0000879169-24-000045 | 10-K | XBRL Viewer

Intangible Assets and Goodwill (Details) - USD ($)	12 Months Ended
Intangible Assets and Goodwill (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net
Amortization expense	$ 22,500,000	$ 21,500,000	$ 21,500,000
Amortization Expense
2024	22,817,000
2025	22,817,000
2026	22,817,000
2027	22,817,000
2028	22,817,000
Thereafter	9,460,000
Changes to carrying amount of goodwill
Changes to the carry amount of goodwill	$ 0	0
Licensed IP
Intangible assets
Weighted- Average Useful Lives (Years)	12 years 6 months
Finite-lived intangible assets:
Gross Carrying Amount	$ 271,000,000	271,000,000
Accumulated Amortization	163,318,000	141,781,000
Net Carrying Amount	$ 107,682,000	129,219,000
Capitalized milestone payments
Intangible assets
Weighted- Average Useful Lives (Years)	13 years 3 months 18 days
Finite-lived intangible assets:
Gross Carrying Amount	$ 17,000,000	0
Accumulated Amortization	1,137,000	0
Net Carrying Amount	$ 15,863,000	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 597,599	$ 340,660	$ 948,581

- Definition

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

+ References

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+ Details

Revenues

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenues

Note 2. Revenues

As discussed in Note 1, revenues are recognized under guidance within ASC 606. The following table presents our disaggregated revenue for the periods presented (in thousands):


	For the Years Ended, December 31,
	2023		2022		2021
JAKAFI revenues, net	$	2,593,732	$	2,409,225	$	2,134,508
OPZELURA revenues, net	337,864		128,735		4,668
ICLUSIG revenues, net	111,623		105,838		109,395
PEMAZYRE revenues, net	83,642		83,445		68,531
MINJUVI revenues, net	37,057		19,654		4,910
ZYNYZ revenues, net	1,250		—		—
Total product revenues, net	3,165,168		2,746,897		2,322,012
JAKAVI product royalty revenues	367,583		331,575		337,991
OLUMIANT product royalty revenues	136,138		134,547		220,875
TABRECTA product royalty revenues	17,793		15,411		10,389
PEMAZYRE product royalty revenues	1,967		1,205		—
Total product royalty revenues	523,481		482,738		569,255
Milestone and contract revenues	7,000		165,000		95,000
Total revenues	$	3,695,649	$	3,394,635	$	2,986,267

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

- Definition

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.

+ References

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+ Details

License Agreements - MorphoSys (Details) $ in Thousands	1 Months Ended	12 Months Ended			48 Months Ended
License Agreements - MorphoSys (Details) $ in Thousands	Jan. 31, 2020	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2020 USD ($)
License agreements
Long term investments		$ 187,716	$ 133,676		$ 187,716
Unrealized gain (loss) on long term investments		43,893	(87,590)	$ (24,072)
Research and development		$ 1,627,594	1,585,936	1,458,179
MorphoSys AG
License agreements
Investment owned (in shares) \| shares		3,600,000			3,600,000
ADSs
License agreements
Conversion ratio		0.25			0.25
MorphoSys AG
License agreements
Long term investments		$ 35,900	13,000		$ 35,900
Unrealized gain (loss) on long term investments		$ 22,900	$ (21,200)	(68,700)
Profit (loss) sharing ratio		50.00%	50.00%
Research and development		$ 76,100	$ 99,700	77,000
Accrued and other liabilities		18,800	28,500		18,800
MorphoSys AG \| Tafasitamab Product and Service \| United States
License agreements
(Profit) and loss sharing under collaboration agreements		$ 2,000	$ 8,000	$ 37,000
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	45.00%
MorphoSys AG \| Incyte
License agreements
Funding of future development costs	55.00%

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-12400
Entity Registrant Name	INCYTE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3136539
Entity Address, Address Line One	1801 Augustine Cut-Off
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19803
City Area Code	302
Local Phone Number	498-6700
Title of 12(b) Security	Common Stock, $.001 par value per share
Trading Symbol	INCY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11.7
Entity Common Stock, Shares Outstanding		224,526,128
Documents Incorporated by Reference	Items 10 (as to directors and Section 16(a) Beneficial Ownership Reporting Compliance), 11, 12, 13 and 14 of Part III incorporate by reference information from the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the solicitation of proxies for the registrant’s 2024 Annual Meeting of Stockholders to be held on June 12, 2024.
Entity Central Index Key	0000879169
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of changes in the obligations and plan assets, the funded status and the amounts recorded

Summarized information regarding changes in the obligations and plan assets, the funded status and the amounts recorded were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Benefit obligation, beginning of year	$	113,705	$	131,966
Employer service cost	7,711		9,855
Interest cost	2,280		251
Plan participants' contributions	4,534		3,649
Actuarial loss (gain)	26,682		(33,783)

Transfer of benefits net of payments from fund	1,866		3,295
Expenses paid from assets	(118)		(87)
Translation loss (gain)	13,007		(1,441)
Benefit obligation, end of year	169,667		113,705

Fair value of plan assets, beginning of year	102,023		93,995
Actual return on plan assets	140		(5,257)
Employer contributions	9,955		7,617
Plan participants' contributions	4,534		3,649
Transfer of benefits net of payments from fund	1,866		3,295
Expenses paid from assets	(118)		(87)
Translation gain (loss)	10,082		(1,189)
Fair value of plan assets, end of year	128,482		102,023

Unfunded liability, end of year	$	41,185	$	11,682

Schedule of net periodic benefit cost

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


	Year Ended December 31,
	2023		2022		2021
Service cost	$	7,711	$	9,855	$	7,977
Interest cost	2,280		251		92
Expected return on plan assets	(5,688)		(4,184)		(60)
Amortization of prior service cost	771		773		217
Amortization of actuarial losses	—		356		1,154
Net periodic benefit cost	$	5,074	$	7,051	$	9,380

Schedule of changes recognized in other comprehensive income (loss)

Other changes in the plans assets and the benefit obligation that is recognized in accumulated other comprehensive income (loss) were as follows, net of tax (in thousands):


	Year Ended December 31,
	2023		2022		2021
Pension (asset) liability, beginning of year	$	(1,699)	$	23,677	$	23,831
Plan amendment	—		—		6,017
Net prior service costs	(771)		(773)		(217)
Net loss (gain)	33,394		(24,603)		(5,954)
Pension liability (asset), end of year	$	30,924	$	(1,699)	$	23,677

Schedule of expected benefit payments

The following payments are expected to be paid from the fund (in thousands):


2024	$	6,632
2025	7,586
2026	7,103
2027	7,964
2028	8,463
2029-2033	56,005
Total	$	93,753

License Agreements - Syros (Details) $ in Thousands	1 Months Ended	12 Months Ended
License Agreements - Syros (Details) $ in Thousands	Jan. 31, 2018 programTarget	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
License agreements
Long term investments		$ 187,716	$ 133,676
Unrealized gain (loss) on long term investments		43,893	(87,590)	$ (24,072)
Syros Pharmaceuticals, Inc.
License agreements
Number of program targets \| programTarget	7
Long term investments		700	300
Unrealized gain (loss) on long term investments		$ 400	$ (2,700)	$ (7,100)
Stock purchase agreement \| Syros Pharmaceuticals, Inc.
License agreements
Investment owned (in shares) \| shares		100,000

Employee Benefit Plans - Expected benefit payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Expected benefit payments
2024	$ 6,632
2025	7,586
2026	7,103
2027	7,964
2028	8,463
2029-2033	56,005
Total	$ 93,753

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued and Other Current Liabilities
Royalties	$ 387,362	$ 263,466
Clinical related costs	109,618	130,570
Sales allowances	279,914	192,133
Sales and marketing	37,369	31,149
Accrued taxes	42,295	7,108
Operating lease liabilities	5,686	8,195
Other current liabilities	73,325	68,432
Total accrued and other current liabilities	$ 935,569	$ 701,053

Net Income Per Share (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Basic Net Income Per Share
Basic net income	$	597,599	$	340,660	$	948,581

Weighted average common shares outstanding	223,628		222,004		220,428

Basic net income per share	$	2.67	$	1.53	$	4.30

Diluted Net Income Per Share
Diluted net income	$	597,599	$	340,660	$	948,581

Weighted average common shares outstanding	223,628		222,004		220,428
Dilutive stock options and awards	2,300		1,954		1,646
Weighted average shares used to compute diluted net income per share	225,928		223,958		222,074

Diluted net income per share	$	2.65	$	1.52	$	4.27

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:


	2023	2022	2021
Outstanding stock options and awards	12,710,250	10,946,703	10,106,837

Stockholders' Equity - Option activity (Details)	12 Months Ended
Stockholders' Equity - Option activity (Details)	Dec. 31, 2023 $ / shares shares
Shares
Outstanding at the beginning of the period (in shares) \| shares	12,650,359
Options granted (in shares) \| shares	1,443,064
Options exercised (in shares) \| shares	(231,417)
Options cancelled (in shares) \| shares	(1,404,848)
Outstanding at the end of the period (in shares) \| shares	12,457,158
Grant Date Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 87.25
Options granted (in dollars per share) \| $ / shares	69.60
Options exercised (in dollars per share) \| $ / shares	67.05
Options cancelled (in dollars per share) \| $ / shares	88.87
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 85.40

Concentrations of Credit Risk and Current Expected Credit Losses

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk and Current Expected Credit Losses

Note 4. Concentration of Credit Risk and Current Expected Credit Losses

In November 2009, we entered into a collaboration and license agreement with Novartis. In December 2009, we entered into a license, development and commercialization agreement with Lilly. The above collaboration partners comprised, in aggregate, 20% and 20% of the accounts receivable balance as of December 31, 2023 and 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 customers these products. 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 Years Ended, December 31,
	2023		2022		2021
Customer A	16	%	19	%	18	%
Customer B	10	%	11	%	12	%
Customer C	18	%	18	%	18	%
Customer D	10	%	10	%	11	%
Customer E	12	%	14	%	8	%

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 the aggregate, 40% and 41% of the accounts receivable balance as of December 31, 2023 and 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 December 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.

Income Taxes - Income before provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision (benefit) for income taxes	$ 834,215	$ 529,116	$ 570,444
U.S.
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision (benefit) for income taxes	1,084,254	766,781	991,873
Non-U.S.
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision (benefit) for income taxes	$ (250,039)	$ (237,665)	$ (421,429)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

License Agreements	12 Months Ended
License Agreements	Dec. 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 initially were 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 were initially 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 December 31, 2023, we have recognized and received, in the aggregate, $157.0 million for the achievement of development milestones, $345.0 million for the achievement of regulatory milestones and $200.0 million for the achievement of sales milestones. We recognize development and regulatory milestones upon confirmation of achievement of the event, as development and regulatory approvals are events not controllable by us but rather development activities of Novartis and decisions made by regulatory agencies. We recognize sales milestones in the corresponding period of the product sale upon confirmation of net sales milestone threshold achievement by Novartis. In September 2023, we recognized a $5.0 million regulatory milestone for the approval of JAKAVI (ruxolitinib) in GVHD by the Japanese Ministry of Health, Labour and Welfare. 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 years ended December 31, 2023, 2022 and 2021, such royalties on net sales within the United States totaled $122.1 million, $113.1 million and $99.6 million, respectively, and were reflected in cost of product revenues on the consolidated statements of operations. At December 31, 2023 and 2022, $375.6 million and $253.5 million, respectively, of accrued royalties were included in accrued and other current liabilities on the 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. The Novartis agreement will continue on a program-by-program basis until Novartis has no royalty payment obligations with respect to such program or, if earlier, the termination of the agreement or any program in accordance with the terms of the agreement. Royalties are payable by Novartis on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last valid claim of the licensed patent rights covering the licensed product in the relevant country, (ii) the expiration of regulatory exclusivity for the licensed product in such country and (iii) a specified period from first commercial sale in such country of the licensed product by Novartis or its affiliates or sublicensees. The agreement may be terminated in its entirety or on a program-by-program basis by Novartis for convenience. The agreement may also be terminated by either party under certain other circumstances, including material breach. Milestone and contract revenue under the Novartis agreement was $5.0 million, $60.0 million and $0.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, for the years ended December 31, 2023, 2022 and 2021, we recorded $367.6 million, $331.6 million and $338.0 million, respectively, of product royalty revenues related to Novartis net sales of JAKAVI outside the United States. For the years ended December 31, 2023, 2022 and 2021 we recorded $17.8 million, $15.4 million and $10.4 million, respectively, of product royalty revenues related to Novartis net sales of TABRECTA worldwide. 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 December 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. We recognize development and regulatory milestones upon confirmation of achievement of the event, as development and regulatory approvals are events not controllable by us but rather development activities of Lilly and decisions made by regulatory agencies. We recognize sales milestones in the corresponding period of the product sale upon confirmation of net sales milestone threshold achievement by Lilly. 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. The Lilly agreement will continue until Lilly no longer has any royalty payment obligations or, if earlier, the termination of the agreement in accordance with its terms. Royalties are payable by Lilly on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last valid claim of the licensed patent rights covering the licensed product in the relevant country, (ii) the expiration of regulatory exclusivity for the licensed product in such country and (iii) a specified period from first commercial sale in such country of the licensed product by Lilly or its affiliates or sublicensees. The agreement may be terminated by Lilly for convenience, and may also be terminated under certain other circumstances, including material breach. Milestone and contract revenue under the Lilly agreement was $0.0 million, $70.0 million and $50.0 million, respectively, for the years ended December 31, 2023, 2022 and 2021. In addition, for the years ended December 31, 2023, 2022 and 2021, we recorded $136.1 million, $134.5 million and $220.9 million, respectively, of product royalty revenues related to Lilly net sales of OLUMIANT outside the United States. 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 milestone payments relating to ruxolitinib in the GVHD field. Since the date of the amendment through December 31, 2023, we have fully paid Lilly milestones totaling $40.0 million. 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 this agreement, we are responsible for all costs associated with discovery, preclinical, clinical development and commercialization activities for the currently active programs. Agenus will be eligible to receive tiered royalties on global net sales ranging from 6% to 12%, for all programs but one, in which 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 also may be terminated under certain other circumstances, including material breach. Since the inception of the agreement through December 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 December 31, 2023, we held an investment of approximately 12.1 million shares of Agenus Inc. common stock. The fair market value of our long term investment in Agenus Inc. at December 31, 2023 and 2022 was $10.0 million and $29.0 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded an unrealized loss of $18.9 million, an unrealized loss of $9.9 million and an unrealized gain of $4.6 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. We hold worldwide exclusive development and commercialization rights to those programs and are responsible for all research, development and commercialization costs, subject to Merus’ option, subject to certain conditions, to co-fund development of up to two of such programs and participate in certain commercialization activities for one of those co-developed 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. 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. The Merus agreement will continue on a program-by-program basis until we have no royalty payment obligations with respect to such program or, if earlier, the termination of the agreement or any program in accordance with the terms of the agreement. The agreement may be terminated in its entirety or on a program-by-program basis by us for convenience. The agreement may also be terminated by either party under certain other circumstances, including material breach, as set forth in the agreement. If the agreement is terminated with respect to one or more programs, all rights in the terminated programs revert to Merus, subject to payment to us of a reverse royalty of up to 4% on sales of future products, if Merus elects to pursue development and commercialization of products arising from the terminated programs. During January 2023, August 2023 and December 2023, we paid Merus milestones of $2.5 million, $2.5 million and $1.0 million, respectively, which were recorded as research and development expense in our consolidated statements of operations. Since the inception of the agreement through December 31, 2023, we have paid and expensed Merus milestones totaling $9.0 million. During August 2023, we purchased approximately 0.5 million shares of Merus’ common shares for an aggregate purchase price of $10.0 million in cash. As of December 31, 2023, we held an investment of approximately 4.0 million Merus common shares. The fair market value of our total long term investment in Merus as of December 31, 2023 and 2022 was $110.1 million and $54.9 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded an unrealized gain of $45.2 million, an unrealized loss of $58.0 million, and an unrealized gain of $48.1 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. The MacroGenics agreement will continue until we are no longer commercializing, developing or manufacturing INCMGA0012 or, if earlier, the termination of the agreement in accordance with its terms. The agreement may be terminated in its entirety or on a licensed product by licensed product basis by us for convenience. The agreement may also be terminated by either party under certain other circumstances, including material breach, as set forth in the agreement. 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 recorded as research and development expense in our 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 consolidated balance sheet as of December 31, 2023, and is being amortized through cost of product revenues over the estimated useful life of 13.5 years. Since the inception of the agreement through December 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 years ended December 31, 2023, 2022 and 2021, also included $51.5 million, $89.2 million and $72.3 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At December 31, 2023 and 2022, a total of $0.3 million and $2.9 million, respectively, of such costs were included in accrued and other liabilities on the 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 used its proprietary gene control platform to identify novel therapeutic targets with a focus in myeloproliferative neoplasms and we received options to obtain exclusive worldwide rights to intellectual property resulting from the collaboration for up to seven validated targets. This agreement was terminated in October 2023. As of December 31, 2023, we held an investment of approximately 0.1 million shares of Syros common stock. The fair market value of our long term investment in Syros as of December 31, 2023 and 2022 was $0.7 million and $0.3 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded an unrealized gain of $0.4 million, an unrealized loss of $2.7 million and an unrealized loss of $7.1 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 December 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 December 31, 2023, we held an investment of approximately 3.6 million American Depository Shares, each representing 0.25 of an ordinary share of MorphoSys AG. The fair market value of our long term investment in MorphoSys AG as of December 31, 2023 and 2022 was $35.9 million and $13.0 million, respectively. For the years ended December 31, 2023, 2022 and 2021 we recorded an unrealized gain of $22.9 million, an unrealized loss of $21.2 million, and an unrealized loss of $68.7 million, respectively, based on the change in fair value of MorphoSys AG's ordinary shares during the respective periods. Our 50% share of the United States loss for the commercialization of tafasitamab for the years ended December 31, 2023, 2022 and 2021 was $2.0 million, $8.0 million, and $37.0 million respectively, and is recorded as (profit) and loss sharing under collaboration agreements on the consolidated statement of operations. Research and development expenses for the years ended December 31, 2023, 2022 and 2021, included $76.1 million, $99.7 million, and $77.0 million, respectively, of costs for tafasitamab including our 55% share of the co-development costs. At December 31, 2023 and 2022, $18.8 million and $28.5 million, respectively, was included in accrued and other liabilities on the consolidated balance sheet for amounts due to MorphoSys under the agreement. During February 2024, we entered into a purchase agreement with MorphoSys, as a result of which we now hold exclusive global rights for tafasitamab. See Note 18 for further information relating to this 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”). The agreement became effective in December 2021. Axatilimab, which is currently in clinical development, is a monoclonal antibody that blocks the colony stimulating factor-1 (CSF-1) receptor. Syndax obtained exclusive worldwide development and commercialization rights to axatilimab under a June 2016 license agreement with UCB Biopharma Sprl. Under the terms of our agreement, we received exclusive commercialization rights to axatilimab outside of the United States, and share commercialization rights in the United States with Syndax. We are responsible for leading the commercialization strategy and booking all revenue from sales of axatilimab globally. 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’s 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 December 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 December 31, 2023 and 2022 was $30.7 million and $36.2 million, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded an unrealized loss of $5.5 million, and unrealized gain of $5.1 million, and an unrealized gain of $6.3 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Research and development expenses for the year ended December 31, 2023, includes $25.8 million related to our 55% share of the co-development costs for axatilimab. At December 31, 2023, $1.8 million was included in accrued and other liabilities on the consolidated balance sheet for amounts due to Syndax under the agreement. 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.

