0000879169-23-000016 | 10-Q | XBRL Viewer

$ 128,313

$ 133,676

^[1]

Research and development

406,641

$ 353,373

$ (5,318)

(46,585)

Investment in Syndax

Common stock held from investment (in shares)

1,400,000

$ 30,000

$ 36,200

(6,200)

$ (6,400)

Syndax

Upfront payment under license agreement

$ 117,000

Syndax | Development and Regulatory Milestones | Maximum

Additional milestone payments under the license agreement

220,000

Syndax | Commercialization Milestones | Maximum

Additional milestone payments under the license agreement

$ 230,000

UNITED STATES | Syndax | Syndax

Funding of future development costs (as a percent)

45.00%

UNITED STATES | Syndax | Incyte

Funding of future development costs (as a percent)

55.00%

[1]	The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date.

Fair Value of Financial Instruments - Liabilities measured on a recurring basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 218,000	$ 221,000
Total liabilities	218,000	221,000
Fair Value, Inputs, Level 1
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 2
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Fair Value, Inputs, Level 3
Fair value of financial instruments
Acquisition-related contingent consideration	218,000	221,000
Total liabilities	$ 218,000	$ 221,000

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Defined contribution expense	$ 5.6	$ 4.9
Location of costs excluding the service component	Interest income and other, net
Current year expected contributions total	$ 8.0

