0000879169-24-000172 | 10-Q | XBRL Viewer

$ 27,566

$ 187,716

^[1]

Agenus

Common stock held from investment (in shares)

600,000

Unrealized loss on long term investments

$ 3,300

$ 10,000

6,800

$ 5,600

6,700

$ 15,300

Development, Regulatory and Commercialization Milestones | Agenus

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.

Property and Equipment, net (Details) - USD ($)
$ in Thousands

1 Months Ended

9 Months Ended

May 31, 2024

Sep. 30, 2024

Dec. 31, 2023

Less accumulated depreciation and amortization

$ 1,088,913

$ 1,021,447

(315,811)

(269,934)

Property and equipment, net

773,102

751,513

^[1]

Purchase price

$ 48,700

Office equipment

23,838

23,417

Laboratory equipment

232,444

220,677

Computer equipment

154,338

147,570

Land

Property, plant, and equipment, capitalized

15,773

10,931

4,900

Building and leasehold improvements

Operating lease right-of-use assets

585,320

584,755

17,250

20,553

Construction in progress

Property, plant, and equipment, capitalized

59,950

$ 13,544

$ 47,200

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

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

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Income

Retained Earnings (Accumulated Deficit)

Beginning balance at Dec. 31, 2022

$ 4,370,119

$ 223

$ 4,792,041

$ 15,069

$ (437,214)

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

53,558

5,873

Ending balance at Mar. 31, 2023

21,703

4,462,568

223

4,856,914

20,942

(415,511)

Beginning balance at Dec. 31, 2022

4,370,119

223

4,792,041

15,069

(437,214)

7,825

Ending balance at Sep. 30, 2023

396,520

4,931,447

224

4,949,023

22,894

(40,694)

Beginning balance at Mar. 31, 2023

4,462,568

223

4,856,914

20,942

(415,511)

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

13,704

Issuance of shares of Common Stock for services rendered

54,928

5,864

Ending balance at Jun. 30, 2023

203,548

4,740,692

223

4,925,626

26,806

(211,963)

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

(24,681)

(24,682)

Issuance of shares of Common Stock for services rendered

47,999

(3,912)

Ending balance at Sep. 30, 2023

171,269

4,931,447

224

4,949,023

22,894

(40,694)

Beginning balance at Dec. 31, 2023

5,189,837

^[1]

224

5,016,122

13,106

160,385

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

59,781

(19,278)

Ending balance at Mar. 31, 2024

169,548

5,394,271

224

5,070,286

(6,172)

329,933

Beginning balance at Dec. 31, 2023

5,189,837

^[1]

224

5,016,122

13,106

160,385

2,549

Ending balance at Sep. 30, 2024

(168,597)

3,171,220

192

4,429,466

15,655

(1,274,093)

Beginning balance at Mar. 31, 2024

5,394,271

224

5,070,286

(6,172)

329,933

Issuance of shares of Common Stock for services rendered

13,792

Repurchases of common stock

56,637

(2,023,872)

(33)

(758,061)

(1,265,778)

752

Ending balance at Jun. 30, 2024

(444,601)

2,997,059

191

4,382,734

(5,420)

(1,380,446)

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

(31,269)

(31,270)

Issuance of shares of Common Stock for services rendered

Repurchases of common stock

77,922

(103)

21,075

Ending balance at Sep. 30, 2024

106,456

$ 3,171,220

$ 192

$ 4,429,466

$ 15,655

$ (1,274,093)

[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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Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

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

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Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

For the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
(Loss) income before provision for income taxes	$	156,524	$	233,799	$	2,906	$	563,259
Provision for income taxes	50,068		62,530		171,503		166,739

Effective tax rate	32.0%		26.7%		5901.7%		29.6%

Our effective tax rate for the three months ended September 30, 2024 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. This was partially offset by tax rate benefits associated with research and development and orphan drug tax credit generations and the foreign derived intangible income deduction. Our effective tax rate for the nine months ended September 30, 2024 was higher than the U.S. statutory rate primarily due to non-deductible charges of $710.9 million associated with the Escient acquisition. Our effective tax rate for the three and nine months ended September 30, 2023 was higher than the U.S. statutory rate primarily due to foreign losses with no associated tax benefit and an increase in our valuation allowance against certain U.S. federal and state deferred tax assets. This was partially offset by tax rate benefits associated with research and development and orphan drug tax credit generations and the foreign derived intangible income deduction.

The effective tax rate for the three months ended September 30, 2024 was unfavorable as compared to the prior year period primarily due to an increase in our valuation allowance against certain U.S. federal and state deferred tax assets, partially offset by a decrease in foreign losses with no associated tax benefit. The effective tax rate for the nine months ended September 30, 2024 was unfavorable as compared to the prior year period primarily due to the non-deductible charges associated with the Escient acquisition.

As described in Note 6, as part of the Escient acquisition, we recorded $44.8 million of deferred tax assets predominately related to net operating losses and capitalized researched and development costs.

The balance of our unrecognized tax benefits (including penalties and interest) increased by $22.5 million during the nine months ended September 30, 2024. This movement was primarily driven by net increases related to prior period tax positions of $6.1 million, increases related to current period tax positions of $2.8 million, increases related to acquired reserves of $9.1 million, and $4.7 million of interest and penalties. We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. We do not expect any significant decreases in unrecognized tax benefits within the next 12 months.

One or more of our legal entities file income tax returns in the U.S. and in certain foreign jurisdictions. Our income tax returns may be examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues such as the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws and regulations and relevant facts. In the U.S., the statute of limitations remains open beginning with tax year 2020. We are currently under U.S. federal audit for tax year 2021.

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 tax.

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License Agreements - Merus (Details)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

94 Months Ended

Dec. 31, 2016

item

Sep. 30, 2024

USD ($)

Jun. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Realized and unrealized (loss) gain on equity investments

$ 27,566

$ 187,716

^[1]

$ (12,982)

$ (26,654)

$ 126,206

$ 9,839

Merus

Shares divested (in shares) | shares

1,000,000.0

3,000,000.0

Proceeds from sale of equity securities, FV-NI

$ 55,500

$ 160,600

Common stock held from investment (in shares) | shares

Realized and unrealized (loss) gain on equity investments

$ 110,100

$ (4,100)

$ 106,100

Unrealized gain (loss) on long term investments

$ (9,100)

$ 29,500

Merus

Number of independent programs | item

Milestone payment made under license agreement

$ 10,000

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

Accrued and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Royalties	$	491,054	$	387,362
Clinical related costs	120,560		109,618
Sales allowances	381,695		279,914
Sales and marketing	40,601		37,369
Accrued taxes	33,150		42,295
Operating lease liabilities	4,352		5,686
Other current liabilities	56,539		73,325
Total accrued and other current liabilities	$	1,127,951	$	935,569

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 156,524	$ 233,799	$ 2,906	$ 563,259
Provision for income taxes	$ 50,068	$ 62,530	$ 171,503	$ 166,739
Effective tax rate	32.00%	26.70%	5901.70%	29.60%

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.

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Accrued and Other Current Liabilities

Stock Compensation - Schedule of Valuation Assumptions Used for Value of Stock Compensation Granted (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Purchase Plan
Weighted-average fair value assumptions
Average risk-free interest rates	4.38%	5.03%	4.96%	4.50%
Average expected life (in years)	6 months	6 months	6 months	6 months
Volatility	28.00%	24.00%	24.00%	22.00%
Weighted-average fair value (in dollars per share)	$ 12.11	$ 15.36	$ 11.27	$ 14.72
Employee Stock Options
Weighted-average fair value assumptions
Average risk-free interest rates	4.18%	4.17%	4.15%	3.95%
Average expected life (in years)	5 years 2 months 1 day	5 years 1 month 28 days	5 years 7 days	5 years 18 days
Volatility	29.00%	32.00%	30.00%	32.00%
Weighted-average fair value (in dollars per share)	$ 21.54	$ 22.32	$ 21.02	$ 24.68

Accrued and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Note 10. Accrued and Other Current Liabilities

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


	September 30, 2024		December 31, 2023
Royalties	$	491,054	$	387,362
Clinical related costs	120,560		109,618
Sales allowances	381,695		279,914
Sales and marketing	40,601		37,369
Accrued taxes	33,150		42,295
Operating lease liabilities	4,352		5,686
Other current liabilities	56,539		73,325
Total accrued and other current liabilities	$	1,127,951	$	935,569

