0000879169-24-000077 | 10-Q | XBRL Viewer

Less accumulated depreciation and amortization

$ 1,002,897

$ 1,021,447

(282,898)

(269,934)

Property and equipment, net

719,999

751,513

^[1]

Office equipment

23,417

Laboratory equipment

217,437

220,677

Computer equipment

150,181

147,570

Land

Building and leasehold improvements

10,561

10,931

Operating lease right-of-use assets

572,491

584,755

18,037

20,553

Construction in progress

Revenue from Contract with Customer [Abstract]

$ 10,773

$ 13,544

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Stock Compensation - Shares Available For Grant (Details)	3 Months Ended
	Mar. 31, 2024 shares
Available Shares for Grant
Beginning Balance (in shares)	10,815,026
Additional authorization - 2024 Inducement Plan (in shares)	1,000,000
Options, RSUs and PSUs granted (in shares)	(1,279,593)
Options, RSUs and PSUs cancelled (in shares)	217,404
Ending Balance (in shares)	10,752,837

Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Disaggregated Revenue

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


	Three Months Ended March 31,
		2024		2023
JAKAFI revenues, net		$	571,839	$	579,969
OPZELURA revenues, net		85,724		56,552
ICLUSIG revenues, net		30,343		27,685
PEMAZYRE revenues, net		17,676		22,475
MINJUVI/MONJUVI revenues, net		23,874		6,556
ZYNYZ revenues, net		467		—
Total product revenues, net		729,923		693,237
JAKAVI product royalty revenues		89,595		76,692
OLUMIANT product royalty revenues		30,589		34,155
TABRECTA product royalty revenues		5,234		4,177
PEMAZYRE product royalty revenues		548		412
Total product royalty revenues		125,966		115,436
Milestone and contract revenues		25,000		—
Total revenues		$	880,889	$	808,673

Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Accrued and Other Current Liabilities

Royalties

$ 410,312

$ 387,362

Clinical related costs

94,554

109,618

Sales allowances

358,541

279,914

Sales and marketing

41,971

37,369

Accrued Taxes

126,762

42,295

Operating lease liabilities

4,783

5,686

Other current liabilities

65,345

73,325

Total accrued and other current liabilities

$ 1,102,268

$ 935,569

^[1]

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Valuation Assumptions Used for Valuation of Fair Value of Stock Compensation Granted

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


		Employee Stock Options							Employee Stock Purchase Plan
	For the Three Months Ended							For the Three Months Ended
		March 31,							March 31,
		2024			2023				2024			2023
Average risk-free interest rates		4.08		%	3.72		%		5.38		%	4.06		%
Average expected life (in years)		4.71			4.73				0.50			0.50
Volatility		31		%	33		%		23		%	22		%
Weighted-average fair value (in dollars)		$	20.67		$	28.24			$	10.85		$	13.70

Schedule of Option Activity Under the 2010 Stock Plan

Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows:


	Shares Subject to Outstanding Options
	Shares	Weighted Average Exercise Price
Balance at December 31, 2023	12,457,158	$	85.40
Options granted	596,329	$	61.35
Options exercised	(7,500)	$	64.55
Options cancelled	(131,662)	$	86.44
Balance at March 31, 2024	12,914,325	$	84.29

Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan

Restricted stock unit (“RSU”) and performance share (“PSU”) award activity under the 2010 Stock Plan and 2024 Inducement Plan was as follows:


	Shares Subject to Outstanding Awards
	Shares	Grant Date Value
Balance at December 31, 2023	7,165,342	$	72.17
RSUs granted	330,699	$	61.16
Additional PSUs earned	21,866	$	83.58
RSUs released	(339,217)	$	80.82

RSUs cancelled	(42,871)	$	70.83

Balance at March 31, 2024	7,135,819	$	71.29

Summary of Shares Available for Grant

The following table summarizes our shares available for grant under the 2010 Stock Plan and 2024 Inducement Plan. Each RSU and PSU grant reduces the available share pool by 2 shares.


			Shares Available for Grant
Balance at December 31, 2023			10,815,026
Additional authorization - 2024 Inducement Plan			1,000,000
Options, RSUs and PSUs granted			(1,279,593)
Options, RSUs and PSUs cancelled			217,404
Balance at March 31, 2024			10,752,837

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31, 2024		December 31, 2023
Office equipment	$	23,417	$	23,417
Laboratory equipment	217,437		220,677
Computer equipment	150,181		147,570
Land	10,561		10,931
Building and leasehold improvements	572,491		584,755
Operating lease right-of-use assets	18,037		20,553
Construction in progress	10,773		13,544
	1,002,897		1,021,447
Less accumulated depreciation and amortization	(282,898)		(269,934)
Property and equipment, net	$	719,999	$	751,513

Fair Value of Financial Instruments - Marketable Securities Portfolio (Details) - Debt securities (government) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Summary of marketable security portfolio
Amortized Cost	$ 506,379	$ 442,816
Net Unrealized Losses	(1,895)	(149)
Estimated Fair Value	$ 504,484	$ 442,667
Minimum
Summary of marketable security portfolio
Contractual maturity dates	12 months
Maximum
Summary of marketable security portfolio
Contractual maturity dates	18 months

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.