License Agreements	3 Months Ended
License Agreements	Mar. 31, 2023
License Agreements
License Agreements	Note 7. License Agreements Novartis In November 2009, we entered into a Collaboration and License Agreement with Novartis. Under the terms of the agreement, Novartis received exclusive development and commercialization rights outside of the United States to our JAK inhibitor ruxolitinib and certain back-up compounds for hematologic and oncology indications, including all hematological malignancies, solid tumors and myeloproliferative diseases. We retained exclusive development and commercialization rights to JAKAFI (ruxolitinib) in the United States and in certain other indications. Novartis also received worldwide exclusive development and commercialization rights to our MET inhibitor compound capmatinib and certain back-up compounds in all indications. Under this agreement, we were initially eligible to receive up to $174.0 million for the achievement of development milestones, up to $495.0 million for the achievement of regulatory milestones and up to $500.0 million for the achievement of sales milestones. In addition, we are eligible to receive up to $75.0 million of additional potential development and regulatory milestones relating to graft-versus-host-disease (“GVHD”). Since the inception of the agreement through March 31, 2023, we have recognized and received, in the aggregate, $157.0 million for the achievement of development milestones, $340.0 million for the achievement of regulatory milestones, and $200.0 million for the achievement of sales milestones. We also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12% to 14%. We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States contingent on certain conditions. During the three months ended March 31, 2023 and 2022, such royalties on net sales within the United States totaled $23.4 million and $21.7 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. At March 31, 2023 and December 31, 2022, $276.9 million and $253.5 million, respectively, of accrued royalties were included in accrued and other current liabilities on the condensed consolidated balance sheets, payment of which is dependent on the outcome of a contract dispute with Novartis. Each company is responsible for costs relating to the development and commercialization of ruxolitinib in its respective territories, with costs of collaborative studies shared equally. Novartis is also responsible for all costs relating to the development and commercialization of capmatinib. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three months ended March 31, 2023 and 2022 was $76.7 million and $70.9 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three months ended March 31, 2023 and 2022 was $4.2 million and $3.5 million, respectively. Lilly – Baricitinib In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to our JAK inhibitor baricitinib, and certain back-up compounds for inflammatory and autoimmune diseases. Under this agreement, we were initially eligible to receive up to $150.0 million for the achievement of development milestones, up to $365.0 million for the achievement of regulatory milestones and up to $150.0 million for the achievement of sales milestones. Since the inception of the agreement through March 31, 2023, we have recognized and received, in aggregate, $149.0 million for the achievement of development milestones, $335.0 million for the achievement of regulatory milestones and $50.0 million for the achievement of sales milestones. We are also eligible to receive tiered, double-digit royalties on future global sales with rates ranging up to the mid-twenties if a product is successfully commercialized. In May 2020, we amended our agreement with Lilly to enable Lilly to develop and commercialize baricitinib for the treatment of COVID-19. As part of the amended agreement, in addition to the royalties described above, we will be entitled to receive additional royalty payments with rates in the low teens on global net sales of baricitinib for the treatment of COVID-19 that exceed a specified aggregate global net sales threshold. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three months ended March 31, 2023 and 2022 was $34.2 million and $48.1 million, respectively. Lilly - Ruxolitinib In March 2016, we entered into an amendment to the agreement with Lilly that amended the non-compete provision of the agreement to allow us to engage in the development and commercialization of ruxolitinib in the GVHD field. Lilly was eligible to receive up to $40.0 million in regulatory milestone payments relating to ruxolitinib in the GVHD field. In May 2019, the approval of JAKAFI in steroid-refractory acute GVHD triggered a $20.0 million milestone payment to Lilly. In March 2022, the positive recommendation from the European Medicines Agency for regulatory approval of ruxolitinib in the GVHD field triggered an additional $20.0 million milestone payment to Lilly, which was recorded as research and development expense in our condensed consolidated statements of operations for the three months ended March 31, 2022. Agenus In January 2015, we entered into a License, Development and Commercialization Agreement with Agenus Inc. and its wholly-owned subsidiary, 4-Antibody AG (now known as Agenus Switzerland Inc.), which we collectively refer to as Agenus. Under this agreement, which was amended in February 2017, the parties have agreed to collaborate on the discovery of novel immuno-therapeutics using Agenus’ antibody discovery platforms. Under the terms of the amended agreement, we received exclusive worldwide development and commercialization rights to four checkpoint modulators directed against GITR, OX40, LAG-3 and TIM-3 as well as two undisclosed targets. Targets may be designated profit-share programs, where all costs and profits are shared equally by us and Agenus, or royalty-bearing programs, where we are responsible for all costs associated with discovery, preclinical, clinical development and commercialization activities. There are currently no profit-share programs. For each royalty-bearing product other than GITR and one undisclosed target, Agenus will be eligible to receive tiered royalties on global net sales ranging from 6% to 12%. For GITR and one undisclosed target, Agenus will be eligible to receive 15% royalties on global net sales. The agreement may be terminated by us for convenience upon 12 months’ notice and may also be terminated under certain other circumstances, including material breach. On October 19, 2022 we notified Agenus that we were terminating the OX40 project. Since the inception of the agreement through March 31, 2023, we have paid Agenus milestones totaling $30.0 million, and Agenus is eligible to receive up to an additional $500.0 million in future contingent development, regulatory and commercialization milestones across all programs in the collaboration. As of March 31, 2023, we held an investment of approximately 12.1 million shares of Agenus common stock. The fair market value of our long term investment in Agenus at March 31, 2023 and December 31, 2022 was $18.3 million and $29.0 million, respectively. For the three months ended March 31, 2023 and 2022, we recorded an unrealized loss of $10.6 million and $9.2 million, respectively, based on the change in fair value of Agenus Inc.’s common stock during the respective periods. Merus In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. (“Merus”). Under this agreement, the parties have agreed to collaborate with respect to the research, discovery and development of bispecific antibodies utilizing Merus’ technology platform. The collaboration encompasses up to ten independent programs. In January 2022, we decided to opt-out of the continued development of MCLA-145, a bispecific antibody targeting PD-L1 and CD137. We continue to collaborate with Merus and leverage the Merus platform to develop a pipeline of novel agents, as we continue to hold worldwide exclusive development and commercialization rights to up to ten additional programs. Of these ten additional programs, Merus retained the option, subject to certain conditions, to co-fund development of up to two such programs. If Merus exercises its co-funding option for a program, Merus would be responsible for funding 35% of the associated future global development costs and, for certain of such programs, would be responsible for reimbursing us for certain development costs incurred prior to the option exercise. Merus will also have the right to participate in a specified proportion of detailing activities in the United States for one of those co-developed programs. All costs related to the co-funded collaboration programs are subject to joint research and development plans and overseen by a joint development committee, but we will have final determination as to such plans in cases of dispute. We will be responsible for all research, development and commercialization costs relating to all other programs. For each program as to which Merus does not have commercialization or development co-funding rights, Merus is eligible to receive up to $100.0 million in future contingent development and regulatory milestones, and up to $250.0 million in commercialization milestones as well as tiered royalties ranging from 6% to 10% of global net sales. For each program as to which Merus exercises its option to co-fund development, Merus is eligible to receive a 50% share of profits (or sustain 50% of any losses) in the United States and be eligible to receive tiered royalties ranging from 6% to 10% of net sales of products outside of the United States. If Merus opts to cease co-funding a program as to which it exercised its co-development option, then Merus will no longer receive a share of profits in the United States but will be eligible to receive the same milestones from the co-funding termination date and the same tiered royalties described above with respect to programs where Merus does not have a right to co-fund development and, depending on the stage at which Merus chose to cease co-funding development costs, Merus will be eligible to receive additional royalties ranging up to 4% of net sales in the United States. In January 2023, we paid Merus a milestone of $2.5 million, which was recorded as research and development expense in our condensed consolidated statements of operations during the three months ended March 31, 2023. Since the inception of the agreement through March 31, 2023, we have paid and expensed Merus milestones totaling $5.5 million. As of March 31, 2023, we held an investment of approximately 3.6 million common shares. The fair market value of our total long term investment in Merus at March 31, 2023 and December 31, 2022 was $65.3 million and $54.9 million, respectively. For the three months ended March 31, 2023 and 2022, we recorded an unrealized gain $10.4 million and an unrealized loss of $19.0 million, respectively, based on the change in fair value of Merus’ common shares during the respective periods. MacroGenics In October 2017, we entered into a Global Collaboration and License Agreement with MacroGenics, Inc. (“MacroGenics”). Under this agreement, we received exclusive development and commercialization rights worldwide to MacroGenics’ INCMGA0012 (formerly MGA012), an investigational monoclonal antibody that inhibits PD-1. Except as set forth in the succeeding sentence, we have sole authority over and bear all costs and expenses in connection with the development and commercialization of INCMGA0012 in all indications, whether as a monotherapy or as part of a combination regimen. MacroGenics has retained the right to develop and commercialize, at its cost and expense, its pipeline assets in combination with INCMGA0012. In addition, MacroGenics has the right to manufacture a portion of both companies’ global clinical and commercial supply needs of INCMGA0012. In July 2022, we amended our agreement with MacroGenics to reflect changes related to the payment of certain milestones and paid MacroGenics $30.0 million, which was previously recorded as research and development expense in our condensed consolidated statements of operations in the third quarter of 2022. In March 2023, we made a $15.0 million regulatory milestone payment to MacroGenics for the FDA approval of ZYNYZ for the treatment of adults with Merkel cell carcinoma. This milestone payment was capitalized as an intangible asset and included in Other intangible assets, net on the condensed consolidated balance sheet as of March 31, 2023, and will be amortized through cost of product revenues over the estimated useful life of 13.5 years. Since the inception of the agreement through March 31, 2023, we have paid MacroGenics developmental and regulatory milestones totaling $115.0 million. After the amendment and subsequent payments, MacroGenics will be eligible to receive up to an additional $320.0 million in future contingent development and regulatory milestones, and up to $330.0 million in sales milestones as well as tiered royalties ranging from 15% to 24% of global net sales. Research and development expenses for the three months ended March 31, 2023 and 2022 also included $17.8 million and $13.5 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At March 31, 2023 and December 31, 2022, a total of $1.3 million and $2.9 million of such costs were included in accrued and other liabilities on the condensed consolidated balance sheets. Syros In January 2018, we entered into a Target Discovery, Research Collaboration and Option Agreement with Syros Pharmaceuticals, Inc. (“Syros”). Under this agreement, Syros will use its proprietary gene control platform to identify novel therapeutic targets with a focus in myeloproliferative neoplasms and we have received options to obtain exclusive worldwide rights to intellectual property resulting from the collaboration for up to seven validated targets. We will have exclusive worldwide rights to develop and commercialize any therapies under the collaboration that modulate those validated targets. We have agreed to pay Syros up to $54.0 million in target selection and option exercise fees should we decide to exercise all of our options under the agreement. For products resulting from the collaboration against each of the seven selected and validated targets, we have agreed to pay up to $50.0 million in potential development and regulatory milestones and up to $65.0 million in potential sales milestones. Syros is also eligible to receive low single-digit royalties on net sales of products resulting from the collaboration. As of March 31, 2023, we held an investment of 93,753 shares of Syros common stock. The fair market value of our long term investment in Syros as of March 31, 2023 and December 31, 2022 was $0.3 million and $0.3 million, respectively. For the three months ended March 31, 2023 and 2022, we recorded an unrealized loss of $0.1 million and $1.9 million, respectively, based on the change in fair value of Syros’ common stock during the respective periods. MorphoSys In January 2020, we entered into a Collaboration and License Agreement with MorphoSys AG and MorphoSys US Inc., a wholly-owned subsidiary of MorphoSys AG (together with MorphoSys AG, “MorphoSys”), covering the worldwide development and commercialization of MOR208 (tafasitamab), an investigational Fc engineered monoclonal antibody directed against the target molecule CD19 that was under clinical development by MorphoSys at the beginning of the agreement, and has subsequently been commercialized as MONJUVI/MINJUVI. MorphoSys has exclusive worldwide development and commercialization rights to tafasitamab under a June 2010 collaboration and license agreement with Xencor, Inc. Under the terms of the agreement, we received exclusive commercialization rights outside of the United States, and MorphoSys and we have co-commercialization rights in the United States, with respect to tafasitamab. MorphoSys is responsible for leading the commercialization strategy and booking all revenue from sales of tafasitamab in the United States, and we and MorphoSys are both responsible for commercialization efforts in the United States and will share equally the profits and losses from the co-commercialization efforts. We will lead the commercialization strategy outside of the United States, and will be responsible for commercialization efforts and book all revenue from sales of tafasitamab outside of the United States, subject to our royalty payment obligations set forth below. We and MorphoSys have agreed to co-develop tafasitamab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and MorphoSys responsible for 45% of such costs. Each company is responsible for funding any independent development activities, and we are responsible for funding development activities specific to territories outside of the United States. All development costs related to the collaboration are subject to a joint development plan. MorphoSys is eligible to receive up to $737.5 million in future contingent development and regulatory milestones and up to $315.0 million in commercialization milestones as well as tiered royalties ranging from the mid-teens to mid-twenties of net sales outside of the United States. MorphoSys’ right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of patent rights in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product comprising tafasitamab in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country. Since the inception of the agreement through March 31, 2023, we have paid MorphoSys milestones totaling $2.5 million, all of which have previously been recorded as research and development expenses. As of March 31, 2023, we held an investment of approximately 3.6 million American Depository Shares, each representing 0.25 of an ordinary share of MorphoSys. The fair market value of our long term investment in MorphoSys as of March 31, 2023 and December 31, 2022 was $14.4 million and $13.0 million, respectively. For the three months ended March 31, 2023 and 2022, we recorded an unrealized gain of $1.4 million and an unrealized loss of $9.6 million, respectively, based on the change in fair value of MorphoSys’ ordinary shares during the respective periods. Our 50% share of the United States profit or loss for the commercialization of tafasitamab for the three months ended March 31, 2023 was a profit of $1.4 million, and was a $4.7 million loss for the three months ended March 31, 2022, and is recorded as (profit) and loss sharing under collaboration agreements on the condensed consolidated statement of operations. Research and development expenses for the three months ended March 31, 2023 and 2022, includes $25.2 million and $21.0 million, respectively, related to our 55% share of the co-development costs for tafasitamab. At March 31, 2023 and December 31, 2022, $27.1 million and $28.5 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheets for amounts due to MorphoSys under the agreement. Syndax In September 2021, we entered into a Collaboration and License Agreement with Syndax Pharmaceuticals, Inc. (“Syndax”), covering the worldwide development and commercialization of SNDX-6352 (“axatilimab”). Axatilimab, currently in clinical development by Syndax, is a monoclonal antibody that blocks the colony stimulating factor-1 (CSF-1) receptor. Syndax has exclusive worldwide development and commercialization rights to axatilimab under a June 2016 license agreement with UCB Biopharma Sprl. The agreement became effective in December 2021. Under the terms of the agreement, we received exclusive commercialization rights outside of the United States, and Syndax and we have co-commercialization rights in the United States, with respect to axatilimab. We will be responsible for leading the commercialization strategy and booking all revenue from sales of axatilimab globally, and Syndax will have the option to co-commercialization axatilimab with Incyte in the United States. Incyte and Syndax will share equally the profits and losses from the co-commercialization efforts in the United States. Sales of axatilimab outside the United States will be subject to our royalty payment obligations to Syndax, as set forth below. We and Syndax have agreed to co-develop axatilimab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and Syndax responsible for 45% of such costs. Each company is responsible for funding any independent development activities. All development costs related to the collaboration are subject to a joint development plan. In December 2021, we paid Syndax an upfront, non-refundable payment of $117.0 million, which was recorded in research and development expense on the consolidated statement of operations for the year ended December 31, 2021. Syndax is eligible to receive up to $220.0 million in future contingent development and regulatory milestones and up to $230.0 million in sales milestones as well as tiered royalties ranging in the mid-teens on net sales in Europe and Japan and low double digit percentage on net sales in the rest of the world outside of the United States. Syndax’ right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of patent rights in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product comprising axatilimab in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country. As of March 31, 2023, we held an investment of approximately 1.4 million shares of Syndax common stock. The fair market value of our long term investment in Syndax as of March 31, 2023 and December 31, 2022 was $30.0 million and $36.2 million. For the three months ended March 31, 2023 and 2022, we recorded an unrealized loss of $6.2 million and $6.4 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Other Agreements In addition to the license and collaboration agreements discussed above, we have various other license and collaboration agreements that are not individually material to our operating results or financial condition at this time. Pursuant to the terms of those agreements, we may be required to pay, or we may receive, additional amounts contingent upon the occurrence of various future events such as future discovery, development, regulatory or commercial milestones, which in the aggregate could be material. In addition, if any products related to these collaborations are approved for sale, we may be required to pay, or we may receive, royalties on future sales. The payment or receipt of these amounts, however, is contingent upon the occurrence of various future events, the likelihood of which cannot presently be determined.