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1. Organization and Summary of Significant Accounting Policies 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) and ZYNYZ® (retifanlimab-dlwr). Our operations are treated as one operating segment. Principles of Consolidation. The 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. Foreign Currency Translation. Operations in non-U.S. entities are recorded in the functional currency of each entity. For financial reporting purposes, the functional currency of an entity is determined by a review of the source of an entity's most predominant cash flows. The results of operations for any non-U.S. dollar functional currency entities are translated from functional currencies into U.S. dollars using the average currency rate during each month. Assets and liabilities are translated using currency rates at the end of the period. Adjustments resulting from translating the financial statements of our foreign entities that use their local currency as the functional currency into U.S. dollars are reflected as a component of other comprehensive income (loss). Transaction gains and losses are recorded in other income (expense), net, in the consolidated statements of operations. 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. Concentrations of Credit Risk. Cash, cash equivalents, marketable securities, and trade receivables are financial instruments which potentially subject us to concentrations of credit risk. The estimated fair value of financial instruments approximates the carrying value based on available market information. By policy, we invest our excess available funds primarily in U.S. government debt securities which are securities issued or guaranteed by the U.S. government and money market funds that meet certain guidelines, which limits exposure to potential credit losses. Our receivables mainly relate to our product sales and collaborative agreements with pharmaceutical companies. We have not experienced any significant credit losses on cash, cash equivalents, marketable securities, or trade receivables to date and do not require collateral on receivables. Current Expected Credit Losses. Financial assets measured at amortized cost are assessed for future expected credit losses under guidance within ASC 326, Financial Instruments – Credit Losses, to determine if application of an expected credit losses reserve is necessary. On a quarterly basis, receivables that resulted from revenue transactions within the scope of ASC 606, Revenue from Contracts with Customers, and recognized on an amortized cost basis are reviewed on a customer-level basis to analyze expectations of future collections based upon past history of collections, payment, aging of receivables and viability of the customer to continue payment, as well as estimates of future economic conditions. Receivables generally consist of two types: receivables from collaborative agreements, including milestones, reimbursements for agreed-upon activities and sales royalties; and receivables from customer product sales. Collaborative agreement receivables are closely monitored relationships with select, reputable industry peers. Collection of receivables is assessed within each collaborative partnership on a quarterly basis, including evaluation of each entity’s credit quality, financial health and past history of payment. Customer product sales receivables are independently evaluated on a monthly basis, on which unusual items or aged receivables are closely monitored for signs of credit deterioration, or indications of payment refusal. Customer product sales are with specialty pharmaceutical distributors, wholesalers, and certain public and private institutions, some of which whose financial obligations are funded by various government agencies. Cash and Cash Equivalents. Cash and cash equivalents are held in banks or in custodial accounts with banks. Cash equivalents are defined as all liquid investments and money market funds with maturity from date of purchase of 90 days or less that are readily convertible into cash. Marketable Securities—Available-for-Sale. Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale. Available-for-sale securities are carried at fair value, based on quoted market prices and observable inputs, with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. We classify marketable securities that are available for use in current operations as current assets on the consolidated balance sheets. Realized gains and losses and declines in value judged to be other than temporary for available-for-sale securities are included in other income (expense), net on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Accounts Receivable. As of December 31, 2023 and December 31, 2022, we had a de minimis amount of allowance for doubtful accounts. We provide an allowance for doubtful accounts based on management’s assessment of the collectability of specific customer accounts, which includes consideration of the credit worthiness and financial condition of those customers, aging of such receivables, history of collectability with the customer and the general economic environment. We record an allowance to reduce the receivables to the amount that is expected to be collected. Inventory. Inventories are valued at the lower of cost and net realizable value. We use the specific identification method to account for commercial product manufactured by third-party contractors, which is our predominant source of inventory. We apply the first-in, first-out (FIFO) method to inventories produced at our internal manufacturing facility located in Yverdon, Switzerland. Inventories consist of costs of materials, including shipping and handling fees, third-party contract manufacturing, and allocable overhead associated with the production of our commercialized products. We capitalize inventory after regulatory approval from U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA) or Japanese Ministry of Health, Labour and Welfare (MHLW) as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to approval are recorded as research and development expense in our statements of operations. Raw materials, active pharmaceutical ingredients ("API") and work-in-process inventory are monitored for obsolescence, as applicable, and generally the shelf life of the finished goods inventory is approximately 36 months from the start of manufacturing of the finished goods, with the exception of OPZELURA and ZYNYZ, which currently has an approximate shelf life of 24 months. We evaluate for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. We build demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance and patient usage. We classify inventory as current on the consolidated balance sheets when we expect inventory to be consumed for commercial use within the next twelve months. Variable Interest Entities. We perform an initial and ongoing evaluation of the entities with which we have variable interests, such as equity ownership, in order to identify entities (i) that do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (ii) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). If an entity is identified as a VIE, we perform an assessment to determine whether we have both (i) the power to direct activities that most significantly impact the VIE’s economic performance and (ii) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, we are identified as the primary beneficiary of the VIE. As of December 31, 2023, there were no entities in which we held a variable interest which we determined to be VIEs. Long Term Investments. Our long term investments consist of equity investments in common stock of publicly-held companies with whom we have entered into collaboration and license agreements. We classify all of our equity investments in common stock of publicly-held companies as long term investments on the consolidated balance sheets. Our equity investments are accounted for at fair value using readily determinable pricing available on a securities exchange on the consolidated balance sheets. All changes in fair value are reported in the consolidated statements of operations as an unrealized gain (loss) on long term investments. In assessing whether we exercise significant influence over any of the companies in which we hold equity investments, we consider the nature and magnitude of our investment, any voting and protective rights we hold, any participation in the governance of the other company, and other relevant factors such as the presence of a collaboration or other business relationship. Currently, none of our equity investments in publicly-held companies are considered relationships in which we are able to assert control. Property and Equipment, net. Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the assets or lease term. Lease Accounting. All leases with a lease term greater than 12 months, regardless of lease type classification, are recorded as an obligation on the balance sheet with a corresponding right-of-use asset. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. Current operating lease liabilities are reflected in accrued and other current liabilities and noncurrent operating lease liabilities are reflected in other liabilities on the consolidated balance sheet. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments, minus lease incentives and any deferred lease payments. Operating lease right-of-use assets are recorded in property and equipment, net on the consolidated balance sheet and lease cost is recognized on a straight-line basis. For finance leases, expense is recognized as separate amortization and interest expense, with higher interest expense in the earlier periods of a lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the term of the lease. In determining whether a contract contains a lease, asset and service agreements are assessed at onset and upon modification for criteria of specifically identified assets, control and economic benefit. 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. Impairment of Long-Lived Assets. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Goodwill. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually as of October 1 or when a triggering event occurs that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more-likely-than-not that the fair value of net assets are below their carrying amounts. A reporting unit is the same as, or one level below, an operating segment. Our operations are currently comprised of a single, entity wide reporting unit. We completed our most recent annual impairment assessment as of October 1, 2023 and determined that the carrying value of our goodwill was not impaired. Income Taxes. We account for income taxes using the asset and liability approach which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts reportable for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The primary factors used to assess the likelihood of realization are our recent history of cumulative earnings or losses, expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. We recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We adjust the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision. Net Income Per Share. Our basic and diluted net income per share is calculated by dividing the net income by the weighted average number of shares of common stock outstanding during all periods presented. Options to purchase stock, restricted stock units and performance stock units are included in diluted earnings per share calculations, unless the effects are anti-dilutive. Accumulated Other Comprehensive Income. Accumulated other comprehensive income consists of unrealized gains or losses on our marketable debt securities that are classified as available-for-sale, foreign currency translation gains or losses and unrecognized actuarial gains or loss related to our defined benefit pension plan. Revenue Recognition. Revenue-generating contracts are assessed under ASC 606, Revenue from Contracts with Customers, to identify distinct performance obligations, determine the transaction price of the contract and allocate the transaction price to each of the distinct performance obligations. Revenue is recognized when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. Control, in this instance, may mean the ability to prevent other entities from directing the use of, and receiving benefit from, a good or service. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation, which for the Company is generally at a point in time. We also assess collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. Product Revenues Our product revenues consist of sales of JAKAFI, OPZELURA, PEMAZYRE and ZYNYZ in the U.S., sales of MINJUVI, PEMAZYRE, ICLUSIG and OPZELURA in Europe, and sales of PEMAZYRE in Japan. Product revenues are recognized at a point in time once we satisfy the performance obligation and control is transferred under the revenue recognition criteria as described above. We sell JAKAFI, OPZELURA, PEMAZYRE and ZYNYZ to our customers in the U.S., which include specialty and retail pharmacies, specialty distributors and wholesalers. We sell MINJUVI, PEMAZYRE, ICLUSIG and OPZELURA to our customers in the European Union and certain other jurisdictions, which include retail pharmacies, hospital pharmacies and distributors. We sell PEMAZYRE in Japan to an exclusive wholesaler. We recognize revenues for product received by our customers net of allowances for customer credits, including estimated rebates, chargebacks, discounts, returns, distribution service fees, patient assistance programs, and government rebates, such as the Medicaid Drug Rebate Program and Medicare Part D coverage gap reimbursements in the U.S. Product shipping and handling costs are included in cost of product revenues. Customer Credits: Our customers are offered various forms of consideration, including allowances, service fees and prompt payment discounts. We expect our customers will earn prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Service fees are also deducted from total product sales as they are earned. Rebates and Discounts: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program in the U.S. and mandated discounts in Europe in markets where government-sponsored healthcare systems are the primary payers for healthcare. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The accrual for rebates is based on statutory discount rates and expected utilization as well as historical data we have accumulated since product launches. In the fourth quarter of 2021 and fiscal year 2022 for non-covered patients of OPZELURA, we offered a full buy-down program as we were in the process of obtaining commercial insurance coverage for OPZELURA. During 2022, we contracted with the three largest group purchasing organizations to obtain coverage for OPZELURA. All full buy-down programs for OPZELURA ended effective January 31, 2023. Our estimates for expected utilization of commercial insurance rebates are based on data received from our customers. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Chargebacks: Chargebacks are discounts that occur when certain indirect contracted customers, which currently consist primarily of group purchasing organizations, Public Health Service institutions, non-profit clinics, and Federal government entities purchasing via the Federal Supply Schedule, purchase directly from our wholesalers. Contracted customers generally purchase the product at a discounted price. The wholesalers, in turn, charges back to us the difference between the price initially paid by the wholesalers and the discounted price paid by the contracted customers. In addition to actual chargebacks received, we maintain an accrual for chargebacks based on the estimated contractual discounts on the inventory levels on hand in our distribution channel. If actual future chargebacks vary from these estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Medicare Part D Coverage Gap: Medicare Part D prescription drug benefit mandates manufacturers to fund 70% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. Our estimates for the expected Medicare Part D coverage gap are based on historical invoices received and in part from data received from our customers. Funding of the coverage gap is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. During the fourth quarter of 2021 and fiscal year 2022, we also offered a full buy-down program to non-covered patients of OPZELURA as we were obtaining commercial insurance coverage for OPZELURA. All full buy-down programs for OPZELURA ended effective January 31, 2023. Product Royalty Revenues Royalty revenues on commercial sales for ruxolitinib (marketed as JAKAVI® outside the United States) by Novartis Pharmaceutical International Ltd. (“Novartis”) are based on net sales of licensed products in licensed territories as provided by Novartis. Royalty revenues on commercial sales for baricitinib (marketed as OLUMIANT) by Eli Lilly and Company (“Lilly”) are based on net sales of licensed products in licensed territories as provided by Lilly. Royalty revenues on commercial sales for capmatinib (marketed as TABRECTA®) by Novartis are based on net sales of licensed products in the licensed territories as provided by Novartis. Royalty revenues on commercial sales for pemigatinib (marketed as PEMAZYRE®) by Innovent Biologics, Inc. (“Innovent”) are based on net sales of licensed products in licensed territories as provided by Innovent. We recognize royalty revenues in the period the sales occur. Milestone and Contract Revenues For each collaborative research, development and/or commercialization agreement that results in revenue under the guidance of ASC 606, we identify all material performance obligations, which may include the license to intellectual property and know-how, research and development activities and/or other activities. In order to determine the transaction price, in addition to any upfront payment, we estimate the amount of variable consideration, including milestone payments, at the outset of the contract utilizing the most likely amount method. The most likely amount method is used since the milestone payments have a binary outcome (i.e., we receive all or none of the milestone payment). We constrain the estimate of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, management considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. Out-licensing arrangements contain the right to use functional intellectual property, which is the underlying performance obligation of these collaborative arrangements. If the license of our intellectual property is determined to be distinct from other performance obligations in the arrangement, the functional intellectual property that is transferred to the collaborative partner at the onset of the arrangement is concluded to have significant standalone functionality and value at the point in time at which the intellectual property is made available to the collaborative partner. For licenses that are not distinct from other obligations identified in the arrangement, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we apply an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. For each of the three years ended December 31, 2023, we had no revenues from intellectual property licenses recognized over time. For milestone revenues related to sales-based achievements, we recognize the milestone revenues in the corresponding period of the product sale, in accordance with the guidance of ASC 606-10-55-65 for contracts that include a license to intellectual property and the license is the predominant item to which the product sale relates. Subsequent to the transfer of the intellectual property, we may earn milestones through achievement of pre-specified developmental or regulatory events and, as such, milestones are accounted for as variable consideration. We include developmental or regulatory milestones in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone is subsequently resolved. Under the agreements currently in place, we do not consider these events to be within our control, but rather dependent upon the development activities of our collaborative partners and the decisions made by regulatory agencies. Accordingly, these milestones are not included in the transaction price until the counterparty, or third-party in the event of a regulatory submission, confirms the satisfaction or completion of the milestone triggering event. Given the high level of uncertainty of achievement, variable consideration associated with milestones are fully constrained until confirmation of the satisfaction or completion of the milestone by the third-party. Generally, the milestone events contained in our collaboration agreements coincide with the progression of our drugs from development, to regulatory approval and then to commercialization. The value of these milestones is dictated within the contract and is fixed upon achievement and reflects the amount of consideration which we expect to be entitled to in exchange for the satisfaction of that milestone. The process of successfully discovering a new development candidate, having it approved and successfully commercialized is highly uncertain. As such, the milestone payments we may earn from our partners involve a significant degree of risk to achieve and therefore, subsequent milestone payments due to Incyte are recognized as revenue at the point in time when such milestones are achieved. Our collaboration agreements may also include an option for the collaborative partner to elect to participate in research and development activities, such as shared participation in additional clinical trials using the compound. The presence of additional options for future participatory activities are assessed to determine if they represent material rights offered by us to the collaborative partner. We also determine whether the reimbursement of research and development expenses should be accounted for as collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation and recognize the corresponding revenues or records the corresponding offset to research and development expenses as incurred. Our collaborative agreements may also include provisions for additional future collaborative efforts, such as options for shared commercialization staffing or licensing of additional molecules, involvement in joint committees, or options for inclusion in negotiations of future supply rights, which at the time of each collaborative agreement’s inception, are assessed to determine if these meet the definition of a performance obligation under ASC 606. 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. Research and Development Costs. Our policy is to expense research and development costs as incurred, including amounts funded by research and development collaborations. Research and development expenses are comprised of costs we incur in performing research and development activities, including salary and benefits; stock-based compensation expense; outsourced services and other direct expenses, including clinical trial and pharmaceutical development costs; collaboration payments; expenses associated with drug supplies that are not being capitalized; and infrastructure costs, including facilities costs and depreciation expense. If a collaboration is a cost-sharing arrangement in which both we and our collaborator perform development work and share costs, we also recognize, as research and development expense in the period when our collaborator incurs development expenses, our portion of the co-development expenses that we are obligated to reimburse. Costs incurred under the collaboration arrangement that are reimbursable to us are recorded net against the related research and development expenses in the period in which the related expense is incurred. We often contract with contract research organizations (“CROs”) to facilitate, coordinate and perform agreed upon research and development of a new drug. To ensure that research and development costs are expensed as incurred, we record monthly accruals for clinical trials and preclinical testing costs based on the work performed under the contract. These CRO contracts typically call for the payment of fees for services at the initiation of the contract and/or upon the achievement of certain clinical trial milestones. In the event that we prepay CRO fees, we record the prepayment as a prepaid asset and amortize the asset into research and development expense over the period of time the contracted research and development services are performed. Most professional fees, including project and clinical management, data management, monitoring, and medical writing fees are incurred throughout the contract period. These professional fees are expensed based on their percentage of completion at a particular date. Our CRO contracts generally include pass through fees. Pass through fees include, but are not limited to, regulatory expenses, investigator fees, travel costs, and other miscellaneous costs, including shipping and printing fees. We expense the costs of pass through fees under our CRO contracts as they are incurred, based on the best information available to us at the time. The estimates of the pass through fees incurred are based on the amount of work completed for the clinical trial and are monitored through correspondence with the CROs, internal reviews and a review of contractual terms. The factors utilized to derive the estimates include the number of patients enrolled, duration of the clinical trial, estimated patient attrition, screening rate and length of the dosing regimen. CRO fees incurred to set up the clinical trial are expensed during the setup period. Stock Compensation. Share-based payment transactions with employees, which include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”), are recognized as compensation expense over the requisite service period based on their estimated fair values as well as expected forfeiture rates. The stock compensation process requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility over the option term and expected option lives, as well as expected forfeiture rates and the probability of PSUs vesting. The fair value of stock options, which are subject to graded vesting, are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of RSUs that are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight-line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, which we assess as of the end of each reporting period. Once a performance condition is considered probable, we record compensation expense based on the portion of the service period elapsed to date with respect to that award, with a cumulative catch-up, net of estimated forfeitures, and recognize any remaining compensation expense, if any, over the remaining requisite service period using the straight-line attribution method for PSUs that are subject to cliff vesting and using the accelerated attribution method for PSUs that are subject to graded vesting. 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. Advertising Expenses. Advertising expenses, comprised primarily of television, radio, print media and Internet advertising, are expensed as incurred and are included in selling, general, and administrative expenses. For the years ended December 31, 2023, 2022, and 2021, advertising expenses were approximately $221.9 million, $196.4 million, and $66.0 million, respectively. Long Term Incentive Plans. We have long term incentive plans which provide eligible employees with the opportunity to receive performance and service-based incentive compensation, which may be comprised of cash, stock options, restricted stock units and/or performance shares. The payment of cash and the grant or vesting of equity may be contingent upon the achievement of pre-determined regulatory, sales and internal performance milestones. Acquisition-Related Contingent Consideration. Acquisition-related contingent consideration consists of our future royalty obligations on future net revenues of ICLUSIG owed to Takeda Pharmaceutical Company Limited, which acquired ARIAD Pharmaceuticals, Inc. (“Takeda”). Acquisition-related contingent consideration was recorded on the acquisition date of June 1, 2016 at the estimated fair value of the obligation, in accordance with the acquisition method of accounting. The fair value measurement is based on significant inputs that are unobservable in the market and thus represents a Level 3 measurement. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of operations. Acquisitions. To determine whether acquisitions should be accounted for as a business combination or as an asset acquisition, we make certain judgments, which include assessing whether the acquired set of activities and assets would meet the definition of a business under the relevant accounting rules. If the acquired set of activities and assets meets the definition of a business, assets acquired and liabilities assumed are required to be recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, where applicable, is recorded as goodwill. If the acquired set of activities and assets does not meet the definition of a business, the transaction is recorded as an asset acquisition, with the purchase price being allocated to the acquired asset, with no goodwill recorded. For a transaction recorded as an asset acquisition, any acquired in-process research and development that does not have an alternative future use is charged to expense at the acquisition date. See Note 5 for additional information. (Profit) and loss sharing under collaboration agreements. For the years ended December 31, 2023 and 2022, (profit) and loss sharing under collaboration agreements represents our 50% share of the United States loss for commercialization of MONJUVI (tafasitamab-cxix) under our agreement with MorphoSys, which is described in Note 7 below. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently analyzing the impact that ASU No. 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently analyzing the impact that ASU No. 2023-09 will have on our consolidated financial statements.