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Accrued and Other Current Liabilities

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Note 10. Accrued and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Royalties	$	410,312	$	387,362
Clinical related costs	94,554		109,618
Sales allowances	358,541		279,914
Sales and marketing	41,971		37,369
Accrued Taxes	126,762		42,295
Operating lease liabilities	4,783		5,686
Other current liabilities	65,345		73,325
Total accrued and other current liabilities	$	1,102,268	$	935,569

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 236,159	$ 51,856
Provision for income taxes	$ 66,611	$ 30,153
Effective tax rate	28.20%	58.10%

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

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 880,889	$ 808,673
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	60,956	56,822
Research and development	429,260	406,641
Selling, general and administrative	300,256	315,606
(Gain) loss on change in fair value of acquisition-related contingent consideration	(456)	6,196
(Profit) and loss sharing under collaboration agreements	(1,025)	(1,362)
Total costs, expenses and other	788,991	783,903
Income from operations	91,898	24,770
Interest income and other, net	44,744	32,873
Interest expense	(430)	(469)
Unrealized gain (loss) on long term investments	99,947	(5,318)
Income before provision for income taxes	236,159	51,856
Provision for income taxes	66,611	30,153
Net income	$ 169,548	$ 21,703
Net income per share:
Basic (in USD per share)	$ 0.76	$ 0.10
Diluted (in USD per share)	$ 0.75	$ 0.10
Shares used in computing net income per share:
Basic (in shares)	224,484	222,960
Diluted (in shares)	227,219	225,589
Product revenues, net
Revenues:
Total revenues	$ 729,923	$ 693,237
Product royalty revenues
Revenues:
Total revenues	125,966	115,436
Milestone and contract revenues
Revenues:
Total revenues	$ 25,000	$ 0

Fair Value of Financial Instruments - Assets Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Fair Value, Recurring | Estimate of Fair Value Measurement

$ 287,663

$ 187,716

^[1]

3,346,204

3,213,376

504,484

442,667

287,663

187,716

Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Recurring

4,138,351

3,843,759

3,346,204

3,213,376

287,663

187,716

Significant Other Observable Inputs (Level 2) | Fair Value, Recurring

3,633,867

3,401,092

504,484

442,667

Significant Unobservable Inputs (Level 3) | Fair Value, Recurring

504,484

442,667

$ 0

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

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

3 Months Ended

111 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Dec. 31, 2023

Fair market long term investments

$ 287,663

$ 187,716

^[1]

$ 99,947

$ (5,318)

Agenus

Common stock held from investment (in shares)

12,100,000

Fair market long term investments

$ 7,000

$ 10,000

Development, Regulatory and Commercialization Milestones | Agenus

(3,000)

$ (10,600)

Milestone payment made under license agreement

30,000

Additional milestone payments under the license agreement

$ 500,000

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Inventory

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory

Note 7. Inventory

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


	March 31, 2024		December 31, 2023
Raw materials	$	23,427	$	23,282
Work-in-process	255,039		209,793
Finished goods	49,468		36,862
Total inventory	$	327,934	$	269,937

Inventories, stated at the lower of cost and net realizable value, consist of raw materials, work in process and finished goods. At March 31, 2024, $63.6 million of inventory was classified as current on the condensed consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At March 31, 2024, $264.3 million of inventory was classified as non-current on the condensed consolidated balance sheet as we did not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.

We capitalize inventory after regulatory approval as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to regulatory approval are recorded as research and development expense in our statements of operations. At March 31, 2024, inventory with approximately $38.2 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.

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

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


	Three Months Ended March 31,
		2024		2023
Service cost		$	2,621	$	2,088
Interest cost		441		617
Expected return on plan assets		(1,483)		(1,540)
Amortization of prior service cost		201		103
Amortization of actuarial losses		87		90
Net periodic benefit cost		$	1,867	$	1,358

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes (in shares)	245,228	313,995
Issuance of shares of Common Stock for services rendered (in shares)	1,359	1,073

Asset Acquisition (Details) $ in Millions	Feb. 05, 2024 USD ($)
Maximum \| Xencor
Asset Acquisition [Line Items]
Uncured material breach, written notice period	120 days
Payment obligation breach, written notice period	30 days
Minimum \| Xencor
Asset Acquisition [Line Items]
Advance written notice period	90 days
Development and Regulatory Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement	$ 186.5
Commercialization Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement	$ 50.0
Expiration period	11 years
MorphoSys AG
Asset Acquisition [Line Items]
Payment to acquire license agreement	$ 25.0

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 14. Employee Benefit Plans

Defined Contribution Plans

We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three months ended March 31, 2024 and 2023 was $5.4 million and $5.6 million, respectively.

Defined Benefit Pension Plans

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

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


	Three Months Ended March 31,
		2024		2023
Service cost		$	2,621	$	2,088
Interest cost		441		617
Expected return on plan assets		(1,483)		(1,540)
Amortization of prior service cost		201		103
Amortization of actuarial losses		87		90
Net periodic benefit cost		$	1,867	$	1,358

The components of net periodic benefit cost other than the service cost component are included in Interest income and other, net on the condensed consolidated statements of operations. We expect to contribute a total of $10.0 million to the pension plans in 2024 inclusive of the amounts contributed to the plan during the current period.

The entire disclosure for retirement benefits.

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-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

Schedule of Concentration of Credit Risk Related to Collaborative Partners

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

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

The concentration of credit risk related to our JAKAFI and OPZELURA product revenues is as follows:


	Percentage of Total Net Product Revenues for the Three Months Ended
	March 31,
		2024		2023
Customer A		17	%	17	%
Customer B		11	%	11	%
Customer C		18	%	18	%
Customer D		9	%	10	%
Customer E		12	%	12	%

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined contribution expense	$ 5.4	$ 5.6
Location of costs excluding the service component	Interest income and other, net
Current year expected contributions total	$ 10.0

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

For the three months ended March 31, 2024 and 2023, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes (in thousands):


	Three Months Ended March 31,
		2024		2023
Income before provision for income taxes		$	236,159	$	51,856
Provision for income taxes		66,611		30,153

Effective tax rate		28.2%		58.1%

Our effective tax rate for the three months ended March 31, 2024 and 2023 was higher than the U.S. statutory rate primarily due to foreign losses with no associated tax benefit (i.e., full valuation allowance) and an increase in our valuation allowance against certain U.S. federal and state deferred tax assets offset to a lesser extent by tax rate benefits associated with research and development and orphan drug tax credit generations and the foreign derived intangible income deductions.