Stock Compensation - Shares available for grant (Details)	3 Months Ended
	Mar. 31, 2023 shares
Available Shares for Grant
Beginning Balance (in shares)	5,056,370
Options, RSUs and PSUs granted (in shares)	(1,677,064)
Options, RSUs and PSUs cancelled (in shares)	692,169
Ending Balance (in shares)	4,071,475

Employee Benefit plans - Net periodic benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 2,088	$ 2,522
Interest cost	617	64
Expected return on plan assets	(1,540)	(1,071)
Amortization of prior service cost	103	194
Amortization of actuarial losses	90	88
Net periodic benefit cost	$ 1,358	$ 1,797

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue

Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers. The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended March 31,
		2023		2022
JAKAFI revenues, net		$	579,969	$	544,464
ICLUSIG revenues, net		27,685		26,069
PEMAZYRE revenues, net		22,475		18,032
MINJUVI revenues, net		6,556		4,502
OPZELURA revenues, net		56,552		12,754
Total product revenues, net		693,237		605,821
JAKAVI product royalty revenues		76,692		70,867
OLUMIANT product royalty revenues		34,155		48,064
TABRECTA product royalty revenues		4,177		3,483
PEMAZYRE product royalty revenues		412		—
Total product royalty revenues		115,436		122,414
Milestone and contract revenues		—		5,000
Total revenues		$	808,673	$	733,235

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2023 and 2022, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2022 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Other Intangible Assets, net	Other Intangible Assets, net. Other intangible assets, net consist of licensed intellectual property rights acquired in business combinations, which are reported at acquisition date fair value, less accumulated amortization, as well as milestone payments made to collaboration partners incurred at or after the product has obtained regulatory approval. Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method. Intangible assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
Cost of Product Revenues	Cost of Product Revenues. Cost of product revenues includes all product related costs and royalties owed under our collaboration and license agreements, contingent on certain conditions. In addition, cost of product revenues includes the amortization of our licensed intellectual property for ICLUSIG and the amortization of capitalized milestone payments, using the straight-line method over the respective estimated useful lives, which range between approximately 11 to 14 years. Cost of product revenues also includes employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products.
Recent Accounting Pronouncements	Recent Accounting PronouncementsThere were no new accounting pronouncements issued nor adopted since our filing of the Annual Report on Form 10-K for the year ended December 31, 2022, which could have a significant effect on our condensed consolidated financial statements.

Disclosure of accounting policy for revenue from contract with customer.

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Accrued and Other Current Liabilities

Fair Value of Financial Instruments - Narrative (Details) - ARIAD $ in Millions		3 Months Ended	12 Months Ended
	Jun. 01, 2016	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accrued and other current liabilities
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ (9.2)	$ (9.3)
Liability
Fair value of financial instruments
Projected cash flows period	18 years
Liability \| Measurement Input, Discount Rate
Fair value of financial instruments
Valuation input (as a percent)	0.10	0.10	0.10

Stock Compensation - Valuation assumptions used for value of stock compensation granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Stock
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	4.06%	2.28%
Average expected life (in years)	6 months	6 months
Volatility (as a percent)	22.00%	24.00%
Weighted-average fair value (in dollars per share)	$ 13.70	$ 13.76
Share-based Payment Arrangement, Option
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	3.72%	1.47%
Average expected life (in years)	4 years 8 months 23 days	4 years 7 months 28 days
Volatility (as a percent)	33.00%	38.00%
Weighted-average fair value (in dollars per share)	$ 28.24	$ 25.15

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Note 9. Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Royalties	$	286,230	$	263,466
Clinical related costs	117,417		130,570
Sales allowances	220,753		192,133
Sales and marketing	60,674		31,149
Construction in progress	3,059		3,493
Operating lease liabilities	7,388		8,195
Other current liabilities	129,922		72,047
Total accrued and other current liabilities	$	825,443	$	701,053

Property and Equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 8. Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	March 31, 2023		December 31, 2022
Office equipment	$	23,144	$	22,734
Laboratory equipment	195,999		192,141
Computer equipment	94,661		92,115
Land	10,484		10,429
Building and leasehold improvements	567,863		564,170
Operating lease right-of-use assets	21,818		23,311
Construction in progress	53,408		47,224
	967,377		952,124
Less accumulated depreciation and amortization	(225,676)		(212,814)
Property and equipment, net	$	741,701	$	739,310

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares (in shares)	313,995	323,582
Issuance of shares of Common Stock for services rendered (in shares)	1,073	1,535

Stock compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of valuation assumptions used for valuation of fair value of stock compensation granted

