0000879169-25-000056 | 10-Q | XBRL Viewer

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Fair Value of Financial Instruments - Schedule of Marketable Securities Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Summary of marketable security portfolio
Fair Value	$ 466,936
Debt securities (government)
Summary of marketable security portfolio
Amortized Cost	465,659	$ 469,917
Unrealized Gains	1,524	971
Unrealized Losses	(247)	(625)
Fair Value	$ 466,936	$ 470,263
Debt securities (government) \| Minimum
Summary of marketable security portfolio
Contractual maturity dates (in months)	12 months
Debt securities (government) \| Maximum
Summary of marketable security portfolio
Contractual maturity dates (in months)	18 months

- Definition

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

+ References

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+ Details

Stock Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation

Note 11. Stock Compensation

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.

We recorded $61.0 million and $59.8 million of stock compensation expense on our condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024, respectively. Stock compensation expense included within our condensed consolidated statements of operations included research and development expense of $36.7 million, and $36.8 million for the three months ended March 31, 2025 and 2024, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included selling, general and administrative expense of $23.4 million and $22.4 million for the three months ended March 31, 2025 and 2024, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included cost of product revenues of $0.9 million and $0.6 million respectively, for the three months ended March 31, 2025 and 2024.

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


		Employee Stock Options							Employee Stock Purchase Plan
	For the Three Months Ended							For the Three Months Ended
		March 31,							March 31,
		2025			2024				2025			2024
Average risk-free interest rates		4.38		%	4.08		%		4.23		%	5.38		%
Average expected life (in years)		4.66			4.71				0.50			0.50
Volatility		28		%	31		%		36		%	23		%
Weighted-average fair value (in dollars)		$	22.67		$	20.67			$	17.03		$	10.85

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, 2024	12,777,974	$	83.45
Options granted	527,420	$	71.93
Options exercised	(50,238)	$	64.50
Options cancelled	(151,857)	$	76.71
Balance at March 31, 2025	13,103,299	$	83.13

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, 2024	8,656,803	$	67.81
RSUs granted	347,459	$	71.99


RSUs released	(444,951)	$	83.23

RSUs cancelled	(109,016)	$	67.17

Balance at March 31, 2025	8,450,295	$	67.18

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 months ended March 31, 2025 and 2024 we recorded $3.1 million and $3.4 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, 2024			4,013,611

Options, RSUs and PSUs granted and issuance of shares for services rendered			(1,223,546)
Options, RSUs and PSUs cancelled			369,889
Balance at March 31, 2025			3,159,954

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

Total compensation cost of options granted but not yet vested, as of March 31, 2025, was $22.2 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 March 31, 2025, was $209.7 million, which is expected to be recognized over the weighted average period of approximately 1.5 years. Total compensation cost of PSUs granted but not yet vested, as of March 31, 2025, was $13.7 million, which is expected to be recognized over the weighted average period of 1.4 years, should the underlying performance conditions be deemed probable of achievement.

Net Income Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement
Anti-dilutive securities
Outstanding stock options and awards (in shares)	11,075,503	13,165,842

Inventory

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventory

Note 7. Inventory

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


	March 31, 2025		December 31, 2024
Raw materials	$	29,873	$	27,590
API and Work-in-process	351,911		331,178
Finished goods	47,502		48,431
Total inventory	$	429,286	$	407,199

Inventories, stated at the lower of cost and net realizable value, consist of raw materials, active pharmaceutical ingredients ("API"), work in process, and finished goods, inclusive of freight and inventoriable overhead. At March 31, 2025, $64.0 million of inventory was classified as current on the condensed consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At March 31, 2025, $365.3 million of inventory was classified as non-current on the condensed consolidated balance sheet as we did not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.

We capitalize inventory after regulatory approval as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to regulatory approval are recorded as research and development expense in our condensed consolidated statements of operations. At March 31, 2025, inventory with approximately $27.7 million of product costs incurred prior to regulatory approval had not yet been sold. We expect to sell the pre-commercialization inventory over the next 4 to 38 months and, as a result, cost of product revenues will reflect a lower average per unit cost of materials.

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

For the three months ended March 31, 2025 and 2024, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes (in thousands):


	Three Months Ended March 31,
	2025		2024
Income before provision for income taxes	$	234,190	$	236,159
Provision for income taxes	75,987		66,611

Effective tax rate	32.4%		28.2%

Our effective tax rate for the three months ended March 31, 2025 and 2024 was higher than the U.S. statutory rate primarily due to an increase in our valuation allowance against certain U.S. federal and state deferred tax assets and foreign losses with no associated tax benefit (i.e., full valuation allowance). 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 March 31, 2025 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 and an increase in tax credit generations.

We accrue interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.

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 2021. 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. We have evaluated the impact of Pillar 2 on our business, and determined there are no material impacts on our effective tax rate at this time. As countries we operate in enact legislation implementing Pillar 2, we will assess the impact on our financial statements in the period of enactment.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

License Agreements - Novartis (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		185 Months Ended
	Nov. 30, 2009	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2024
License Agreements
Total revenues		$ 1,052,898	$ 880,889
UNITED STATES
License Agreements
Total revenues		981,600	828,200
JAKAFI
License Agreements
Total revenues		709,412	571,839
Novartis \| JAKAFI \| UNITED STATES
License Agreements
Total revenues		29,800	23,000
Royalties payable		537,100		$ 537,100	$ 507,400
Novartis \| JAKAVI
License Agreements
Total revenues		92,100	89,600
Novartis \| TABRECTA
License Agreements
Total revenues		$ 6,400	$ 5,200
Maximum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		14.00%
Minimum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)		12.00%
Development Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				157,000
Development Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 174,000
Regulatory Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				345,000
Regulatory Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	495,000
Commercialization Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone				$ 200,000
Commercialization Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	500,000
Development and Regulatory Milestones \| Maximum \| Novartis \| GVHD
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 75,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 234,190	$ 236,159
Provision for income taxes	$ 75,987	$ 66,611
Effective tax rate	32.40%	28.20%

- Definition

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

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- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	March 31, 2025		December 31, 2024
Royalties	$	549,246	$	519,881
Clinical related costs	132,726		132,446
Sales allowances	467,787		438,053
Sales and marketing	53,761		33,439
Accrued taxes	91,696		23,781
Operating lease liabilities	5,998		5,583
Other current liabilities	74,524		58,865
Total accrued and other current liabilities	$	1,375,738	$	1,212,048