The effective tax rate for the three months ended March 31, 2024 decreased as compared to the prior year period primarily due to the decrease in foreign losses with no associated tax benefit, and to a lesser extent, the tax effects of unrealized gains on long term investments.

The balance of our unrecognized tax benefits (including penalties and interest) increased by $4.2 million during the three months ended March 31, 2024. This movement was primarily driven by increases related to prior period tax positions of $3.1 million and $1.4 million of interest and penalties. We accrue interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes.

The Organization for Economic Cooperation and Development Pillar 2 guidelines, which were supported by over 130 countries worldwide, are designed to impose a 15% global minimum tax on adjusted financial results. Certain aspects of Pillar 2 took effect on January 1, 2024, while other aspects go into effect on January 1, 2025. We are evaluating the potential impact of Pillar 2 on our business, as many of the countries in which we operate are enacting legislation implementing Pillar 2. Although many aspects of Pillar 2 remain to be clarified, at this time there are no material impacts on our effective tax rate

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.

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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-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
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-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

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Note 1. Organization and Business Incyte Corporation (including its subsidiaries, “Incyte,” “we,” “us,” or “our”) is a biopharmaceutical company focused on developing and commercializing proprietary therapeutics. Our portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products JAKAFI® (ruxolitinib), ICLUSIG® (ponatinib), PEMAZYRE® (pemigatinib), OPZELURA® (ruxolitinib cream), MINJUVI® (tafasitamab), MONJUVI® (tafasitamab-cxix), and ZYNYZ® (retifanlimab-dlwr). Our operations are treated as one operating segment.

License Agreements	3 Months Ended
License Agreements	Mar. 31, 2024
License Agreements
License Agreements	Note 8. License Agreements Novartis In November 2009, we entered into a Collaboration and License Agreement with Novartis. Under the terms of the agreement, Novartis received exclusive development and commercialization rights outside of the United States to our JAK inhibitor ruxolitinib and certain back-up compounds for hematologic and oncology indications, including all hematological malignancies, solid tumors and myeloproliferative diseases. We retained exclusive development and commercialization rights to JAKAFI (ruxolitinib) in the United States and in certain other indications. Novartis also received worldwide exclusive development and commercialization rights to our MET inhibitor compound capmatinib and certain back-up compounds in all indications. Under this agreement, we were initially eligible to receive up to $174.0 million for the achievement of development milestones, up to $495.0 million for the achievement of regulatory milestones and up to $500.0 million for the achievement of sales milestones. In addition, we 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 March 31, 2024, 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 also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12% to 14%. We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States contingent on certain conditions. During the three months ended March 31, 2024 and 2023, such royalties on net sales within the United States totaled $23.0 million and $23.4 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. At March 31, 2024 and December 31, 2023, $398.6 million and $375.6 million, respectively, of accrued royalties were included in accrued and other current liabilities on the condensed consolidated balance sheets, payment of which is dependent on the outcome of a contract dispute with Novartis. Each company is responsible for costs relating to the development and commercialization of ruxolitinib in its respective territories, with costs of collaborative studies shared equally. Novartis is also responsible for all costs relating to the development and commercialization of capmatinib. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three months ended March 31, 2024 and 2023 was $89.6 million and $76.7 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three months ended March 31, 2024 and 2023 was $5.2 million and $4.2 million, respectively. Lilly – Baricitinib In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to our JAK inhibitor baricitinib, and certain back-up compounds for inflammatory and autoimmune diseases. Under this agreement, we were initially eligible to receive up to $150.0 million for the achievement of development milestones, up to $365.0 million for the achievement of regulatory milestones and up to $150.0 million for the achievement of sales milestones. Since the inception of the agreement through March 31, 2024, 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. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three months ended March 31, 2024 and 2023 was $30.6 million and $34.2 million, respectively. 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. Since the inception of the agreement through March 31, 2024, we have paid Agenus milestones totaling $30.0 million, and Agenus is eligible to receive up to an additional $500.0 million in future contingent development, regulatory and commercialization milestones across all programs in the collaboration. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023 was $7.0 million and $10.0 million, respectively. For the three months ended March 31, 2024 and 2023, we recorded an unrealized loss of $3.0 million and $10.6 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. Since the inception of the agreement through March 31, 2024, we have paid and expensed Merus milestones totaling $10.0 million. As of March 31, 2024, we held an investment of approximately 4.0 million common shares. The fair market value of our total long term investment in Merus at March 31, 2024 and December 31, 2023 was $180.3 million and $110.1 million, respectively. For the three months ended March 31, 2024 and 2023, we recorded an unrealized gain of $70.2 million and $10.4 million, respectively, based on the change in fair value of Merus’ common shares during the respective periods. MacroGenics In October 2017, we entered into a Global Collaboration and License Agreement with MacroGenics, Inc. (“MacroGenics”). Under this agreement, we received exclusive development and commercialization rights worldwide to MacroGenics’ INCMGA0012 (formerly MGA012), an investigational monoclonal antibody that inhibits PD-1. Except as set forth in the succeeding sentence, we have sole authority over and bear all costs and expenses in connection with the development and commercialization of INCMGA0012 in all indications, whether as a monotherapy or as part of a combination regimen. MacroGenics has retained the right to develop and commercialize, at its cost and expense, its pipeline assets in combination with INCMGA0012. In addition, MacroGenics has the right to manufacture a portion of both companies’ global clinical and commercial supply needs of INCMGA0012. In March 2023, we made a $15.0 million regulatory milestone payment to MacroGenics for the FDA approval of ZYNYZ for the treatment of adults with Merkel cell carcinoma. This milestone payment was capitalized as an intangible asset and included in Other intangible assets, net on the condensed consolidated balance sheet as of March 31, 2024, and is being amortized through cost of product revenues over the estimated useful life of 13.5 years. Since the inception of the agreement, inclusive of the July 2022 amendment to the agreement, through March 31, 2024, we have paid MacroGenics developmental and regulatory milestones totaling $115.0 million. After the amendment and subsequent payments, MacroGenics will be eligible to receive up to an additional $320.0 million in future contingent development and regulatory milestones, and up to $330.0 million in sales milestones as well as tiered royalties ranging from 15% to 24% of global net sales. Research and development expenses for the three months ended March 31, 2024 and 2023 also included $12.1 million and $17.8 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At March 31, 2024 and December 31, 2023, a total of $0.4 million and $0.3 million of such costs were included in accrued and other liabilities on the condensed consolidated balance sheets. MorphoSys As described in Note 6, 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). Prior to the acquisition, pursuant to a now-terminated collaboration and license agreement, we and MorphoSys 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 was responsible for funding any independent development activities, and we were responsible for funding development activities specific to territories outside of the United States. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023 was $65.8 million and $35.9 million, respectively. For the three months ended March 31, 2024 and 2023, we recorded an unrealized gain of $29.9 million and $1.4 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 or profit for the commercialization of tafasitamab for the period from January 1, 2024 to the asset acquisition on February 5, 2024, was a profit of $1.0 million, and is recorded as (Profit) and loss sharing under collaboration agreements on the condensed consolidated statement of operations. As described in Note 6, subsequent to the asset acquisition, we will recognize revenue and costs for all commercialization and clinical development of tafasitamab in the United States. Our 50% share of the United States profit or loss for the commercialization of tafasitamab for the three months ended March 31, 2023 was a profit of $1.4 million, and is recorded as (Profit) and loss sharing under collaboration agreements on the condensed consolidated statement of operations. Research and development expenses for the period from January 1, 2024 to the asset acquisition on February 5, 2024, includes $10.7 million, related to our 55% share of the co-development costs for tafasitamab. Research and development expenses for the three months ended March 31, 2023, includes $25.2 million, related to our 55% share of the co-development costs for tafasitamab. At March 31, 2024 and December 31, 2023, $3.5 million and $18.8 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheets for amounts due to MorphoSys under the former 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”). 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. Inclusive of an upfront, non-refundable payment, since the inception of the agreement through March 31, 2024, we have made payments of $117.0 million to Syndax, which were previously recorded in research and development expense. 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. As of March 31, 2024, we held an investment of approximately 1.4 million shares of Syndax common stock. The fair market value of our long term investment in Syndax as of March 31, 2024 and December 31, 2023 was $33.8 million and $30.7 million. For the three months ended March 31, 2024 and 2023, we recorded an unrealized gain of $3.1 million and an unrealized loss of $6.2 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Research and development expenses for the three months ended March 31, 2024, includes $7.1 million related to our 55% share of the co-development costs for axatilimab. At March 31, 2024 and December 31, 2023, $1.9 million and $1.8 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheet for amounts due to Syndax under the agreement. China Medical Systems Holdings Limited In March 2024, we entered into a Collaboration and License Agreement with China Medical System Skinhealth, a wholly-owned dermatology medical aesthetic company and subsidiary of China Medical System Holdings Limited (“CMSHL”), for the development and commercialization of povorcitinib, a selective oral JAK1 inhibitor, in certain indications in certain Asian territories. In March 2024, we recognized an upfront payment under this agreement of $25.0 million upon our transfer of the functional intellectual property related to povorcitinib to CMSHL which was recorded in milestone and contract revenues on the condensed consolidated statement of operations for the three months ended March 31, 2024. We are eligible to receive additional potential development and commercial milestones, as well as royalties on net sales of the licensed product in CMSHL’s territory. CMSHL received an exclusive license to develop and commercialize and a non-exclusive license to manufacture povorcitinib in autoimmune and inflammatory dermatologic diseases, including non-segmental vitiligo, hidradenitis suppurativa, prurigo nodularis, asthma and chronic spontaneous urticaria, for patients in mainland China, Hong Kong, Macau, Taiwan and certain countries in Southeast Asia. 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.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies We have entered into the collaboration agreements described in Note 8, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products. In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. 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 March 31, 2024, we have accrued approximately $73.7 million within accrued and other current liabilities on the condensed 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 March 31, 2024 is approximately 7.2%. 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 8, we have an outstanding contractual dispute with Novartis relating to royalties on JAKAFI net sales within the United States.