We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions:


		Employee Stock Options							Employee Stock Purchase Plan
	For the Three Months Ended							For the Three Months Ended
		March 31,							March 31,
		2023			2022				2023			2022
Average risk-free interest rates		3.72		%	1.47		%		4.06		%	2.28		%
Average expected life (in years)		4.73			4.66				0.50			0.50
Volatility		33		%	38		%		22		%	24		%
Weighted-average fair value (in dollars)		$	28.24		$	25.15			$	13.70		$	13.76

Schedule of option activity under the 2010 Stock Plan

Option activity under our 2010 Stock Incentive Plan (the “2010 Stock Plan”) was as follows:


	Shares Subject to Outstanding Options
	Shares	Weighted Average Exercise Price
Balance at December 31, 2022	12,650,359	$	87.25
Options granted	521,152	$	83.07
Options exercised	(207,650)	$	67.37
Options cancelled	(544,806)	$	95.30
Balance at March 31, 2023	12,419,055	$	87.06

Schedule of RSU award and PSU activity under the 2010 Stock Plan

Restricted stock unit (“RSU”) and performance share (“PSU”) award activity under the 2010 Stock Plan was as follows:


	Shares Subject to Outstanding Awards
	Shares	Grant Date Value
Balance at December 31, 2022	5,187,592	$	81.24
RSUs granted	577,956	$	83.12

RSUs released	(140,791)	$	78.04

RSUs cancelled	(73,338)	$	81.34
PSUs cancelled	(971)	$	106.47
Balance at March 31, 2023	5,550,448	$	81.52

Summary of shares available for grant

The following table summarizes our shares available for grant under the 2010 Stock Plan. Each RSU and PSU grant reduces the available share pool by 2 shares.


			Shares Available for Grant
Balance at December 31, 2022			5,056,370
Options, RSUs and PSUs granted			(1,677,064)
Options, RSUs and PSUs cancelled			692,169
Balance at March 31, 2023			4,071,475

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 51,856	$ 70,535
Provision for income taxes	$ 30,153	$ 32,543
Effective tax rate	58.10%	46.10%
Increase in unrecognized tax benefits	$ 2,700

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Schedule of net periodic benefit cost

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

The net periodic benefit cost was as follows (in thousands):


	Three Months Ended March 31,
		2023		2022
Service cost		$	2,088	$	2,522
Interest cost		617		64
Expected return on plan assets		(1,540)		(1,071)
Amortization of prior service cost		103		194
Amortization of actuarial losses		90		88
Net periodic benefit cost		$	1,358	$	1,797

Summary of Significant Accounting Policies (Details) - ICLUSIG	3 Months Ended
	Mar. 31, 2023
Minimum
Property and equipment, net
Amortization period	11 years
Maximum
Property and equipment, net
Amortization period	14 years

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2023 and 2022, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2022 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Other Intangible Assets, net. Other intangible assets, net consist of licensed intellectual property rights acquired in business combinations, which are reported at acquisition date fair value, less accumulated amortization, as well as milestone payments made to collaboration partners incurred at or after the product has obtained regulatory approval. Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method. Intangible assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Cost of Product Revenues. Cost of product revenues includes all product related costs and royalties owed under our collaboration and license agreements, contingent on certain conditions. In addition, cost of product revenues includes the amortization of our licensed intellectual property for ICLUSIG and the amortization of capitalized milestone payments, using the straight-line method over the respective estimated useful lives, which range between approximately 11 to 14 years. Cost of product revenues also includes employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products. Recent Accounting PronouncementsThere were no new accounting pronouncements issued nor adopted since our filing of the Annual Report on Form 10-K for the year ended December 31, 2022, which could have a significant effect on our condensed consolidated financial statements.

License Agreements - Syros (Details)
$ in Thousands

1 Months Ended

3 Months Ended

Jan. 31, 2018

USD ($)

item

Mar. 31, 2023

USD ($)

Mar. 31, 2022

USD ($)

Dec. 31, 2022

USD ($)

$ 128,313

$ 133,676

^[1]

Syros Pharmaceuticals, Inc.

$ (5,318)

$ (46,585)

Common stock held from investment (in shares) | shares

93,753

$ 300

Syros Pharmaceuticals, Inc.

$ (100)

$ (1,900)

Number of program targets | item

Syros Pharmaceuticals, Inc. | Maximum

Target selection and option exercise fee payment

$ 54,000

Syros Pharmaceuticals, Inc. | Maximum | Development and Regulatory Milestones

Additional milestone payments under the license agreement

50,000

Syros Pharmaceuticals, Inc. | Maximum | Commercialization Milestones

Additional milestone payments under the license agreement

$ 65,000

[1]	The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date.

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock compensation
Stock compensation expense	$ 53.4	$ 43.8
Dividend yield (as a percent)	0.00%
Assumed annualized forfeiture rate (as a percent)	5.00%
Share-based Payment Arrangement, Option
Stock compensation
Stock option grant term	10 years
Vesting period	4 years
Percentage of units vesting at the end of each calendar year (as a percent)	25.00%
Unrecognized compensation cost for nonvested option (in dollars)	$ 42.3
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 1 month 6 days
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche One
Stock compensation
Vesting period	1 year
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche Two
Stock compensation
Vesting period	36 months
Restricted Stock Units (RSUs)
Stock compensation
Vesting period	4 years
Percentage of units vesting at the end of each calendar year (as a percent)	25.00%
Number of shares awarded for each RSU (in shares)	1
Unrecognized compensation cost for nonvested option (in dollars)	$ 202.8
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 9 months 18 days
Performance Shares
Stock compensation
Stock compensation expense	$ 6.5	1.8
Unrecognized compensation cost for nonvested option (in dollars)	$ 24.1
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 8 months 12 days
Performance Shares \| Minimum
Stock compensation
Vesting period	3 years
Performance Shares \| Maximum
Stock compensation
Vesting period	4 years
Research and Development Expense
Stock compensation
Stock compensation expense	$ 31.0	26.3
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	21.6	16.9
Cost of Sales
Stock compensation
Stock compensation expense	$ 0.8	$ 0.6

License Agreements - Agenus (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

Feb. 28, 2017

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

$ 128,313

$ 133,676

^[1]

$ (5,318)

$ (46,585)

Agenus

Common stock held from investment (in shares)

12,100,000

$ 18,300

$ 29,000

(10,600)

$ (9,200)

Agenus

Period of notice for termination of license agreement

12 months

Agenus | Development, Regulatory and Commercialization Milestones

Milestone payment made under license agreement

30,000

Additional milestone payments under the license agreement

$ 500,000

Royalty-bearing product other than GITR, OX40 and one undisclosed target | Minimum | Agenus

Royalty payments on future global net sales (as a percent)

6.00%

Royalty-bearing product other than GITR, OX40 and one undisclosed target | Maximum | Agenus

Royalty payments on future global net sales (as a percent)

12.00%

Royalty-bearing product GITR, OX40 and one undisclosed target | Maximum | Agenus

Royalty payments on future global net sales (as a percent)

15.00%

[1]	The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 21,703	$ 37,992
Other comprehensive income (loss):
Foreign currency translation gain (loss)	3,260	(782)
Unrealized gain (loss) on marketable securities, net of tax	2,420	(3,093)
Defined benefit pension gain, net of tax	193	282
Other comprehensive income (loss)	5,873	(3,593)
Comprehensive income	$ 27,576	$ 34,399

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (a)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Employee Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 13. Employee Benefit Plans

Defined Contribution Plans

We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three months ended March 31, 2023 and 2022 was $5.6 million and $4.9 million, respectively.

Defined Benefit Pension Plans

We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy.