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Note 14. Net Income Per Share

Our basic net income per share is computed by dividing the net income by the number of weighted average common shares outstanding during the period. Our diluted net income per share is computed by dividing net income by the weighted average common shares outstanding during the period assuming potentially dilutive common shares of stock options, RSUs and PSUs.

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


	Year Ended December 31,
(in thousands, except per share data)	2023		2022		2021
Basic Net Income Per Share
Basic net income	$	597,599	$	340,660	$	948,581

Weighted average common shares outstanding	223,628		222,004		220,428

Basic net income per share	$	2.67	$	1.53	$	4.30

Diluted Net Income Per Share
Diluted net income	$	597,599	$	340,660	$	948,581

Weighted average common shares outstanding	223,628		222,004		220,428
Dilutive stock options and awards	2,300		1,954		1,646
Weighted average shares used to compute diluted net income per share	225,928		223,958		222,074

Diluted net income per share	$	2.65	$	1.52	$	4.27

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


	2023	2022	2021
Outstanding stock options and awards	12,710,250	10,946,703	10,106,837

Commitments and contingencies - Contingencies (Details) - U.S. Centers for Medicare and Medicaid Services - JAKAFI $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Contingencies
Loss Contingences, Gross To Net Deduction Percentage	6.50%
Accrued And Other Current Liabilities
Contingencies
Loss Contingency Accrual	$ 59.5

License Agreements - Lily (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			94 Months Ended	169 Months Ended
	Dec. 31, 2009	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2016
License agreements
Total revenues		$ 3,695,649	$ 3,394,635	$ 2,986,267
Eli Lilly
License agreements
Total revenues		0	70,000	50,000
Eli Lilly \| OLUMIANT
License agreements
Total revenues		$ 136,100	$ 134,500	$ 220,900
Eli Lilly \| GVHD
License agreements
Additional milestone payments under the license agreement							$ 40,000
Milestone payment made under license agreement					$ 40,000
Development Milestones \| Eli Lilly
License agreements
Amount recognized and received for the achievement of a predefined milestone						$ 149,000
Development Milestones \| Maximum \| Eli Lilly
License agreements
Upfront and immediate milestone payment to be received under license agreement	$ 150,000
Regulatory Milestones \| Eli Lilly
License agreements
Amount recognized and received for the achievement of a predefined milestone						335,000
Regulatory Milestones \| Maximum \| Eli Lilly
License agreements
Upfront and immediate milestone payment to be received under license agreement	365,000
Commercialization Milestones \| Eli Lilly
License agreements
Amount recognized and received for the achievement of a predefined milestone						$ 50,000
Commercialization Milestones \| Maximum \| Eli Lilly
License agreements
Upfront and immediate milestone payment to be received under license agreement	$ 150,000

Stock Compensation (Tables)

12 Months Ended

Dec. 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 options granted, with the following weighted-average assumptions:


	Employee Stock Options For the year ended December 31,						Employee Stock Purchase Plan For the year ended December 31,
	2023		2022		2021		2023		2022		2021
Average risk-free interest rates	4.01	%	2.14	%	0.62	%	4.72	%	3.74	%	0.40	%
Average expected life (in years)	5.05		4.90		5.01		0.50		0.50		0.50
Volatility	32	%	36	%	39	%	25	%	25	%	33	%
Weighted-average fair value (in dollars)	24.35		26.06		29.03		12.68		14.99		18.02

Property and Equipment, net - Lease and maturity of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lease liabilities
Operating lease liabilities, current	$ 5,686	$ 8,195
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Finance lease liabilities, current	$ 3,439	$ 3,179
Operating lease liabilities, noncurrent	$ 14,284	$ 14,109
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance lease liabilities, noncurrent	$ 29,162	$ 30,083
Total lease liabilities	52,571	$ 55,566
Maturity of our operating lease liabilities
2024	6,506
2025	3,413
2026	2,893
2027	2,903
2028	2,378
After 2028	4,551
Total lease cash payments	22,644
Less: discount	2,674
Present value of lease liabilities	19,970
Maturity of our finance lease liabilities
2024	4,641
2025	4,280
2026	3,829
2027	3,139
2028	2,856
After 2028	20,809
Total lease cash payments	39,554
Less: discount	6,953
Present value of lease liabilities	$ 32,601

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total revenues	$ 3,695,649	$ 3,394,635	$ 2,986,267
Costs and expenses:
Cost of product revenues (including definite-lived intangible amortization)	254,990	206,997	150,991
Research and development	1,627,594	1,585,936	1,458,179
Selling, general and administrative	1,161,293	1,002,140	739,560
Loss on change in fair value of acquisition-related contingent consideration	29,202	12,149	14,741
(Profit) and loss sharing under collaboration agreements	2,045	7,973	37,019
Total costs and expenses	3,075,124	2,815,195	2,400,490
Income from operations	620,525	579,440	585,777
Interest income and other, net	172,348	39,932	10,647
Interest expense	(2,551)	(2,666)	(1,908)
Unrealized gain (loss) on long term investments	43,893	(87,590)	(24,072)
Income before provision (benefit) for income taxes	834,215	529,116	570,444
Provision (benefit) for income taxes	236,616	188,456	(378,137)
Net income	$ 597,599	$ 340,660	$ 948,581
Net income per share:
Basic (in dollars per share)	$ 2.67	$ 1.53	$ 4.30
Diluted (in dollars per share)	$ 2.65	$ 1.52	$ 4.27
Shares used in computing net income per share:
Basic (in shares)	223,628	222,004	220,428
Diluted (in shares)	225,928	223,958	222,074
Product revenues, net
Revenues:
Total revenues	$ 3,165,168	$ 2,746,897	$ 2,322,012
Product royalty revenues
Revenues:
Total revenues	523,481	482,738	569,255
Milestone and contract revenues
Revenues:
Total revenues	$ 7,000	$ 165,000	$ 95,000

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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
December 31, 2023
Debt securities (government)	$	442,816	$	(149)	$	442,667

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 December 31, 2023
Cash and cash equivalents	$	3,213,376	$	—	$	—	$	3,213,376
Debt securities (government)	—		442,667		—		442,667
Long term investments (Note 7)	187,716		—		—		187,716
Total assets	$	3,401,092	$	442,667	$	—	$	3,843,759


	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 (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 December 31, 2023
Acquisition-related contingent consideration	$	—	$	—	$	212,000	$	212,000
Total liabilities	$	—	$	—	$	212,000	$	212,000


	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 roll forward of our Level 3 liabilities (in thousands):


	2023		2022
Balance at January 1,	$	221,000	$	244,000
Contingent consideration earned during the period but not yet paid	(10,260)		(9,286)
Payments made during the period	(27,942)		(25,863)
Change in fair value of contingent consideration	29,202		12,149
Balance at December 31,	$	212,000	$	221,000

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (loss) from operations before income taxes

The provision (benefit) for income taxes is based on income before provision (benefit) for income taxes as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	1,084,254	$	766,781	$	991,873
Non-U.S.	(250,039)		(237,665)		(421,429)
Income before provision (benefit) for income taxes	$	834,215	$	529,116	$	570,444

Schedule of (benefit) provision for income taxes

Our provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	344,407	$	90,088	$	50,565
State	48,106		38,136		32,505
Foreign	3,001		3,141		4,397
	395,514		131,365		87,467
Deferred:
Federal	(139,468)		62,107		(407,852)
State	(19,625)		(3,709)		(57,677)
Foreign	195		(1,307)		(75)
	(158,898)		57,091		(465,604)
Total provision (benefit) for income taxes	$	236,616	$	188,456	$	(378,137)

Schedule of reconciliation of income taxes at the U.S. federal statutory rate to the (benefit) provision for income taxes

A reconciliation of income taxes at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Provision at U.S. federal statutory rate	$	175,185	$	111,114	$	119,793
State and local income taxes	21,145		26,767		34,461
Foreign tax rate differential	(96,434)		13,670		55,171
Income tax credits	(1,433,507)		(30,505)		(55,139)
Change in valuation allowance	1,572,951		67,056		(523,279)
Foreign-derived intangible income	(32,891)		(36,748)		(28,259)
Stock based compensation	20,971		19,704		15,497
Acquisitions accounted for as research and development expenses	4,200		14,700		—
Other	4,996		2,698		3,618
Provision (benefit) for income taxes	$	236,616	$	188,456	$	(378,137)

Schedule of significant components of deferred tax assets and liabilities

Significant components of our deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carry forwards	$	326,446	$	182,193
Income tax credits	1,441,981		17,141
Capitalized research and development	457,603		265,140
Deferred revenue and accruals	130,291		72,657
Non-cash compensation	96,469		83,138
Acquisition-related contingent consideration	30,298		30,483
Intangibles, net	233,311		257,614
Long term investments	42,975		54,662
Other	9,044		9,600
Total gross deferred tax assets	2,768,418		972,628
Less valuation allowance for deferred tax assets	(2,096,318)		(472,125)
Net deferred tax assets	$	672,100	$	500,503

Deferred tax liabilities:
Property and equipment	$	(34,757)	$	(33,683)
Other	(5,457)		(8,879)
Total gross deferred tax liabilities	(40,214)		(42,562)
Net deferred tax assets	$	631,886	$	457,941

Summary of Operating Loss Carryforwards

As of December 31, 2023, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):


	Amount		Expiring if not utilized
Net operating loss carryforwards
State	$	294,342	2024 through 2043; indefinite
Foreign	2,145,243		2024 through 2030
Research and development credit carryforwards
State	14,956		2024 through 2041
Swiss income tax credit carryforwards	1,429,193		2028

Unrecognized tax benefits

The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2023		2022
Balance at beginning of year	$	73,040	$	62,359
Additions related to prior periods tax positions	3,687		5,027
Reductions related to prior periods tax positions	(10,382)		(2,087)
Additions related to current period tax positions	3,019		8,290
Settlements	(209)		(104)
Reductions due to lapse of applicable statute of limitations	(33)		(356)
Currency translation adjustment	23		(89)
Balance at end of year	$	69,145	$	73,040

Income Taxes - Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Swiss income tax credit carryforwards
Tax Credit Carryforward
Tax credit carryforward	$ 1,429,193
State
Tax Credit Carryforward
Net operating loss carryforwards	294,342
State \| Research and development credit carryforwards
Tax Credit Carryforward
Tax credit carryforward	14,956
Foreign
Tax Credit Carryforward
Net operating loss carryforwards	$ 2,145,243

Fair Value Measures and Disclosures - Level 3 liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of financial instruments
Change in fair value of contingent consideration	$ 29,202	$ 12,149	$ 14,741
Estimate of Fair Value Measurement
Fair value of financial instruments
Balance at the beginning of the period	221,000	244,000
Contingent consideration earned during the period but not yet paid	(10,260)	(9,286)
Payments made during the period	(27,942)	(25,863)
Change in fair value of contingent consideration	29,202	12,149
Balance at the end of the period	$ 212,000	$ 221,000	$ 244,000

Stock Compensation - Schedule of Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock
Stock compensation
Average risk-free interest rates	4.72%	3.74%	0.40%
Average expected life (in years)	6 months	6 months	6 months
Volatility	25.00%	25.00%	33.00%
Weighted-average fair value (in dollars per share)	$ 12.68	$ 14.99	$ 18.02
Options
Stock compensation
Average risk-free interest rates	4.01%	2.14%	0.62%
Average expected life (in years)	5 years 18 days	4 years 10 months 24 days	5 years 3 days
Volatility	32.00%	36.00%	39.00%
Weighted-average fair value (in dollars per share)	$ 24.35	$ 26.06	$ 29.03

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-SubTopic 10
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-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (c)(1)(iii)
-Publisher FASB
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, net of shares withheld for taxes (in shares)	1,154,974	1,348,122	1,324,926
Issuance of shares of Common Stock under the ESPP (in shares)	380,145	308,413	264,503
Issuance of shares of Common Stock for services rendered (in shares)	5,024	5,751	5,675

License Agreements - Novartis (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended			170 Months Ended
	Sep. 30, 2023	Nov. 30, 2009	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
License agreements
Revenues			$ 3,695,649	$ 3,394,635	$ 2,986,267
United States
License agreements
Revenues			3,500,000	3,200,000	2,900,000
JAKAFI
License agreements
Revenues			2,593,732	2,409,225	2,134,508
Novartis
License agreements
Revenues			5,000	60,000	0
Novartis \| Development Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone						$ 157,000
Novartis \| Development Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		$ 174,000
Novartis \| Regulatory Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone	$ 5,000					345,000
Novartis \| Regulatory Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		495,000
Novartis \| Commercialization Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone						200,000
Novartis \| Commercialization Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		500,000
Novartis \| GVHD \| Development and Regulatory Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		$ 75,000
Novartis \| JAKAVI
License agreements
Revenues			$ 367,600	331,600	338,000
Novartis \| JAKAVI \| Minimum
License agreements
Royalty payments on future global net sales			12.00%
Novartis \| JAKAVI \| Maximum
License agreements
Royalty payments on future global net sales			14.00%
Novartis \| JAKAFI \| United States
License agreements
Revenues			$ 122,100	113,100	99,600
Royalties payable			375,600	253,500		$ 375,600
Novartis \| TABRECTA
License agreements
Revenues			$ 17,800	$ 15,400	$ 10,400

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 9. Intangible Assets and Goodwill

Intangible Assets, Net

The components of intangible assets were as follows (in thousands, except for useful life):


		Balance at December 31, 2023						Balance at December 31, 2022
	Weighted- Average Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Licensed IP	12.5	$	271,000	$	163,318	$	107,682	$	271,000	$	141,781	$	129,219
Capitalized milestone payments	13.3	$	17,000	$	1,137	$	15,863	$	—	$	—	$	—

Amortization expense was $22.5 million for the year ended December 31, 2023, and amortization expense was $21.5 million for the years ended December 31, 2022 and 2021 and is recorded in cost of product revenues on the consolidated statement of operations. Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets will be as follows for the years ending December 31 (in thousands):


	2024		2025		2026		2027		2028		Thereafter
Amortization expense	$	22,817	$	22,817	$	22,817	$	22,817	$	22,817	$	9,460

Goodwill

There were no changes to the carrying amount of goodwill for the years ended December 31, 2023 and 2022.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 442,816	$ 292,580
Marketable securities-allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in dollars 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 dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	224,286,862	222,746,719
Common stock, shares outstanding (in shares)	224,286,862	222,746,719

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net

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


	December 31,
	2023		2022
Office equipment	$	23,417	$	22,734
Laboratory equipment	220,677		192,141
Computer equipment	147,570		92,115
Land	10,931		10,429
Building and leasehold improvements	584,755		564,170
Operating lease right-of-use assets	20,553		23,311
Construction in progress	13,544		47,224
	1,021,447		952,124
Less accumulated depreciation and amortization	(269,934)		(212,814)
Property and equipment, net	$	751,513	$	739,310

Assets And Liabilities, Lessee

Our current operating lease liabilities are reflected in accrued and other current liabilities and our noncurrent operating lease liabilities are reflected in other liabilities on the consolidated balance sheets and are as follows (in thousands):


	December 31,
	2023		2022
Current
Operating lease liabilities	$	5,686	$	8,195
Finance lease liabilities	3,439		3,179
Noncurrent
Operating lease liabilities	14,284		14,109
Finance lease liabilities	29,162		30,083
Total lease liabilities	$	52,571	$	55,566

Lessee, Operating Lease, Liability, Maturity

The maturity of our lease liabilities are as follows (in thousands):


	Operating		Finance
2024	$	6,506	$	4,641
2025	3,413		4,280
2026	2,893		3,829
2027	2,903		3,139
2028	2,378		2,856
After 2028	4,551		20,809
Total lease cash payments	$	22,644	$	39,554
Less: discount	2,674		6,953
Present value of lease liabilities	$	19,970	$	32,601

Finance Lease, Liability, Fiscal Year Maturity

The maturity of our lease liabilities are as follows (in thousands):


	Operating		Finance
2024	$	6,506	$	4,641
2025	3,413		4,280
2026	2,893		3,829
2027	2,903		3,139
2028	2,378		2,856
After 2028	4,551		20,809
Total lease cash payments	$	22,644	$	39,554
Less: discount	2,674		6,953
Present value of lease liabilities	$	19,970	$	32,601

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisition	Note 5. Acquisitions On November 17, 2022, we completed our acquisition of 100% of the outstanding shares of Villaris Therapeutics, Inc. ("Villaris"). Villaris was an early-stage biopharma company focused on the development of novel antibody therapeutics for vitiligo. We evaluated the acquired set of activities and assets, and concluded that the acquisition of Villaris did not meet the definition of a business, as substantially all of the purchase price was concentrated in a single identifiable preclinical asset. Therefore, the transaction was accounted for as an asset acquisition. Under the terms of the acquisition agreement, we made an upfront payment of $70.3 million in 2022, which was attributed to the fair value of the preclinical asset acquired. As the preclinical asset had no alternative future use at the date of acquisition, the entire upfront payment amount was expensed to research and development expense on the consolidated statement of operations for the year ended December 31, 2022. There were no material assets or liabilities recorded on the consolidated balance sheet as part of this acquisition. During December 2023, we made a $20.0 million development milestone payment to former Villaris stockholders for the initiation of the Phase 1 clinical trial of INCA034460 as a treatment for vitiligo, which was expensed to research and development expense on the consolidated statement of operations for the year ended December 31, 2023. Former Villaris stockholders are eligible to receive up to an additional $290.0 million upon achievement of certain regulatory milestones, as well as up to an additional $1.05 billion in commercial milestones on net sales of commercialized products. We will accrue for these milestone payments in the future when it becomes probable they will be achieved.