License Agreements - MorphoSys (Details)
$ in Thousands

1 Months Ended

3 Months Ended

Feb. 05, 2024

USD ($)

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

$ 287,663

$ 187,716

^[1]

(Profit) and loss sharing under collaboration agreements

99,947

$ (5,318)

(1,025)

(1,362)

$ 429,260

406,641

MorphoSys AG

Common stock held from investment (in shares) | shares

3,600,000

ADSs

Share conversion

0.25

MorphoSys AG

$ 65,800

35,900

Profit (loss) sharing ratio

29,900

$ 1,400

50.00%

Accrued and other liabilities

$ 10,700

$ 25,200

$ 3,500

$ 18,800

MorphoSys AG | Tafasitamab Product and Service | UNITED STATES

(Profit) and loss sharing under collaboration agreements

$ (1,000)

$ (1,400)

MorphoSys AG | MorphoSys AG

45.00%

MorphoSys AG | Incyte

Fair Value of Financial Instruments

55.00%

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefits	$ 4.2
Unrecognized tax benefits current and prior period tax positions	3.1
Interest and penalties	$ 1.4

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Note 4. Fair Value of Financial Instruments

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


	Amortized Cost		Net Unrealized Losses		Estimated Fair Value
March 31, 2024
Debt securities (government)	$	506,379	$	(1,895)	$	504,484

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

Our available-for-sale debt securities generally have contractual maturity dates of between 12 to 18 months. Debt security assets were assessed for risk of expected credit losses. As of March 31, 2024 and December 31, 2023, the available-for-sale debt securities were held in U.S.-government backed securities and in Treasury bonds and were assessed on an individual security basis to have a de minimis risk of credit loss.