The net periodic benefit cost was as follows (in thousands):


	Three Months Ended March 31,
		2023		2022
Service cost		$	2,088	$	2,522
Interest cost		617		64
Expected return on plan assets		(1,540)		(1,071)
Amortization of prior service cost		103		194
Amortization of actuarial losses		90		88
Net periodic benefit cost		$	1,358	$	1,797

The components of net periodic benefit cost other than the service cost component are included in Interest income and other, net on the condensed consolidated statements of operations. We expect to contribute a total of $8.0 million to the pension plans in 2023 inclusive of the amounts contributed to the plan during the current period.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Concentration of Credit Risk and Current Expected Credit Losses

Concentration of Credit Risk and Current Expected Credit Losses

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Note 5. Concentration of Credit Risk and Current Expected Credit Losses

In November 2009, we entered into a collaboration and license agreement with Novartis Pharmaceutical International Ltd. (“Novartis”). In December 2009, we entered into a license, development and commercialization agreement with Eli Lilly and Company (“Lilly”). The above collaboration partners comprised, in aggregate, 18% and 20% of the accounts receivable balance as of March 31, 2023 and December 31, 2022, respectively. For further information relating to these collaboration and license agreements, refer to Note 7.

In November 2011, we began commercialization and distribution of JAKAFI, in April 2020, we began commercialization and distribution of PEMAZYRE, and in October 2021, we began commercialization and distribution of OPZELURA. Our product revenues are concentrated in a number of these customers. The concentration of credit risk related to our JAKAFI, PEMAZYRE and OPZELURA product revenues is as follows:


	Percentage of Total Net Product Revenues for the Three Months Ended
	March 31,
		2023		2022
Customer A		17	%	19	%
Customer B		11	%	12	%
Customer C		17	%	18	%
Customer D		10	%	10	%
Customer E		12	%	15	%

We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D, and E comprised, in aggregate, 40% and 41% of the accounts receivable balance as of March 31, 2023 and December 31, 2022, respectively. The concentration of credit risk relating to our other product revenues or accounts receivable is not significant.

We assessed our collaborative and customer receivable assets as of March 31, 2023 according to our accounting policy for applying reserves for expected credit losses, noting minimal history of uncollectible receivables and the continued perceived creditworthiness of our third party sales relationships, upon which the expected credit losses were considered de minimis. As of March 31, 2023 and December 31, 2022, we had no allowance for doubtful accounts.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Summary of marketable securities portfolio

The following is a summary of our marketable security portfolio for the periods presented (in thousands):


	Amortized Cost		Net Unrealized Losses		Estimated Fair Value
March 31, 2023
Debt securities (government)	$	294,278	$	(2,617)	$	291,661

December 31, 2022
Debt securities (government)	$	292,580	$	(5,037)	$	287,543

Schedule of fair value of assets measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2023
Cash and cash equivalents	$	2,821,051	$	—	$	—	$	2,821,051
Debt securities (government)	—		291,661		—		291,661
Long term investments (Note 7)	128,313		—		—		128,313
Total assets	$	2,949,364	$	291,661	$	—	$	3,241,025


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Cash and cash equivalents	$	2,951,422	$	—	$	—	$	2,951,422
Debt securities (government)	—		287,543		—		287,543
Long term investments (Note 7)	133,676		—		—		133,676
Total assets	$	3,085,098	$	287,543	$	—	$	3,372,641

Schedule of fair value of liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2023
Acquisition-related contingent consideration	$	—	$	—	$	218,000	$	218,000
Total liabilities	$	—	$	—	$	218,000	$	218,000


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Acquisition-related contingent consideration	$	—	$	—	$	221,000	$	221,000
Total liabilities	$	—	$	—	$	221,000	$	221,000

Schedule of roll forward of Level 3 liabilities

The following is a rollforward of our Level 3 liabilities (in thousands):


	2023
Balance at January 1,	$	221,000
Contingent consideration earned during the period but not yet paid	(9,196)

Change in fair value of contingent consideration	6,196
Balance at March 31,	$	218,000

License Agreements - Merus (Details) $ in Thousands	1 Months Ended			3 Months Ended
License Agreements - Merus (Details) $ in Thousands	Jan. 31, 2023 USD ($)	Jan. 31, 2022 item	Dec. 31, 2016 item	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
License Agreements
Unrealized gain (loss) on long term investments				$ (5,318)	$ (46,585)
Merus
License Agreements
Common stock held from investment (in shares) \| shares				3,600,000
Fair market value of our long term investments				$ 65,300		$ 54,900
Unrealized gain (loss) on long term investments				10,400	$ (19,000)
Merus
License Agreements
Number of independent programs \| item			10
Number of additional preclinical discovery programs \| item		10
Number of programs under the resulting products are co-funded for development \| item		2
Associated future global development costs , if elected to co-develop (as a percent)		35.00%
Milestone payment made under license agreement	$ 2,500			$ 5,500
Merus \| UNITED STATES
License Agreements
Profit sharing (as a percent)				50.00%
Percentage of profit (losses)				50.00%
Merus \| Minimum
License Agreements
Royalty payments on future global net sales (as a percent)				6.00%
Merus \| Minimum \| Non-US
License Agreements
Royalty payments on future global net sales (as a percent)				6.00%
Merus \| Maximum
License Agreements
Royalty payments on future global net sales (as a percent)				10.00%
Merus \| Maximum \| UNITED STATES
License Agreements
Royalty payments on future global net sales (as a percent)				4.00%
Merus \| Maximum \| Non-US
License Agreements
Royalty payments on future global net sales (as a percent)				10.00%
Merus \| Development and Regulatory Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement				$ 100,000
Merus \| Commercialization Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement				$ 250,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income

Accumulated Deficit

Beginning Balance at Dec. 31, 2021

$ 3,770,004

$ 221

$ 4,567,111

$ (19,454)

$ (777,874)

Increase (Decrease) in Stockholders' Equity

Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes

14,237

Issuance of shares of Common Stock for services rendered

112

Stock compensation

44,320

Other comprehensive income

(3,593)

Net income

37,992

Ending Balance at Mar. 31, 2022

3,863,072

221

4,625,780

(23,047)

(739,882)

Beginning Balance at Dec. 31, 2022

4,370,119

^[1]

223

4,792,041

15,069

(437,214)

Increase (Decrease) in Stockholders' Equity

Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes

11,235

Issuance of shares of Common Stock for services rendered

Stock compensation

53,558

Other comprehensive income

5,873

Net income

21,703

Ending Balance at Mar. 31, 2023

$ 4,462,568

$ 223

$ 4,856,914

$ 20,942

$ (415,511)

[1]	The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Share-Based Payment Arrangement [Abstract]