Property and Equipment, net

12 Months Ended

Dec. 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):


	December 31,
	2023		2022
Office equipment	$	23,417	$	22,734
Laboratory equipment	220,677		192,141
Computer equipment	147,570		92,115
Land	10,931		10,429
Building and leasehold improvements	584,755		564,170
Operating lease right-of-use assets	20,553		23,311
Construction in progress	13,544		47,224
	1,021,447		952,124
Less accumulated depreciation and amortization	(269,934)		(212,814)
Property and equipment, net	$	751,513	$	739,310

Depreciation expense, including amortization expense of leasehold improvements, was $60.1 million, $46.3 million and $36.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We are the lessee of several contracts, including those to secure fleet vehicles, buildings and equipment. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. Some of our building leases include options to renew and the exercise of these options is at our discretion.


	December 31,
	2023		2022
Current
Operating lease liabilities	$	5,686	$	8,195
Finance lease liabilities	3,439		3,179
Noncurrent
Operating lease liabilities	14,284		14,109
Finance lease liabilities	29,162		30,083
Total lease liabilities	$	52,571	$	55,566

The maturity of our lease liabilities are as follows (in thousands):


	Operating		Finance
2024	$	6,506	$	4,641
2025	3,413		4,280
2026	2,893		3,829
2027	2,903		3,139
2028	2,378		2,856
After 2028	4,551		20,809
Total lease cash payments	$	22,644	$	39,554
Less: discount	2,674		6,953
Present value of lease liabilities	$	19,970	$	32,601

The cash paid for amounts included in the measurement of our operating lease liabilities for the years ended December 31, 2023, 2022 and 2021 was $9.4 million, $11.8 million and $14.3 million, respectively, in operating cash flows. The cash paid for amounts included in the measurement of our finance lease liabilities for the years ended December 31, 2023, 2022 and 2021 was $3.4 million, $2.9 million and $2.4 million respectively, in financing cash flows.

As of December 31, 2023, our finance and operating leases had a weighted average lease term of approximately 10.8 years and 5.8 years, respectively. The discount rate of our leases is an approximation of an estimated incremental borrowing rate and is dependent upon the term and economics of each agreement. The weighted average discount rate of our finance and operating leases was approximately 4.0% and 3.9%, respectively.

As of December 31, 2022, our finance and operating leases had a weighted average lease term of approximately 12.0 years and 5.5 years, respectively. The weighted average discount rate of our finance and operating leases was approximately 4.2% and 4.4%, respectively.

As of December 31, 2021, our finance and operating leases had a weighted average lease term of approximately 13.4 years and 4.9 years, respectively. The weighted average discount rate of our finance and operating leases was approximately 4.1% and 4.8%, respectively.

For the year ended December 31, 2023, we incurred approximately $9.8 million of expense related to our operating leases, approximately $3.5 million of amortization on our finance lease right-of-use assets and approximately $1.3 million of interest expense on our finance lease liabilities. For the year ended December 31, 2022, we incurred approximately $11.7 million of expense related to our operating leases, approximately $3.1 million of amortization on our finance lease right-of-use assets and approximately $1.4 million of interest expense on our finance lease liabilities. For the year ended December 31, 2021, we incurred approximately $14.2 million of expense related to our operating leases, approximately $2.7 million of amortization on our finance lease right-of-use assets and approximately $1.3 million of interest expense on our finance lease liabilities.

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation. The 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.
Foreign Currency Translation	Foreign Currency Translation. Operations in non-U.S. entities are recorded in the functional currency of each entity. For financial reporting purposes, the functional currency of an entity is determined by a review of the source of an entity's most predominant cash flows. The results of operations for any non-U.S. dollar functional currency entities are translated from functional currencies into U.S. dollars using the average currency rate during each month. Assets and liabilities are translated using currency rates at the end of the period. Adjustments resulting from translating the financial statements of our foreign entities that use their local currency as the functional currency into U.S. dollars are reflected as a component of other comprehensive income (loss). Transaction gains and losses are recorded in other income (expense), net, in the consolidated statements of operations.
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.
Concentrations of Credit Risk	Concentrations of Credit Risk. Cash, cash equivalents, marketable securities, and trade receivables are financial instruments which potentially subject us to concentrations of credit risk. The estimated fair value of financial instruments approximates the carrying value based on available market information. By policy, we invest our excess available funds primarily in U.S. government debt securities which are securities issued or guaranteed by the U.S. government and money market funds that meet certain guidelines, which limits exposure to potential credit losses. Our receivables mainly relate to our product sales and collaborative agreements with pharmaceutical companies. We have not experienced any significant credit losses on cash, cash equivalents, marketable securities, or trade receivables to date and do not require collateral on receivables.
Current Expected Credit Losses	Current Expected Credit Losses. Financial assets measured at amortized cost are assessed for future expected credit losses under guidance within ASC 326, Financial Instruments – Credit Losses, to determine if application of an expected credit losses reserve is necessary. On a quarterly basis, receivables that resulted from revenue transactions within the scope of ASC 606, Revenue from Contracts with Customers, and recognized on an amortized cost basis are reviewed on a customer-level basis to analyze expectations of future collections based upon past history of collections, payment, aging of receivables and viability of the customer to continue payment, as well as estimates of future economic conditions. Receivables generally consist of two types: receivables from collaborative agreements, including milestones, reimbursements for agreed-upon activities and sales royalties; and receivables from customer product sales. Collaborative agreement receivables are closely monitored relationships with select, reputable industry peers. Collection of receivables is assessed within each collaborative partnership on a quarterly basis, including evaluation of each entity’s credit quality, financial health and past history of payment. Customer product sales receivables are independently evaluated on a monthly basis, on which unusual items or aged receivables are closely monitored for signs of credit deterioration, or indications of payment refusal. Customer product sales are with specialty pharmaceutical distributors, wholesalers, and certain public and private institutions, some of which whose financial obligations are funded by various government agencies.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents are held in banks or in custodial accounts with banks. Cash equivalents are defined as all liquid investments and money market funds with maturity from date of purchase of 90 days or less that are readily convertible into cash.
Marketable Securities-Available-for-Sale	Marketable Securities—Available-for-Sale. Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale. Available-for-sale securities are carried at fair value, based on quoted market prices and observable inputs, with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. We classify marketable securities that are available for use in current operations as current assets on the consolidated balance sheets. Realized gains and losses and declines in value judged to be other than temporary for available-for-sale securities are included in other income (expense), net on the consolidated statements of operations. The cost of securities sold is based on the specific identification method.
Accounts Receivable	Accounts Receivable. As of December 31, 2023 and December 31, 2022, we had a de minimis amount of allowance for doubtful accounts. We provide an allowance for doubtful accounts based on management’s assessment of the collectability of specific customer accounts, which includes consideration of the credit worthiness and financial condition of those customers, aging of such receivables, history of collectability with the customer and the general economic environment. We record an allowance to reduce the receivables to the amount that is expected to be collected.
Inventory	Inventory. Inventories are valued at the lower of cost and net realizable value. We use the specific identification method to account for commercial product manufactured by third-party contractors, which is our predominant source of inventory. We apply the first-in, first-out (FIFO) method to inventories produced at our internal manufacturing facility located in Yverdon, Switzerland. Inventories consist of costs of materials, including shipping and handling fees, third-party contract manufacturing, and allocable overhead associated with the production of our commercialized products. We capitalize inventory after regulatory approval from U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA) or Japanese Ministry of Health, Labour and Welfare (MHLW) as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to approval are recorded as research and development expense in our statements of operations. Raw materials, active pharmaceutical ingredients ("API") and work-in-process inventory are monitored for obsolescence, as applicable, and generally the shelf life of the finished goods inventory is approximately 36 months from the start of manufacturing of the finished goods, with the exception of OPZELURA and ZYNYZ, which currently has an approximate shelf life of 24 months. We evaluate for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. We build demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance and patient usage. We classify inventory as current on the consolidated balance sheets when we expect inventory to be consumed for commercial use within the next twelve months.
Variable Interest Entities	Variable Interest Entities. We perform an initial and ongoing evaluation of the entities with which we have variable interests, such as equity ownership, in order to identify entities (i) that do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (ii) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). If an entity is identified as a VIE, we perform an assessment to determine whether we have both (i) the power to direct activities that most significantly impact the VIE’s economic performance and (ii) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, we are identified as the primary beneficiary of the VIE. As of December 31, 2023, there were no entities in which we held a variable interest which we determined to be VIEs.
Long Term Investments	Long Term Investments. Our long term investments consist of equity investments in common stock of publicly-held companies with whom we have entered into collaboration and license agreements. We classify all of our equity investments in common stock of publicly-held companies as long term investments on the consolidated balance sheets. Our equity investments are accounted for at fair value using readily determinable pricing available on a securities exchange on the consolidated balance sheets. All changes in fair value are reported in the consolidated statements of operations as an unrealized gain (loss) on long term investments. In assessing whether we exercise significant influence over any of the companies in which we hold equity investments, we consider the nature and magnitude of our investment, any voting and protective rights we hold, any participation in the governance of the other company, and other relevant factors such as the presence of a collaboration or other business relationship. Currently, none of our equity investments in publicly-held companies are considered relationships in which we are able to assert control.
Property and Equipment, net	Property and Equipment, net. Property and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the assets or lease term.
Lease Accounting	Lease Accounting. All leases with a lease term greater than 12 months, regardless of lease type classification, are recorded as an obligation on the balance sheet with a corresponding right-of-use asset. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. Current operating lease liabilities are reflected in accrued and other current liabilities and noncurrent operating lease liabilities are reflected in other liabilities on the consolidated balance sheet. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments, minus lease incentives and any deferred lease payments. Operating lease right-of-use assets are recorded in property and equipment, net on the consolidated balance sheet and lease cost is recognized on a straight-line basis. For finance leases, expense is recognized as separate amortization and interest expense, with higher interest expense in the earlier periods of a lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the term of the lease. In determining whether a contract contains a lease, asset and service agreements are assessed at onset and upon modification for criteria of specifically identified assets, control and economic benefit.
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.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows.
Goodwill	Goodwill. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually as of October 1 or when a triggering event occurs that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis in determining whether it is more-likely-than-not that the fair value of net assets are below their carrying amounts. A reporting unit is the same as, or one level below, an operating segment. Our operations are currently comprised of a single, entity wide reporting unit. We completed our most recent annual impairment assessment as of October 1, 2023 and determined that the carrying value of our goodwill was not impaired.
Income Taxes	Income Taxes. We account for income taxes using the asset and liability approach which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts reportable for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The primary factors used to assess the likelihood of realization are our recent history of cumulative earnings or losses, expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. We recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We adjust the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision.
Net Income Per Share	Net Income Per Share. Our basic and diluted net income per share is calculated by dividing the net income by the weighted average number of shares of common stock outstanding during all periods presented. Options to purchase stock, restricted stock units and performance stock units are included in diluted earnings per share calculations, unless the effects are anti-dilutive.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income. Accumulated other comprehensive income consists of unrealized gains or losses on our marketable debt securities that are classified as available-for-sale, foreign currency translation gains or losses and unrecognized actuarial gains or loss related to our defined benefit pension plan.
Revenue Recognition	Revenue Recognition. Revenue-generating contracts are assessed under ASC 606, Revenue from Contracts with Customers, to identify distinct performance obligations, determine the transaction price of the contract and allocate the transaction price to each of the distinct performance obligations. Revenue is recognized when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. Control, in this instance, may mean the ability to prevent other entities from directing the use of, and receiving benefit from, a good or service. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation, which for the Company is generally at a point in time. We also assess collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. Product Revenues Our product revenues consist of sales of JAKAFI, OPZELURA, PEMAZYRE and ZYNYZ in the U.S., sales of MINJUVI, PEMAZYRE, ICLUSIG and OPZELURA in Europe, and sales of PEMAZYRE in Japan. Product revenues are recognized at a point in time once we satisfy the performance obligation and control is transferred under the revenue recognition criteria as described above. We sell JAKAFI, OPZELURA, PEMAZYRE and ZYNYZ to our customers in the U.S., which include specialty and retail pharmacies, specialty distributors and wholesalers. We sell MINJUVI, PEMAZYRE, ICLUSIG and OPZELURA to our customers in the European Union and certain other jurisdictions, which include retail pharmacies, hospital pharmacies and distributors. We sell PEMAZYRE in Japan to an exclusive wholesaler. We recognize revenues for product received by our customers net of allowances for customer credits, including estimated rebates, chargebacks, discounts, returns, distribution service fees, patient assistance programs, and government rebates, such as the Medicaid Drug Rebate Program and Medicare Part D coverage gap reimbursements in the U.S. Product shipping and handling costs are included in cost of product revenues. Customer Credits: Our customers are offered various forms of consideration, including allowances, service fees and prompt payment discounts. We expect our customers will earn prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Service fees are also deducted from total product sales as they are earned. Rebates and Discounts: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program in the U.S. and mandated discounts in Europe in markets where government-sponsored healthcare systems are the primary payers for healthcare. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The accrual for rebates is based on statutory discount rates and expected utilization as well as historical data we have accumulated since product launches. In the fourth quarter of 2021 and fiscal year 2022 for non-covered patients of OPZELURA, we offered a full buy-down program as we were in the process of obtaining commercial insurance coverage for OPZELURA. During 2022, we contracted with the three largest group purchasing organizations to obtain coverage for OPZELURA. All full buy-down programs for OPZELURA ended effective January 31, 2023. Our estimates for expected utilization of commercial insurance rebates are based on data received from our customers. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Chargebacks: Chargebacks are discounts that occur when certain indirect contracted customers, which currently consist primarily of group purchasing organizations, Public Health Service institutions, non-profit clinics, and Federal government entities purchasing via the Federal Supply Schedule, purchase directly from our wholesalers. Contracted customers generally purchase the product at a discounted price. The wholesalers, in turn, charges back to us the difference between the price initially paid by the wholesalers and the discounted price paid by the contracted customers. In addition to actual chargebacks received, we maintain an accrual for chargebacks based on the estimated contractual discounts on the inventory levels on hand in our distribution channel. If actual future chargebacks vary from these estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Medicare Part D Coverage Gap: Medicare Part D prescription drug benefit mandates manufacturers to fund 70% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. Our estimates for the expected Medicare Part D coverage gap are based on historical invoices received and in part from data received from our customers. Funding of the coverage gap is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. During the fourth quarter of 2021 and fiscal year 2022, we also offered a full buy-down program to non-covered patients of OPZELURA as we were obtaining commercial insurance coverage for OPZELURA. All full buy-down programs for OPZELURA ended effective January 31, 2023. Product Royalty Revenues Royalty revenues on commercial sales for ruxolitinib (marketed as JAKAVI® outside the United States) by Novartis Pharmaceutical International Ltd. (“Novartis”) are based on net sales of licensed products in licensed territories as provided by Novartis. Royalty revenues on commercial sales for baricitinib (marketed as OLUMIANT) by Eli Lilly and Company (“Lilly”) are based on net sales of licensed products in licensed territories as provided by Lilly. Royalty revenues on commercial sales for capmatinib (marketed as TABRECTA®) by Novartis are based on net sales of licensed products in the licensed territories as provided by Novartis. Royalty revenues on commercial sales for pemigatinib (marketed as PEMAZYRE®) by Innovent Biologics, Inc. (“Innovent”) are based on net sales of licensed products in licensed territories as provided by Innovent. We recognize royalty revenues in the period the sales occur. Milestone and Contract Revenues For each collaborative research, development and/or commercialization agreement that results in revenue under the guidance of ASC 606, we identify all material performance obligations, which may include the license to intellectual property and know-how, research and development activities and/or other activities. In order to determine the transaction price, in addition to any upfront payment, we estimate the amount of variable consideration, including milestone payments, at the outset of the contract utilizing the most likely amount method. The most likely amount method is used since the milestone payments have a binary outcome (i.e., we receive all or none of the milestone payment). We constrain the estimate of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, management considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. Out-licensing arrangements contain the right to use functional intellectual property, which is the underlying performance obligation of these collaborative arrangements. If the license of our intellectual property is determined to be distinct from other performance obligations in the arrangement, the functional intellectual property that is transferred to the collaborative partner at the onset of the arrangement is concluded to have significant standalone functionality and value at the point in time at which the intellectual property is made available to the collaborative partner. For licenses that are not distinct from other obligations identified in the arrangement, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we apply an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. For each of the three years ended December 31, 2023, we had no revenues from intellectual property licenses recognized over time. For milestone revenues related to sales-based achievements, we recognize the milestone revenues in the corresponding period of the product sale, in accordance with the guidance of ASC 606-10-55-65 for contracts that include a license to intellectual property and the license is the predominant item to which the product sale relates. Subsequent to the transfer of the intellectual property, we may earn milestones through achievement of pre-specified developmental or regulatory events and, as such, milestones are accounted for as variable consideration. We include developmental or regulatory milestones in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone is subsequently resolved. Under the agreements currently in place, we do not consider these events to be within our control, but rather dependent upon the development activities of our collaborative partners and the decisions made by regulatory agencies. Accordingly, these milestones are not included in the transaction price until the counterparty, or third-party in the event of a regulatory submission, confirms the satisfaction or completion of the milestone triggering event. Given the high level of uncertainty of achievement, variable consideration associated with milestones are fully constrained until confirmation of the satisfaction or completion of the milestone by the third-party. Generally, the milestone events contained in our collaboration agreements coincide with the progression of our drugs from development, to regulatory approval and then to commercialization. The value of these milestones is dictated within the contract and is fixed upon achievement and reflects the amount of consideration which we expect to be entitled to in exchange for the satisfaction of that milestone. The process of successfully discovering a new development candidate, having it approved and successfully commercialized is highly uncertain. As such, the milestone payments we may earn from our partners involve a significant degree of risk to achieve and therefore, subsequent milestone payments due to Incyte are recognized as revenue at the point in time when such milestones are achieved. Our collaboration agreements may also include an option for the collaborative partner to elect to participate in research and development activities, such as shared participation in additional clinical trials using the compound. The presence of additional options for future participatory activities are assessed to determine if they represent material rights offered by us to the collaborative partner. We also determine whether the reimbursement of research and development expenses should be accounted for as collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation and recognize the corresponding revenues or records the corresponding offset to research and development expenses as incurred. Our collaborative agreements may also include provisions for additional future collaborative efforts, such as options for shared commercialization staffing or licensing of additional molecules, involvement in joint committees, or options for inclusion in negotiations of future supply rights, which at the time of each collaborative agreement’s inception, are assessed to determine if these meet the definition of a performance obligation under ASC 606. 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.
Research and Development Costs	Research and Development Costs. Our policy is to expense research and development costs as incurred, including amounts funded by research and development collaborations. Research and development expenses are comprised of costs we incur in performing research and development activities, including salary and benefits; stock-based compensation expense; outsourced services and other direct expenses, including clinical trial and pharmaceutical development costs; collaboration payments; expenses associated with drug supplies that are not being capitalized; and infrastructure costs, including facilities costs and depreciation expense. If a collaboration is a cost-sharing arrangement in which both we and our collaborator perform development work and share costs, we also recognize, as research and development expense in the period when our collaborator incurs development expenses, our portion of the co-development expenses that we are obligated to reimburse. Costs incurred under the collaboration arrangement that are reimbursable to us are recorded net against the related research and development expenses in the period in which the related expense is incurred. We often contract with contract research organizations (“CROs”) to facilitate, coordinate and perform agreed upon research and development of a new drug. To ensure that research and development costs are expensed as incurred, we record monthly accruals for clinical trials and preclinical testing costs based on the work performed under the contract. These CRO contracts typically call for the payment of fees for services at the initiation of the contract and/or upon the achievement of certain clinical trial milestones. In the event that we prepay CRO fees, we record the prepayment as a prepaid asset and amortize the asset into research and development expense over the period of time the contracted research and development services are performed. Most professional fees, including project and clinical management, data management, monitoring, and medical writing fees are incurred throughout the contract period. These professional fees are expensed based on their percentage of completion at a particular date. Our CRO contracts generally include pass through fees. Pass through fees include, but are not limited to, regulatory expenses, investigator fees, travel costs, and other miscellaneous costs, including shipping and printing fees. We expense the costs of pass through fees under our CRO contracts as they are incurred, based on the best information available to us at the time. The estimates of the pass through fees incurred are based on the amount of work completed for the clinical trial and are monitored through correspondence with the CROs, internal reviews and a review of contractual terms. The factors utilized to derive the estimates include the number of patients enrolled, duration of the clinical trial, estimated patient attrition, screening rate and length of the dosing regimen. CRO fees incurred to set up the clinical trial are expensed during the setup period.
Stock Compensation and Long-term Incentive Plans	Stock Compensation. Share-based payment transactions with employees, which include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”), are recognized as compensation expense over the requisite service period based on their estimated fair values as well as expected forfeiture rates. The stock compensation process requires significant judgment and the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility over the option term and expected option lives, as well as expected forfeiture rates and the probability of PSUs vesting. The fair value of stock options, which are subject to graded vesting, are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of RSUs that are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight-line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, which we assess as of the end of each reporting period. Once a performance condition is considered probable, we record compensation expense based on the portion of the service period elapsed to date with respect to that award, with a cumulative catch-up, net of estimated forfeitures, and recognize any remaining compensation expense, if any, over the remaining requisite service period using the straight-line attribution method for PSUs that are subject to cliff vesting and using the accelerated attribution method for PSUs that are subject to graded vesting. 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. Long Term Incentive Plans. We have long term incentive plans which provide eligible employees with the opportunity to receive performance and service-based incentive compensation, which may be comprised of cash, stock options, restricted stock units and/or performance shares. The payment of cash and the grant or vesting of equity may be contingent upon the achievement of pre-determined regulatory, sales and internal performance milestones.
Advertising Expenses	Advertising Expenses. Advertising expenses, comprised primarily of television, radio, print media and Internet advertising, are expensed as incurred and are included in selling, general, and administrative expenses.
Acquisition-Related Contingent Consideration	Acquisition-Related Contingent Consideration. Acquisition-related contingent consideration consists of our future royalty obligations on future net revenues of ICLUSIG owed to Takeda Pharmaceutical Company Limited, which acquired ARIAD Pharmaceuticals, Inc. (“Takeda”). Acquisition-related contingent consideration was recorded on the acquisition date of June 1, 2016 at the estimated fair value of the obligation, in accordance with the acquisition method of accounting. The fair value measurement is based on significant inputs that are unobservable in the market and thus represents a Level 3 measurement. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of operations. Acquisitions. To determine whether acquisitions should be accounted for as a business combination or as an asset acquisition, we make certain judgments, which include assessing whether the acquired set of activities and assets would meet the definition of a business under the relevant accounting rules. If the acquired set of activities and assets meets the definition of a business, assets acquired and liabilities assumed are required to be recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, where applicable, is recorded as goodwill. If the acquired set of activities and assets does not meet the definition of a business, the transaction is recorded as an asset acquisition, with the purchase price being allocated to the acquired asset, with no goodwill recorded. For a transaction recorded as an asset acquisition, any acquired in-process research and development that does not have an alternative future use is charged to expense at the acquisition date. See Note 5 for additional information.
(Profit) and Loss Sharing Under Collaboration Agreements	(Profit) and loss sharing under collaboration agreements. For the years ended December 31, 2023 and 2022, (profit) and loss sharing under collaboration agreements represents our 50% share of the United States loss for commercialization of MONJUVI (tafasitamab-cxix) under our agreement with MorphoSys, which is described in Note 7 below.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently analyzing the impact that ASU No. 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently analyzing the impact that ASU No. 2023-09 will have on our consolidated financial statements