Fair Value Measurements

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

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

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

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

Recurring Fair Value Measurements

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

At March 31, 2024 and December 31, 2023, our Level 2 U.S. government debt securities were valued using readily available pricing sources which utilize market observable inputs, including the current interest rate and other characteristics for similar types of investments. Our long term investments classified as Level 1 were valued using their respective closing stock prices on The Nasdaq Stock Market. We did not experience any transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2024.

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2024
Cash and cash equivalents	$	3,346,204	$	—	$	—	$	3,346,204
Debt securities (government)	—		504,484		—		504,484
Long term investments (Note 8)	287,663		—		—		287,663
Total assets	$	3,633,867	$	504,484	$	—	$	4,138,351


	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 8)	187,716		—		—		187,716
Total assets	$	3,401,092	$	442,667	$	—	$	3,843,759

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2024
Acquisition-related contingent consideration	$	—	$	—	$	202,000	$	202,000
Total liabilities	$	—	$	—	$	202,000	$	202,000


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

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


	2024
Balance at January 1,	$	212,000
Contingent consideration earned during the period but not yet paid	(9,544)

Change in fair value of contingent consideration	(456)
Balance at March 31,	$	202,000

The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10%. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the condensed consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of March 31, 2024 and December 31, 2023 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 change in fair value of the contingent consideration during the three months ended March 31, 2024 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 Pharmaceutical Company Limited quarterly based on the royalties or any additional milestone payments earned in the previous quarter. At March 31, 2024 and December 31, 2023, contingent consideration earned but not yet paid was $9.5 million and $10.3 million, respectively, and was included in accrued and other current liabilities.

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

+ References + Details

Fair Value of Financial Instruments - Narrative (Details) - ARIAD $ in Millions		3 Months Ended	12 Months Ended
	Jun. 01, 2016	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accrued and Other Current Liabilities
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ 9.5	$ 10.3
Liability
Fair value of financial instruments
Projected cash flows period	18 years
Liability \| Measurement Input, Discount Rate
Fair value of financial instruments
Valuation input (as a percent)	0.10	0.10	0.10

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

1 Months Ended

3 Months Ended

31 Months Ended

Sep. 30, 2021

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2024

Dec. 31, 2023

$ 287,663

$ 187,716

^[1]

99,947

$ (5,318)

$ 429,260

406,641

Investment in Syndax

Common stock held from investment (in shares)

1,400,000

$ 33,800

30,700

3,100

$ (6,200)

Syndax

Upfront payment under license agreement

117,000

Syndax | UNITED STATES | Syndax

7,100

Syndax | Accrued Liabilities

45.00%

Accrued and other liabilities

$ 1,900

1,900

$ 1,800

Syndax | Incyte

Syndax | Incyte | UNITED STATES

55.00%

Syndax | Development and Regulatory Milestones | Maximum

55.00%

Additional milestone payments under the license agreement

$ 220,000

220,000

Syndax | Commercialization Milestones | Maximum

Additional milestone payments under the license agreement

$ 230,000

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Net Income Per Share - Schedule of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic Net Income (Loss) Per Share
Basic net income	$ 169,548	$ 21,703
Weighted average common shares outstanding (in shares)	224,484	222,960
Basic net income per share ( in USD per share)	$ 0.76	$ 0.10
Diluted Net Income (Loss) Per Share
Diluted net income	$ 169,548	$ 21,703
Weighted average common shares outstanding (in shares)	224,484	222,960
Dilutive stock options and awards ( in shares)	2,735	2,629
Weighted average shares used to compute diluted net income per share ( in shares)	227,219	225,589
Diluted net income per share ( in USD per share)	$ 0.75	$ 0.10

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

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Summary of Marketable Securities Portfolio

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Organization and Business (Details)	3 Months Ended
Organization and Business (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Concentration of Credit Risk and Current Expected Credit Losses - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Concentration of risk
Allowance for doubtful accounts	$ 0	$ 0
Collaboration Partner A, B, C and D \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	17.00%	20.00%
Customer A, B, C, D, and E \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	41.00%	40.00%

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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


	Amortized Cost		Net Unrealized Losses		Estimated Fair Value
March 31, 2024
Debt securities (government)	$	506,379	$	(1,895)	$	504,484

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

Schedule of Fair Value of Assets Measured on Recurring Basis

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2024
Cash and cash equivalents	$	3,346,204	$	—	$	—	$	3,346,204
Debt securities (government)	—		504,484		—		504,484
Long term investments (Note 8)	287,663		—		—		287,663
Total assets	$	3,633,867	$	504,484	$	—	$	4,138,351


	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 8)	187,716		—		—		187,716
Total assets	$	3,401,092	$	442,667	$	—	$	3,843,759

Schedule of Fair Value of Liabilities Measured on Recurring Basis

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2024
Acquisition-related contingent consideration	$	—	$	—	$	202,000	$	202,000
Total liabilities	$	—	$	—	$	202,000	$	202,000


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

Schedule of Roll Forward of Level 3 Liabilities

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


	2024
Balance at January 1,	$	212,000
Contingent consideration earned during the period but not yet paid	(9,544)

Change in fair value of contingent consideration	(456)
Balance at March 31,	$	202,000

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

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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Concentration of Credit Risk and Current Expected Credit Losses

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Note 16. Subsequent Event In April 2024, Incyte and a wholly-owned subsidiary of Incyte (“Merger Sub”) entered into an agreement and plan of merger (the “Merger Agreement”) with Escient Pharmaceuticals, Inc. (“Escient”), pursuant to which Merger Sub will merge with and into Escient and Escient will become a wholly-owned subsidiary of Incyte. Escient is a clinical-stage drug development company advancing novel small molecule therapeutics for systemic immune and neuro-immune disorders. Upon the terms and subject to the conditions set forth in the Merger Agreement, we will acquire Escient for consideration of $750.0 million plus Escient’s net cash remaining at the close of the transaction, subject to adjustments set forth in the Merger Agreement. The acquisition is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, among other customary conditions, and will become effective promptly following the satisfaction or waiver of these conditions.