License Agreements - MacroGenics (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
License Agreements
Research and development			$ 406,641	$ 353,373
MacroGenics
License Agreements
Research and development			17,800	$ 13,500
MacroGenics \| Accrued Liabilities
License Agreements
Accrued and other liabilities	$ 1,300		$ 1,300		$ 2,900
MacroGenics \| Minimum
License Agreements
Royalty payments on future global net sales (as a percent)			15.00%
MacroGenics \| Maximum
License Agreements
Royalty payments on future global net sales (as a percent)			24.00%
Regulatory Milestone \| MacroGenics
License Agreements
Milestone payment made under license agreement	15,000
Milestone payment, estimated useful life			13 years 6 months
Development and Regulatory Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement	320,000		$ 320,000
Development Milestones \| MacroGenics
License Agreements
Milestone payment made under license agreement		$ 30,000
Developmental And Regulatory Milestones \| MacroGenics
License Agreements
Milestone payment made under license agreement			115,000
Commercialization Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement	$ 330,000		$ 330,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 21,703	$ 37,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	19,211	16,438
Stock-based compensation	53,379	43,841
Deferred income taxes	(22,163)	2,106
Other, net	(2,651)	2,091
Unrealized loss on long term investments	5,318	46,585
Loss on change in fair value of acquisition-related contingent consideration	6,196	6,382
Changes in operating assets and liabilities:
Accounts receivable	21,091	53,956
Prepaid expenses and other assets	(24,354)	(13,971)
Inventory	(33,320)	(13,903)
Accounts payable	(221,913)	(19,563)
Accrued and other liabilities	71,900	53,787
Net cash (used in) provided by operating activities	(105,603)	215,741
Cash flows from investing activities:
Sale of long term investments	45	0
Capital expenditures	(11,906)	(17,006)
Payments for intangible assets	(15,000)	0
Purchases of marketable securities	(54,887)	0
Sale and maturities of marketable securities	53,189	258
Net cash used in investing activities	(28,559)	(16,748)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans	13,988	16,398
Tax withholdings related to restricted and performance share vesting	(2,753)	(2,161)
Payment of finance lease liabilities	(802)	(668)
Payment of contingent consideration	(6,424)	(13,473)
Net cash provided by financing activities	4,009	96
Effect of exchange rates on cash, cash equivalents, restricted cash and investments	(199)	210
Net (decrease) increase in cash, cash equivalents, restricted cash and investments	(130,352)	199,299
Cash, cash equivalents, restricted cash and investments at beginning of period	2,953,120	2,059,160
Cash, cash equivalents, restricted cash and investments at end of period	2,822,768	2,258,459
Supplemental Schedule of Cash Flow Information
Income taxes paid	7,107	3,472
Unpaid purchases of property and equipment	3,059	15,764
Leased assets obtained in exchange for new operating lease liabilities	809	1,618
Leased assets obtained in exchange for new finance lease liabilities	$ 385	$ 584

Inventory

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Note 6. Inventory

Our inventory balance consists of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	29,448	$	31,874
Work-in-process	93,829		54,455
Finished goods	34,287		34,630
Total inventory	$	157,564	$	120,959

Inventories, stated at the lower of cost and net realizable value, consist of raw materials, work in process and finished goods. At March 31, 2023, $40.9 million of inventory was classified as current on the condensed consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At March 31, 2023, $116.7 million of inventory was classified as non-current on the condensed consolidated balance sheet as we did not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.

We capitalize inventory after regulatory approval as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to regulatory approval are recorded as research and development expense in our statements of operations. At March 31, 2023, inventory with approximately $40.7 million of product costs incurred prior to regulatory approval had not yet been sold. We expect to sell the pre-commercialization inventory over the next 24 months and, as a result, cost of product revenues will reflect a lower average per unit cost of materials.

Net Income Per Share - Antidilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement
Anti-dilutive securities
Potential common shares excluded from diluted net income (loss) per share computation ( in shares)	10,078,342	11,116,177

Stock Compensation

3 Months Ended

Mar. 31, 2023

Stock Compensation

Note 10. Stock Compensation

We recorded $53.4 million and $43.8 million of stock compensation expense on our condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022, respectively. Stock compensation expense included within our condensed consolidated statements of operations included research and development expense of $31.0 million and $26.3 million for the three months ended March 31, 2023 and 2022, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included selling, general and administrative expense of $21.6 million and $16.9 million for the three months ended March 31, 2023 and 2022, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included cost of product revenues of $0.8 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively.

We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions:


		Employee Stock Options							Employee Stock Purchase Plan
	For the Three Months Ended							For the Three Months Ended
		March 31,							March 31,
		2023			2022				2023			2022
Average risk-free interest rates		3.72		%	1.47		%		4.06		%	2.28		%
Average expected life (in years)		4.73			4.66				0.50			0.50
Volatility		33		%	38		%		22		%	24		%
Weighted-average fair value (in dollars)		$	28.24		$	25.15			$	13.70		$	13.76

The risk-free interest rate is derived from the U.S. Federal Reserve rate in effect at the time of grant. The expected life calculation is based on the observed and expected time to the exercise of options by our employees based on historical exercise patterns for similar type options. Expected volatility is based on the historical volatility of our common stock over the period commensurate with the expected life of the options. A dividend yield of zero is assumed based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Nonemployee awards are measured on the grant date by estimating the fair value of the equity instruments to be issued using the expected term, similar to our employee awards.

Option activity under our 2010 Stock Incentive Plan (the “2010 Stock Plan”) was as follows:


	Shares Subject to Outstanding Options
	Shares	Weighted Average Exercise Price
Balance at December 31, 2022	12,650,359	$	87.25
Options granted	521,152	$	83.07
Options exercised	(207,650)	$	67.37
Options cancelled	(544,806)	$	95.30
Balance at March 31, 2023	12,419,055	$	87.06

Our annual stock option grants generally have a 10-year term and vest over four years, with 25% vesting after one year and the remainder vesting in 36 equal monthly installments.

Restricted stock unit (“RSU”) and performance share (“PSU”) award activity under the 2010 Stock Plan was as follows:


	Shares Subject to Outstanding Awards
	Shares	Grant Date Value
Balance at December 31, 2022	5,187,592	$	81.24
RSUs granted	577,956	$	83.12

RSUs released	(140,791)	$	78.04

RSUs cancelled	(73,338)	$	81.34
PSUs cancelled	(971)	$	106.47
Balance at March 31, 2023	5,550,448	$	81.52

RSUs and PSUs are granted to our employees at the share price on the date of grant. Each RSU represents the right to acquire one share of our common stock. Each RSU granted in connection with our annual equity awards will vest 25% annually over four years, while each RSU granted as outstanding merit awards or as part of retention award programs will vest in a single installment at the end of four years.

We grant PSUs with performance and/or service-based milestones with graded and/or cliff vesting over three to four years. The shares of our common stock into which each PSU may convert is subject to a multiplier based on the level at which the financial, developmental and market performance conditions are achieved over the service period. Compensation expense for PSUs with financial and developmental performance conditions is recorded over the estimated service period for each milestone when the performance conditions are deemed probable of achievement. For PSUs containing performance conditions which were not deemed probable of achievement, no stock compensation expense is recorded. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. For the three months ended March 31, 2023 and 2022, we recorded $6.5 million and $1.8 million, respectively, of stock compensation expense for PSUs on our condensed consolidated statements of operations.

The following table summarizes our shares available for grant under the 2010 Stock Plan. Each RSU and PSU grant reduces the available share pool by 2 shares.


			Shares Available for Grant
Balance at December 31, 2022			5,056,370
Options, RSUs and PSUs granted			(1,677,064)
Options, RSUs and PSUs cancelled			692,169
Balance at March 31, 2023			4,071,475

Based on our historical experience of employee turnover, we have assumed an annualized forfeiture rate of 5% for our options, RSUs and PSUs. Under the true-up provisions of the stock compensation guidance, we will record additional expense if the actual forfeiture rate is lower than we estimated, and will record a recovery of prior expense if the actual forfeiture is higher than we estimated.