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic Net Income Per Share
Basic net income	$ 597,599	$ 340,660	$ 948,581
Weighted average common shares outstanding (in shares)	223,628,000	222,004,000	220,428,000
Basic net income per share (in dollars per share)	$ 2.67	$ 1.53	$ 4.30
Diluted Net Income Per Share
Diluted net income	$ 597,599	$ 340,660	$ 948,581
Weighted average common shares outstanding (in shares)	223,628,000	222,004,000	220,428,000
Dilutive stock options and awards (in shares)	2,300,000	1,954,000	1,646,000
Weighted average shares used to compute diluted net income per share (in shares)	225,928,000	223,958,000	222,074,000
Diluted net income per share (in dollars per share)	$ 2.65	$ 1.52	$ 4.27
Options
Anti-dilutive securities
Outstanding stock options and awards (in shares)	12,710,250	10,946,703	10,106,837

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16. Commitments and Contingencies Commitments In August 2021, we entered into a revolving credit and guaranty agreement, which was subsequently amended in May 2023 (as amended, the “Credit Agreement”), among the Incyte Corporation, as borrower, subsidiary Incyte Holdings Corporation, as a guarantor, a group of lenders (the “Lenders”), and J.P. Morgan Chase Bank, N.A. as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $500.0 million that matures in August 2024. We may increase the maximum revolving commitments or add one or more incremental term loan facilities to the Credit Agreement, subject to obtaining commitments from any participating lenders and certain other conditions, in an amount not to exceed (1) $250.0 million plus (2) an additional amount, so long as after giving effect to the incurrence of such additional amount, our pro forma consolidated leverage ratio would not exceed 0.25:1.00 above its consolidated leverage ratio in effect immediately prior to giving effect to such increase. Loans under the Credit Agreement will bear interest, at our option, at a per annum rate equal to either (a) a base rate plus an applicable rate per annum varying from 0.125% to 0.875% depending on the consolidated leverage ratio or (b) a Eurodollar rate plus an applicable rate per annum varying from 1.125% to 1.875% depending on the consolidated leverage ratio. Commitment fees payable on the undrawn amount range from 0.150% per annum to 0.225% per annum, based on our consolidated leverage ratio. During May 2023, we amended the Credit Agreement to replace the benchmark rate at which U.S.-dollar-denominated borrowings bear interest from LIBOR to the forward-looking Secured Overnight Financing Rate ("SOFR") term rate administered by CME Group Benchmark Administration Limited. As a result of this amendment, we can borrow at Term SOFR plus a credit spread adjustment of 0.10% subject to a floor of zero. As of December 31, 2023, we were in compliance with all financial and operational covenants under the terms of the Credit Agreement and there were no outstanding borrowings or letters of credit outstanding. Contingencies 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. 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. We brought a lawsuit against the U.S. Centers for Medicare and Medicaid Services (“CMS”) alleging that a recent regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program is too broad and has the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. We believe that such a reading would violate CMS's statutory authority and be arbitrary and capricious, given that OPZELURA, among other differentiators, is indicated to treat entirely different medical conditions and entirely different patient populations than JAKAFI. As of December 31, 2023, we have accrued approximately $59.5 million within accrued and other current liabilities on the consolidated balance sheet, relating to the incremental rebates that would be owed were OPZELURA considered a line extension of JAKAFI. The impact on OPZELURA gross to net deductions for the quarter ending December 31, 2023, is approximately 6.5%. If OPZELURA is not treated as a line extension of JAKAFI, this would result in a reversal of our accrual and a lower future gross to net deduction for OPZELURA. In addition, as described in Note 7 of the Notes to the Consolidated Financial Statements, we have an outstanding contractual dispute with Novartis relating to royalties on JAKAFI net sales within the United States.

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments \| segment	1
Total revenues	$ 3,695,649	$ 3,394,635	$ 2,986,267
Property and equipment, net	751,513	739,310
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	3,500,000	3,200,000	2,900,000
Property and equipment, net	432,300	442,000
Europe and Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	179,300
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues		147,000	$ 124,100
Property and equipment, net	314,400	295,800
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 4,800	$ 1,500

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 23,282	$ 31,874
API and Work-in-process	209,793	54,455
Finished goods	36,862	34,630
Total inventory	$ 269,937	$ 120,959

Organization and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment entity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Concentrations of Credit Risk
Number of operating segments \| segment	1
Inventory
Shelf life for finished goods inventory, maximum	36 months
Variable Interest Entities
Number of entities determined to be VIEs \| entity	0
Revenue Recognition
Percentage of MediCare Part D Insurance coverage gap required to be funded by manufacturers	70.00%
Advertising Expenses
Advertising expenses \| $	$ 221.9	$ 196.4	$ 66.0
Minimum
Revenue Recognition
Finite-lived intangible asset, useful life	11 years
Maximum
Revenue Recognition
Finite-lived intangible asset, useful life	14 years
MorphoSys AG
Collaboration Loss Sharing
Profit (loss) sharing ratio	50.00%	50.00%
OPZELURA
Inventory
Shelf life for finished goods inventory, maximum	24 months

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of accrued and other current liabilities

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


	December 31,
	2023		2022
Royalties	$	387,362	$	263,466
Clinical related costs	109,618		130,570
Sales allowances	279,914		192,133
Sales and marketing	37,369		31,149
Accrued taxes	42,295		7,108
Operating lease liabilities	5,686		8,195
Other current liabilities	73,325		68,432
Total accrued and other current liabilities	$	935,569	$	701,053

Acquisitions (Details) - Villaris Therapeutics, Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Nov. 17, 2022
Asset Acquisition [Line Items]
Outstanding shares acquired			100.00%
Upfront payment		$ 70.3
Asset acquisition payment for contingent consideration liability	$ 20.0
Asset Acquisition, Milestone One
Asset Acquisition [Line Items]
Contingent consideration	290.0
Asset Acquisition, Milestone Two
Asset Acquisition [Line Items]
Contingent consideration	$ 1,050.0

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 17. Segment Information We currently operate in one operating business segment focused on the global discovery, development and commercialization of proprietary therapeutics. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. We do not operate in any material separate lines of business or separate business entities with respect to our products or product development. During the year ended December 31, 2023, total revenues generated by subsidiaries in the United States was approximately $3.5 billion and total revenues generated from subsidiaries in Europe and Japan was approximately $179.3 million. During the year ended December 31, 2022, total revenues generated by subsidiaries in the United States was approximately $3.2 billion and total revenues generated from subsidiaries in Europe was approximately $147.0 million. During the year ended December 31, 2021, total revenues generated by subsidiaries in the United States was approximately $2.9 billion and total revenues generated from subsidiaries in Europe was approximately $124.1 million. As of December 31, 2023, property and equipment, net was approximately $432.3 million in the United States, approximately $314.4 million in Europe and approximately $4.8 million in Japan. As of December 31, 2022, property and equipment, net was approximately $442.0 million in the United States and approximately $295.8 million in Europe and approximately $1.5 million in Japan.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contribution expense	$ 18.9	$ 18.7	$ 16.7
Discount rate	1.30%	2.20%
Rate of compensation increase	2.25%	2.25%
Discount rate	2.20%	0.20%
Rate of compensation increase	2.25%	2.00%
Expected return on plan assets	5.80%	4.50%
Accumulated benefit obligation	$ 157.9	$ 105.1
Expected contributions	$ 10.0

Fair Value Measures and Disclosures - Narrative (Details) - ARIAD $ in Millions		12 Months Ended
	Jun. 01, 2016	Dec. 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		$ (10.3)	$ (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
Liability \| Measurement Input, Cap Rate
Fair value of financial instruments
Valuation input (as a percent)		0.10	0.10

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 73,040	$ 62,359
Additions related to prior periods tax positions	3,687	5,027
Reductions related to prior periods tax positions	(10,382)	(2,087)
Additions related to current period tax positions	3,019	8,290
Settlements	(209)	(104)
Reductions due to lapse of applicable statute of limitations	(33)	(356)
Currency translation adjustment	23
Currency translation adjustment		(89)
Balance at end of year	$ 69,145	$ 73,040

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense including amortization expense of leasehold improvements	$ 60,100	$ 46,300	$ 36,300
Cash paid for operating lease liabilities	9,400	11,800	14,300
Cash paid for financing lease liabilities in financing cash flows	$ 3,360	$ 2,862	$ 2,417
Weighted average lease term, finance leases	10 years 9 months 18 days	12 years	13 years 4 months 24 days
Weighted average lease term, operating leases	5 years 9 months 18 days	5 years 6 months	4 years 10 months 24 days
Weighted average discount rate, finance leases	4.00%	4.20%	4.10%
Weighted average discount rate, operating leases	3.90%	4.40%	4.80%
Expense related to our operating leases	$ 9,800	$ 11,700	$ 14,200
Amortization on our finance lease right-of-use assets	3,500	3,100	2,700
Interest expense on finance lease liabilities	$ 1,300	$ 1,400	$ 1,300

Commitments and contingencies - Commitments (Details) - Revolving Credit Facility	1 Months Ended
	May 31, 2023	Aug. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)
Commitments
Aggregate principal amount		$ 500,000,000
Increase in maximum revolving commitments		$ 250,000,000
Consolidated leverage ratio		0.25
Debt instrument, floor interest rate	0
Letters of credit outstanding, amount			$ 0
Long-term debt			$ 0
Minimum
Commitments
Commitment fee		0.15%
Maximum
Commitments
Commitment fee		0.225%
Base Rate \| Minimum
Commitments
Interest rate margin		0.125%
Base Rate \| Maximum
Commitments
Interest rate margin		0.875%
Eurodollar \| Minimum
Commitments
Interest rate margin		1.125%
Eurodollar \| Maximum
Commitments
Interest rate margin		1.875%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Commitments
Interest rate margin	0.10%

Employee Benefit Plans - Other changes in the plan assets and benefit obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the obligations
Pension liability, beginning of year	$ (1,699)	$ 23,677	$ 23,831
Plan amendment	0	0	6,017
Net prior service costs	(771)	(773)	(217)
Net loss (gain)	33,394	(24,603)	(5,954)
Pension liability, end of year	$ 30,924	$ (1,699)	$ 23,677