Fair Value of Financial Instruments - Schedule of Marketable Securities Portfolio (Details) - Debt securities (government) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Summary of marketable security portfolio
Amortized Cost	$ 463,921	$ 442,816
Net Unrealized Gains (Losses)	3,314	(149)
Estimated Fair Value	$ 467,235	$ 442,667
Minimum
Summary of marketable security portfolio
Contractual maturity dates (in months)	12 months
Maximum
Summary of marketable security portfolio
Contractual maturity dates (in months)	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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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Stock Compensation - Schedule of Option Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details) - Share-based Payment Arrangement, Option	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Option Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	12,457,158
Options granted (in shares) \| shares	1,320,585
Options exercised (in shares) \| shares	(58,614)
Options cancelled (in shares) \| shares	(472,808)
Outstanding at the end of the period (in shares) \| shares	13,246,321
Stock Options Weighted Average Price
Weighted average price of options at the beginning of the period (in USD per share) \| $ / shares	$ 85.40
Options granted (in USD per share) \| $ / shares	62.42
Options exercised (in USD per share) \| $ / shares	57.75
Options cancelled (in USD per share) \| $ / shares	87.31
Weighted average price of options at the end of the period (in USD per share) \| $ / shares	$ 83.16

Acquisitions

9 Months Ended

Sep. 30, 2024

Acquisitions

Note 6. Acquisitions

Tafasitamab

On February 5, 2024, we entered into a purchase agreement with MorphoSys AG and MorphoSys US Inc., a wholly-owned subsidiary of MorphoSys AG (together with MorphoSys AG, “MorphoSys”), under which we gained exclusive global rights to 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). We previously had the rights to tafasitamab outside of the United States under a January 2020 collaboration and license agreement with MorphoSys, which has now been terminated; therefore, this new agreement gave us all of the remaining global rights to tafasitamab. Under the terms of the purchase agreement, we made a payment of $25.0 million to MorphoSys and gained global development and commercialization rights for tafasitamab along with MONJUVI inventory. We will recognize revenue and costs for all U.S. commercialization and clinical development and MorphoSys will no longer be eligible to receive future milestone, profit split and royalty payments under the now-terminated collaboration and license agreement.

We evaluated the set of activities and assets acquired under the purchase agreement and concluded that it did not meet the definition of a business because the acquired set did not include a substantive process. Therefore, the transaction was accounted for as an asset acquisition under U.S. GAAP and the total purchase price, inclusive of direct transaction costs, was allocated to the acquired MONJUVI inventory, in accordance with applicable accounting guidance.

Under the purchase agreement, we have also become the successor to MorphoSys under its collaboration and license agreement with Xencor, Inc. (“Xencor”), pursuant to which Xencor granted MorphoSys an exclusive, worldwide license, including the right to sublicense under certain conditions, for tafasitamab. Xencor is entitled to receive up to $186.5 million in future contingent development and regulatory milestones and up to $50.0 million in sales milestones. Furthermore, Xencor is eligible to receive tiered royalties on global net sales of tafasitamab in the single-digit to sub-teen double-digit percentage range. Our royalty obligations continue on a country-by-country basis until the later to occur of the expiration of the last valid claim in the licensed patent covering tafasitamab in such country, or 11 years after the first sale thereof following marketing authorization in such country. The term of the Xencor collaboration agreement will continue until all of our royalty payment obligations have expired, unless terminated earlier. The Xencor collaboration agreement may be terminated by either party upon written notice to the other party immediately in the event of the other party’s insolvency or upon 120 days’ written notice for the other party’s uncured material breach (or upon 30 days’ written notice in the case of a breach of a payment obligation). Moreover, we may terminate the Xencor collaboration agreement without cause upon 90 days’ advance written notice to Xencor. In the event that (i) we terminate this agreement for convenience or (ii) Xencor terminates due to our material breach, our challenge of Xencor’s licensed patents or our insolvency, worldwide rights to develop, manufacture and commercialize licensed products, including tafasitamab, revert back to Xencor.

Escient Pharmaceuticals, Inc. ("Escient")

On May 30, 2024 we acquired all of the outstanding shares of common stock of Escient, a clinical-stage drug development company advancing novel small molecule therapeutics for systemic immune and neuro-immune disorders, for $782.5 million cash consideration, which included Escient's net cash remaining at the close of the transaction, subject to adjustments set forth in the merger agreement.

Escient’s lead molecule, INCB000262 (formerly EP262), is a first-in-class oral Mas-related G protein-coupled receptor X2 (MRGPRX2) antagonist that has the potential to treat a broad range of inflammatory disorders. We accounted for the Escient transaction as an asset acquisition under U.S. GAAP because INCB000262 represents substantially all of the fair value of the gross assets acquired.

In addition to the $782.5 million closing cash consideration per the terms of the merger agreement, we incurred $2.5 million of direct transaction costs that were included in the total consideration to be allocated to the acquired net assets. Of the $785.0 million total consideration, we recognized related compensation expense of $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition on our condensed consolidated statements of operations during the three months ended June 30, 2024.

The following table summarizes allocation of the remaining U.S. GAAP consideration, net of compensation expense, across the net assets acquired (in thousands):


Cash and cash equivalents	$	48,302
Marketable securities	3,988
Prepaid expenses and other current assets	1,663
In-process research and development assets	679,388
Deferred tax asset	44,811
Other non-current assets	4,110
Accounts payable and accrued expenses	(26,611)
Other current liabilities	(1,022)
Non-current liabilities	(1,118)
Total U.S. GAAP Consideration (net of compensation expense)	$	753,511

In-process research and development (“IPR&D”) assets are related to acquired clinical-stage product candidates: lead candidate, INCB000262, and secondary candidate, INCB000547 (formerly EP547). The fair value of IPR&D assets was based on the present value of future discounted cash flows, which was based on significant estimates. These estimates included the number of potential patients and market prices of future product candidates, costs required to conduct clinical trials, future milestones and royalties payable under acquired license agreements, costs to receive regulatory approval and potentially commercialize product candidates, as well as estimates for probability of success and the discount rate. The concluded allocated fair values for INCB000262 and INCB000547 was $644.8 million and $34.6 million, respectively. As both acquired IPR&D assets do not have an alternative future use at the acquisition date, we recognized the full amount of $679.4 million as research and development expenses on our condensed consolidated statement of operations during the three months ended June 30, 2024.

License Agreements - Lilly (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		178 Months Ended
	Dec. 31, 2009	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
License Agreements
Total revenues		$ 1,137,871	$ 919,025	$ 3,062,519	$ 2,682,308
Eli Lilly \| OLUMIANT
License Agreements
Total revenues		$ 34,800	$ 29,600	$ 97,100	$ 95,800
Development Milestones \| Eli Lilly
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 149,000
Development Milestones \| Maximum \| Eli Lilly
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 150,000
Regulatory Milestones \| Eli Lilly
License Agreements
Amount recognized and received for the achievement of a predefined milestone						335,000
Regulatory Milestones \| Maximum \| Eli Lilly
License Agreements
Upfront and immediate milestone payment to be received under license agreement	365,000
Commercialization Milestones \| Eli Lilly
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 50,000
Commercialization Milestones \| Maximum \| Eli Lilly
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 150,000

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

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Schedule of Concentration of Credit Risk Related to Collaborative Partners

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				Percentage of Total Net Product Revenues for the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Customer A	15	%	17	%	15	%	17	%
Customer B	10	%	10	%	10	%	10	%
Customer C	20	%	17	%	19	%	18	%
Customer D	8	%	9	%	8	%	10	%
Customer E	13	%	12	%	13	%	11	%
Customer F	10	%	10	%	10	%	9	%

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 September 30, 2024, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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.

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 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), as well as NIKTIMVO™ (axatilimab-csfr), which was approved for medical use in the United States in August 2024 and will be co-commercialized. Our operations are treated as one operating segment.