Total compensation cost of options granted but not yet vested, as of March 31, 2023, was $42.3 million, which is expected to be recognized over the weighted average period of approximately 1.1 years. Total compensation cost of RSUs granted but not yet vested, as of March 31, 2023, was $202.8 million, which is expected to be recognized over the weighted average period of approximately 1.8 years. Total compensation cost of PSUs granted but not yet vested, as of March 31, 2023, was $24.1 million, which is expected to be recognized over the weighted average period of 1.7 years, should the underlying performance conditions be deemed probable of achievement.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 294,278	$ 292,580
Marketable securities-allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	223,061,787	222,746,719
Common stock, shares outstanding (in shares)	223,061,787	222,746,719

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of calculation of net income (loss) per share

Net income per share was calculated as follows for the periods indicated below:


	Three Months Ended March 31,
		2023		2022
Basic net income		$	21,703	$	37,992

Weighted average common shares outstanding		222,960		221,326

Basic net income per share		$	0.10	$	0.17

Diluted net income		$	21,703	$	37,992

Weighted average common shares outstanding		222,960		221,326
Dilutive stock options and awards		2,629		1,624
Weighted average shares used to compute diluted net income per share		225,589		222,950

Diluted net income per share		$	0.10	$	0.17

Schedule of antidilutive securities excluded from the computation of earnings per share

The potential common shares that were excluded from the diluted net income per share computation are as follows:


	Three Months Ended March 31,
		2023	2022
Outstanding stock options and awards		10,078,342	11,116,177

Fair Value of Financial Instruments - Level 3 liabilities (Details) - Fair Value, Inputs, Level 3 - Estimate of Fair Value Measurement $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Roll forward of Level 3 liabilities
Balance at the beginning of the period	$ 221,000
Contingent consideration earned during the period but not yet paid	(9,196)
Change in fair value of contingent consideration	6,196
Balance at the end of the period	$ 218,000

License Agreements - Novartis (Details) - Novartis - USD ($) $ in Millions	1 Months Ended	3 Months Ended		161 Months Ended
	Nov. 30, 2009	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
License Agreements
Royalties payable		$ 276.9		$ 276.9	$ 253.5
JAKAFI \| UNITED STATES
License Agreements
Royalties payable on net sales		23.4	$ 21.7
JAKAFI \| Non-US
License Agreements
Royalties payable on net sales		76.7	70.9
TABRECTA PROD SERV \| Non-US
License Agreements
Royalties payable on net sales		$ 4.2	$ 3.5
Minimum \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		12.00%
Maximum \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		14.00%
Development Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone				157.0
Development Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 174.0
Regulatory Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone				340.0
Regulatory Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement	495.0
Commercialization Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone				$ 200.0
Commercialization Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement	500.0
Development and Regulatory Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 75.0

Concentration of Credit Risk and Current Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of concentration of credit risk related to collaborative partners


	Percentage of Total Net Product Revenues for the Three Months Ended
	March 31,
		2023		2022
Customer A		17	%	19	%
Customer B		11	%	12	%
Customer C		17	%	18	%
Customer D		10	%	10	%
Customer E		12	%	15	%

Stock Compensation - RSU award and PSU activity under the 2010 stock plan (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
RSU and PSU Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	5,187,592
Outstanding at the end of the period (in shares) \| shares	5,550,448
RSU and PSU Grant Price
Grant date value of shares outstanding at the beginning of the period (in USD per share) \| $ / shares	$ 81.24
Grant date value of shares at the end of the period (in USD per share) \| $ / shares	$ 81.52
Restricted Stock Units (RSUs)
RSU and PSU Activity Shares
Granted (in shares) \| shares	577,956
Released (in shares) \| shares	(140,791)
Cancelled (in shares) \| shares	(73,338)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 83.12
Released (in USD per share) \| $ / shares	78.04
Cancelled (in USD per share) \| $ / shares	$ 81.34
Performance Shares
RSU and PSU Activity Shares
Cancelled (in shares) \| shares	(971)
RSU and PSU Grant Price
Cancelled (in USD per share) \| $ / shares	$ 106.47

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

For the three months ended March 31, 2023 and 2022, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes:


	Three Months Ended March 31,
		2023		2022
Income before provision for income taxes		$	51,856	$	70,535
Provision for income taxes		30,153		32,543

Effective tax rate		58.1%		46.1%

Our effective tax rate for both of the three months ended March 31, 2023 and 2022 was higher than the U.S. statutory rate primarily due to foreign losses with no associated tax benefit (i.e., full valuation allowance). While the tax expense for the three months ended March 31, 2023 decreased marginally as compared to that for the prior year period, the effective tax rate increased as a result of lower U.S. earnings, while unbenefited foreign losses remained flat.

The balance of our unrecognized tax benefits (including penalties and interest) increased by approximately $2.7 million during the three months ended March 31, 2023, resulting in movements to other liabilities and deferred income tax asset on the condensed consolidated balance sheet. The overall increase is primarily driven by unrecognized tax benefits related to current year operations and research and development tax credits. We accrue interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes.

In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA includes a 15% corporate alternative minimum tax and a 1% excise tax on share repurchases. We do not expect the IRA to have a material impact on our consolidated financial statements.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Revenue from Contract with Customer [Abstract]

Revenues

3 Months Ended

Mar. 31, 2023

Revenues

Note 3. Revenues

Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers. The following table presents our disaggregated revenue for the periods presented (in thousands):


	Three Months Ended March 31,
		2023		2022
JAKAFI revenues, net		$	579,969	$	544,464
ICLUSIG revenues, net		27,685		26,069
PEMAZYRE revenues, net		22,475		18,032
MINJUVI revenues, net		6,556		4,502
OPZELURA revenues, net		56,552		12,754
Total product revenues, net		693,237		605,821
JAKAVI product royalty revenues		76,692		70,867
OLUMIANT product royalty revenues		34,155		48,064
TABRECTA product royalty revenues		4,177		3,483
PEMAZYRE product royalty revenues		412		—
Total product royalty revenues		115,436		122,414
Milestone and contract revenues		—		5,000
Total revenues		$	808,673	$	733,235

For further information on our revenue-generating contracts, refer to Note 7.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Effective Income Tax Rate Reconciliation

Stock Compensation - Option activity under the 2010 stock plan (Details) - Share-based Payment Arrangement, Option	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Option Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	12,650,359
Options granted (in shares) \| shares	521,152
Options exercised (in shares) \| shares	(207,650)
Options cancelled (in shares) \| shares	(544,806)
Outstanding at the end of the period (in shares) \| shares	12,419,055
Stock Options Weighted Average Price
Weighted average price of options at the beginning of the period (in USD per share) \| $ / shares	$ 87.25
Granted (in USD per share) \| $ / shares	83.07
Exercised (in USD per share) \| $ / shares	67.37
Cancelled (in USD per share) \| $ / shares	95.30
Weighted average price of options at the end of the period (in USD per share) \| $ / shares	$ 87.06

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies We have entered into the collaboration agreements described in Note 7, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products. In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

For the three months ended March 31, 2023 and 2022, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes:


	Three Months Ended March 31,
		2023		2022
Income before provision for income taxes		$	51,856	$	70,535
Provision for income taxes		30,153		32,543

Effective tax rate		58.1%		46.1%

Organization and Business (Details)	3 Months Ended
Organization and Business (Details)	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

License Agreements - MorphoSys (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 31, 2020
License Agreements
American Depository Shares represented as percentage of ordinary shares	$ 0.25
Unrealized gain (loss) on long term investments	$ (5,318)	$ (46,585)
(Profit) and loss sharing under collaboration agreements	(1,362)	4,742
Research and development expense	$ 406,641	353,373
MorphoSys AG
License Agreements
Common stock held from investment (in shares)	3,600,000
Fair market value of our long term investments	$ 14,400		$ 13,000
Unrealized gain (loss) on long term investments	1,400	(9,600)
MorphoSys AG
License Agreements
Research and development expense	25,200	21,000
Accrued and other liabilities	$ 27,100		$ 28,500
MorphoSys AG \| UNITED STATES
License Agreements
Profit (loss) sharing ratio	50.00%
MorphoSys AG \| UNITED STATES \| Tafasitamab Product and Service
License Agreements
(Profit) and loss sharing under collaboration agreements	$ (1,400)	$ 4,700
MorphoSys AG \| Development and Regulatory Milestones
License Agreements
Milestone payment made under license agreement	$ 2,500
MorphoSys AG \| Development and Regulatory Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement				$ 737,500
MorphoSys AG \| Commercialization Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement				$ 315,000
MorphoSys AG \| MorphoSys AG
License Agreements
Funding of future development costs (as a percent)	45.00%
MorphoSys AG \| Incyte
License Agreements
Funding of future development costs (as a percent)	55.00%