Subsequent Event (Details) - Subsequent Event $ in Millions	Feb. 05, 2024 USD ($)
Development and Regulatory Milestones \| Xencor \| Maximum
Subsequent Event [Line Items]
Additional milestone payments under the license agreement	$ 186.5
Commercialization Milestones \| Xencor \| Maximum
Subsequent Event [Line Items]
Additional milestone payments under the license agreement	50.0
MorphoSys AG
Subsequent Event [Line Items]
Payment to acquire license agreement	$ 25.0

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

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of Concentration of Credit Risk Related to Collaborative Partners

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 Years Ended, December 31,
	2023		2022		2021
Customer A	16	%	19	%	18	%
Customer B	10	%	11	%	12	%
Customer C	18	%	18	%	18	%
Customer D	10	%	10	%	11	%
Customer E	12	%	14	%	8	%

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Note 18. Subsequent Event On February 5, 2024, we entered into a purchase agreement with MorphoSys that became effective as of that date, as a result of which we now hold exclusive global rights for tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed in the United States as MONJUVI (tafasitamab-cxix) and outside of the United States as MINJUVI (tafasitamab). Under the terms of the new agreement, we made a payment of $25.0 million to MorphoSys and gained global development and commercialization rights for tafasitamab along with MONJUVI inventory. We will recognize revenue and costs for all U.S. commercialization and clinical development and MorphoSys will no longer be eligible to receive future milestone, profit split and royalty payments under our prior agreement with MorphoSys, which agreement has now been terminated. Under the purchase agreement, we have become the successor to MorphoSys under its collaboration and license agreement with Xencor, Inc. (“Xencor”), pursuant to which Xencor granted MorphoSys an exclusive, worldwide license, including the right to sublicense under certain conditions, for tafasitamab. Xencor is entitled to receive up to $186.5 million in future contingent development and regulatory milestones, and up to $50.0 million in sales milestones. Furthermore, Xencor is eligible to receive tiered royalties on global net sales of tafasitamab in the single-digit to sub-teen double-digit percentage range. Our royalty obligations continue on a country-by-country basis until the later to occur of the expiration of the last valid claim in the licensed patent covering tafasitamab in such country, or 11 years after the first sale thereof following marketing authorization in such country. The term of the Xencor collaboration agreement will continue until all of our royalty payment obligations have expired, unless terminated earlier. The Xencor collaboration agreement may be terminated by either party upon written notice to the other party immediately in the event of the other party’s insolvency or upon 120 days’ written notice for the other party’s uncured material breach (or upon 30 days’ written notice in the case of a breach of a payment obligation). Moreover, we may terminate the Xencor collaboration agreement without cause upon 90 days’ advance written notice to Xencor. In the event that (i) we terminate this agreement for convenience or (ii) Xencor terminates due to our material breach, our challenge of Xencor’s licensed patents or our insolvency, worldwide rights to develop, manufacture and commercialize licensed products, including tafasitamab, revert back to Xencor.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

We are subject to U.S. federal, state and foreign corporate income taxes. The provision (benefit) for income taxes is based on income before provision (benefit) for income taxes as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
U.S.	$	1,084,254	$	766,781	$	991,873
Non-U.S.	(250,039)		(237,665)		(421,429)
Income before provision (benefit) for income taxes	$	834,215	$	529,116	$	570,444

Our provision (benefit) for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	344,407	$	90,088	$	50,565
State	48,106		38,136		32,505
Foreign	3,001		3,141		4,397
	395,514		131,365		87,467
Deferred:
Federal	(139,468)		62,107		(407,852)
State	(19,625)		(3,709)		(57,677)
Foreign	195		(1,307)		(75)
	(158,898)		57,091		(465,604)
Total provision (benefit) for income taxes	$	236,616	$	188,456	$	(378,137)

On a periodic basis, we reassess the valuation allowance on our deferred income tax assets. Valuation allowances require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. Such assessment is required on a jurisdiction-by-jurisdiction basis. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.

In the fourth quarter of 2021, we assessed the valuation allowance and considered positive evidence, including significant cumulative consolidated and U.S. income over the three years ended December 31, 2021, consistent growth in product revenues, and expectations regarding future profitability. We also assessed negative evidence, including the potential impact of competition, clinical failures and patent expirations on our projections. After assessing both the positive evidence and negative evidence, we determined it was more likely than not that the majority of our U.S. deferred tax assets would be realized in the future and released the associated valuation allowance as of December 31, 2021. This resulted in a benefit of $569.0 million.

A reconciliation of income taxes at the U.S. federal statutory rate to the provision (benefit) for income taxes is as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Provision at U.S. federal statutory rate	$	175,185	$	111,114	$	119,793
State and local income taxes	21,145		26,767		34,461
Foreign tax rate differential	(96,434)		13,670		55,171
Income tax credits	(1,433,507)		(30,505)		(55,139)
Change in valuation allowance	1,572,951		67,056		(523,279)
Foreign-derived intangible income	(32,891)		(36,748)		(28,259)
Stock based compensation	20,971		19,704		15,497
Acquisitions accounted for as research and development expenses	4,200		14,700		—
Other	4,996		2,698		3,618
Provision (benefit) for income taxes	$	236,616	$	188,456	$	(378,137)

The foreign tax rate differential in the table above reflects the impact of operations in jurisdictions with tax rates that differ from the U.S. federal statutory rate of 21%. It also includes a tax benefit associated with the remeasurement of foreign deferred tax assets resulting from the cancellation of a tax holiday. The income tax credits in the table above includes a tax benefit associated with the issuance of non-refundable Swiss income tax credits. The remeasurement of foreign deferred tax assets and the Swiss income tax credits are fully offset with a valuation allowance in the table above.

Significant components of our deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carry forwards	$	326,446	$	182,193
Income tax credits	1,441,981		17,141
Capitalized research and development	457,603		265,140
Deferred revenue and accruals	130,291		72,657
Non-cash compensation	96,469		83,138
Acquisition-related contingent consideration	30,298		30,483
Intangibles, net	233,311		257,614
Long term investments	42,975		54,662
Other	9,044		9,600
Total gross deferred tax assets	2,768,418		972,628
Less valuation allowance for deferred tax assets	(2,096,318)		(472,125)
Net deferred tax assets	$	672,100	$	500,503

Deferred tax liabilities:
Property and equipment	$	(34,757)	$	(33,683)
Other	(5,457)		(8,879)
Total gross deferred tax liabilities	(40,214)		(42,562)
Net deferred tax assets	$	631,886	$	457,941

The valuation allowance for deferred tax assets increased by approximately $1.6 billion during the year ended December 31, 2023 and increased by approximately $63.9 million during the year ended December 31, 2022. The valuation allowance increase during 2023 was primarily due to the issuance of non-refundable Swiss income tax credits, future deductible temporary differences mainly associated with U.S. research and development expenses required to be capitalized and amortized under the Tax Cuts and Jobs Act of 2017, as well as foreign net operating losses (“NOLs”), which are not more-likely-than-not to be realized as of December 31, 2023.

During the year ended December 31, 2023, our gross deferred tax assets increased by $1.8 billion primarily due to our Swiss subsidiaries being granted approximately $1.4 billion of non-refundable income tax credits, the mandatory capitalization of research and development expenses and the remeasurement of foreign deferred tax assets. The Swiss credits are available for use during the periods 2023 through 2028, however due to the subsidiaries' historical cumulative loss position, we have recorded a full valuation allowance at this time as it is more-likely-than-not that the credits would expire unused. The valuation allowance position will continue to be monitored in the future.

As of December 31, 2023, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):


	Amount		Expiring if not utilized
Net operating loss carryforwards
State	$	294,342	2024 through 2043; indefinite
Foreign	2,145,243		2024 through 2030
Research and development credit carryforwards
State	14,956		2024 through 2041
Swiss income tax credit carryforwards	1,429,193		2028

The financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. If such unrecognized tax benefits were realized, we would recognize a tax benefit of $59.1 million. The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2023		2022
Balance at beginning of year	$	73,040	$	62,359
Additions related to prior periods tax positions	3,687		5,027
Reductions related to prior periods tax positions	(10,382)		(2,087)
Additions related to current period tax positions	3,019		8,290
Settlements	(209)		(104)
Reductions due to lapse of applicable statute of limitations	(33)		(356)
Currency translation adjustment	23		(89)
Balance at end of year	$	69,145	$	73,040

Our policy is to recognize interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. During the years ending December 31, 2023 and 2022, we recorded interest and penalties as a component of income tax expense of $4.9 million and $3.8 million, respectively. We believe that it is reasonably possible that a decrease of up to $22.0 million in unrecognized tax benefits may be necessary within the next twelve months due to a lapse in the statute of limitations.

We file U.S. federal, state and local income tax returns and income tax returns in various foreign jurisdictions, with statutes of limitation generally ranging from three to five years during which such tax returns may be audited by the relevant tax authorities. Those statutes could be extended due to NOL or tax credit carryforwards generated during these periods that are subsequently utilized in open tax periods. In general, tax authorities have the ability to adjust the NOL carryforward or tax credits for three years after utilization of that year’s tax attribute carryforward.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans - Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the obligations
Benefit obligation, beginning of the year	$ 113,705	$ 131,966
Employer service cost	7,711	9,855	$ 7,977
Interest cost	2,280	251	92
Plan participants' contributions	4,534	3,649
Actuarial loss (gain)	26,682	(33,783)
Transfer of benefits net of payments from fund	1,866	3,295
Expenses paid from assets	(118)	(87)
Translation loss (gain)	13,007	(1,441)
Benefit obligation, end of the year	169,667	113,705	131,966
Changes in plan assets
Fair value of plan assets, beginning of year	102,023	93,995
Actual return on plan assets	140	(5,257)
Employer contributions	9,955	7,617
Plan participants' contributions	4,534	3,649
Transfer of benefits net of payments from fund	1,866	3,295
Expenses paid from assets	(118)	(87)
Translation gain (loss)	10,082	(1,189)
Fair value of plan assets, end of year	128,482	102,023	$ 93,995
Unfunded liability, end of year	$ 41,185	$ 11,682

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net periodic benefit cost
Service cost	$ 7,711	$ 9,855	$ 7,977
Interest cost	2,280	251	92
Expected return on plan assets	(5,688)	(4,184)	(60)
Amortization of prior service cost	771	773	217
Amortization of actuarial losses	0	356	1,154
Net periodic benefit cost	$ 5,074	$ 7,051	$ 9,380
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest income and other, net	Interest income and other, net	Interest income and other, net

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 15. 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 was $18.9 million, $18.7 million and $16.7 million for the years ended December 31, 2023, 2022 and 2021, 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 pension plans assumptions reflect the expected investment return and discount rate on plan assets and disability rate probabilities. The benefit obligation at December 31, 2023 for the plans was determined using a discount rate of 1.30% and rate of compensation increase of 2.25%. The 2023 net periodic benefit cost for the plans was determined using discount rates of 2.20%, rates of compensation increase of 2.25% and long term expected return on plan assets of 5.80%. The benefit obligation at December 31, 2022 for the plans was determined using a discount rate of 2.20% and rate of compensation increase of 2.25%. The 2022 net periodic benefit cost for the plans was determined using discount rates of 0.20%, rates of compensation increase of 2.00% and long term expected return on plan assets of 4.50%.

Summarized information regarding changes in the obligations and plan assets, the funded status and the amounts recorded were as follows (in thousands):


	Year Ended December 31,
	2023		2022
Benefit obligation, beginning of year	$	113,705	$	131,966
Employer service cost	7,711		9,855
Interest cost	2,280		251
Plan participants' contributions	4,534		3,649
Actuarial loss (gain)	26,682		(33,783)

Transfer of benefits net of payments from fund	1,866		3,295
Expenses paid from assets	(118)		(87)
Translation loss (gain)	13,007		(1,441)
Benefit obligation, end of year	169,667		113,705

Fair value of plan assets, beginning of year	102,023		93,995
Actual return on plan assets	140		(5,257)
Employer contributions	9,955		7,617
Plan participants' contributions	4,534		3,649
Transfer of benefits net of payments from fund	1,866		3,295
Expenses paid from assets	(118)		(87)
Translation gain (loss)	10,082		(1,189)
Fair value of plan assets, end of year	128,482		102,023

Unfunded liability, end of year	$	41,185	$	11,682

The unfunded liability is reported in other liabilities on the consolidated balance sheets as of December 31, 2023 and 2022. The accumulated benefit obligation is $157.9 million and $105.1 million as of December 31, 2023 and 2022, respectively.

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


	Year Ended December 31,
	2023		2022		2021
Service cost	$	7,711	$	9,855	$	7,977
Interest cost	2,280		251		92
Expected return on plan assets	(5,688)		(4,184)		(60)
Amortization of prior service cost	771		773		217
Amortization of actuarial losses	—		356		1,154
Net periodic benefit cost	$	5,074	$	7,051	$	9,380

The components of net periodic benefit cost other than the service cost component are included in interest income and other, net on the consolidated statements of operations.

Other changes in the plans assets and the benefit obligation that is recognized in accumulated other comprehensive income (loss) were as follows, net of tax (in thousands):


	Year Ended December 31,
	2023		2022		2021
Pension (asset) liability, beginning of year	$	(1,699)	$	23,677	$	23,831
Plan amendment	—		—		6,017
Net prior service costs	(771)		(773)		(217)
Net loss (gain)	33,394		(24,603)		(5,954)
Pension liability (asset), end of year	$	30,924	$	(1,699)	$	23,677

We expect to contribute a total of $10.0 million to the pension plans in 2024. The following payments are expected to be paid from the fund (in thousands):


2024	$	6,632
2025	7,586
2026	7,103
2027	7,964
2028	8,463
2029-2033	56,005
Total	$	93,753

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 597,599	$ 340,660	$ 948,581
Other comprehensive (loss) income:
Foreign currency translation gain (loss)	25,772	13,065	(2,959)
Unrealized gain (loss) on marketable securities, net of tax	4,888	(3,918)	(1,289)
Defined benefit pension (loss) gain, net of tax	(32,623)	25,376	154
Other comprehensive (loss) income	(1,963)	34,523	(4,094)
Comprehensive income	$ 595,636	$ 375,183	$ 944,487

- Definition

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

+ References

+ Details

Stockholders' Equity - Stock options outstanding (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Options Outstanding
Number Outstanding (in shares) \| shares	12,457,158
Options Exercisable
Number Exercisable (in shares) \| shares	9,743,775
$49.01 - $68.62
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	$ 49.01
Exercise price, upper range limit (in dollars per share)	$ 68.62
Options Outstanding
Number Outstanding (in shares) \| shares	1,752,776
Weighted Average Remaining Contractual Life (in years)	6 years 11 months 8 days
Weighted Average Exercise Price (in dollars per share)	$ 64.26
Options Exercisable
Number Exercisable (in shares) \| shares	904,749
Weighted Average Exercise Price (in dollars per share)	$ 67.01
$68.70 - $72.27
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	68.70
Exercise price, upper range limit (in dollars per share)	$ 72.27
Options Outstanding
Number Outstanding (in shares) \| shares	1,279,346
Weighted Average Remaining Contractual Life (in years)	5 years 3 months
Weighted Average Exercise Price (in dollars per share)	$ 71.94
Options Exercisable
Number Exercisable (in shares) \| shares	1,207,361
Weighted Average Exercise Price (in dollars per share)	$ 72.08
$72.66 - $76.95
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	72.66
Exercise price, upper range limit (in dollars per share)	$ 76.95
Options Outstanding
Number Outstanding (in shares) \| shares	1,271,472
Weighted Average Remaining Contractual Life (in years)	7 years 3 months 7 days
Weighted Average Exercise Price (in dollars per share)	$ 74.75
Options Exercisable
Number Exercisable (in shares) \| shares	789,924
Weighted Average Exercise Price (in dollars per share)	$ 74.69
$77.03 - $80.50
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	77.03
Exercise price, upper range limit (in dollars per share)	$ 80.50
Options Outstanding
Number Outstanding (in shares) \| shares	1,310,294
Weighted Average Remaining Contractual Life (in years)	6 years 8 months 8 days
Weighted Average Exercise Price (in dollars per share)	$ 79.18
Options Exercisable
Number Exercisable (in shares) \| shares	945,947
Weighted Average Exercise Price (in dollars per share)	$ 79.64
$80.56 - $83.58
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	80.56
Exercise price, upper range limit (in dollars per share)	$ 83.58
Options Outstanding
Number Outstanding (in shares) \| shares	1,502,140
Weighted Average Remaining Contractual Life (in years)	7 years 7 months 17 days
Weighted Average Exercise Price (in dollars per share)	$ 83.26
Options Exercisable
Number Exercisable (in shares) \| shares	873,400
Weighted Average Exercise Price (in dollars per share)	$ 83.23
$83.83 - $85.52
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	83.83
Exercise price, upper range limit (in dollars per share)	$ 85.52
Options Outstanding
Number Outstanding (in shares) \| shares	1,269,328
Weighted Average Remaining Contractual Life (in years)	4 years 4 months 9 days
Weighted Average Exercise Price (in dollars per share)	$ 84.61
Options Exercisable
Number Exercisable (in shares) \| shares	1,222,325
Weighted Average Exercise Price (in dollars per share)	$ 84.60
$85.60 - $94.63
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	85.60
Exercise price, upper range limit (in dollars per share)	$ 94.63
Options Outstanding
Number Outstanding (in shares) \| shares	1,269,423
Weighted Average Remaining Contractual Life (in years)	5 years 9 months 25 days
Weighted Average Exercise Price (in dollars per share)	$ 91.66
Options Exercisable
Number Exercisable (in shares) \| shares	1,097,345
Weighted Average Exercise Price (in dollars per share)	$ 92.06
$95.34 - $106.47
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	95.34
Exercise price, upper range limit (in dollars per share)	$ 106.47
Options Outstanding
Number Outstanding (in shares) \| shares	1,326,730
Weighted Average Remaining Contractual Life (in years)	5 years 10 days
Weighted Average Exercise Price (in dollars per share)	$ 101.65
Options Exercisable
Number Exercisable (in shares) \| shares	1,227,075
Weighted Average Exercise Price (in dollars per share)	$ 101.33
$107.69 - $128.34
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	107.69
Exercise price, upper range limit (in dollars per share)	$ 128.34
Options Outstanding
Number Outstanding (in shares) \| shares	1,332,485
Weighted Average Remaining Contractual Life (in years)	2 years 11 months 23 days
Weighted Average Exercise Price (in dollars per share)	$ 118.11
Options Exercisable
Number Exercisable (in shares) \| shares	1,332,485
Weighted Average Exercise Price (in dollars per share)	$ 118.11
$132.00 - $138.52
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	132.00
Exercise price, upper range limit (in dollars per share)	$ 138.52
Options Outstanding
Number Outstanding (in shares) \| shares	143,164
Weighted Average Remaining Contractual Life (in years)	2 years 9 months 29 days
Weighted Average Exercise Price (in dollars per share)	$ 134.76
Options Exercisable
Number Exercisable (in shares) \| shares	143,164
Weighted Average Exercise Price (in dollars per share)	$ 134.76