Net Income Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

Note 13. Net Income Per Share

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


	Three Months Ended March 31,
		2024		2023
Basic net income		$	169,548	$	21,703

Weighted average common shares outstanding		224,484		222,960

Basic net income per share		$	0.76	$	0.10

Diluted net income		$	169,548	$	21,703

Weighted average common shares outstanding		224,484		222,960
Dilutive stock options and awards		2,735		2,629
Weighted average shares used to compute diluted net income per share		227,219		225,589

Diluted net income per share		$	0.75	$	0.10

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


	Three Months Ended March 31,
		2024	2023
Outstanding stock options and awards		13,165,842	10,078,342

Stock Compensation - RSU Award and PSU Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSU and PSU Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	7,165,342
Outstanding at the end of the period (in shares) \| shares	7,135,819
RSU and PSU Grant Price
Grant date value of shares outstanding at the beginning of the period (in USD per share) \| $ / shares	$ 72.17
Grant date value of shares at the end of the period (in USD per share) \| $ / shares	$ 71.29
Restricted Stock Units (RSUs)
RSU and PSU Activity Shares
Granted (in shares) \| shares	330,699
Released (in shares) \| shares	(339,217)
Cancelled (in shares) \| shares	(42,871)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 61.16
Released (in USD per share) \| $ / shares	80.82
Cancelled (in USD per share) \| $ / shares	$ 70.83
Performance Shares
RSU and PSU Activity Shares
Granted (in shares) \| shares	21,866
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 83.58

Concentration of Credit Risk and Current Expected Credit Losses

3 Months Ended

Mar. 31, 2024

Risks and Uncertainties [Abstract]

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

In November 2009, we entered into a collaboration and license agreement with Novartis Pharmaceutical International Ltd. (“Novartis”). In December 2009, we entered into a license, development and commercialization agreement with Eli Lilly and Company (“Lilly”). The above collaboration partners comprised, in aggregate, 17% and 20% of the accounts receivable balance as of March 31, 2024 and December 31, 2023, respectively. For further information relating to these collaboration and license agreements, refer to Note 8.

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


	Percentage of Total Net Product Revenues for the Three Months Ended
	March 31,
		2024		2023
Customer A		17	%	17	%
Customer B		11	%	11	%
Customer C		18	%	18	%
Customer D		9	%	10	%
Customer E		12	%	12	%

We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D, and E comprised, in aggregate, 41% and 40% of the accounts receivable balance as of March 31, 2024 and December 31, 2023, respectively. The concentration of credit risk relating to our other product revenues or accounts receivable is not significant.

We assessed our collaborative and customer receivable assets as of March 31, 2024 according to our accounting policy for applying reserves for expected credit losses, noting minimal history of uncollectible receivables and the continued perceived creditworthiness of our third party sales relationships, upon which the expected credit losses were considered de minimis. As of March 31, 2024 and December 31, 2023, we had no allowance for doubtful accounts.

Net Income Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement
Anti-dilutive securities
Outstanding stock options and awards (in shares)	13,165,842	10,078,342

Commitments and Contingencies (Details) - JAKAFI - U.S. Centers for Medicare and Medicaid Services $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Loss contingences, gross to net deduction percentage	7.20%
Accrued and Other Current Liabilities
Loss Contingencies [Line Items]
Loss contingency accrual	$ 73.7

Fair Value of Financial Instruments - Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 202,000	$ 212,000
Total liabilities	202,000	212,000
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	202,000	212,000
Total liabilities	$ 202,000	$ 212,000

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Royalties	$	410,312	$	387,362
Clinical related costs	94,554		109,618
Sales allowances	358,541		279,914
Sales and marketing	41,971		37,369
Accrued Taxes	126,762		42,295
Operating lease liabilities	4,783		5,686
Other current liabilities	65,345		73,325
Total accrued and other current liabilities	$	1,102,268	$	935,569

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 169,548	$ 21,703
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	21,947	19,211
Stock-based compensation	59,778	53,379
Deferred income taxes	(34,251)	(22,163)
Other, net	2,954	(2,651)
Unrealized (gain) loss on long term investments	(99,947)	5,318
(Gain) loss on change in fair value of acquisition-related contingent consideration	(456)	6,196
Changes in operating assets and liabilities:
Accounts receivable	(1,969)	21,091
Prepaid expenses and other assets	(1,698)	(24,354)
Inventory	(57,197)	(33,320)
Accounts payable	54,637	(221,913)
Accrued and other liabilities	105,465	71,900
Net cash provided by (used in) operating activities	218,811	(105,603)
Cash flows from investing activities:
Sale of long term investments	0	45
Capital expenditures	(9,549)	(11,906)
Payments for intangible assets	0	(15,000)
Purchases of marketable securities	(165,808)	(54,887)
Sale and maturities of marketable securities	102,245	53,189
Net cash used in investing activities	(73,112)	(28,559)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans	477	13,988
Tax withholdings related to restricted and performance share vesting	(6,174)	(2,753)
Payment of finance lease liabilities	(871)	(802)
Payment of contingent consideration	(5,845)	(6,424)
Net cash (used in) provided by financing activities	(12,413)	4,009
Effect of exchange rates on cash, cash equivalents, and restricted cash	(676)	(199)
Net increase (decrease) in cash, cash equivalents, and restricted cash	132,610	(130,352)
Cash, cash equivalents, and restricted cash at beginning of period	3,215,221	2,953,120
Cash, cash equivalents, and restricted cash at end of period	3,347,831	2,822,768
Supplemental Schedule of Cash Flow Information
Income taxes paid	2,691	7,107
Unpaid purchases of property and equipment	383	3,059
Leased assets obtained in exchange for new operating lease liabilities	0	809
Leased assets obtained in exchange for new finance lease liabilities	$ 550	$ 385

Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 3. Revenues

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


	Three Months Ended March 31,
		2024		2023
JAKAFI revenues, net		$	571,839	$	579,969
OPZELURA revenues, net		85,724		56,552
ICLUSIG revenues, net		30,343		27,685
PEMAZYRE revenues, net		17,676		22,475
MINJUVI/MONJUVI revenues, net		23,874		6,556
ZYNYZ revenues, net		467		—
Total product revenues, net		729,923		693,237
JAKAVI product royalty revenues		89,595		76,692
OLUMIANT product royalty revenues		30,589		34,155
TABRECTA product royalty revenues		5,234		4,177
PEMAZYRE product royalty revenues		548		412
Total product royalty revenues		125,966		115,436
Milestone and contract revenues		25,000		—
Total revenues		$	880,889	$	808,673

For further information on the MINJUVI/MONJUVI revenues, refer to Note 6, and for further information on our revenue-generating contracts, refer to Note 8.

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.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Beginning balance at Dec. 31, 2022

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

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive (Loss) Income

Retained Earnings

$ 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, net of shares withheld for taxes

11,235

Issuance of shares of Common Stock for services rendered

Stock compensation

53,558

Other comprehensive income (loss)

5,873

Net income

21,703

Ending balance at Mar. 31, 2023

4,462,568

223

4,856,914

20,942

(415,511)

Beginning balance at Dec. 31, 2023

5,189,837

^[1]

224

5,016,122

13,106

160,385

Increase (Decrease) in Stockholders' Equity

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

(5,697)

Issuance of shares of Common Stock for services rendered

Stock compensation

59,781

Other comprehensive income (loss)

(19,278)

Net income

169,548

Ending balance at Mar. 31, 2024

$ 5,394,271

$ 224

$ 5,070,286

$ (6,172)

$ 329,933

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

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

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

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Schedule of Calculation of Net Income (Loss) Per Share

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Steven Stein [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Steven Stein, our Executive Vice President and Chief Medical Officer, adopted a trading plan on February 20, 2024 providing for the sale of up to an aggregate of 20,147 shares of our common stock until December 31, 2024.
Name	Steven Stein
Title	Executive Vice President and Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Arrangement Duration	315 days
Aggregate Available	20,147
Barry Flannelly [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Barry Flannelly, our Executive Vice President and General Manager, North America, adopted a trading plan on February 20, 2024 providing for the sale of up to an aggregate of 52,931 shares of our common stock until December 31, 2024.
Name	Barry Flannelly
Title	Executive Vice President and General Manager, North America
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Arrangement Duration	315 days
Aggregate Available	52,931
Thomas Tray [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Thomas Tray, our Vice President, Chief Accounting Officer, adopted a trading plan on March 7, 2024 providing for the sale of up to an aggregate of 1,093 shares of our common stock until June 28, 2024.
Name	Thomas Tray
Title	Vice President, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 7, 2024
Arrangement Duration	113 days
Aggregate Available	1,093

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2024 and 2023, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements and Regulatory Updates	Recent Accounting Pronouncements and Regulatory Updates 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 evaluating the impact that ASU No. 2023-07 will have on our annual 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 evaluating the impact that ASU No. 2023-09 will have on our consolidated financial statements. In March 2024, the SEC issued Release Nos. 33-11275; 34-99678 “The Enhancement and Standardization of Climate-Related Disclosures for Investors” to require public companies to provide certain climate-related information in their registration statements and annual reports. The compliance dates for the rules amended by this release begin in fiscal year 2025 for large accelerated filers. On April 4, 2024, the SEC issued an order staying the newly adopted rules. We are currently evaluating the impact of this release on our financial disclosures.

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
		2024		2023
Basic net income		$	169,548	$	21,703

Weighted average common shares outstanding		224,484		222,960

Basic net income per share		$	0.76	$	0.10

Diluted net income		$	169,548	$	21,703

Weighted average common shares outstanding		224,484		222,960
Dilutive stock options and awards		2,735		2,629
Weighted average shares used to compute diluted net income per share		227,219		225,589

Diluted net income per share		$	0.75	$	0.10

Schedule of Antidilutive Securities Excluded From the Computation of Earnings Per Share

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


	Three Months Ended March 31,
		2024	2023
Outstanding stock options and awards		13,165,842	10,078,342

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 880,889	$ 808,673
Product revenues, net
Revenues
Total revenues	729,923	693,237
JAKAFI
Revenues
Total revenues	571,839	579,969
OPZELURA
Revenues
Total revenues	85,724	56,552
ICLUSIG
Revenues
Total revenues	30,343	27,685
PEMAZYRE
Revenues
Total revenues	17,676	22,475
MINJUVI/MONJUVI
Revenues
Total revenues	23,874	6,556
ZYNYZ
Revenues
Total revenues	467	0
Product royalty revenues
Revenues
Total revenues	125,966	115,436
JAKAVI Royalty Revenues
Revenues
Total revenues	89,595	76,692
OLUMIANT Royalty Revenues
Revenues
Total revenues	30,589	34,155
TABRECTA Royalty Revenues
Revenues
Total revenues	5,234	4,177
PEMAZYRE Royalty Revenues
Revenues
Total revenues	548	412
Milestone and contract revenues
Revenues
Total revenues	$ 25,000	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 169,548	$ 21,703
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(17,820)	3,260
Unrealized (loss) gain on marketable securities, net of tax	(1,746)	2,420
Defined benefit pension gain, net of tax	288	193
Other comprehensive (loss) income	(19,278)	5,873
Comprehensive income	$ 150,270	$ 27,576

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

Property, Plant and Equipment [Abstract]