Fair Value of Financial Instruments - Marketable securities portfolio (Details) - Debt securities (government) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Summary of marketable security portfolio
Amortized Cost	$ 294,278	$ 292,580
Net Unrealized Losses	(2,617)	(5,037)
Estimated Fair Value	$ 291,661	$ 287,543
Minimum
Summary of marketable security portfolio
Contractual maturity dates	12 months
Maximum
Summary of marketable security portfolio
Contractual maturity dates	18 months

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. Fair Value of Financial Instruments

The following is a summary of our marketable security portfolio for the periods presented (in thousands):


	Amortized Cost		Net Unrealized Losses		Estimated Fair Value
March 31, 2023
Debt securities (government)	$	294,278	$	(2,617)	$	291,661

December 31, 2022
Debt securities (government)	$	292,580	$	(5,037)	$	287,543

Our available-for-sale debt securities generally have contractual maturity dates of between 12 to 18 months. Debt security assets were assessed for risk of expected credit losses. As of March 31, 2023 and December 31, 2022, the available-for-sale debt securities were held in U.S.-government backed securities and in Treasury bonds and were assessed on an individual security basis to have a de minimis risk of credit loss.

Fair Value Measurements

FASB accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (“the exit price”) in an orderly transaction between market participants at the measurement date. The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value we use quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:

Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.

Level 3—Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement.

Recurring Fair Value Measurements

Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale.

At March 31, 2023 and December 31, 2022, our Level 2 U.S. government debt securities were valued using readily available pricing sources which utilize market observable inputs, including the current interest rate and other characteristics for similar types of investments. Our long term investments classified as Level 1 were valued using their respective closing stock prices on The Nasdaq Stock Market. We did not experience any transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2023.

The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2023
Cash and cash equivalents	$	2,821,051	$	—	$	—	$	2,821,051
Debt securities (government)	—		291,661		—		291,661
Long term investments (Note 7)	128,313		—		—		128,313
Total assets	$	2,949,364	$	291,661	$	—	$	3,241,025


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Cash and cash equivalents	$	2,951,422	$	—	$	—	$	2,951,422
Debt securities (government)	—		287,543		—		287,543
Long term investments (Note 7)	133,676		—		—		133,676
Total assets	$	3,085,098	$	287,543	$	—	$	3,372,641

The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2023
Acquisition-related contingent consideration	$	—	$	—	$	218,000	$	218,000
Total liabilities	$	—	$	—	$	218,000	$	218,000


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Acquisition-related contingent consideration	$	—	$	—	$	221,000	$	221,000
Total liabilities	$	—	$	—	$	221,000	$	221,000

The following is a rollforward of our Level 3 liabilities (in thousands):


	2023
Balance at January 1,	$	221,000
Contingent consideration earned during the period but not yet paid	(9,196)

Change in fair value of contingent consideration	6,196
Balance at March 31,	$	218,000

The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10%. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the condensed consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of March 31, 2023 and December 31, 2022 included a discount rate of 10% and updated projections of future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment. The loss on change in fair value of the contingent consideration during the three months ended March 31, 2023 was due primarily to the passage of time.

We generally make payments to Takeda Pharmaceutical Company Limited quarterly based on the royalties or any additional milestone payments earned in the previous quarter. At March 31, 2023 and December 31, 2022, contingent consideration earned but not yet paid was $9.2 million and $9.3 million, respectively, and was included in accrued and other current liabilities.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments - Assets measured on a recurring basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Fair Value, Recurring | Estimate of Fair Value Measurement

$ 128,313

$ 133,676

^[1]

2,821,051

2,951,422

291,661

287,543

128,313

133,676

Fair Value, Recurring | Fair Value, Inputs, Level 1

3,241,025

3,372,641

2,821,051

2,951,422

128,313

133,676

Fair Value, Recurring | Fair Value, Inputs, Level 2

2,949,364

3,085,098

291,661

287,543

Fair Value, Recurring | Fair Value, Inputs, Level 3

291,661

287,543

$ 0

[1]	The condensed consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date.

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Note 1. Organization and Business Incyte Corporation (including its subsidiaries, “Incyte,” “we,” “us,” or “our”) is a biopharmaceutical company focused on developing and commercializing proprietary therapeutics. Our portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products JAKAFI® (ruxolitinib), ICLUSIG® (ponatinib), PEMAZYRE® (pemigatinib), OPZELURA™ (ruxolitinib cream), MINJUVI® (tafasitamab), MONJUVI® (tafasitamab-cxix), which is co-commercialized, and ZYNYZ™ (retifanlimab-dlwr). Our operations are treated as one operating segment.

Inventory (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of inventory

Our inventory balance consists of the following (in thousands):


	March 31, 2023		December 31, 2022
Raw materials	$	29,448	$	31,874
Work-in-process	93,829		54,455
Finished goods	34,287		34,630
Total inventory	$	157,564	$	120,959

License Agreements - Lilly (Details) - Eli Lilly - USD ($) $ in Millions	1 Months Ended			3 Months Ended		160 Months Ended
	Mar. 31, 2022	May 31, 2019	Dec. 31, 2009	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2016
OLUMIANT Royalty Revenues \| Non-US
License Agreements
Royalties payable on net sales				$ 34.2	$ 48.1
Development Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 149.0
Development Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement			$ 150.0
Regulatory Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone						335.0
Regulatory Milestones \| GVHD
License Agreements
Milestone payment made under license agreement		$ 20.0
Regulatory Milestones \| GVHD \| Europe
License Agreements
Milestone payment made under license agreement	$ 20.0
Regulatory Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement			365.0
Regulatory Milestones \| Maximum \| GVHD
License Agreements
Additional milestone payments under the license agreement							$ 40.0
Commercialization Milestones
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 50.0
Commercialization Milestones \| Maximum
License Agreements
Upfront and immediate milestone payment to be received under license agreement			$ 150.0

Net Income Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Note 12. Net Income Per Share

Net income per share was calculated as follows for the periods indicated below:


	Three Months Ended March 31,
		2023		2022
Basic net income		$	21,703	$	37,992

Weighted average common shares outstanding		222,960		221,326

Basic net income per share		$	0.10	$	0.17

Diluted net income		$	21,703	$	37,992

Weighted average common shares outstanding		222,960		221,326
Dilutive stock options and awards		2,629		1,624
Weighted average shares used to compute diluted net income per share		225,589		222,950

Diluted net income per share		$	0.10	$	0.17

The potential common shares that were excluded from the diluted net income per share computation are as follows:


	Three Months Ended March 31,
		2023	2022
Outstanding stock options and awards		10,078,342	11,116,177

Net Income Per Share - Net income (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Net Income (Loss) Per Share
Basic net income	$ 21,703	$ 37,992
Weighted average common shares outstanding (in shares)	222,960	221,326
Basic net income per share ( in USD per share)	$ 0.10	$ 0.17
Diluted Net Income (Loss) Per Share
Diluted net income	$ 21,703	$ 37,992
Weighted average common shares outstanding (in shares)	222,960	221,326
Dilutive stock options and awards ( in shares)	2,629	1,624
Weighted average shares used to compute diluted net income per share ( in shares)	225,589	222,950
Diluted net income per share ( in USD per share)	$ 0.10	$ 0.17

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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