Stock Compensation - Schedule of Valuation Assumptions Used for Value of Stock Compensation Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Stock Purchase Plan
Weighted-average fair value assumptions
Average risk-free interest rates	4.23%	5.38%
Average expected life (in years)	6 months	6 months
Volatility	36.00%	23.00%
Weighted-average fair value (in dollars per share)	$ 17.03	$ 10.85
Employee Stock Options
Weighted-average fair value assumptions
Average risk-free interest rates	4.38%	4.08%
Average expected life (in years)	4 years 7 months 28 days	4 years 8 months 15 days
Volatility	28.00%	31.00%
Weighted-average fair value (in dollars per share)	$ 22.67	$ 20.67

Fair Value of Financial Instruments - Schedule of Contractual Maturities of Our Available-For-Sale Debt Securities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Total	$ 466,936
Less than 1 Year	256,929
1-5 Years	$ 210,007

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 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
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 February 28, 2025 providing for the sale of up to an aggregate of 1,614 shares of our common stock until February 28, 2026.
Name	Thomas Tray
Title	Vice President, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 28, 2025
Expiration Date	February 28, 2026
Arrangement Duration	365 days
Aggregate Available	1,614

Revenues

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Note 3. Revenues

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


	Three Months Ended March 31,
	2025		2024
JAKAFI revenues, net	$	709,412	$	571,839
OPZELURA revenues, net	118,705		85,724
ICLUSIG revenues, net	29,544		30,343
PEMAZYRE revenues, net	18,440		17,676
MINJUVI/MONJUVI revenues, net	29,551		23,874
NIKTIMVO revenues, net	13,613		—
ZYNYZ revenues, net	3,009		467
Total product revenues, net	922,274		729,923
JAKAVI product royalty revenues	92,145		89,595
OLUMIANT product royalty revenues	30,800		30,589
TABRECTA product royalty revenues	6,413		5,234
Other product royalty revenues	1,266		548
Total product royalty revenues	130,624		125,966
Milestone and contract revenues	—		25,000
Total revenues	$	1,052,898	$	880,889

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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jan. 31, 2024
Stock compensation
Stock compensation expense	$ 61.0	$ 59.8
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)	$ 22.2
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)	$ 209.7
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)	1 year 6 months
Performance Shares
Stock compensation
Stock compensation expense	$ 3.1	3.4
Unrecognized compensation cost for nonvested option (in dollars)	$ 13.7
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)	1 year 4 months 24 days
Performance Shares \| Minimum
Stock compensation
Vesting period (in years)	3 years
Performance Shares \| Maximum
Stock compensation
Vesting period (in years)	4 years
Research and Development Expense
Stock compensation
Stock compensation expense	$ 36.7	36.8
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	23.4	22.4
Cost of Sales
Stock compensation
Stock compensation expense	$ 0.9	$ 0.6
2024 Inducement Plan
Stock compensation
Shares reserved for future issuance (in shares)			1,000,000

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

Mar. 31, 2025

Dec. 31, 2024

Fair value of financial instruments

Long term equity investments

$ 17,463

$ 18,814

^[1]

Fair Value, Recurring | Estimate of Fair Value Measurement

Fair value of financial instruments

Cash and cash equivalents

1,941,722

1,687,829

Debt securities (government)

466,936

470,263

Long term equity investments

17,463

18,814

Total assets

2,426,121

2,176,906

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

Fair value of financial instruments

Cash and cash equivalents

1,941,722

1,687,829

Debt securities (government)

Long term equity investments

17,463

18,814

Total assets

1,959,185

1,706,643

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

Fair value of financial instruments

Cash and cash equivalents

Debt securities (government)

466,936

470,263

Long term equity investments

Total assets

466,936

470,263

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

Fair value of financial instruments

Cash and cash equivalents

Debt securities (government)

Long term equity investments

Total assets

$ 0

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

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

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


		Employee Stock Options							Employee Stock Purchase Plan
	For the Three Months Ended							For the Three Months Ended
		March 31,							March 31,
		2025			2024				2025			2024
Average risk-free interest rates		4.38		%	4.08		%		4.23		%	5.38		%
Average expected life (in years)		4.66			4.71				0.50			0.50
Volatility		28		%	31		%		36		%	23		%
Weighted-average fair value (in dollars)		$	22.67		$	20.67			$	17.03		$	10.85

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, 2024	12,777,974	$	83.45
Options granted	527,420	$	71.93
Options exercised	(50,238)	$	64.50
Options cancelled	(151,857)	$	76.71
Balance at March 31, 2025	13,103,299	$	83.13

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, 2024	8,656,803	$	67.81
RSUs granted	347,459	$	71.99


RSUs released	(444,951)	$	83.23

RSUs cancelled	(109,016)	$	67.17

Balance at March 31, 2025	8,450,295	$	67.18

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, 2024			4,013,611

Options, RSUs and PSUs granted and issuance of shares for services rendered			(1,223,546)
Options, RSUs and PSUs cancelled			369,889
Balance at March 31, 2025			3,159,954

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

Mar. 31, 2025

Dec. 31, 2024

Accrued and Other Current Liabilities

Royalties

$ 549,246

$ 519,881

Clinical related costs

132,726

132,446

Sales allowances

467,787

438,053

Sales and marketing

53,761

33,439

Accrued taxes

91,696

23,781

Operating lease liabilities

5,998

5,583

Other current liabilities

74,524

58,865

Total accrued and other current liabilities

$ 1,375,738

$ 1,212,048

^[1]

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

Inventory (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	March 31, 2025		December 31, 2024
Raw materials	$	29,873	$	27,590
API and Work-in-process	351,911		331,178
Finished goods	47,502		48,431
Total inventory	$	429,286	$	407,199

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 22, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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		193,569,934
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000879169
Amendment Flag	false

Net Income Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Net Income Per Share

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


	Three Months Ended March 31,
	2025		2024
Basic net income	$	158,203	$	169,548

Weighted average common shares outstanding	193,712		224,484

Basic net income per share	$	0.82	$	0.76

Diluted net income	$	158,203	$	169,548

Weighted average common shares outstanding	193,712		224,484
Dilutive stock options and awards	4,485		2,735
Weighted average shares used to compute diluted net income per share	198,197		227,219

Diluted net income per share	$	0.80	$	0.75

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

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


	Three Months Ended March 31,
	2025	2024
Outstanding stock options and awards	11,075,503	13,165,842

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2025
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 is co-commercialized. Our operations are treated as one operating segment.