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,213,376	$ 2,951,422
Marketable securities—available-for-sale (amortized cost $442,816 and $292,580 as of December 31, 2023 and 2022 respectively; allowance for credit losses $0 as of December 31, 2023 and 2022)	442,667	287,543
Accounts receivable	743,557	644,879
Inventory	62,972	41,995
Prepaid expenses and other current assets	182,830	167,011
Total current assets	4,645,402	4,092,850
Restricted cash	1,845	1,698
Long term investments	187,716	133,676
Inventory	206,965	78,964
Property and equipment, net	751,513	739,310
Finance lease right-of-use assets, net	25,535	26,298
Other intangible assets, net	123,545	129,219
Goodwill	155,593	155,593
Deferred income tax asset	631,886	457,941
Other assets, net	52,107	25,435
Total assets	6,782,107	5,840,984
Current liabilities:
Accounts payable	109,601	277,546
Accrued compensation	153,348	138,761
Accrued and other current liabilities	935,569	701,053
Finance lease liabilities	3,439	3,179
Acquisition-related contingent consideration	38,422	36,538
Total current liabilities	1,240,379	1,157,077
Acquisition-related contingent consideration	173,578	184,462
Finance lease liabilities	29,162	30,083
Other liabilities	149,151	99,243
Total liabilities	1,592,270	1,470,865
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding as of December 31, 2023 and 2022	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized; 224,286,862 and 222,746,719 shares issued and outstanding as of December 31, 2023 and 2022, respectively	224	223
Additional paid-in capital	5,016,122	4,792,041
Accumulated other comprehensive income	13,106	15,069
Retained earnings (accumulated deficit)	160,385	(437,214)
Total stockholders’ equity	5,189,837	4,370,119
Total liabilities and stockholders’ equity	$ 6,782,107	$ 5,840,984

Accrued and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Note 10. Accrued and Other Current Liabilities

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


	December 31,
	2023		2022
Royalties	$	387,362	$	263,466
Clinical related costs	109,618		130,570
Sales allowances	279,914		192,133
Sales and marketing	37,369		31,149
Accrued taxes	42,295		7,108
Operating lease liabilities	5,686		8,195
Other current liabilities	73,325		68,432
Total accrued and other current liabilities	$	935,569	$	701,053

Inventory

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventory

Note 6. Inventory

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


	December 31,
	2023		2022
Raw materials	$	23,282	$	31,874
API and Work-in-process	209,793		54,455
Finished goods	36,862		34,630
Total inventory	$	269,937	$	120,959

Inventories, stated at the lower of cost and net realizable value, consist of raw materials, API and work-in-process, and finished goods, inclusive of freight and inventoriable overhead. At December 31, 2023, $63.0 million of inventory was classified as current on the consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At December 31, 2023, $207.0 million of inventory was classified as non-current on the 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 consolidated statements of operations. At December 31, 2023, inventory with approximately $35.6 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 9 to 12 months and, as a result, cost of product revenues will reflect a lower average per unit cost of materials.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania

Stockholders' Equity - Shares available for grant (Details)	12 Months Ended
	Dec. 31, 2023 shares
Shares Available for Grant
Outstanding at the beginning of the period (in shares)	5,056,370
Additional authorization (in shares)	12,500,000
Options, RSUs and PSUs granted (in shares)	(9,196,930)
Options, RSUs and PSUs cancelled (in shares)	2,455,586
Outstanding at the end of the period (in shares)	10,815,026

Concentrations of Credit Risk and Current Expected Credit Losses (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales Revenue Goods Services Net \| Customer Concentration Risk \| Customer A
Concentration of risk
Percentage of concentration risk	16.00%	19.00%	18.00%
Sales Revenue Goods Services Net \| Customer Concentration Risk \| Customer B
Concentration of risk
Percentage of concentration risk	10.00%	11.00%	12.00%
Sales Revenue Goods Services Net \| Customer Concentration Risk \| Customer C
Concentration of risk
Percentage of concentration risk	18.00%	18.00%	18.00%
Sales Revenue Goods Services Net \| Customer Concentration Risk \| Customer D
Concentration of risk
Percentage of concentration risk	10.00%	10.00%	11.00%
Sales Revenue Goods Services Net \| Customer Concentration Risk \| Customer E
Concentration of risk
Percentage of concentration risk	12.00%	14.00%	8.00%
Accounts Receivable \| Credit Concentration Risk \| Novartis And Lily
Concentration of risk
Percentage of concentration risk	20.00%	20.00%
Accounts Receivable \| Credit Concentration Risk \| Customer A, B, C D, E and F
Concentration of risk
Percentage of concentration risk	40.00%	41.00%

License Agreements - Agenus (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			108 Months Ended
	Feb. 28, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
License agreements
Long term investments		$ 187,716	$ 133,676		$ 187,716
Unrealized gain (loss) on long term investments		$ 43,893	(87,590)	$ (24,072)
Agenus
License agreements
Investment owned (in shares)		12,100,000			12,100,000
Long term investments		$ 10,000	29,000		$ 10,000
Unrealized gain (loss) on long term investments		(18,900)	$ (9,900)	$ 4,600
Agenus
License agreements
Royalty payments on future global net sales	15.00%
License agreement, termination period	12 months
Milestone payment made under license agreement					30,000
Agenus \| Development, Regulatory and Commercialization Milestones
License agreements
Additional milestone payments under the license agreement		$ 500,000			$ 500,000
Agenus \| Development, Regulatory and Commercialization Milestones \| Minimum
License agreements
Royalty payments on future global net sales	6.00%
Agenus \| Development, Regulatory and Commercialization Milestones \| Maximum
License agreements
Royalty payments on future global net sales	12.00%

Income Taxes - Reconciliation of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes
Provision at U.S. federal statutory rate	$ 175,185	$ 111,114	$ 119,793
State and local income taxes	21,145	26,767	34,461
Foreign tax rate differential	(96,434)	13,670	55,171
Income tax credits	(1,433,507)	(30,505)	(55,139)
Change in valuation allowance	1,572,951	67,056	(523,279)
Foreign-derived intangible income	(32,891)	(36,748)	(28,259)
Stock based compensation	20,971	19,704	15,497
Acquisitions accounted for as research and development expenses	4,200	14,700	0
Other	4,996	2,698	3,618
Total provision (benefit) for income taxes	236,616	188,456	$ (378,137)
Deferred tax assets:
Net operating loss carry forwards	326,446	182,193
Income tax credits	1,441,981	17,141
Capitalized research and development	457,603	265,140
Deferred revenue and accruals	130,291	72,657
Non-cash compensation	96,469	83,138
Acquisition-related contingent consideration	30,298	30,483
Intangibles, net	233,311	257,614
Long term investments	42,975	54,662
Other	9,044	9,600
Total gross deferred tax assets	2,768,418	972,628
Less valuation allowance for deferred tax assets	(2,096,318)	(472,125)
Net deferred tax assets	672,100	500,503
Deferred tax liabilities:
Property and equipment	(34,757)	(33,683)
Other	(5,457)	(8,879)
Total gross deferred tax liabilities	(40,214)	(42,562)
Net deferred tax assets	$ 631,886	$ 457,941

Fair Value Measures and Disclosures - Assets measured on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value of financial instruments
Long term investments	$ 187,716	$ 133,676
Fair Value, Recurring \| Estimate of Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	3,213,376	2,951,422
Debt securities (government)	442,667	287,543
Long term investments	187,716	133,676
Assets, Fair Value Disclosure	3,843,759	3,372,641
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	3,213,376	2,951,422
Debt securities (government)	0	0
Long term investments	187,716	133,676
Assets, Fair Value Disclosure	3,401,092	3,085,098
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	442,667	287,543
Long term investments	0	0
Assets, Fair Value Disclosure	442,667	287,543
Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	0	0
Long term investments	0	0
Assets, Fair Value Disclosure	$ 0	$ 0

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 3. 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
December 31, 2023
Debt securities (government)	$	442,816	$	(149)	$	442,667

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 per our accounting policy as described in Note 1. As of December 31, 2023 and 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 December 31, 2023 and 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 years ended December 31, 2023 and 2022.

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 December 31, 2023
Cash and cash equivalents	$	3,213,376	$	—	$	—	$	3,213,376
Debt securities (government)	—		442,667		—		442,667
Long term investments (Note 7)	187,716		—		—		187,716
Total assets	$	3,401,092	$	442,667	$	—	$	3,843,759


	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 (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 December 31, 2023
Acquisition-related contingent consideration	$	—	$	—	$	212,000	$	212,000
Total liabilities	$	—	$	—	$	212,000	$	212,000


	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 roll forward of our Level 3 liabilities (in thousands):


	2023		2022
Balance at January 1,	$	221,000	$	244,000
Contingent consideration earned during the period but not yet paid	(10,260)		(9,286)
Payments made during the period	(27,942)		(25,863)
Change in fair value of contingent consideration	29,202		12,149
Balance at December 31,	$	212,000	$	221,000

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 consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of December 31, 2023 and 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 years ended December 31, 2023 and 2022 was due primarily to fluctuations in foreign currency exchange rates impacting future revenue projections of ICLUSIG and the passage of time.

We generally make payments to Takeda quarterly based on the royalties earned in the previous quarter. As of December 31, 2023 and 2022, contingent consideration earned but not yet paid was $10.3 million and $9.3 million, respectively, and was included in accrued and other current liabilities.

Non-Recurring Fair Value Measurements

During the years ended December 31, 2023 and 2022, there were no measurements required for any assets or liabilities at fair value on a non-recurring basis.

- Definition

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

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 597,599	$ 340,660	$ 948,581
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82,660	67,855	57,844
Stock-based compensation	215,889	188,420	183,006
Deferred income taxes	(158,898)	57,091	(465,604)
Other, net	22,579	17,366	1,417
Unrealized (gain) loss on long term investments	(43,893)	87,590	24,072
Loss on change in fair value of acquisition-related contingent consideration	29,202	12,149	14,741
Changes in operating assets and liabilities:
Accounts receivable	(98,678)	(28,579)	(134,306)
Prepaid expenses and other assets	(42,491)	(30,739)	(64,080)
Inventory	(170,151)	(67,504)	(20,965)
Accounts payable	(167,945)	105,436	73,343
Accrued and other liabilities	230,614	220,196	131,439
Net cash provided by operating activities	496,487	969,941	749,488
Cash flows from investing activities:
Purchase of long term investments	(10,000)	0	(33,510)
Sale of long term investments	45	0	10,473
Capital expenditures	(32,486)	(77,833)	(181,006)
Payments for intangible assets	(15,000)	0	0
Purchases of marketable securities	(456,020)	(79,860)	(235,167)
Sale and maturities of marketable securities	305,784	79,151	231,511
Net cash used in investing activities	(207,677)	(78,542)	(207,699)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans	35,836	61,115	58,626
Tax withholdings related to restricted and performance share vesting	(28,550)	(26,301)	(29,940)
Payment of finance lease liabilities	(3,360)	(2,862)	(2,417)
Payment of contingent consideration	(23,959)	(32,746)	(20,093)
Net cash (used in) provided by financing activities	(20,033)	(794)	6,176
Effect of exchange rates on cash, cash equivalents, and restricted cash	(6,676)	3,355	(3,570)
Net increase in cash, cash equivalents, and restricted cash	262,101	893,960	544,395
Cash, cash equivalents, and restricted cash at beginning of period	2,953,120	2,059,160	1,514,765
Cash, cash equivalents, and restricted cash at end of period	3,215,221	2,953,120	2,059,160
Supplemental Schedule of Cash Flow Information
Income taxes paid	378,206	136,242	67,731
Unpaid purchases of property and equipment	5,052	3,493	27,098
Leased assets obtained in exchange for new operating lease liabilities	5,275	6,745	14,416
Leased assets obtained in exchange for new finance lease liabilities	$ 2,257	$ 1,862	$ 1,513

Income Taxes - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
One-time benefit from associated valuation allowance	$ 569.0
Increase in valuation allowance		$ 1,600.0	$ 63.9
Increase in deferred tax asset		1,800.0
Deferred tax assets, tax credit carryforwards, foreign		1,400.0
Tax benefit if unrecognized tax benefits were realized		59.1
Interest and penalties as a component of income tax expense		4.9	$ 3.8
Decrease in unrecognized tax benefits is reasonably possible		$ 22.0

Stock Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation

Note 12. Stock Compensation

We recorded $215.9 million, $188.4 million and $183.0 million, respectively, of stock compensation expense for the years ended December 31, 2023, 2022 and 2021. Stock compensation expense within the consolidated statements of operations included research and development expense for the years ended December 31, 2023, 2022 and 2021 of $126.7 million, $112.5 million and $114.3 million, respectively. Stock compensation expense within the consolidated statements of operations also included selling, general and administrative expense for the years ended December 31, 2023, 2022 and 2021 of $86.1 million, $73.2 million and $67.0 million, respectively. Stock compensation expense within the consolidated statements of operations also included cost of product revenues for the years ended December 31, 2023, 2022 and 2021 of $3.1 million, $2.7 million and $1.7 million, respectively.

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


	Employee Stock Options For the year ended December 31,						Employee Stock Purchase Plan For the year ended December 31,
	2023		2022		2021		2023		2022		2021
Average risk-free interest rates	4.01	%	2.14	%	0.62	%	4.72	%	3.74	%	0.40	%
Average expected life (in years)	5.05		4.90		5.01		0.50		0.50		0.50
Volatility	32	%	36	%	39	%	25	%	25	%	33	%
Weighted-average fair value (in dollars)	24.35		26.06		29.03		12.68		14.99		18.02

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.

Based on our historical experience of employee turnover, we have assumed an annualized forfeiture rate of 5% for our options, PSUs and RSUs. Under the true-up provisions of the stock compensation guidance, we will record additional expense as the awards vest 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 December 31, 2023, was $30.0 million, which is expected to be recognized over the weighted average period of 1.2 years. Total compensation cost of RSUs granted but not yet vested, as of December 31, 2023, was $235.4 million, which is expected to be recognized over the weighted average period of 1.7 years. Total compensation cost of PSUs granted but not yet vested, as of December 31, 2023, was $17.0 million, which is expected to be recognized over the weighted average period of 1.9 years, should the underlying performance conditions be deemed probable of achievement.

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 3,695,649	$ 3,394,635	$ 2,986,267
Product revenues, net
Revenues
Total revenues	3,165,168	2,746,897	2,322,012
JAKAFI
Revenues
Total revenues	2,593,732	2,409,225	2,134,508
OPZELURA
Revenues
Total revenues	337,864	128,735	4,668
ICLUSIG
Revenues
Total revenues	111,623	105,838	109,395
PEMAZYRE
Revenues
Total revenues	83,642	83,445	68,531
MINJUVI
Revenues
Total revenues	37,057	19,654	4,910
ZYNYZ
Revenues
Total revenues	1,250	0	0
Product royalty revenues
Revenues
Total revenues	523,481	482,738	569,255
JAKAVI Royalty Revenues
Revenues
Total revenues	367,583	331,575	337,991
OLUMIANT Royalty Revenues
Revenues
Total revenues	136,138	134,547	220,875
TABRECTA Royalty Revenues
Revenues
Total revenues	17,793	15,411	10,389
PEMAZYRE Royalty Revenues
Revenues
Total revenues	1,967	1,205	0
Milestone and contract revenues
Revenues
Total revenues	$ 7,000	$ 165,000	$ 95,000

Fair Value Measures and Disclosures - Liabilities measured on a recurring basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 212,000	$ 221,000
Total liabilities	212,000	221,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3)
Fair value of financial instruments
Acquisition-related contingent consideration	212,000	221,000
Total liabilities	$ 212,000	$ 221,000

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock compensation
Stock compensation expense	$ 215.9	$ 188.4	$ 183.0
Dividend yield	0.00%
Research and Development Expense
Stock compensation
Stock compensation expense	$ 126.7	112.5	114.3
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	86.1	73.2	67.0
Cost of Sales
Stock compensation
Stock compensation expense	$ 3.1	2.7	1.7
Options
Stock compensation
Assumed annualized forfeiture rate	5.00%
Unrecognized compensation cost for nonvested option	$ 30.0
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 2 months 12 days
Restricted Stock Units (RSUs)
Stock compensation
Assumed annualized forfeiture rate	5.00%
Unrecognized compensation cost for nonvested option	$ 235.4
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 8 months 12 days
Performance Shares
Stock compensation
Stock compensation expense	$ 17.2	$ 7.8	$ 8.3
Assumed annualized forfeiture rate	5.00%
Unrecognized compensation cost for nonvested option	$ 17.0
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 10 months 24 days

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 2,611,268	$ 219	$ 4,352,864	$ (15,360)	$ (1,726,455)
Increase (Decrease) in Stockholders' Equity
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	28,686	2	28,684
Issuance of shares of Common Stock for services rendered	434		434
Stock compensation	185,129		185,129
Other comprehensive income (loss)	(4,094)			(4,094)
Net income	948,581				948,581
Ending 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 and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	34,814	2	34,812
Issuance of shares of Common Stock for services rendered	427		427
Stock compensation	189,691		189,691
Other comprehensive income (loss)	34,523			34,523
Net income	340,660				340,660
Ending Balance at Dec. 31, 2022	4,370,119	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 and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	7,286	1	7,285
Issuance of shares of Common Stock for services rendered	321		321
Stock compensation	216,475		216,475
Other comprehensive income (loss)	(1,963)			(1,963)
Net income	597,599				597,599
Ending Balance at Dec. 31, 2023	$ 5,189,837	$ 224	$ 5,016,122	$ 13,106	$ 160,385