Fair Value of Financial Instruments - Schedule of Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Estimate of Fair Value Measurement $ in Thousands	9 Months Ended
	Sep. 30, 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	(19,303)
Payments made during the period	(9,544)
Change in fair value of contingent consideration	23,847
Balance at the end of the period	$ 207,000

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

Sep. 30, 2024

Dec. 31, 2023

Accrued and Other Current Liabilities

Royalties

$ 491,054

$ 387,362

Clinical related costs

120,560

109,618

Sales allowances

381,695

279,914

Sales and marketing

40,601

37,369

Accrued taxes

33,150

42,295

Operating lease liabilities

4,352

5,686

Other current liabilities

56,539

73,325

Total accrued and other current liabilities

$ 1,127,951

$ 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)

9 Months Ended

Sep. 30, 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 Nine Months Ended						For the Three Months Ended						For the Nine Months Ended
	September 30,												September 30,
	2024			2023			2024			2023			2024			2023			2024			2023
Average risk-free interest rates	4.18		%	4.17		%	4.15		%	3.95		%	4.38		%	5.03		%	4.96		%	4.50		%
Average expected life (in years)	5.17			5.16			5.02			5.05			0.50			0.50			0.50			0.50
Volatility	29		%	32		%	30		%	32		%	28		%	24		%	24		%	22		%
Weighted-average fair value (in dollars)	$	21.54		$	22.32		$	21.02		$	24.68		$	12.11		$	15.36		$	11.27		$	14.72

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	1,320,585	$	62.42
Options exercised	(58,614)	$	57.75
Options cancelled	(472,808)	$	87.31
Balance at September 30, 2024	13,246,321	$	83.16

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

RSU and 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	3,392,462	$	63.77
PSUs granted	321,582	$	65.40
Additional PSUs earned	21,866	$	83.58
RSUs released	(1,859,539)	$	75.70
PSUs released	(105,453)	$	83.58
RSUs cancelled	(244,641)	$	69.91
PSUs cancelled	(7,795)	$	83.58
Balance at September 30, 2024	8,683,824	$	67.79

Schedule 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			(8,792,405)
Options, RSUs and PSUs cancelled			977,680
Balance at September 30, 2024			4,000,301

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

Sep. 30, 2024

Dec. 31, 2023

$ 467,235

$ 442,667

^[1]

3,344

^[1]

Fair Value, Recurring | Estimate of Fair Value Measurement

27,566

187,716

^[1]

1,304,109

3,213,376

467,235

442,667

3,344

27,566

187,716

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

1,802,254

3,843,759

1,304,109

3,213,376

3,344

27,566

187,716

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

1,335,019

3,401,092

467,235

442,667

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

467,235

442,667

Revenue from Contract with Customer [Abstract]

$ 0

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

Revenues (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
JAKAFI revenues, net	$	741,181	$	636,252	$	2,018,993	$	1,898,605
OPZELURA revenues, net	139,272		91,836		346,691		228,621
ICLUSIG revenues, net	29,745		27,721		86,950		84,493
PEMAZYRE revenues, net	20,661		18,942		58,606		62,989
MINJUVI/MONJUVI revenues, net	31,439		8,348		86,429		28,063
ZYNYZ revenues, net	694		98		1,812		668
Total product revenues, net	962,992		783,197		2,599,481		2,303,439
JAKAVI product royalty revenues	115,741		96,551		304,653		263,691
OLUMIANT product royalty revenues	34,796		29,615		97,087		95,779
TABRECTA product royalty revenues	5,928		4,139		16,460		13,115
PEMAZYRE product royalty revenues	414		523		1,838		1,284
Total product royalty revenues	156,879		130,828		420,038		373,869
Milestone and contract revenues	18,000		5,000		43,000		5,000
Total revenues	$	1,137,871	$	919,025	$	3,062,519	$	2,682,308

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. Fair Value of Financial Instruments

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


	Amortized Cost		Net Unrealized Gains (Losses)		Estimated Fair Value
September 30, 2024
Debt securities (government)	$	463,921	$	3,314	$	467,235

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 September 30, 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. Additionally, we have short term equity investments, which we intended to sell within one year, classified as Level 1 that were valued using their respective closing stock prices on The Nasdaq Stock Market.

At September 30, 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 equity 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 nine months ended September 30, 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 September 30, 2024
Cash and cash equivalents	$	1,304,109	$	—	$	—	$	1,304,109
Debt securities (government)	—		467,235		—		467,235
Short term equity investments (Note 8)	3,344		—		—		3,344
Long term equity investments (Note 8)	27,566		—		—		27,566
Total assets	$	1,335,019	$	467,235	$	—	$	1,802,254


	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 equity 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 September 30, 2024
Acquisition-related contingent consideration	$	—	$	—	$	207,000	$	207,000
Total liabilities	$	—	$	—	$	207,000	$	207,000


	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	(19,303)
Payments made during the period	(9,544)
Change in fair value of contingent consideration	23,847
Balance at September 30,	$	207,000

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 September 30, 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 and nine months ended September 30, 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 September 30, 2024 and December 31, 2023, contingent consideration earned but not yet paid was $19.3 million and $10.3 million, respectively, and was included in accrued and other current liabilities on the condensed consolidated balance sheets.

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.

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Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Net of Compensation Expense, Across the Net Assets Acquired

The following table summarizes allocation of the remaining U.S. GAAP consideration, net of compensation expense, across the net assets acquired (in thousands):


Cash and cash equivalents	$	48,302
Marketable securities	3,988
Prepaid expenses and other current assets	1,663
In-process research and development assets	679,388
Deferred tax asset	44,811
Other non-current assets	4,110
Accounts payable and accrued expenses	(26,611)
Other current liabilities	(1,022)
Non-current liabilities	(1,118)
Total U.S. GAAP Consideration (net of compensation expense)	$	753,511

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended			9 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	May 30, 2024	Feb. 05, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset Acquisition [Line Items]
Research and development			$ 573,174		$ 375,709	$ 2,140,814	$ 1,183,100
Escient
Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 782,500
Asset acquisition, consideration transferred, transaction cost	2,500
Asset acquisition, consideration transferred	785,000
Asset acquisition, compensation expense						$ 31,500
In-process research and development assets	679,388
Research and development				$ 679,400
Escient \| In Process Research and Development - INCB000262
Asset Acquisition [Line Items]
In-process research and development assets	644,800
Escient \| In Process Research and Development - INCB000547
Asset Acquisition [Line Items]
In-process research and development assets	$ 34,600
Maximum \| Xencor
Asset Acquisition [Line Items]
Uncured material breach, written notice period (in days)		120 days
Payment obligation breach, written notice period (in days)		30 days
Minimum \| Xencor
Asset Acquisition [Line Items]
Advance written notice period (in days)		90 days
Development and Regulatory Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement		$ 186,500
Commercialization Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement		$ 50,000
Expiration period (in years)		11 years
MorphoSys AG
Asset Acquisition [Line Items]
Payment to acquire license agreement		$ 25,000

License Agreements - China Medical Systems Holdings Limited (Details) $ in Millions	1 Months Ended
	Mar. 31, 2024 USD ($)
CMHSL
License Agreements
Upfront payment received under license agreement	$ 25.0

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 14. Net Income (Loss) Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic net income (loss)	$	106,456	$	171,269	$	(168,597)	$	396,520

Weighted average common shares outstanding	192,629		224,078		211,763		223,428

Basic net income (loss) per share	$	0.55	$	0.76	$	(0.80)	$	1.77

Diluted net income (loss)	$	106,456	$	171,269	$	(168,597)	$	396,520

Weighted average common shares outstanding	192,629		224,078		211,763		223,428
Dilutive stock options and awards	3,209		2,089		—		2,328
Weighted average shares used to compute diluted net income (loss) per share	195,838		226,167		211,763		225,756

Diluted net income (loss) per share	$	0.54	$	0.76	$	(0.80)	$	1.76

All stock options and stock awards were excluded from the diluted share calculation for the nine months ended September 30, 2024 because their effect would have been anti-dilutive, as we were in a net loss position. The potential common shares that were excluded from the diluted net income (loss) per share computation are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Outstanding stock options and awards	13,067,516	12,997,146	16,881,330	11,964,901

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 463,921	$ 442,816
Marketable securities-allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	192,798,328	224,286,862
Common stock, shares outstanding (in shares)	192,798,328	224,286,862

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

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

^[1]

Inventory [Line Items]

Inventories - current

$ 70,442

$ 62,972

Inventories-noncurrent

297,974

$ 206,965

Inventory incurred prior to FDA approval

$ 32,300

Minimum

Inventory [Line Items]

Period of lower average per unit cost of materials (in months)

7 months

Maximum

Inventory [Line Items]

Period of lower average per unit cost of materials (in months)

27 months

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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 1,137,871	$ 919,025	$ 3,062,519	$ 2,682,308
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	85,993	60,091	223,583	185,239
Research and development	573,174	375,709	2,140,814	1,183,100
Selling, general and administrative	309,209	267,893	915,447	867,428
Loss (gain) on change in fair value of acquisition-related contingent consideration	23,410	(426)	23,847	14,144
Loss and (profit) sharing under collaboration agreements	0	1,053	(1,025)	(858)
Total costs, expenses and other	991,786	704,320	3,302,666	2,249,053
Income (loss) from operations	146,085	214,705	(240,147)	433,255
Interest income and other, net	24,195	46,371	118,708	121,912
Interest expense	(774)	(623)	(1,861)	(1,747)
Realized and unrealized (loss) gain on equity investments	(12,982)	(26,654)	126,206	9,839
Income before provision for income taxes	156,524	233,799	2,906	563,259
Provision for income taxes	50,068	62,530	171,503	166,739
Net income (loss)	$ 106,456	$ 171,269	$ (168,597)	$ 396,520
Net income (loss) per share:
Basic (in USD per share)	$ 0.55	$ 0.76	$ (0.80)	$ 1.77
Diluted (in USD per share)	$ 0.54	$ 0.76	$ (0.80)	$ 1.76
Shares used in computing net income (loss) per share:
Basic (in shares)	192,629	224,078	211,763	223,428
Diluted (in shares)	195,838	226,167	211,763	225,756
Product revenues, net
Revenues:
Total revenues	$ 962,992	$ 783,197	$ 2,599,481	$ 2,303,439
Product royalty revenues
Revenues:
Total revenues	156,879	130,828	420,038	373,869
Milestone and contract revenues
Revenues:
Total revenues	$ 18,000	$ 5,000	$ 43,000	$ 5,000