Fair Value of Financial Instruments - Schedule of Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 195,000	$ 193,000
Total liabilities	195,000	193,000
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	195,000	193,000
Total liabilities	$ 195,000	$ 193,000

License Agreements - MorphoSys (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 05, 2024	Feb. 05, 2024	Mar. 31, 2025	Mar. 31, 2024
License Agreements
Profit sharing under collaboration agreements			$ 0	$ 1,025
Research and development			$ 437,279	429,260
MorphoSys AG
License Agreements
Unrealized gain (loss) on long term investments				29,900
MorphoSys AG
License Agreements
Profit (loss) sharing ratio		50.00%
Research and development		$ 10,700
MorphoSys AG \| Tafasitamab Product and Service
License Agreements
Profit sharing under collaboration agreements				$ 1,000
MorphoSys AG \| MorphoSys AG
License Agreements
Funding of future development costs (as a percent)	45.00%
MorphoSys AG \| Incyte
License Agreements
Funding of future development costs (as a percent)	55.00%

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

1 Months Ended

12 Months Ended

May 31, 2024

Dec. 31, 2024

Mar. 31, 2025

Property and equipment, net

Property and Equipment, gross

$ 1,091,395

$ 1,108,990

Less accumulated depreciation and amortization

(327,984)

(343,631)

Property and equipment, net

763,411

^[1]

765,359

Purchase price

$ 48,700

Office equipment

Property and equipment, net

Property and Equipment, gross

23,710

23,825

Laboratory equipment

Property and equipment, net

Property and Equipment, gross

229,797

234,925

Computer equipment

Property and equipment, net

Property and Equipment, gross

156,859

159,805

Land

Property and equipment, net

Property and Equipment, gross

15,395

15,531

Property, plant, and equipment, capitalized

4,900

Building and leasehold improvements

Property and equipment, net

Property and Equipment, gross

597,342

602,465

Property, plant, and equipment, capitalized

19,500

Operating lease right-of-use assets

Property and equipment, net

Property and Equipment, gross

22,230

22,263

Construction in progress

Property and equipment, net

Property and Equipment, gross

$ 46,062

50,176

Construction in progress | Downtown Wilmington

Property and equipment, net

Property and Equipment, gross

$ 33,900

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities Portfolio

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


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2025
Debt securities (government)	$	465,659	$	1,524	$	(247)	$	466,936

December 31, 2024
Debt securities (government)	$	469,917	$	971	$	(625)	$	470,263

The table below summarizes the contractual maturities of our available-for-sale debt securities as of March 31, 2025 (in thousands):


	Total		Less than 1 Year		1-5 Years
Fair value of debt securities (government)	$	466,936	$	256,929	$	210,007

Schedule of Fair Value of Assets Measured on Recurring Basis

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2025
Cash and cash equivalents	$	1,941,722	$	—	$	—	$	1,941,722
Debt securities (government)	—		466,936		—		466,936
Long term equity investments (Note 8)	17,463		—		—		17,463
Total assets	$	1,959,185	$	466,936	$	—	$	2,426,121


	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, 2024
Cash and cash equivalents	$	1,687,829	$	—	$	—	$	1,687,829
Debt securities (government)	—		470,263		—		470,263
Long term equity investments (Note 8)	18,814		—		—		18,814
Total assets	$	1,706,643	$	470,263	$	—	$	2,176,906

Schedule of Fair Value of Liabilities Measured on Recurring Basis

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2025
Acquisition-related contingent consideration	$	—	$	—	$	195,000	$	195,000
Total liabilities	$	—	$	—	$	195,000	$	195,000


	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, 2024
Acquisition-related contingent consideration	$	—	$	—	$	193,000	$	193,000
Total liabilities	$	—	$	—	$	193,000	$	193,000

Schedule of Roll Forward of Level 3 Liabilities

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


	2025
Balance at January 1,	$	193,000
Contingent consideration earned during the period but not yet paid	(9,572)

Change in fair value of contingent consideration	11,572
Balance at March 31,	$	195,000

- Definition

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

+ References

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

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

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

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+ Details

Segment Information - Narrative (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2025

USD ($)

segment

Mar. 31, 2024

USD ($)

Dec. 31, 2024

USD ($)

Revenues from External Customers and Long-Lived Assets [Line Items]

Number of operating segments | segment

Number of reportable segments | segment

Total revenues

$ 1,052,898

$ 880,889

Property and equipment, net

765,359

$ 763,411

^[1]

UNITED STATES

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenues

981,600

828,200

Property and equipment, net

469,600

474,100

Europe

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenues

68,600

51,500

Other Countries

Revenues from External Customers and Long-Lived Assets [Line Items]

Total revenues

2,700

$ 1,200

Property and equipment, net

13,000

11,700

Switzerland

Revenues from External Customers and Long-Lived Assets [Line Items]

Property and equipment, net

$ 282,700

$ 277,600

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

- Definition

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

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+ Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended March 31,
	2025		2024
Income before provision for income taxes	$	234,190	$	236,159
Provision for income taxes	75,987		66,611

Effective tax rate	32.4%		28.2%

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Net income for our segment was as follows (in thousands):



	Three Months Ended March 31,
	2025		2024
Product revenues, net	922,274		729,923
Product royalty revenues	130,624		125,966
Milestone and contract revenues	—		25,000
Total revenues	1,052,898		880,889

Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	73,188		60,956
Research and development - internal1	228,345		223,096
Research and development - external2	193,434		205,164
Other research and development3	15,500		1,000
Sales and marketing	257,652		216,813
General and administrative	68,039		83,443
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572		(456)
(Profit) and loss sharing under collaboration agreements	—		(1,025)
Other segment items4	46,965		(77,650)
Net income	$	158,203	169,548

1.Research and development - internal is comprised of internally generated costs such as salaries, travel, regulatory costs, lab costs, contracting, etc.

2.Research and development - external is comprised of specific program spend with external vendors (i.e. contract manufacturing organization, contract research organization and lab vendors for clinical, technical operations and toxicology services).

3.Other research and development is comprised of all other costs including certain one-time costs resulting from the acquisition of IPR&D assets and one-time development milestone expenses.

4.Other segment items is comprised of interest income, interest expense, realized and unrealized (gain) loss on equity investments, other, net, and provision for income taxes.

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

3 Months Ended

Mar. 31, 2025

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
	March 31,
	2025		2024
Customer A	14	%	17	%
Customer B	10	%	11	%
Customer C	20	%	18	%
Customer D	14	%	12	%
Customer E	9	%	10	%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 465,659	$ 469,917
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)	193,783,446	193,434,305
Common stock, shares outstanding (in shares)	193,783,446	193,434,305

License Agreements - Lilly (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		184 Months Ended
	Dec. 31, 2009	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025
License Agreements
Total revenues		$ 1,052,898	$ 880,889
Eli Lilly \| OLUMIANT
License Agreements
Total revenues		$ 30,800	$ 30,600
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

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

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		Unrealized Gains		Unrealized Losses		Fair Value
March 31, 2025
Debt securities (government)	$	465,659	$	1,524	$	(247)	$	466,936

December 31, 2024
Debt securities (government)	$	469,917	$	971	$	(625)	$	470,263

The table below summarizes the contractual maturities of our available-for-sale debt securities as of March 31, 2025 (in thousands):


	Total		Less than 1 Year		1-5 Years
Fair value of debt securities (government)	$	466,936	$	256,929	$	210,007

Our available-for-sale debt securities generally have contractual maturity dates of between 12 to 18 months. Debt security assets were assessed for risk of expected credit losses. As of March 31, 2025 and December 31, 2024, the available-for-sale debt securities were held in U.S.-government backed securities and in Treasury bonds and were assessed on an individual security basis to have a de minimis risk of credit loss.