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue

As discussed in Note 1, revenues are recognized under guidance within ASC 606. The following table presents our disaggregated revenue for the periods presented (in thousands):


	For the Years Ended, December 31,
	2023		2022		2021
JAKAFI revenues, net	$	2,593,732	$	2,409,225	$	2,134,508
OPZELURA revenues, net	337,864		128,735		4,668
ICLUSIG revenues, net	111,623		105,838		109,395
PEMAZYRE revenues, net	83,642		83,445		68,531
MINJUVI revenues, net	37,057		19,654		4,910
ZYNYZ revenues, net	1,250		—		—
Total product revenues, net	3,165,168		2,746,897		2,322,012
JAKAVI product royalty revenues	367,583		331,575		337,991
OLUMIANT product royalty revenues	136,138		134,547		220,875
TABRECTA product royalty revenues	17,793		15,411		10,389
PEMAZYRE product royalty revenues	1,967		1,205		—
Total product royalty revenues	523,481		482,738		569,255
Milestone and contract revenues	7,000		165,000		95,000
Total revenues	$	3,695,649	$	3,394,635	$	2,986,267

License Agreements - Syndax (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
License agreements
Long term investments			$ 187,716	$ 133,676
Unrealized gain (loss) on long term investments			43,893	(87,590)	$ (24,072)
Research and development			$ 1,627,594	1,585,936	1,458,179
Investment in Syndax
License agreements
Investment owned (in shares)			1.4
Long term investments			$ 30,700	36,200
Unrealized gain (loss) on long term investments			(5,500)	$ 5,100
Investment in Syndax
License agreements
Unrealized gain (loss) on long term investments					6,300
Syndax
License agreements
Upfront payment under license agreement	$ 117,000
Research and development			25,800
Syndax \| Accrued Liabilities
License agreements
Accrued and other liabilities			$ 1,800
Syndax \| Development and Regulatory Milestones \| Maximum
License agreements
Additional milestone payments under the license agreement	220,000				220,000
Syndax \| Commercialization Milestones \| Maximum
License agreements
Additional milestone payments under the license agreement	$ 230,000				$ 230,000
Syndax \| Incyte
License agreements
Funding of future development costs			55.00%
United States \| Syndax \| Syndax
License agreements
Funding of future development costs		45.00%
United States \| Syndax \| Incyte
License agreements
Funding of future development costs		55.00%

License Agreements - MacroGenics (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended			75 Months Ended
	Mar. 31, 2023	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
License agreements
Research and development			$ 1,627,594	$ 1,585,936	$ 1,458,179
MacroGenics
License agreements
Research and development			51,500	89,200	$ 72,300
MacroGenics \| Accrued Liabilities
License agreements
Accrued and other liabilities			$ 300	$ 2,900		$ 300
Minimum \| MacroGenics
License agreements
Royalty payments on future global net sales			15.00%
Maximum \| MacroGenics
License agreements
Royalty payments on future global net sales			24.00%
Development Milestones \| MacroGenics
License agreements
Milestone payment made under license agreement		$ 30,000				115,000
Development and Regulatory Milestones \| Maximum \| MacroGenics
License agreements
Additional milestone payments under the license agreement			$ 320,000			320,000
Commercialization Milestones \| Maximum \| MacroGenics
License agreements
Additional milestone payments under the license agreement			$ 330,000			$ 330,000
Regulatory Milestone \| MacroGenics
License agreements
Milestone payment made under license agreement	$ 15,000
Milestone payment, estimated useful life			13 years 6 months

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders' Equity

Preferred Stock. We are authorized to issue 5,000,000 shares of preferred stock, none of which was outstanding as of December 31, 2023 and 2022. The Board of Directors may determine the rights, preferences and privileges of any preferred stock issued in the future.

Common Stock. We are authorized to issue 400,000,000 shares of common stock.

Stock Compensation Plans. As of December 31, 2023, we had a total of 11,557,443 shares of our common stock available for future issuance related to our stock plans as described below.

2010 Stock Incentive Plan. In May 2010 the Board of Directors adopted the 2010 Stock Incentive Plan (the “2010 Stock Plan”), which was most recently amended in April 2023, for issuance of common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, RSUs and PSUs.

In June 2023, our stockholders approved an increase in the number of shares of common stock reserved for issuance under the 2010 Stock Plan from 53,953,475 to 66,453,475.

Stock Options

Options are granted to employees, consultants, and scientific advisors under the 2010 Stock Plan. Options are also granted under the 2010 Stock Plan to non-employee members of our Board of Directors, pursuant to a formula set forth in the 2010 Stock Plan. All options are exercisable at the fair market value of the stock on the date of grant.

In July 2016, we revised the terms of our annual stock option grants to provide that new option grants would 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. Previously, our option grants generally had seven-year terms and vested over three years, with 33% vesting after one year and the remainder vesting in 24 equal monthly installments. Non-employee director options expire after 10 years and vest in full on the first anniversary of the date of grant or, if earlier, the date of the next annual meeting of stockholders.

Option activity under 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	1,443,064	$	69.60
Options exercised	(231,417)	$	67.05
Options cancelled	(1,404,848)	$	88.87
Balance at December 31, 2023	12,457,158	$	85.40

Options to purchase a total of 9,743,775, 8,952,289 and 8,024,951 shares as of December 31, 2023, 2022 and 2021, respectively, were exercisable. The aggregate intrinsic value of options exercised for the years ended December 31, 2023, 2022 and 2021 were $3.2 million, $6.0 million and $12.7 million, respectively. At December 31, 2023, the aggregate intrinsic value of options outstanding and vested options are $2.0 million and $1.9 million, respectively.

The following table summarizes information about stock options outstanding as of December 31, 2023 under the 2010 Stock Plan:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$49.01 - $68.62	1,752,776	6.94	$	64.26	904,749	$	67.01
$68.70 - $72.27	1,279,346	5.25	71.94		1,207,361	72.08
$72.66 - $76.95	1,271,472	7.27	74.75		789,924	74.69
$77.03 - $80.50	1,310,294	6.69	79.18		945,947	79.64
$80.56 - $83.58	1,502,140	7.63	83.26		873,400	83.23
$83.83 - $85.52	1,269,328	4.36	84.61		1,222,325	84.60
$85.60 - $94.63	1,269,423	5.82	91.66		1,097,345	92.06
$95.34 - $106.47	1,326,730	5.03	101.65		1,227,075	101.33
$107.69 - $128.34	1,332,485	2.98	118.11		1,332,485	118.11
$132.00 - $138.52	143,164	2.83	134.76		143,164	134.76
	12,457,158				9,743,775

Restricted Stock Units and Performance Shares

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 years ended December 31, 2023, 2022 and 2021, we recorded $17.2 million, $7.8 million and $8.3 million, respectively, of stock compensation expense for PSUs on our consolidated statements of operations.

RSU and 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	3,576,242	$	65.26
PSUs granted	300,512	$	61.76
RSUs released	(1,264,781)	$	83.43
PSUs released	(108,712)	$	102.44
RSUs cancelled	(412,446)	$	76.61
PSUs cancelled	(113,065)	$	70.57
Balance at December 31, 2023	7,165,342	$	72.17

The following table summarizes our shares available for grant under the 2010 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
Additional authorization			12,500,000
Options, RSUs and PSUs granted			(9,196,930)
Options, RSUs and PSUs cancelled			2,455,586
Balance at December 31, 2023			10,815,026

Employee Stock Purchase Plan. On May 21, 1997, our stockholders adopted the 1997 Employee Stock Purchase Plan, which was most recently amended in April 2023 (the “ESPP”). Each regular full-time and part-time employee working 20 hours or more per week is eligible to participate after one month of employment. In June 2023, our stockholders approved an increase in the number of shares of common stock reserved for issuance under the ESPP from 9,600,000 to 10,350,000. We issued 380,145, 308,413 and 264,503 shares under the ESPP in 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, we recorded stock compensation expense of $5.1 million, $4.7 million and $4.6 million, respectively, as the ESPP is considered compensatory under the FASB stock compensation rules. As of December 31, 2023, 742,417 shares remain available for issuance under the ESPP.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

License Agreements - Merus (Details) $ in Thousands	1 Months Ended				12 Months Ended			85 Months Ended
License Agreements - Merus (Details) $ in Thousands	Dec. 31, 2023 USD ($) shares	Aug. 31, 2023 USD ($) shares	Jan. 31, 2023 USD ($)	Dec. 31, 2016 USD ($) program	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares
License agreements
Long term investments	$ 187,716				$ 187,716	$ 133,676		$ 187,716
Unrealized gain (loss) on long term investments					$ 43,893	(87,590)	$ (24,072)
Merus
License agreements
Purchase of common stock under Stock Purchase Agreement (in shares ) \| shares		500,000
Equity Method Investment, Aggregate Cost		$ 10,000
Investment owned (in shares) \| shares	4,000,000				4,000,000			4,000,000
Merus
License agreements
Long term investments	$ 110,100				$ 110,100	54,900		$ 110,100
Unrealized gain (loss) on long term investments					$ 45,200	$ (58,000)	$ 48,100
Merus
License agreements
Number of independent programs \| program				10
Number of programs under the resulting products are co-funded for development \| program				2
Associated future global development costs from the initiation of a Phase IIb trial, if elected to co-develop				35.00%
Milestone payment made under license agreement								$ 9,000
Merus \| United States
License agreements
Profit sharing				50.00%
Percentage of profit (losses)				50.00%
Merus \| Minimum
License agreements
Royalty payments on future global net sales				6.00%
Merus \| Minimum \| United States
License agreements
Royalty payments on future global net sales				6.00%
Merus \| Maximum
License agreements
Royalty payments on future global net sales				10.00%
Percentage of reverse royalty				4.00%
Merus \| Maximum \| United States
License agreements
Royalty payments on future global net sales				10.00%
Percentage of additional royalties				4.00%
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
Merus
License agreements
Milestone payment made under license agreement	$ 1,000	$ 2,500	$ 2,500

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of option activity under the 2010 Stock Plan

Option activity under 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	1,443,064	$	69.60
Options exercised	(231,417)	$	67.05
Options cancelled	(1,404,848)	$	88.87
Balance at December 31, 2023	12,457,158	$	85.40

Schedule of stock options outstanding and exercisable by exercise price range

The following table summarizes information about stock options outstanding as of December 31, 2023 under the 2010 Stock Plan:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$49.01 - $68.62	1,752,776	6.94	$	64.26	904,749	$	67.01
$68.70 - $72.27	1,279,346	5.25	71.94		1,207,361	72.08
$72.66 - $76.95	1,271,472	7.27	74.75		789,924	74.69
$77.03 - $80.50	1,310,294	6.69	79.18		945,947	79.64
$80.56 - $83.58	1,502,140	7.63	83.26		873,400	83.23
$83.83 - $85.52	1,269,328	4.36	84.61		1,222,325	84.60
$85.60 - $94.63	1,269,423	5.82	91.66		1,097,345	92.06
$95.34 - $106.47	1,326,730	5.03	101.65		1,227,075	101.33
$107.69 - $128.34	1,332,485	2.98	118.11		1,332,485	118.11
$132.00 - $138.52	143,164	2.83	134.76		143,164	134.76
	12,457,158				9,743,775

Schedule of activity summarized under all stock plans other than options

RSU and 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	3,576,242	$	65.26
PSUs granted	300,512	$	61.76
RSUs released	(1,264,781)	$	83.43
PSUs released	(108,712)	$	102.44
RSUs cancelled	(412,446)	$	76.61
PSUs cancelled	(113,065)	$	70.57
Balance at December 31, 2023	7,165,342	$	72.17

Schedule of share activity

The following table summarizes our shares available for grant under the 2010 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
Additional authorization			12,500,000
Options, RSUs and PSUs granted			(9,196,930)
Options, RSUs and PSUs cancelled			2,455,586
Balance at December 31, 2023			10,815,026

Property and Equipment, net - Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, net
Property and Equipment, gross	$ 1,021,447	$ 952,124
Less accumulated depreciation and amortization	(269,934)	(212,814)
Property and equipment, net	751,513	739,310
Office equipment
Property and equipment, net
Property and Equipment, gross	23,417	22,734
Laboratory equipment
Property and equipment, net
Property and Equipment, gross	220,677	192,141
Computer equipment
Property and equipment, net
Property and Equipment, gross	147,570	92,115
Land
Property and equipment, net
Property and Equipment, gross	10,931	10,429
Building and leasehold improvements
Property and equipment, net
Property and Equipment, gross	584,755	564,170
Operating lease right-of-use assets
Property and equipment, net
Property and Equipment, gross	20,553	23,311
Construction in progress
Property and equipment, net
Property and Equipment, gross	$ 13,544	$ 47,224

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jun. 30, 2016	Jul. 31, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	May 31, 2023
Stock Compensation Plans
Preferred stock, shares authorized (in shares)			5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)			0	0
Common stock, shares authorized (in shares)			400,000,000	400,000,000
Shares reserved for future issuance related to stock plans (in shares)			11,557,443
Options exercisable and vested (in shares)			9,743,775	8,952,289	8,024,951
Intrinsic value of options exercised			$ 3.2	$ 6.0	$ 12.7
Intrinsic value of options outstanding			2.0
Intrinsic value of vested options			1.9
Stock compensation expense			$ 215.9	$ 188.4	$ 183.0
Number of shares issued (in shares)			380,145	308,413	264,503
Remaining shares available (in shares)			10,815,026	5,056,370
Employee Stock
Stock Compensation Plans
Shares reserved for future issuance related to stock plans (in shares)						10,350,000	9,600,000
Stock compensation expense			$ 5.1	$ 4.7	$ 4.6
Employment period for eligibility to participate in the plan			1 month
Number of shares issued (in shares)			380,145	308,413	264,503
Remaining shares available (in shares)			742,417
Minimum \| Employee Stock
Stock Compensation Plans
Number of employee working hours per week for eligibility to participate in the plan			20 hours
Stock Incentive Plan 2010
Stock Compensation Plans
Shares reserved for future issuance related to stock plans (in shares)						66,453,475	53,953,475
Options
Stock Compensation Plans
Expiration period	7 years
Vesting period	3 years	4 years
Options \| Share-based Payment Arrangement, Tranche One
Stock Compensation Plans
Vesting period	1 year	1 year
Vesting percentage	33.00%	25.00%
Options \| Share-based Payment Arrangement, Tranche Two
Stock Compensation Plans
Vesting period	24 months	36 months
Options \| Non-employee Director
Stock Compensation Plans
Expiration period		10 years
Restricted Stock Units (RSUs)
Stock Compensation Plans
Vesting period			4 years
Vesting percentage			25.00%
Number of shares awarded for each RSU (in shares)			1
Number of shares available for grant for each award granted (in shares)			2
Performance Shares
Stock Compensation Plans
Vesting period			4 years
Stock compensation expense			$ 17.2	$ 7.8	$ 8.3
Number of shares available for grant for each award granted (in shares)			2
Performance Shares \| Minimum
Stock Compensation Plans
Vesting period			3 years
Performance Shares \| Maximum
Stock Compensation Plans
Vesting period			4 years

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets, net

The components of intangible assets were as follows (in thousands, except for useful life):


		Balance at December 31, 2023						Balance at December 31, 2022
	Weighted- Average Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Licensed IP	12.5	$	271,000	$	163,318	$	107,682	$	271,000	$	141,781	$	129,219
Capitalized milestone payments	13.3	$	17,000	$	1,137	$	15,863	$	—	$	—	$	—

Schedule of estimated aggregate amortization expense

Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets will be as follows for the years ending December 31 (in thousands):


	2024		2025		2026		2027		2028		Thereafter
Amortization expense	$	22,817	$	22,817	$	22,817	$	22,817	$	22,817	$	9,460

Stockholders' Equity - Schedule of RSU and PSU Activity (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Outstanding at the beginning of the period (in shares) \| shares	5,187,592
Outstanding at the end of the period (in shares) \| shares	7,165,342
Grant Date Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 81.24
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 72.17
Restricted Stock Units (RSUs)
Shares
Granted (in shares) \| shares	3,576,242
Released (in shares) \| shares	(1,264,781)
Cancelled (in shares) \| shares	(412,446)
Grant Date Value
Granted (in dollars per share) \| $ / shares	$ 65.26
Released (in dollars per share) \| $ / shares	83.43
Cancelled (in dollars per share) \| $ / shares	$ 76.61
Performance Shares
Shares
Granted (in shares) \| shares	300,512
Released (in shares) \| shares	(108,712)
Cancelled (in shares) \| shares	(113,065)
Grant Date Value
Granted (in dollars per share) \| $ / shares	$ 61.76
Released (in dollars per share) \| $ / shares	102.44
Cancelled (in dollars per share) \| $ / shares	$ 70.57

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 344,407	$ 90,088	$ 50,565
State	48,106	38,136	32,505
Foreign	3,001	3,141	4,397
Current provision for income taxes	395,514	131,365	87,467
Deferred:
Federal	(139,468)	62,107	(407,852)
State	(19,625)	(3,709)	(57,677)
Foreign	195	(1,307)	(75)
Deferred provision for income taxes	(158,898)	57,091	(465,604)
Total provision (benefit) for income taxes	$ 236,616	$ 188,456	$ (378,137)

Inventory - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Inventory	$ 62,972	$ 41,995
Inventory	206,965	$ 78,964
Inventory incurred prior to FDA approval	$ 35,600
Minimum
Inventory [Line Items]
Period of lower average per unit cost of materials	9 months
Maximum
Inventory [Line Items]
Period of lower average per unit cost of materials	12 months

Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of inventory

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


	December 31,
	2023		2022
Raw materials	$	23,282	$	31,874
API and Work-in-process	209,793		54,455
Finished goods	36,862		34,630
Total inventory	$	269,937	$	120,959

Fair Value of Financial Instruments - Marketable securities portfolio (Details) - Debt securities (government) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of marketable security portfolio
Amortized Cost	$ 442,816	$ 292,580
Net Unrealized Losses	(149)	(5,037)
Estimated Fair Value	$ 442,667	$ 287,543
Minimum
Summary of marketable security portfolio
Contractual maturity dates	12 months
Maximum
Summary of marketable security portfolio
Contractual maturity dates	18 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details