Concentration of Credit Risk and Current Expected Credit Losses - Schedule of Concentration of Credit Risk Related to Collaborative Partners (Details) - Revenue, Product and Service Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer A
Concentration of risk
Percentage of concentration risk	15.00%	17.00%	15.00%	17.00%
Customer B
Concentration of risk
Percentage of concentration risk	10.00%	10.00%	10.00%	10.00%
Customer C
Concentration of risk
Percentage of concentration risk	20.00%	17.00%	19.00%	18.00%
Customer D
Concentration of risk
Percentage of concentration risk	8.00%	9.00%	8.00%	10.00%
Customer E
Concentration of risk
Percentage of concentration risk	13.00%	12.00%	13.00%	11.00%
Customer F
Concentration of risk
Percentage of concentration risk	10.00%	10.00%	10.00%	9.00%

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	September 30, 2024		December 31, 2023
Raw materials	$	35,507	$	23,282
Work-in-process	285,504		209,793
Finished goods	47,405		36,862
Total inventory	$	368,416	$	269,937

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock compensation
Stock compensation expense	$ 77.9	$ 48.0	$ 194.3	$ 155.9
Dividend yield (as percent)			0.00%
Assumed annualized forfeiture rate (as a percent)			5.00%
Share-based Payment Arrangement, Option
Stock compensation
Stock option grant term (in years)			10 years
Vesting period (in years)			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)	26.2		$ 26.2
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)			1 year 1 month 6 days
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche One
Stock compensation
Vesting period (in years)			1 year
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche Two
Stock compensation
Vesting period (in years)			36 months
Restricted Stock Units (RSUs)
Stock compensation
Vesting period (in years)			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)	280.1		$ 280.1
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)			1 year 9 months 18 days
Performance Shares
Stock compensation
Stock compensation expense	12.3	4.2	$ 19.2	13.4
Unrecognized compensation cost for nonvested option (in dollars)	25.4		$ 25.4
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)			1 year 2 months 12 days
Performance Shares \| Minimum
Stock compensation
Vesting period (in years)			3 years
Performance Shares \| Maximum
Stock compensation
Vesting period (in years)			4 years
Escient
Stock compensation
Asset acquisition, compensation expense			$ 31.5
Research and Development Expense
Stock compensation
Stock compensation expense	45.8	26.9	117.1	90.7
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	31.5	20.3	75.6	62.8
Cost of Sales
Stock compensation
Stock compensation expense	$ 0.6	$ 0.8	$ 1.6	$ 2.4

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Calculation of Net Income (Loss) Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic net income (loss)	$	106,456	$	171,269	$	(168,597)	$	396,520

Weighted average common shares outstanding	192,629		224,078		211,763		223,428

Basic net income (loss) per share	$	0.55	$	0.76	$	(0.80)	$	1.77

Diluted net income (loss)	$	106,456	$	171,269	$	(168,597)	$	396,520

Weighted average common shares outstanding	192,629		224,078		211,763		223,428
Dilutive stock options and awards	3,209		2,089		—		2,328
Weighted average shares used to compute diluted net income (loss) per share	195,838		226,167		211,763		225,756

Diluted net income (loss) per share	$	0.54	$	0.76	$	(0.80)	$	1.76

Schedule of Antidilutive Securities Excluded From the Diluted Net (Loss) Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Outstanding stock options and awards	13,067,516	12,997,146	16,881,330	11,964,901

Net Income (Loss) Per Share - Schedule of Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Net Income (Loss) Per Share
Basic net income (loss)	$ 106,456	$ 171,269	$ (168,597)	$ 396,520
Weighted average common shares outstanding (in shares)	192,629	224,078	211,763	223,428
Basic net income (loss) per share ( in USD per share)	$ 0.55	$ 0.76	$ (0.80)	$ 1.77
Diluted Net Income (Loss) Per Share
Diluted net income (loss)	$ 106,456	$ 171,269	$ (168,597)	$ 396,520
Weighted average common shares outstanding (in shares)	192,629	224,078	211,763	223,428
Dilutive stock options and awards ( in shares)	3,209	2,089	0	2,328
Weighted average shares used to compute diluted net income (loss) per share ( in shares)	195,838	226,167	211,763	225,756
Diluted net income (loss) per share ( in USD per share)	$ 0.54	$ 0.76	$ (0.80)	$ 1.76

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

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Share-Based Payment Arrangement [Abstract]

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

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Aug. 31, 2021 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
JAKAFI \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingences, gross to net deduction (as percent)		6.70%
JAKAFI \| Accrued and Other Current Liabilities \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingency accrual		$ 106,900,000
Revolving Credit Facility
Loss Contingencies [Line Items]
Aggregate principal amount	$ 500,000,000.0
Increase in maximum revolving commitments	$ 250,000,000.0
Consolidated leverage ratio	0.25
Long-term line of credit		$ 0	$ 0
Revolving Credit Facility \| Minimum
Loss Contingencies [Line Items]
Commitment fee	0.15%
Revolving Credit Facility \| Maximum
Loss Contingencies [Line Items]
Commitment fee	0.225%
Revolving Credit Facility \| Base Rate
Loss Contingencies [Line Items]
Debt instrument, variable rate floor (as percent)	1.00%
Revolving Credit Facility \| Base Rate \| Minimum
Loss Contingencies [Line Items]
Interest rate margin (as percent)	0.125%
Revolving Credit Facility \| Base Rate \| Maximum
Loss Contingencies [Line Items]
Interest rate margin (as percent)	0.875%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Loss Contingencies [Line Items]
Debt instrument, variable rate floor (as percent)	0.00%
Debt instrument, credit spread adjustment on variable rate (as percent)	0.10%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Loss Contingencies [Line Items]
Interest rate margin (as percent)	1.125%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Loss Contingencies [Line Items]
Interest rate margin (as percent)	1.875%

Inventory - Schedule of Inventory Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 35,507	$ 23,282
Work-in-process	285,504	209,793
Finished goods	47,405	36,862
Total inventory	$ 368,416	$ 269,937

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		192,650,249
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000879169
Amendment Flag	false

Stock Compensation

9 Months Ended

Sep. 30, 2024

Stock Compensation

Note 12. Stock Compensation

We recorded $77.9 million and $194.3 million of stock compensation expense on our condensed consolidated statements of operations for the three and nine months ended September 30, 2024, respectively. We recorded $48.0 million and $155.9 million of stock compensation expense on our condensed consolidated statements of operations for the three and nine months ended September 30, 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations included research and development expense of $45.8 million, $117.1 million, $26.9 million and $90.7 million for the three and nine months ended September 30, 2024 and 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included selling, general and administrative expense of $31.5 million, $75.6 million, $20.3 million and $62.8 million for the three and nine months ended September 30, 2024 and 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included cost of product revenues of $0.6 million, $1.6 million, $0.8 million and $2.4 million, respectively, for the three and nine months ended September 30, 2024 and 2023.

Additionally, as described in Note 6, as part of the Escient acquisition, during the nine months ended September 30, 2024, we recognized related compensation expense of approximately $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition on our condensed consolidated statements of operations.

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 Nine Months Ended						For the Three Months Ended						For the Nine Months Ended
	September 30,												September 30,
	2024			2023			2024			2023			2024			2023			2024			2023
Average risk-free interest rates	4.18		%	4.17		%	4.15		%	3.95		%	4.38		%	5.03		%	4.96		%	4.50		%
Average expected life (in years)	5.17			5.16			5.02			5.05			0.50			0.50			0.50			0.50
Volatility	29		%	32		%	30		%	32		%	28		%	24		%	24		%	22		%
Weighted-average fair value (in dollars)	$	21.54		$	22.32		$	21.02		$	24.68		$	12.11		$	15.36		$	11.27		$	14.72

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

Option activity under our 2010 Stock 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	1,320,585	$	62.42
Options exercised	(58,614)	$	57.75
Options cancelled	(472,808)	$	87.31
Balance at September 30, 2024	13,246,321	$	83.16

Our annual stock option grants generally have a 10-year term and vest over four years, with 25% vesting after one year and the remainder vesting in 36 equal monthly installments, subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes.