Fair Value Measurements

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

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

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

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

Recurring Fair Value Measurements

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

At March 31, 2025 and December 31, 2024, 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 three months ended March 31, 2025.

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2025
Cash and cash equivalents	$	1,941,722	$	—	$	—	$	1,941,722
Debt securities (government)	—		466,936		—		466,936
Long term equity investments (Note 8)	17,463		—		—		17,463
Total assets	$	1,959,185	$	466,936	$	—	$	2,426,121


	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, 2024
Cash and cash equivalents	$	1,687,829	$	—	$	—	$	1,687,829
Debt securities (government)	—		470,263		—		470,263
Long term equity investments (Note 8)	18,814		—		—		18,814
Total assets	$	1,706,643	$	470,263	$	—	$	2,176,906

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of March 31, 2025
Acquisition-related contingent consideration	$	—	$	—	$	195,000	$	195,000
Total liabilities	$	—	$	—	$	195,000	$	195,000


	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, 2024
Acquisition-related contingent consideration	$	—	$	—	$	193,000	$	193,000
Total liabilities	$	—	$	—	$	193,000	$	193,000

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


	2025
Balance at January 1,	$	193,000
Contingent consideration earned during the period but not yet paid	(9,572)

Change in fair value of contingent consideration	11,572
Balance at March 31,	$	195,000

The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10%. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the condensed consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of March 31, 2025 and December 31, 2024 included a discount rate of 10% and updated projections of future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment. The change in fair value of the contingent consideration during the three months ended March 31, 2025 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 earned in the previous quarter. As of March 31, 2025 and December 31, 2024, contingent consideration earned but not yet paid was $9.6 million and $10.0 million, respectively, and was included in accrued and other current liabilities.

- Definition

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

+ References

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+ Details

Fair Value of Financial Instruments - Schedule of Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Estimate of Fair Value Measurement $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Roll forward of Level 3 liabilities
Balance at the beginning of the period	$ 193,000
Contingent consideration earned during the period but not yet paid	(9,572)
Change in fair value of contingent consideration	11,572
Balance at the end of the period	$ 195,000

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

3 Months Ended

Mar. 31, 2025

Dec. 31, 2024

^[1]

Inventory [Line Items]

Inventories - current

$ 63,975

$ 58,872

Inventories-noncurrent

365,311

$ 348,327

Inventory incurred prior to FDA approval

$ 27,700

Minimum

Inventory [Line Items]

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

4 months

Maximum

Inventory [Line Items]

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

38 months

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

Segment Reporting - Schedule of Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 1,052,898	$ 880,889
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	73,188	60,956
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572	(456)
(Profit) and loss sharing under collaboration agreements	0	(1,025)
Net income	158,203	169,548
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	1,052,898	880,889
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	73,188	60,956
Research and development - internal	228,345	223,096
Research and development - external	193,434	205,164
Other research and development	15,500	1,000
Sales and marketing	257,652	216,813
General and administrative	68,039	83,443
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572	(456)
(Profit) and loss sharing under collaboration agreements	0	(1,025)
Other segment items	46,965	(77,650)
Net income	158,203	169,548
Product revenues, net
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	922,274	729,923
Product revenues, net \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	922,274	729,923
Product royalty revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	130,624	125,966
Product royalty revenues \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	130,624	125,966
Milestone and contract revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	0	25,000
Milestone and contract revenues \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 0	$ 25,000

Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 14. Employee Benefit Plans

Defined Contribution Plans

We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three months ended March 31, 2025 and 2024 was $5.8 million and $5.4 million, respectively.

Defined Benefit Pension Plans

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

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


	Three Months Ended March 31,
	2025		2024
Service cost	$	3,642	$	2,621
Interest cost	437		441
Expected return on plan assets	(1,672)		(1,483)
Amortization of prior service cost	194		201
Amortization of actuarial losses	318		87
Net periodic benefit cost	$	2,919	$	1,867

The components of net periodic benefit cost other than the service cost component are included in Other, net on the condensed consolidated statements of operations. We expect to contribute a total of $10.1 million to the pension plans in 2025 inclusive of the amounts contributed to the plan during the current period.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stock Compensation - Schedule of Option Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details) - Share-based Payment Arrangement, Option	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Option Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	12,777,974
Options granted (in shares) \| shares	527,420
Options exercised (in shares) \| shares	(50,238)
Options cancelled (in shares) \| shares	(151,857)
Outstanding at the end of the period (in shares) \| shares	13,103,299
Stock Options Weighted Average Price
Weighted average price of options at the beginning of the period (in USD per share) \| $ / shares	$ 83.45
Options granted (in USD per share) \| $ / shares	71.93
Options exercised (in USD per share) \| $ / shares	64.50
Options cancelled (in USD per share) \| $ / shares	76.71
Weighted average price of options at the end of the period (in USD per share) \| $ / shares	$ 83.13

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 158,203	$ 169,548
Other comprehensive income (loss):
Foreign currency translation gain (loss)	5,440	(17,820)
Unrealized gain (loss) on marketable securities, net of tax	931	(1,746)
Defined benefit pension gain, net of tax	512	288
Other comprehensive income (loss)	6,883	(19,278)
Comprehensive income	$ 165,086	$ 150,270

- Definition

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

- Definition

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

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+ Details

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Revenues
Total revenues	$ 1,052,898	$ 880,889
Product revenues, net
Revenues
Total revenues	922,274	729,923
JAKAFI
Revenues
Total revenues	709,412	571,839
OPZELURA
Revenues
Total revenues	118,705	85,724
ICLUSIG
Revenues
Total revenues	29,544	30,343
PEMAZYRE
Revenues
Total revenues	18,440	17,676
MINJUVI/MONJUVI
Revenues
Total revenues	29,551	23,874
NIKTIMVO
Revenues
Total revenues	13,613	0
ZYNYZ
Revenues
Total revenues	3,009	467
Product royalty revenues
Revenues
Total revenues	130,624	125,966
JAKAVI Royalty Revenues
Revenues
Total revenues	92,145	89,595
OLUMIANT Royalty Revenues
Revenues
Total revenues	30,800	30,589
TABRECTA Royalty Revenues
Revenues
Total revenues	6,413	5,234
Other product royalty revenues
Revenues
Total revenues	1,266	548
Milestone and contract revenues
Revenues
Total revenues	$ 0	$ 25,000

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 16. Segment Information

We operate in one operating segment, and therefore one reportable segment, focused on the global discovery, development and commercialization of proprietary therapeutics. We manage business activities on a consolidated basis through the development and commercialization of oncology and dermatology products, which are sold to U.S. and international customers. Our determination that we operate as a single operating segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our chief operating decision maker is the Chief Executive Officer.