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	March 31, 2024		December 31, 2023
Raw materials	$	23,427	$	23,282
Work-in-process	255,039		209,793
Finished goods	49,468		36,862
Total inventory	$	327,934	$	269,937

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property and Equipment, net

Note 9. Property and Equipment, net

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


	March 31, 2024		December 31, 2023
Office equipment	$	23,417	$	23,417
Laboratory equipment	217,437		220,677
Computer equipment	150,181		147,570
Land	10,561		10,931
Building and leasehold improvements	572,491		584,755
Operating lease right-of-use assets	18,037		20,553
Construction in progress	10,773		13,544
	1,002,897		1,021,447
Less accumulated depreciation and amortization	(282,898)		(269,934)
Property and equipment, net	$	719,999	$	751,513

Stock Compensation - Valuation Assumptions Used for Value of Stock Compensation Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Purchase Plan
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	5.38%	4.06%
Average expected life (in years)	6 months	6 months
Volatility (as a percent)	23.00%	22.00%
Weighted-average fair value (in dollars per share)	$ 10.85	$ 13.70
Employee Stock Option
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	4.08%	3.72%
Average expected life (in years)	4 years 8 months 15 days	4 years 8 months 23 days
Volatility (as a percent)	31.00%	33.00%
Weighted-average fair value (in dollars per share)	$ 20.67	$ 28.24

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024
Stock compensation
Stock compensation expense	$ 59.8	$ 53.4
Dividend yield (as a percent)	0.00%
Assumed annualized forfeiture rate (as a percent)	5.00%
2024 Inducement Plan
Stock compensation
Shares reserved for future issuance (in shares)			1,000,000
Share-based Payment Arrangement, Option
Stock compensation
Stock option grant term	10 years
Vesting period	4 years
Percentage of units vesting at the end of each calendar year (as a percent)	25.00%
Unrecognized compensation cost for nonvested option (in dollars)	$ 30.6
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 1 month 6 days
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche One
Stock compensation
Vesting period	1 year
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche Two
Stock compensation
Vesting period	36 months
Restricted Stock Units (RSUs)
Stock compensation
Vesting period	4 years
Percentage of units vesting at the end of each calendar year (as a percent)	25.00%
Number of shares awarded for each RSU (in shares)	1
Unrecognized compensation cost for nonvested option (in dollars)	$ 204.3
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 7 months 6 days
Performance Shares
Stock compensation
Stock compensation expense	$ 3.4	6.5
Unrecognized compensation cost for nonvested option (in dollars)	$ 13.3
Vesting period of recognition of the unrecognized compensation cost of nonvested awards	1 year 2 months 12 days
Performance Shares \| Minimum
Stock compensation
Vesting period	3 years
Performance Shares \| Maximum
Stock compensation
Vesting period	4 years
Research and Development Expense
Stock compensation
Stock compensation expense	$ 36.8	31.0
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	22.4	21.6
Cost of Sales
Stock compensation
Stock compensation expense	$ 0.6	$ 0.8

Fair Value of Financial Instruments - Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Estimate of Fair Value Measurement $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Roll forward of Level 3 liabilities
Balance at the beginning of the period	$ 212,000
Contingent consideration earned during the period but not yet paid	(9,544)
Change in fair value of contingent consideration	(456)
Balance at the end of the period	$ 202,000

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2024 and 2023, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Pronouncements and Regulatory Updates 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 evaluating the impact that ASU No. 2023-07 will have on our annual 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 evaluating the impact that ASU No. 2023-09 will have on our consolidated financial statements. In March 2024, the SEC issued Release Nos. 33-11275; 34-99678 “The Enhancement and Standardization of Climate-Related Disclosures for Investors” to require public companies to provide certain climate-related information in their registration statements and annual reports. The compliance dates for the rules amended by this release begin in fiscal year 2025 for large accelerated filers. On April 4, 2024, the SEC issued an order staying the newly adopted rules. We are currently evaluating the impact of this release on our financial disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 169,548	$ 21,703

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

Inventory incurred prior to FDA approval

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		224,540,751
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000879169
Amendment Flag	false

Inventory - Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

^[1]

Inventory [Line Items]

Inventories - current

$ 63,642

$ 62,972

Inventories-noncurrent

264,292

$ 206,965

$ 38,200

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

[1]	The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date.

Subsequent Event (Details) $ in Millions	1 Months Ended
Subsequent Event (Details) $ in Millions	Apr. 30, 2024 USD ($)
Subsequent Event \| Escient
Subsequent Event [Line Items]
Other acquisition, consideration transferred	$ 750.0

License Agreements - Novartis (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		173 Months Ended
	Nov. 30, 2009	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
License Agreements
Total revenues		$ 880,889	$ 808,673
JAKAFI
License Agreements
Total revenues		571,839	579,969
Novartis \| JAKAFI \| UNITED STATES
License Agreements
Total revenues		23,000	23,400
Royalties payable		398,600		$ 398,600	$ 375,600
Novartis \| JAKAVI
License Agreements
Total revenues		89,600	76,700
Novartis \| TABRECTA
License Agreements
Total revenues		$ 5,200	$ 4,200
Maximum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		14.00%
Minimum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		12.00%
Development Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				157,000
Development Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 174,000
Regulatory Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				345,000
Regulatory Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	495,000
Commercialization Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				$ 200,000
Commercialization Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	500,000
Development and Regulatory Milestones \| Maximum \| Novartis \| GVHD
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 75,000

License Agreements - Merus (Details)
$ in Thousands

1 Months Ended

3 Months Ended

88 Months Ended

Dec. 31, 2016

item

Mar. 31, 2024

USD ($)

Mar. 31, 2023

USD ($)

Mar. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

$ 287,663

$ 187,716

^[1]

$ 99,947

$ (5,318)

Merus

Common stock held from investment (in shares) | shares

4,000,000

Merus

$ 180,300

$ 110,100

$ 70,200

$ 10,400

Merus