RSU and 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	3,392,462	$	63.77
PSUs granted	321,582	$	65.40
Additional PSUs earned	21,866	$	83.58
RSUs released	(1,859,539)	$	75.70
PSUs released	(105,453)	$	83.58
RSUs cancelled	(244,641)	$	69.91
PSUs cancelled	(7,795)	$	83.58
Balance at September 30, 2024	8,683,824	$	67.79

RSUs and PSUs are granted to our employees at the share price on the date of grant. Each RSU represents the right to acquire one share of our common stock. Each RSU granted in connection with our annual equity awards will vest 25% annually over four years, while each RSU granted as outstanding merit awards or as part of retention award programs will vest in a single installment at the end of four years, subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes.

We grant PSUs with performance and/or service-based milestones with graded and/or cliff vesting over three to four years. The shares of our common stock into which each PSU may convert is subject to a multiplier based on the level at which the financial, developmental and market performance conditions are achieved over the service period. Compensation expense for PSUs with financial and developmental performance conditions is recorded over the estimated service period for each milestone when the performance conditions are deemed probable of achievement. For PSUs containing performance conditions which were not deemed probable of achievement, no stock compensation expense is recorded. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. For the three and nine months ended September 30, 2024 we recorded $12.3 million and $19.2 million, respectively, of stock compensation expense for PSUs on our condensed consolidated statements of operations. For the three and nine months ended September 30, 2023 we recorded $4.2 million and $13.4 million, respectively, of stock compensation expense for PSUs on our condensed consolidated statements of operations.

The following table summarizes our shares available for grant under the 2010 Stock Plan 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			(8,792,405)
Options, RSUs and PSUs cancelled			977,680
Balance at September 30, 2024			4,000,301

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

Total compensation cost of options granted but not yet vested, as of September 30, 2024, was $26.2 million, which is expected to be recognized over the weighted average period of approximately 1.1 years. Total compensation cost of RSUs granted but not yet vested, as of September 30, 2024, was $280.1 million, which is expected to be recognized over the weighted average period of approximately 1.8 years. Total compensation cost of PSUs granted but not yet vested, as of September 30, 2024, was $25.4 million, which is expected to be recognized over the weighted average period of 1.2 years, should the underlying performance conditions be deemed probable of achievement.

Net Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement
Anti-dilutive securities
Outstanding stock options and awards (in shares)	13,067,516	12,997,146	16,881,330	11,964,901

License Agreements	9 Months Ended
License Agreements	Sep. 30, 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 September 30, 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 and nine months ended September 30, 2024, such royalties on net sales within the United States totaled $36.3 million and $93.9 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2023, such royalties on net sales within the United States totaled $31.1 million and $88.0 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. At September 30, 2024 and December 31, 2023, approximately $469.5 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. We had no milestone and contract revenue under the Novartis agreement for the three and nine months ended September 30, 2024. Milestone and contract revenue under the Novartis agreement was $5.0 million for both the three and nine months ended September 30, 2023. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three and nine months ended September 30, 2024 was $115.7 million and $304.7 million, respectively. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three and nine months ended September 30, 2023 was $96.6 million and $263.7 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three and nine months ended September 30, 2024 was $5.9 million and $16.5 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three and nine months ended September 30, 2023 was $4.1 million and $13.1 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 September 30, 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 and nine months ended September 30, 2024 was $34.8 million and $97.1 million, respectively. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three and nine months ended September 30, 2023 was $29.6 million and $95.8 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 September 30, 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 September 30, 2024, we held an investment of approximately 0.6 million shares of Agenus Inc. common stock. The fair market value of our equity investment in Agenus Inc. at September 30, 2024 and December 31, 2023 was $3.3 million and $10.0 million, respectively. For the three and nine months ended September 30, 2024, we recorded an unrealized loss of $6.8 million and $6.7 million, respectively, based on the change in fair value of Agenus Inc.’s common stock during the respective periods. For the three and nine months ended September 30, 2023, we recorded an unrealized loss of $5.6 million and $15.3 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 September 30, 2024, we have paid and expensed Merus milestones totaling $10.0 million. During the three months ended June 30, 2024, we sold approximately 3.0 million of Merus’ common shares for proceeds of $160.6 million. During the three months ended September 30, 2024, we sold our remaining approximately 1.0 million of Merus’ common shares for proceeds of $55.5 million. As of September 30, 2024, we had no remaining investment of Merus’ common shares. The fair market value of our equity investment in Merus at December 31, 2023 was $110.1 million. For the three and nine months ended September 30, 2024, we recorded realized and unrealized losses of $4.1 million and realized and unrealized gains of $106.1 million, respectively, based on the sale of shares and change in fair value of remaining Merus’ common shares during the respective periods. For the three and nine months ended September 30, 2023, we recorded an unrealized loss of $9.1 million and an unrealized gain of $29.5 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 September 30, 2024, and is being amortized through cost of product revenues over the estimated useful life of 13.5 years. On July 24, 2024, the parties amended the agreement, and Incyte agreed to pay MacroGenics $100.0 million in exchange for MacroGenics’ agreement that all milestones for squamous cell anal cancer and non-small cell lung cancer have been deemed either achieved or inapplicable and certain future milestones for non-small cell lung cancer were waived. This $100.0 million milestone payment was recorded as research and development expense in our condensed consolidated statements of operations during the three and nine months ended September 30, 2024. Since the inception of the agreement, inclusive of the July 2022 and July 2024 amendments to the agreement, through September 30, 2024, we have paid MacroGenics developmental and regulatory milestones totaling $215.0 million. After these amendments and subsequent payments, MacroGenics will be eligible to receive up to an additional $210.0 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 and nine months ended September 30, 2024 also included $15.5 million and $40.8 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. Research and development expenses for the three and nine months ended September 30, 2023 also included $12.9 million and $42.8 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At September 30, 2024 and December 31, 2023, a total of $0.9 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. During May 2024, as part of the Novartis tender offer for MorphoSys AG’s outstanding shares, we sold all of our 3.6 million American Depository Shares, each representing 0.25 of an ordinary share of MorphoSys AG, for proceeds of $66.6 million. The fair market value of our equity investment in MorphoSys AG as of December 31, 2023 was $35.9 million. For the nine months ended September 30, 2024, we recorded a realized gain of $30.7 million, based on the sale of shares and change in fair value of MorphoSys AG’s ordinary shares during the period. For the three and nine months ended September 30, 2023, we recorded an unrealized loss of $2.7 million and an unrealized gain of $11.4 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 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 and nine months ended September 30, 2023 was a profit of $1.1 million and $0.9 million, respectively, 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 and nine months ended September 30, 2023, includes $13.0 million and $58.5 million, respectively, related to our 55% share of the co-development costs for tafasitamab. At September 30, 2024 and December 31, 2023, $0.0 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. In August 2024, we made a $12.5 million regulatory milestone payment to Syndax for the FDA approval of NIKTIMVO for the treatment of GVHD. This milestone payment was capitalized as an intangible asset and included in other intangible assets, net on the condensed consolidated balance sheet as of September 30, 2024, and is being amortized through cost of product revenues over the estimated useful life of 10 years. Inclusive of an upfront, non-refundable payment, since the inception of the agreement through September 30, 2024, we have made payments of $129.5 million to Syndax, which were previously recorded in research and development expense or in other intangible assets, as discussed above. Syndax is eligible to receive up to $207.5 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 September 30, 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 September 30, 2024 and December 31, 2023 was $27.4 million and $30.7 million, respectively. For the three and nine months ended September 30, 2024, we recorded an unrealized loss of $1.9 million and $3.4 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. For the three and nine months ended September 30, 2023, we recorded an unrealized loss of $9.2 million and $15.6 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 and nine months ended September 30, 2024, includes $5.8 million and $17.6 million, respectively, related to our 55% share of the co-development costs for axatilimab. Research and development expenses for the three and nine months ended September 30, 2023, includes $5.1 million and $16.9 million, respectively, related to our 55% share of the co-development costs for axatilimab. At September 30, 2024 and December 31, 2023, $1.8 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 during the first quarter of 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.

Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 15. Employee Benefit Plans

Defined Contribution Plans

We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three and nine months ended September 30, 2024 was $5.2 million and $15.8 million, respectively. Defined contribution expense for the three and nine months ended September 30, 2023 was $5.0 million and $14.6 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	2,537	$	1,999	$	7,815	$	5,820
Interest cost	750		1,060		1,977		1,721
Expected return on plan assets	(1,871)		(2,017)		(5,315)		(4,293)
Amortization of prior service cost	217		175		624		554
Amortization of actuarial losses	167		—		647		—
Net periodic benefit cost	$	1,800	$	1,217	$	5,748	$	3,802

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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License Agreements - MacroGenics (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		84 Months Ended
	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Jul. 24, 2024	Dec. 31, 2023
License Agreements
Research and development		$ 573,174	$ 375,709	$ 2,140,814	$ 1,183,100
MacroGenics
License Agreements
Milestone payment made under license agreement		100,000		100,000
License agreement, amount payable for waiver of certain future milestones payment							$ 100,000
Research and development		15,500	$ 12,900	40,800	$ 42,800
Accrued and other liabilities		900		$ 900		$ 900		$ 300
MacroGenics \| Minimum
License Agreements
Royalty payments on future global net sales (as a percent)				15.00%
MacroGenics \| Maximum
License Agreements
Royalty payments on future global net sales (as a percent)				24.00%
Regulatory Milestone \| MacroGenics
License Agreements
Milestone payment made under license agreement	$ 15,000
Milestone payment, estimated useful life (in years)				13 years 6 months
Developmental and Regulatory Milestones \| MacroGenics
License Agreements
Milestone payment made under license agreement						215,000
Development and Regulatory Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement		210,000		$ 210,000		210,000
Commercialization Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement		$ 330,000		$ 330,000		$ 330,000

Stock Compensation - Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details)	9 Months Ended
	Sep. 30, 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	8,683,824
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	$ 67.79
Restricted Stock Units (RSUs)
RSU and PSU Activity Shares
Granted (in shares) \| shares	3,392,462
Released (in shares) \| shares	(1,859,539)
Cancelled (in shares) \| shares	(244,641)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 63.77
Released (in USD per share) \| $ / shares	75.70
Cancelled (in USD per share) \| $ / shares	$ 69.91
Performance Shares
RSU and PSU Activity Shares
Granted (in shares) \| shares	321,582
Additional PSUs earned (in shares) \| shares	21,866
Released (in shares) \| shares	(105,453)
Cancelled (in shares) \| shares	(7,795)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 65.40
Additional PSUs earned (in USD per share) \| $ / shares	83.58
Released (in USD per share) \| $ / shares	83.58
Cancelled (in USD per share) \| $ / shares	$ 83.58

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	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)	1,060,300	71,769	245,228	762,231	59,093	313,995
Issuance of shares of Common Stock under the ESPP (in shares)		291,735			216,168
Issuance of shares of Common Stock for services rendered (in shares)	1,242	1,345	1,359	1,278	1,282	1,073
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes	$ (31,269)		$ (5,697)	$ (24,681)		$ 11,235

Acquisitions - Schedule of Net of Compensation Expense, Across the Net Assets Acquired (Details) - Escient $ in Thousands	May 30, 2024 USD ($)
Asset Acquisition [Line Items]
Cash and cash equivalents	$ 48,302
Marketable securities	3,988
Prepaid expenses and other current assets	1,663
In-process research and development assets	679,388
Deferred tax asset	44,811
Other non-current assets	4,110
Accounts payable and accrued expenses	(26,611)
Other current liabilities	(1,022)
Non-current liabilities	(1,118)
Total U.S. GAAP Consideration (net of compensation expense)	$ 753,511

License Agreements - MorphoSys (Details)
$ in Thousands, shares in Millions

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 05, 2024

May 31, 2024

USD ($)

Feb. 05, 2024

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Profit sharing under collaboration agreements

$ 27,566

$ 187,716

^[1]

$ (1,053)

1,025

$ 858

573,174

375,709

2,140,814

1,183,100

MorphoSys AG

Shares divested (in shares) | shares

3.6

Proceeds from sale of equity securities, FV-NI

$ 66,600

Realized gain (loss) on long term investments

35,900

30,700

Unrealized gain (loss) on long term investments

$ (2,700)

$ 11,400

ADSs

Share conversion

0.25

MorphoSys AG

Profit (loss) sharing ratio

50.00%

Accrued and other liabilities

$ 10,700

$ 13,000

$ 58,500

$ 0

$ 18,800

MorphoSys AG | Tafasitamab Product and Service | UNITED STATES

Profit sharing under collaboration agreements

$ 1,000

$ 1,100

$ 900

MorphoSys AG | MorphoSys AG

45.00%

MorphoSys AG | Incyte

Schedule of Effective Income Tax Rate Reconciliation

55.00%

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

Fair Value of Financial Instruments - Narrative (Details) - ARIAD $ in Millions		9 Months Ended	12 Months Ended
	Jun. 01, 2016	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ 19.3	$ 10.3
Liability
Fair value of financial instruments
Projected cash flows period (in years)	18 years
Liability \| Measurement Input, Discount Rate
Fair value of financial instruments
Valuation input (as a percent)	0.10	0.10	0.10

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
(Loss) income before provision for income taxes	$	156,524	$	233,799	$	2,906	$	563,259
Provision for income taxes	50,068		62,530		171,503		166,739

Effective tax rate	32.0%		26.7%		5901.7%		29.6%

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	September 30, 2024		December 31, 2023
Office equipment	$	23,838	$	23,417
Laboratory equipment	232,444		220,677
Computer equipment	154,338		147,570
Land	15,773		10,931
Building and leasehold improvements	585,320		584,755
Operating lease right-of-use assets	17,250		20,553
Construction in progress	59,950		13,544
	1,088,913		1,021,447
Less accumulated depreciation and amortization	(315,811)		(269,934)
Property and equipment, net	$	773,102	$	751,513

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

^[1]

Current assets:

Marketable securities—available-for-sale (amortized cost $463,921 and $442,816 as of September 30, 2024 and December 31, 2023, respectively; allowance for credit losses $0 as of September 30, 2024 and December 31, 2023)

$ 1,304,109

$ 3,213,376

467,235

442,667

Prepaid expenses and other current assets

3,344

Accounts receivable

758,450

743,557

Inventory

70,442

62,972

205,128

182,830

Total current assets

2,808,708

4,645,402

Restricted cash

1,737

1,845

Property and equipment, net

27,566

187,716

Inventory

297,974

206,965

773,102

751,513

Finance lease right-of-use assets, net

25,072

25,535

Other intangible assets, net

119,994

123,545

Goodwill

155,593

Deferred income tax asset

762,310

631,886

Other assets, net

40,378

52,107

Accrued and other current liabilities

5,012,434

6,782,107

Current liabilities:

Accounts payable

178,710

109,601

Accrued compensation

150,722

153,348

1,127,951

935,569

Finance lease liabilities

3,932

3,439

40,335

38,422

Total current liabilities

1,501,650

1,240,379

166,665

173,578

Finance lease liabilities

28,223

29,162

Other liabilities

144,676

149,151

Total liabilities

1,841,214

1,592,270

Commitments and contingencies (Note 16)

Stockholders’ equity:

Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding

Common stock, $0.001 par value; 400,000,000 shares authorized; 192,798,328 and 224,286,862 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

192

224

Additional paid-in capital

4,429,466

5,016,122

Accumulated other comprehensive income

15,655

13,106

(Accumulated deficit) retained earnings

(1,274,093)

160,385

Total stockholders’ equity

3,171,220

5,189,837

Total liabilities and stockholders’ equity

$ 5,012,434

$ 6,782,107

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

Fair Value of Financial Instruments - Schedule of Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 207,000	$ 212,000
Total liabilities	207,000	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	207,000	212,000
Total liabilities	$ 207,000	$ 212,000

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Service cost	$	2,537	$	1,999	$	7,815	$	5,820
Interest cost	750		1,060		1,977		1,721
Expected return on plan assets	(1,871)		(2,017)		(5,315)		(4,293)
Amortization of prior service cost	217		175		624		554
Amortization of actuarial losses	167		—		647		—
Net periodic benefit cost	$	1,800	$	1,217	$	5,748	$	3,802

Stock Compensation - Schedule of Shares Available For Grant (Details)	9 Months Ended
	Sep. 30, 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)	(8,792,405)
Options, RSUs and PSUs cancelled (in shares)	977,680
Ending Balance (in shares)	4,000,301

Concentration of Credit Risk and Current Expected Credit Losses - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Concentration of risk
Allowance for doubtful accounts	$ 0	$ 0
Novartis and Lilly \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	21.00%	20.00%
Customer A, B, C, D, E and F \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	53.00%	48.00%

Concentration of Credit Risk and Current Expected Credit Losses

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Concentration of Credit Risk and Current Expected Credit Losses

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, 21% and 20% of the accounts receivable balance as of September 30, 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				Percentage of Total Net Product Revenues for the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Customer A	15	%	17	%	15	%	17	%
Customer B	10	%	10	%	10	%	10	%
Customer C	20	%	17	%	19	%	18	%
Customer D	8	%	9	%	8	%	10	%
Customer E	13	%	12	%	13	%	11	%
Customer F	10	%	10	%	10	%	9	%

We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D, E and F comprised, in aggregate, 53% and 48% of the accounts receivable balance as of September 30, 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 September 30, 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 September 30, 2024 and December 31, 2023, we had no allowance for doubtful accounts.