The accounting policies for our single operating segment are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2024. Our single operating segment generates revenues from the development and commercialization of oncology and dermatology pharmaceutical products, which are developed by our research and development department, as well as from product royalties, milestone and contract revenues from the out-licensing of our intellectual property to third parties.

For our segment, the chief operating decision maker uses net income or loss, that also is reported on the condensed consolidated statements of operations as consolidated net income, to allocate resources (including employees, property, and financial resources), predominantly during the annual budget and forecasting process. The chief operating decision maker also uses consolidated net income or loss, along with non-financial inputs and qualitative information, to evaluate our performance, establish compensation, monitor budget versus actual results, and decide the level of investment in our various operating activities and other capital allocation activities. The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets.

Net income for our segment was as follows (in thousands):



	Three Months Ended March 31,
	2025		2024
Product revenues, net	922,274		729,923
Product royalty revenues	130,624		125,966
Milestone and contract revenues	—		25,000
Total revenues	1,052,898		880,889

Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	73,188		60,956
Research and development - internal1	228,345		223,096
Research and development - external2	193,434		205,164
Other research and development3	15,500		1,000
Sales and marketing	257,652		216,813
General and administrative	68,039		83,443
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572		(456)
(Profit) and loss sharing under collaboration agreements	—		(1,025)
Other segment items4	46,965		(77,650)
Net income	$	158,203	169,548

1.Research and development - internal is comprised of internally generated costs such as salaries, travel, regulatory costs, lab costs, contracting, etc.

3.Other research and development is comprised of all other costs including certain one-time costs resulting from the acquisition of IPR&D assets and one-time development milestone expenses.

4.Other segment items is comprised of interest income, interest expense, realized and unrealized (gain) loss on equity investments, other, net, and provision for income taxes.

During the three months ended March 31, 2025, total revenues from the United States were approximately $981.6 million, total revenues from Europe were approximately $68.6 million, and total revenues from other countries were approximately $2.7 million. During the three months ended March 31, 2024, total revenues from the United States were approximately $828.2 million, total revenues from Europe were approximately $51.5 million, and total revenues from other countries were approximately $1.2 million.

As of March 31, 2025, property and equipment, net was approximately $469.6 million in the United States, approximately $282.7 million in Switzerland and approximately $13.0 million in other countries. As of December 31, 2024, property and equipment, net was approximately $474.1 million in the United States, approximately $277.6 million in Switzerland and approximately $11.7 million in other countries.

- Definition

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

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+ Details

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

1 Months Ended

3 Months Ended

43 Months Ended

Aug. 31, 2024

Sep. 30, 2021

Mar. 31, 2025

Mar. 31, 2024

Mar. 31, 2025

Dec. 31, 2024

License Agreements

Long term equity investments

$ 17,463

$ 18,814

^[1]

Research and development

$ 437,279

$ 429,260

Investment in Syndax

License Agreements

Common stock held from investment (in shares)

1,400,000

Long term equity investments

$ 17,500

18,800

Unrealized gain (loss) on long term investments

(1,300)

3,100

Syndax

License Agreements

Upfront payment under license agreement

129,500

Research and development

4,700

$ 7,100

Accrued and other liabilities

$ 2,100

2,100

$ 2,200

Syndax | UNITED STATES | Syndax

License Agreements

Funding of future development costs (as a percent)

45.00%

Syndax | Incyte

License Agreements

Funding of future development costs (as a percent)

55.00%

Syndax | Incyte | UNITED STATES

License Agreements

Funding of future development costs (as a percent)

55.00%

Syndax | Regulatory Milestone

License Agreements

Milestone payment made under license agreement

$ 12,500

Milestone payment, estimated useful life (in years)

10 years

Syndax | Development and Regulatory Milestones | Maximum

License Agreements

Additional milestone payments under the license agreement

$ 207,500

207,500

Syndax | Commercialization Milestones | Maximum

License Agreements

Additional milestone payments under the license agreement

$ 230,000

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

License Agreements - Agenus (Details) - USD ($) $ in Millions	3 Months Ended	123 Months Ended
	Mar. 31, 2024	Mar. 31, 2025
Agenus
License Agreements
Unrealized loss on long term investments	$ 3.0
Development, Regulatory and Commercialization Milestones \| Agenus
License Agreements
Milestone payment made under license agreement		$ 30.0
Additional milestone payments under the license agreement		$ 500.0

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2025, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2025 and 2024, 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, 2024 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, 2024. 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 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, and are applicable for disclosures in our Annual Report on Form 10-K beginning with the year ending December 31, 2025. We are currently evaluating the impact that ASU No. 2023-09 will have on our condensed consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses (DISE).” This new guidance applies to all public entities and requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. Public entities must adopt the new standard prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are currently evaluating the impact ASU No. 2024-03 will have on our consolidated financial statements and related disclosures.

Stock Compensation - Schedule of Shares Available For Grant (Details)	3 Months Ended
	Mar. 31, 2025 shares
Available Shares for Grant
Beginning Balance (in shares)	4,013,611
Options, RSUs and PSUs granted and issuance of shares for services rendered (in shares)	(1,223,546)
Options, RSUs and PSUs cancelled (in shares)	369,889
Ending Balance (in shares)	3,159,954

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of March 31, 2025, the condensed consolidated statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the three months ended March 31, 2025 and 2024, 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, 2024 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, 2024.
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 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, and are applicable for disclosures in our Annual Report on Form 10-K beginning with the year ending December 31, 2025. We are currently evaluating the impact that ASU No. 2023-09 will have on our condensed consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses (DISE).” This new guidance applies to all public entities and requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. Public entities must adopt the new standard prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are currently evaluating the impact ASU No. 2024-03 will have on our consolidated financial statements and related disclosures.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 158,203	$ 169,548

- Definition

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

+ References

+ Details

Net Income Per Share - Schedule of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Basic Net Income (Loss) Per Share
Basic net income	$ 158,203	$ 169,548
Weighted average common shares outstanding (in shares)	193,712	224,484
Basic net income per share ( in USD per share)	$ 0.82	$ 0.76
Diluted Net Income (Loss) Per Share
Diluted net income	$ 158,203	$ 169,548
Weighted average common shares outstanding (in shares)	193,712	224,484
Dilutive stock options and awards ( in shares)	4,485	2,735
Weighted average shares used to compute diluted net income per share ( in shares)	198,197	227,219
Diluted net income per share ( in USD per share)	$ 0.80	$ 0.75

- Definition

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

+ References

+ Details

- Definition

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.

