the Incyte Corporation Policy for Recoupment of Erroneously Awarded Compensation. The corrected policy is attached as the new Exhibit 97.1. The filing states that no revisions are being made to the company's financial statements or to any other disclosure in the Original Form 10-K.
It is an exhibit-only filing that contains no financial statements or financial information, and it does not update any other exhibits. It includes new Section 302 certifications from the principal executive officer and principal financial officer, with certain paragraphs omitted as permitted under Rule 13a-14 of the Exchange Act. Section 906 certifications are not included because the amendment contains no financial statements.
The cover page of the Original Form 10-K reported an aggregate market value of Common Stock held by non-affiliates of approximately $11.7 billiona as of June 30, 2023, and 224,526,128 shares outstanding as of February 6, 2024. Ernst & Young LLP, Philadelphia, Pennsylvania, is identified as the auditor. The company's 2024 Annual Meeting of Stockholders is to be held on June 12, 2024.
02—Key points
Key Highlights
- Amendment No. 1 is an exhibit-only filing that corrects Exhibit 97.1, the clawback policy, which was incorrectly filed with the Original Form 10-K filed February 13, 2024.
- No revisions are made to the company's financial statements or to any other disclosure in the Original Form 10-K.
- The amendment contains no financial statements or financial information, so no financial results are presented in this filing.
- The corrected Exhibit 97.1 is Incyte Corporation's Policy for Recoupment of Erroneously Awarded Compensation.
- New Section 302 certifications from the CEO and CFO are filed with the amendment; Section 906 certifications are not included.
- The Original Form 10-K reported approximately $11.7 billion in market value of Common Stock held by non-affiliates as of June 30, 2023.
- Ernst & Young LLP, Philadelphia, Pennsylvania, is identified as the registered public accounting firm; 224,526,128 shares were outstanding as of February 6, 2024.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2023, Incyte kept $0.16.
- Revenue$3.70B100.0%
- Cost of revenue−$255.0M6.9%
- Gross profit$3.44B93.1%
- Operating costs−$2.82B76.3%
- Operating income$620.5M16.8%
- Interest, other & tax−$22.9M0.6%
- Net income$597.6M16.2%
Where FY2023 revenue went
$3.70B- R&D: $1.63B, 44% of revenue
- SG&A: $1.16B, 31% of revenue
- Net income: $597.6M, 16% of revenue
- Cost of revenue: $255.0M, 6.9% of revenue
- Other operating costs: $36.9M, 1.0% of revenue
- Interest, other & tax: $22.9M, 0.6% of revenue
Kept 16% as net incomeOther operating costs $36.9M · 1.0%Interest, other & tax $22.9M · 0.6%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2023filed February 16, 2024Financial Statements
FY2023 against FY2022
| Line item | FY2023FY2022 | Change |
|---|---|---|
| Revenue | $3.70B$3.39B | +8.9% |
| Cost of Revenue | $254.99M$207.00M | +23.2% |
| Gross Profit | $3.44B$3.19B | +7.9% |
| R&D Expenses | $1.63B$1.59B | +2.6% |
| SG&A Expenses | $1.16B$1.00B | +15.3% |
| Operating Expenses | $3.08B$2.82B | +9.2% |
| Operating Income | $620.52M$579.44M | +7.1% |
| Interest Expense | $2.55M$2.67M | −4.3% |
| Net Income | $597.60M$340.70M | +75.4% |
| EPS (Basic) | $2.67$1.53 | +74.5% |
| EPS (Diluted) | $2.65$1.52 | +74.3% |
| Shares Outstanding (Basic) | 223.63M222.00M | +0.7% |
| Shares Outstanding (Diluted) | 225.93M223.96M | +0.9% |
05—Questions
Frequently Asked Questions
Why was this amendment filed?
The company filed this amendment solely to correct an administrative error that caused an incorrect document to be filed as Exhibit 97.1 with the Original Form 10-K. The correct Incyte Corporation Policy for Recoupment of Erroneously Awarded Compensation is now attached.
Does this amendment change Incyte's financial results or disclosures?
No. The filing states that no revisions are being made to the company's financial statements or to any other disclosure contained in the Original Form 10-K, and that it does not reflect events occurring after the Original Form 10-K was filed.
What does the corrected Exhibit 97.1 cover?
Exhibit 97.1 is the Incyte Corporation Policy for Recoupment of Erroneously Awarded Compensation, which is the company's compensation recovery (clawback) policy.
What was Incyte's market value and share count as reported on the Original Form 10-K cover page?
The cover page reported an aggregate market value of Common Stock held by non-affiliates of approximately $11.7 billion, based on the June 30, 2023 closing price on The Nasdaq Global Select Market. As of February 6, 2024, there were 224,526,128 shares of Common Stock outstanding.
06—Continue