License Agreements - Novartis (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		179 Months Ended
License Agreements - Novartis (Details) - USD ($)	Nov. 30, 2009	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
License Agreements
Total revenues		$ 1,137,871,000	$ 919,025,000	$ 3,062,519,000	$ 2,682,308,000
JAKAFI
License Agreements
Total revenues		741,181,000	636,252,000	2,018,993,000	1,898,605,000
Novartis
License Agreements
Total revenues		0	5,000,000.0	0	5,000,000.0
Novartis \| JAKAFI \| UNITED STATES
License Agreements
Total revenues		36,300,000	31,100,000	93,900,000	88,000,000.0
Royalties payable		469,500,000		469,500,000		$ 469,500,000	$ 375,600,000
Novartis \| JAKAVI
License Agreements
Total revenues		115,700,000	96,600,000	304,700,000	263,700,000
Novartis \| TABRECTA
License Agreements
Total revenues		$ 5,900,000	$ 4,100,000	$ 16,500,000	$ 13,100,000
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						157,000,000.0
Development Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 174,000,000.0
Regulatory Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone						345,000,000.0
Regulatory Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	495,000,000.0
Commercialization Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 200,000,000.0
Commercialization Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	500,000,000.0
Development and Regulatory Milestones \| Maximum \| Novartis \| GVHD
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 75,000,000.0

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

1 Months Ended

3 Months Ended

9 Months Ended

37 Months Ended

Aug. 31, 2024

Sep. 30, 2021

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Dec. 31, 2023

$ 27,566

$ 187,716

^[1]

$ 573,174

$ 375,709

$ 2,140,814

$ 1,183,100

Investment in Syndax

Common stock held from investment (in shares)

1,400,000

Unrealized gain (loss) on long term investments

$ 27,400

30,700

(1,900)

(9,200)

(3,400)

(15,600)

Syndax

Upfront payment under license agreement

129,500

Accrued and other liabilities

5,800

$ 5,100

17,600

$ 16,900

$ 1,800

1,800

$ 1,800

Syndax | UNITED STATES | Syndax

45.00%

Syndax | Incyte

Syndax | Incyte | UNITED STATES

55.00%

Syndax | Regulatory Milestone

55.00%

Milestone payment made under license agreement

$ 12,500

Milestone payment, estimated useful life (in years)

10 years

Syndax | Development and Regulatory Milestones | Maximum

Additional milestone payments under the license agreement

$ 207,500

207,500

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.

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 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
Paul J. Clancy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Paul J. Clancy, a member of our Board of Directors, adopted a trading plan on August 20, 2024 providing for the sale of up to an aggregate of 45,000 shares of our common stock until August 20, 2025.
Name	Paul J. Clancy
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 20, 2024
Expiration Date	August 20, 2025
Arrangement Duration	365 days
Aggregate Available	45,000	45,000
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 August 29, 2024 providing for the sale of up to an aggregate of 29,745 shares of our common stock until August 29, 2025.
Name	Steven Stein
Title	Executive Vice President and Chief Medical Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 29, 2024
Expiration Date	August 29, 2025
Arrangement Duration	365 days
Aggregate Available	29,745	29,745
Vijay Iyengar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Vijay Iyengar, our Executive Vice President, Global Medical Affairs, Product, and Partnership Strategy, adopted a trading plan on August 29, 2024 providing for the sale of up to an aggregate of 77,316 shares of our common stock until August 29, 2025.
Name	Vijay Iyengar
Title	Executive Vice President, Global Medical Affairs, Product, and Partnership Strategy
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 29, 2024
Expiration Date	August 29, 2025
Arrangement Duration	365 days
Aggregate Available	77,316	77,316
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 September 13, 2024 providing for the sale of up to an aggregate of 1,300 shares of our common stock until September 15, 2025.
Name	Thomas Tray
Title	Vice President, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2024
Expiration Date	September 15, 2025
Arrangement Duration	367 days
Aggregate Available	1,300	1,300

Organization and Business (Details)	9 Months Ended
Organization and Business (Details)	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 1,137,871	$ 919,025	$ 3,062,519	$ 2,682,308
Product revenues, net
Revenues
Total revenues	962,992	783,197	2,599,481	2,303,439
JAKAFI
Revenues
Total revenues	741,181	636,252	2,018,993	1,898,605
OPZELURA
Revenues
Total revenues	139,272	91,836	346,691	228,621
ICLUSIG
Revenues
Total revenues	29,745	27,721	86,950	84,493
PEMAZYRE
Revenues
Total revenues	20,661	18,942	58,606	62,989
MINJUVI/MONJUVI
Revenues
Total revenues	31,439	8,348	86,429	28,063
ZYNYZ
Revenues
Total revenues	694	98	1,812	668
Product royalty revenues
Revenues
Total revenues	156,879	130,828	420,038	373,869
JAKAVI Royalty Revenues
Revenues
Total revenues	115,741	96,551	304,653	263,691
OLUMIANT Royalty Revenues
Revenues
Total revenues	34,796	29,615	97,087	95,779
TABRECTA Royalty Revenues
Revenues
Total revenues	5,928	4,139	16,460	13,115
PEMAZYRE Royalty Revenues
Revenues
Total revenues	414	523	1,838	1,284
Milestone and contract revenues
Revenues
Total revenues	$ 18,000	$ 5,000	$ 43,000	$ 5,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (168,597)	$ 396,520
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	66,515	60,898
Stock-based compensation	194,340	155,899
Deferred income taxes	(85,609)	(92,919)
Other, net	(4,824)	(543)
Realized and unrealized gain on equity investments	(126,206)	(9,839)
Loss on change in fair value of acquisition-related contingent consideration	23,847	14,144
Changes in operating assets and liabilities:
Accounts receivable	(14,893)	(12,384)
Prepaid expenses and other assets	(55,381)	(62,081)
Inventory	(93,352)	(77,193)
Accounts payable	69,109	(138,135)
Accrued and other liabilities	149,170	114,391
Net cash (used in) provided by operating activities	(45,881)	348,758
Cash flows from investing activities:
Purchase of long term investments	0	(10,000)
Sale of equity investments	282,866	45
Capital expenditures	(68,879)	(30,219)
Payments for intangible assets	(13,900)	(15,000)
Purchases of marketable securities	(228,986)	(222,228)
Sale and maturities of marketable securities	207,881	224,225
Net cash provided by (used in) investing activities	178,982	(53,177)
Cash flows from financing activities:
Repurchases of common stock	(2,004,790)	0
Proceeds from issuance of common stock under stock plans	16,242	28,319
Tax withholdings related to restricted and performance share vesting	(39,416)	(28,061)
Payment of finance lease liabilities	(2,761)	(2,523)
Payment of contingent consideration	(11,216)	(18,114)
Net cash used in financing activities	(2,041,941)	(20,379)
Effect of exchange rates on cash, cash equivalents, and restricted cash	(535)	625
Net (decrease) increase in cash, cash equivalents, and restricted cash	(1,909,375)	275,827
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	1,305,846	3,228,947
Supplemental Schedule of Cash Flow Information
Income taxes paid	302,860	253,180
Unpaid purchases of property and equipment	3,538	11
Unpaid excise tax on repurchase of common stock	19,185	0
Leased assets obtained in exchange for new operating lease liabilities	2,436	5,275
Leased assets obtained in exchange for new finance lease liabilities	$ 1,959	$ 1,176

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined contribution expense	$ 5.2	$ 5.0	$ 15.8	$ 14.6
Current year expected contributions total	$ 10.0		$ 10.0

Stockholders' Equity (Details) - USD ($)			1 Months Ended	3 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 26, 2024	Jun. 13, 2024	Jun. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	May 14, 2024	May 13, 2024	May 12, 2024	May 09, 2024	Jan. 31, 2024
Share Repurchase Program [Line Items]
Stock repurchased (in shares)			33,325,849
Shares acquired, average cost per share (in dollars per share)			$ 60.00
Repurchases of common stock			$ 2,000,000,000.0	$ 103,000	$ 2,023,872,000
Share repurchase, fees and expenses			24,400,000
Share repurchase, excise tax			$ 19,200,000
Baker Entities \| Incyte
Share Repurchase Program [Line Items]
Ownership percentage (as a percent)									16.40%
Board of Directors Approved Share Repurchase Program
Share Repurchase Program [Line Items]
Share repurchase program, authorized, amount							$ 2,000,000,000.0
Dutch Auction Tender Offer
Share Repurchase Program [Line Items]
Share repurchase program, authorized, amount						$ 1,672,000,000
Stock repurchased (in shares)		27,866,666
Shares acquired, average cost per share (in dollars per share)		$ 60.00
Repurchases of common stock		$ 1,672,000,000
Dutch Auction Tender Offer \| Maximum
Share Repurchase Program [Line Items]
Share repurchase program, tender offer (in dollars per share)							$ 60.00
Dutch Auction Tender Offer \| Minimum
Share Repurchase Program [Line Items]
Share repurchase program, tender offer (in dollars per share)							$ 52.00
Baker Entities Share Repurchase Program
Share Repurchase Program [Line Items]
Share repurchase program, authorized, amount								$ 328,000,000.0
Stock repurchased (in shares)	5,459,183
Shares acquired, average cost per share (in dollars per share)	$ 60.00
Repurchases of common stock	$ 328,000,000
2024 Inducement Plan
Share Repurchase Program [Line Items]
Shares reserved for future issuance (in shares)										1,000,000