+ References

+ Details

- Definition

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

+ References

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+ Details

- Definition

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

Concentration of Credit Risk and Current Expected Credit Losses

3 Months Ended

Mar. 31, 2025

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, 16% and 19% of the accounts receivable balance as of March 31, 2025 and December 31, 2024, respectively. For further information relating to these collaboration and license agreements, refer to Note 8.

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


	Percentage of Total Net Product Revenues for the Three Months Ended
	March 31,
	2025		2024
Customer A	14	%	17	%
Customer B	10	%	11	%
Customer C	20	%	18	%
Customer D	14	%	12	%
Customer E	9	%	10	%

We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D and E comprised, in the aggregate, 51% and 52% of the accounts receivable balance as of March 31, 2025 and December 31, 2024, respectively. The concentration of credit risk relating to our other product revenues or accounts receivable is not significant.

We assessed our collaborative and customer receivable assets as of March 31, 2025 according to our accounting policy for applying reserves for expected credit losses, noting minimal history of uncollectible receivables and the continued perceived creditworthiness of our third party sales relationships, upon which the expected credit losses were considered de minimis. As of March 31, 2025 and December 31, 2024, we had no allowance for doubtful accounts.

Organization and Business (Details)	3 Months Ended
Organization and Business (Details)	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Inventory - Schedule of Inventory Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 29,873	$ 27,590
API and Work-in-process	351,911	331,178
Finished goods	47,502	48,431
Total inventory	$ 429,286	$ 407,199

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

Total

Common Stock

Additional Paid-in Capital

Accumulated Other Comprehensive Loss

Retained Earnings (Accumulated Deficit)

Beginning balance at Dec. 31, 2023

$ 5,189,837

$ 224

$ 5,016,122

$ 13,106

$ 160,385

Increase (Decrease) in Stockholders' Equity

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

(5,697)

Issuance of shares of Common Stock for services rendered

Stock compensation

59,781

Other comprehensive income (loss)

(19,278)

Net income (loss)

169,548

Ending balance at Mar. 31, 2024

5,394,271

224

5,070,286

(6,172)

329,933

Beginning balance at Dec. 31, 2024

3,447,628

^[1]

193

4,533,437

(13,121)

(1,072,881)

Increase (Decrease) in Stockholders' Equity

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

(6,215)

Issuance of shares of Common Stock for services rendered

Stock compensation

60,982

Other comprehensive income (loss)

6,883

Net income (loss)

158,203

Ending balance at Mar. 31, 2025

$ 3,667,563

$ 193

$ 4,588,286

$ (6,238)

$ (914,678)

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

- Definition

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

+ References

+ Details

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

Note 10. Accrued and Other Current Liabilities

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


	March 31, 2025		December 31, 2024
Royalties	$	549,246	$	519,881
Clinical related costs	132,726		132,446
Sales allowances	467,787		438,053
Sales and marketing	53,761		33,439
Accrued taxes	91,696		23,781
Operating lease liabilities	5,998		5,583
Other current liabilities	74,524		58,865
Total accrued and other current liabilities	$	1,375,738	$	1,212,048

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

Mar. 31, 2025

Dec. 31, 2024

^[1]

Current assets:

Cash and cash equivalents

$ 1,941,722

$ 1,687,829

Marketable securities—available-for-sale (amortized cost $465,659 and $469,917 as of March 31, 2025 and December 31, 2024, respectively; allowance for credit losses $0 as of March 31, 2025 and December 31, 2024)

466,936

470,263

Accounts receivable

823,134

853,154

Inventory

63,975

58,872

Prepaid expenses and other current assets

211,654

168,912

Total current assets

3,507,421

3,239,030

Restricted cash

1,665

1,622

Long term equity investments

17,463

18,814

Inventory

365,311

348,327

Property and equipment, net

765,359

763,411

Finance lease right-of-use assets, net

29,892

30,803

Other intangible assets, net

107,611

113,803

Goodwill

155,593

Deferred income tax asset

768,899

762,071

Other assets, net

30,151

10,848

Total assets

5,749,365

5,444,322

Current liabilities:

Accounts payable

195,537

197,465

Accrued compensation

102,820

188,677

Accrued and other current liabilities

1,375,738

1,212,048

Finance lease liabilities

4,478

4,419

41,717

39,238

Total current liabilities

1,720,290

1,641,847

153,283

153,762

Finance lease liabilities

32,643

33,542

Other liabilities

175,586

167,543

Total liabilities

2,081,802

1,996,694

Commitments and contingencies (Note 15)

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; 193,783,446 and 193,434,305 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

193

Additional paid-in capital

4,588,286

4,533,437

Accumulated other comprehensive loss

(6,238)

(13,121)

Accumulated deficit

(914,678)

(1,072,881)

Total stockholders’ equity

3,667,563

3,447,628

Total liabilities and stockholders’ equity

$ 5,749,365

$ 5,444,322

[1]	The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date.

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31, 2025		December 31, 2024
Office equipment	$	23,825	$	23,710
Laboratory equipment	234,925		229,797
Computer equipment	159,805		156,859
Land	15,531		15,395
Building and leasehold improvements	602,465		597,342
Operating lease right-of-use assets	22,263		22,230
Construction in progress	50,176		46,062
	1,108,990		1,091,395
Less accumulated depreciation and amortization	(343,631)		(327,984)
Property and equipment, net	$	765,359	$	763,411

Employee Benefit plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Service cost	$ 3,642	$ 2,621
Interest cost	437	441
Expected return on plan assets	(1,672)	(1,483)
Amortization of prior service cost	194	201
Amortization of actuarial losses	318	87
Net periodic benefit cost	$ 2,919	$ 1,867

Concentration of Credit Risk and Current Expected Credit Losses - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Concentration of risk
Allowance for doubtful accounts	$ 0	$ 0
Novartis and Lilly \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	16.00%	19.00%
Customer A, B, C, D and E \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	51.00%	52.00%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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)	363,987	245,228
Issuance of shares of Common Stock for services rendered (in shares)	1,208	1,359

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	May 30, 2024	Feb. 05, 2024	Mar. 31, 2025
Escient
Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 782.5
Xencor
Asset Acquisition [Line Items]
Payment to acquire license agreement			$ 12.5
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			174.0
Commercialization Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement			$ 50.0
Expiration period (in years)		11 years
MorphoSys AG
Asset Acquisition [Line Items]
Payment to acquire license agreement		$ 25.0

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost


	Three Months Ended March 31,
	2025		2024
Service cost	$	3,642	$	2,621
Interest cost	437		441
Expected return on plan assets	(1,672)		(1,483)
Amortization of prior service cost	194		201
Amortization of actuarial losses	318		87
Net periodic benefit cost	$	2,919	$	1,867

Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	Three Months Ended March 31,
	2025		2024
JAKAFI revenues, net	$	709,412	$	571,839
OPZELURA revenues, net	118,705		85,724
ICLUSIG revenues, net	29,544		30,343
PEMAZYRE revenues, net	18,440		17,676
MINJUVI/MONJUVI revenues, net	29,551		23,874
NIKTIMVO revenues, net	13,613		—
ZYNYZ revenues, net	3,009		467
Total product revenues, net	922,274		729,923
JAKAVI product royalty revenues	92,145		89,595
OLUMIANT product royalty revenues	30,800		30,589
TABRECTA product royalty revenues	6,413		5,234
Other product royalty revenues	1,266		548
Total product royalty revenues	130,624		125,966
Milestone and contract revenues	—		25,000
Total revenues	$	1,052,898	$	880,889

Property and Equipment, net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 9. Property and Equipment, net

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


	March 31, 2025		December 31, 2024
Office equipment	$	23,825	$	23,710
Laboratory equipment	234,925		229,797
Computer equipment	159,805		156,859
Land	15,531		15,395
Building and leasehold improvements	602,465		597,342
Operating lease right-of-use assets	22,263		22,230
Construction in progress	50,176		46,062
	1,108,990		1,091,395
Less accumulated depreciation and amortization	(343,631)		(327,984)
Property and equipment, net	$	765,359	$	763,411

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 year ended December 31, 2024, we capitalized $4.9 million of land and $19.5 million of building and parking garage. As of March 31, 2025 we have $33.9 million of construction in progress relating to the downtown Wilmington properties.

License Agreements	3 Months Ended
License Agreements	Mar. 31, 2025
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, 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. Initially, we were eligible to receive up to $174.0 million for the achievement of development milestones, up to $495.0 million for the achievement of regulatory milestones and up to $500.0 million for the achievement of sales milestones. In addition, we were initially eligible to receive up to $75.0 million of additional potential development and regulatory milestones relating to graft-versus-host-disease (“GVHD”). Since the inception of the agreement through March 31, 2025, we have recognized and received, in the aggregate, $157.0 million for the achievement of development milestones, $345.0 million for the achievement of regulatory milestones, and $200.0 million for the achievement of sales milestones. We also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12% to 14%. We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States contingent on certain conditions. During the three months ended March 31, 2025 and 2024, such royalties on net sales within the United States totaled $29.8 million and $23.0 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. At March 31, 2025 and December 31, 2024, approximately $537.1 million and $507.4 million, respectively, of accrued royalties were included in accrued and other current liabilities on the condensed consolidated balance sheets. Payment of accrued royalties, if any, is dependent on the outcome of a contract dispute with Novartis pending in the U.S. District Court for the Southern District of New York. A trial has been scheduled for May 2025. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three months ended March 31, 2025 and 2024 was $92.1 million and $89.6 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three months ended March 31, 2025 and 2024 was $6.4 million and $5.2 million, respectively. Lilly – Baricitinib In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to our JAK inhibitor baricitinib, and certain back-up compounds for inflammatory and autoimmune diseases. Under this agreement, we were initially eligible to receive up to $150.0 million for the achievement of development milestones, up to $365.0 million for the achievement of regulatory milestones and up to $150.0 million for the achievement of sales milestones. Since the inception of the agreement through March 31, 2025, we have recognized and received, in aggregate, $149.0 million for the achievement of development milestones, $335.0 million for the achievement of regulatory milestones and $50.0 million for the achievement of sales milestones. We are also eligible to receive tiered, double-digit royalties on future global sales with rates ranging up to the mid-twenties if a product is successfully commercialized. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three months ended March 31, 2025 and 2024 was $30.8 million and $30.6 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 agreed to collaborate on the discovery of novel immuno-therapeutics using Agenus’ antibody discovery platforms. In February 2025, we provided Agenus with notice that we are terminating the parties’ agreement based upon a strategic review. Under the terms of the agreement, the termination will become effective in February 2026, unless Agenus agrees to accelerate the notice period. Since the inception of the agreement through March 31, 2025, 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. During 2024, we sold our shares of Agenus Inc. common stock, and as of December 31, 2024, we had no remaining investment in Agenus Inc. common stock. For the three months ended March 31, 2024 we recorded an unrealized loss of $3.0 million based on the change in fair value of Agenus Inc.’s common stock during the respective period. Merus In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. (“Merus”). Under this agreement, the parties have agreed to collaborate with respect to the research, discovery and development of bispecific antibodies utilizing Merus’ technology platform. The collaboration encompasses up to ten independent programs. Since the inception of the agreement through March 31, 2025, we have paid and expensed Merus milestones totaling $10.0 million. During 2024, we sold our investment of Merus’ common shares, and as of December 31, 2024, we had no remaining investment in Merus’ common shares. For the three months ended March 31, 2024 we recorded an unrealized gain of $70.2 million, based on the change in fair value of remaining Merus’ common shares during the respective period. 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. Since the inception of the agreement, inclusive of the July 2022 and July 2024 amendments to the agreement, through March 31, 2025, 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 months ended March 31, 2025 and 2024 also included $7.1 million and $12.1 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At March 31, 2025 and December 31, 2024, a total of $0.0 million and $0.5 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 2024, we sold our investment of MorphoSys AG’s ordinary shares, and as of December 31, 2024, we had no remaining investment in MorphoSys AG’s ordinary shares. For the three months ended March 31, 2024, we recorded an unrealized gain of $29.9 million, respectively, based on the change in fair value of MorphoSys AG’s ordinary shares during the respective period. 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. 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. 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”). Under the terms of our agreement, we received exclusive commercialization rights to axatilimab outside of the United States and share commercialization rights in the United States with Syndax. We are responsible for leading the commercialization strategy and booking all revenue from sales of axatilimab globally. Incyte and Syndax share equally the profits and losses from the co-commercialization efforts in the United States. Sales of axatilimab outside the United States are subject to our royalty payment obligations to Syndax, as set forth below. We and Syndax have agreed to co-develop axatilimab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and Syndax responsible for 45% of such costs. Each company is responsible for funding any independent development activities. 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 March 31, 2025, 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 March 31, 2025, 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. Syndax’s right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of patent rights in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product comprising axatilimab in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country. As of March 31, 2025, we held an investment of approximately 1.4 million shares of Syndax common stock. The fair market value of our long term investment in Syndax as of March 31, 2025 and December 31, 2024 was $17.5 million and $18.8 million, respectively. For the three months ended March 31, 2025 and 2024, we recorded an unrealized loss of $1.3 million and gain of $3.1 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Research and development expenses for the three months ended March 31, 2025 and 2024, includes $4.7 million and $7.1 million, respectively, related to our 55% share of the co-development costs for axatilimab. At March 31, 2025 and December 31, 2024, $2.1 million and $2.2 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues	$ 1,052,898	$ 880,889
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	73,188	60,956
Research and development	437,279	429,260
Selling, general and administrative	325,691	300,256
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572	(456)
(Profit) and loss sharing under collaboration agreements	0	(1,025)
Total costs, expenses and other	847,730	788,991
Income from operations	205,168	91,898
Interest income	22,929	46,770
Interest expense	(660)	(430)
(Loss) gain on equity investments	(1,343)	99,947
Other, net	8,096	(2,026)
Income before provision for income taxes	234,190	236,159
Provision for income taxes	75,987	66,611
Net income	$ 158,203	$ 169,548
Net income per share:
Basic (in USD per share)	$ 0.82	$ 0.76
Diluted (in USD per share)	$ 0.80	$ 0.75
Shares used in computing net income per share:
Basic (in shares)	193,712	224,484
Diluted (in shares)	198,197	227,219
Product revenues, net
Revenues:
Total revenues	$ 922,274	$ 729,923
Product royalty revenues
Revenues:
Total revenues	130,624	125,966
Milestone and contract revenues
Revenues:
Total revenues	$ 0	$ 25,000