Income Taxes - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	May 30, 2024	Sep. 30, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Increase in unrecognized tax benefits		$ 22,500
Unrecognized tax benefits, increase resulting from prior period tax positions		6,100
Unrecognized tax benefits, increase resulting from current period tax positions		2,800
Unrecognized tax benefits, increase resulting from acquisition		9,100
Interest and penalties		4,700
Escient
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate reconciliation, nondeductible expense		$ 710,900
Deferred tax asset	$ 44,811

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 106,456	$ (444,601)	$ 169,548	$ 171,269	$ 203,548	$ 21,703	$ (168,597)	$ 396,520

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

Employee Benefit plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 2,537	$ 1,999	$ 7,815	$ 5,820
Interest cost	750	1,060	1,977	1,721
Expected return on plan assets	(1,871)	(2,017)	(5,315)	(4,293)
Amortization of prior service cost	217	175	624	554
Amortization of actuarial losses	167	0	647	0
Net periodic benefit cost	$ 1,800	$ 1,217	$ 5,748	$ 3,802

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 11. Stockholders' Equity 2010 Stock Incentive Plan. In May 2010 the Board of Directors adopted the 2010 Stock Incentive Plan (the “2010 Stock Plan”), which was most recently amended in April 2023, for issuance of common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”). 2024 Inducement Stock Incentive Plan. In January 2024, our Board of Directors adopted the Incyte Corporation 2024 Inducement Stock Incentive Plan (the “2024 Inducement Plan”). In reliance on Nasdaq Marketplace Rule 5635(c)(4), stockholder approval was not obtained. A total of 1,000,000 shares of common stock are reserved for issuance pursuant to the 2024 Inducement Plan. Share Repurchase and Modified "Dutch Auction" Tender Offer. On May 13, 2024 we announced that our Board of Directors approved a share repurchase authorization of $2.0 billion. Subsequently, we commenced a modified “Dutch Auction” tender offer to repurchase shares of our common stock for an aggregate purchase price of up to $1.672 billion (the “tender offer”). We offered to purchase up to $1.672 billion in value of our common stock at a price not greater than $60.00 per share nor less than $52.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the tender offer documents that were distributed to stockholders. A modified “Dutch Auction” tender offer allows stockholders to indicate how much stock they wish to tender and at what price within the range described above. Based on the number of shares tendered and the prices specified by the tendering stockholders, we determined the lowest price per share that enabled us to purchase $1.672 billion of common stock at such price. On June 13, 2024 we completed the tender offer and repurchased 27,866,666 shares at a price of $60.00 per share for an aggregate price of approximately $1.672 billion, excluding fees and related expenses, pursuant to the tender offer. In addition, on May 12, 2024, we entered into a separate stock purchase agreement with Julian C. Baker (a member of our Board of Directors), Felix J. Baker, and entities affiliated with Julian C. and Felix J. Baker, including funds advised by Baker Bros. Advisors LP (collectively, the “Baker Entities”), to repurchase up to $328.0 million of our common stock. This would enable the Baker Entities to maintain their ownership level as of May 9, 2024 of approximately 16.4% of Incyte’s outstanding common stock. The Baker Entities purchase was to be at the same price per share as is determined and paid in the tender offer. On June 26, 2024, we repurchased 5,459,183 shares at a price of $60.00 per share for an aggregate price of approximately $328.0 million pursuant to the terms of the stock purchase agreement with the Baker Entities. We account for share repurchases as retirements, whereby it reduces common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings (accumulated deficit). Any transaction costs, including the excise tax, directly associated with the share repurchases are included as part of the purchase price. Under this method, the issued and outstanding shares of common stock are reduced by the number of shares of common stock repurchased, and no treasury stock is recognized on the condensed consolidated financial statements. A total of 33,325,849 common shares were repurchased during June 2024 at a price of $60.00 per share for an aggregate purchase price of approximately $2.0 billion. We incurred $24.4 million in fees and expenses associated with the share repurchase, which included $19.2 million for excise taxes on share repurchases in accordance with the Inflation Reduction Act of 2022. We currently expect to pay the excise tax in the first half of 2025. These costs are recognized within (accumulated deficit) retained earnings on the condensed consolidated balance sheet as of September 30, 2024 as costs to repurchase our common stock. The purchased shares were cancelled and ceased to be outstanding.

The entire disclosure for equity.

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Schedule of Marketable Securities Portfolio

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 Gains (Losses)		Estimated Fair Value
September 30, 2024
Debt securities (government)	$	463,921	$	3,314	$	467,235

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 September 30, 2024
Cash and cash equivalents	$	1,304,109	$	—	$	—	$	1,304,109
Debt securities (government)	—		467,235		—		467,235
Short term equity investments (Note 8)	3,344		—		—		3,344
Long term equity investments (Note 8)	27,566		—		—		27,566
Total assets	$	1,335,019	$	467,235	$	—	$	1,802,254


	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 equity 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 September 30, 2024
Acquisition-related contingent consideration	$	—	$	—	$	207,000	$	207,000
Total liabilities	$	—	$	—	$	207,000	$	207,000


	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	(19,303)
Payments made during the period	(9,544)
Change in fair value of contingent consideration	23,847
Balance at September 30,	$	207,000

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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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 106,456	$ 171,269	$ (168,597)	$ 396,520
Other comprehensive income (loss):
Foreign currency translation gain (loss)	15,228	(4,855)	(2,185)	3,594
Unrealized gain on marketable securities, net of tax	5,463	768	3,463	3,677
Defined benefit pension gain, net of tax	384	175	1,271	554
Other comprehensive income (loss)	21,075	(3,912)	2,549	7,825
Comprehensive income (loss)	$ 127,531	$ 167,357	$ (166,048)	$ 404,345

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

Property, Plant and Equipment [Abstract]

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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 September 30, 2024, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the nine months ended September 30, 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.

Property and Equipment, net

9 Months Ended

Sep. 30, 2024

Property and Equipment, net

Note 9. Property and Equipment, net

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


	September 30, 2024		December 31, 2023
Office equipment	$	23,838	$	23,417
Laboratory equipment	232,444		220,677
Computer equipment	154,338		147,570
Land	15,773		10,931
Building and leasehold improvements	585,320		584,755
Operating lease right-of-use assets	17,250		20,553
Construction in progress	59,950		13,544
	1,088,913		1,021,447
Less accumulated depreciation and amortization	(315,811)		(269,934)
Property and equipment, net	$	773,102	$	751,513

In May 2024, we purchased additional property in Wilmington, Delaware including land, office buildings and parking garages for a purchase price of $48.7 million. During the nine months ended September 30, 2024, we capitalized $4.9 million of land and recorded approximately $47.2 million of construction in progress relating to the office buildings and parking garages.

Revenues

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
JAKAFI revenues, net	$	741,181	$	636,252	$	2,018,993	$	1,898,605
OPZELURA revenues, net	139,272		91,836		346,691		228,621
ICLUSIG revenues, net	29,745		27,721		86,950		84,493
PEMAZYRE revenues, net	20,661		18,942		58,606		62,989
MINJUVI/MONJUVI revenues, net	31,439		8,348		86,429		28,063
ZYNYZ revenues, net	694		98		1,812		668
Total product revenues, net	962,992		783,197		2,599,481		2,303,439
JAKAVI product royalty revenues	115,741		96,551		304,653		263,691
OLUMIANT product royalty revenues	34,796		29,615		97,087		95,779
TABRECTA product royalty revenues	5,928		4,139		16,460		13,115
PEMAZYRE product royalty revenues	414		523		1,838		1,284
Total product royalty revenues	156,879		130,828		420,038		373,869
Milestone and contract revenues	18,000		5,000		43,000		5,000
Total revenues	$	1,137,871	$	919,025	$	3,062,519	$	2,682,308

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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