Fair Value of Financial Instruments - Narrative (Details) - ARIAD $ in Millions		3 Months Ended	12 Months Ended
	Jun. 01, 2016	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ 9.6	$ 10.0
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

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Defined contribution expense	$ 5.8	$ 5.4
Current year expected contributions total	$ 10.1

License Agreements - Merus (Details) $ in Millions	1 Months Ended	3 Months Ended	100 Months Ended
License Agreements - Merus (Details) $ in Millions	Dec. 31, 2016 item	Mar. 31, 2024 USD ($)	Mar. 31, 2025 USD ($)
Merus
License Agreements
(Loss) gain on equity investments		$ 70.2
Merus
License Agreements
Number of independent programs \| item	10
Milestone payment made under license agreement			$ 10.0

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

License Agreements - MacroGenics (Details) - USD ($) $ in Thousands	3 Months Ended		90 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2024
License Agreements
Research and development	$ 437,279	$ 429,260
MacroGenics
License Agreements
Research and development	7,100	$ 12,100
Accrued and other liabilities	$ 0		$ 0	$ 500
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%
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
Commercialization Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement	$ 330,000		$ 330,000

Stock Compensation - Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
RSU and PSU Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	8,656,803
Outstanding at the end of the period (in shares) \| shares	8,450,295
RSU and PSU Grant Price
Grant date value of shares outstanding at the beginning of the period (in USD per share) \| $ / shares	$ 67.81
Grant date value of shares at the end of the period (in USD per share) \| $ / shares	$ 67.18
Restricted Stock Units (RSUs)
RSU and PSU Activity Shares
Granted (in shares) \| shares	347,459
Released (in shares) \| shares	(444,951)
Cancelled (in shares) \| shares	(109,016)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 71.99
Released (in USD per share) \| $ / shares	83.23
Cancelled (in USD per share) \| $ / shares	$ 67.17

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 158,203	$ 169,548
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,362	21,947
Stock-based compensation	60,982	59,778
Deferred income taxes	(6,706)	(34,251)
Other, net	5,292	2,954
Loss (gain) on equity investments	1,343	(99,947)
Loss (gain) on change in fair value of acquisition-related contingent consideration	11,572	(456)
Changes in operating assets and liabilities:
Accounts receivable	30,955	(1,969)
Prepaid expenses and other assets	(62,045)	(1,698)
Inventory	(28,574)	(57,197)
Accounts payable	(2,159)	54,637
Accrued and other liabilities	74,842	105,465
Net cash provided by operating activities	266,067	218,811
Cash flows from investing activities:
Sale of equity investments	8	0
Capital expenditures	(3,169)	(9,549)
Purchases of marketable securities	(41,236)	(165,808)
Sale and maturities of marketable securities	45,494	102,245
Net cash provided by (used in) investing activities	1,097	(73,112)
Cash flows from financing activities:
Proceeds from issuance of common stock under stock plans	3,239	477
Tax withholdings related to restricted and performance share vesting	(9,454)	(6,174)
Payment of finance lease liabilities	(1,090)	(871)
Payment of contingent consideration	(5,371)	(5,845)
Net cash used in financing activities	(12,676)	(12,413)
Effect of exchange rates on cash, cash equivalents, and restricted cash	(552)	(676)
Net increase in cash, cash equivalents, and restricted cash	253,936	132,610
Cash, cash equivalents, and restricted cash at beginning of period	1,689,451	3,215,221
Cash, cash equivalents, and restricted cash at end of period	1,943,387	3,347,831
Supplemental Schedule of Cash Flow Information
Income taxes paid	844	2,691
Unpaid purchases of property and equipment	2,890	383
Unpaid excise tax on repurchase of common stock	19,185	0
Leased assets obtained in exchange for new operating lease liabilities	1,171	0
Leased assets obtained in exchange for new finance lease liabilities	$ 220	$ 550

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. Commitments and Contingencies Commitments In August 2021, we entered into a revolving credit and guaranty agreement, which was subsequently amended in May 2023 and June 2024 (as amended, the “Credit Agreement”), among Incyte Corporation, as borrower, our subsidiary Incyte Holdings Corporation, as a guarantor, a group of lenders (the “Lenders”), and J.P. Morgan Chase Bank, N.A., as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $500.0 million. The June 2024 amendment to the Credit Agreement extended the maturity date of the revolving credit facility from August 2024 to June 2027. We may increase the maximum revolving commitments or add one or more incremental term loan facilities to the Credit Agreement, subject to obtaining commitments from any participating lenders and certain other conditions, in an amount not to exceed (1) $250.0 million plus (2) an additional amount, so long as after giving effect to the incurrence of such additional amount, our pro forma consolidated leverage ratio would not exceed 0.25:1.00 above our consolidated leverage ratio in effect immediately prior to giving effect to such increase. Loans under the Credit Agreement will bear interest, at our option, at a per annum rate equal to either (a) a base rate (but not less than 1.00%) plus an applicable rate per annum varying from 0.125% to 0.875% depending on our consolidated leverage ratio or (b) a rate based on the secured overnight financing rate (“SOFR”) plus a credit spread adjustment of 0.10% (but not less than 0.00%), plus an applicable rate per annum varying from 1.125% to 1.875% depending on our consolidated leverage ratio. Commitment fees payable on the undrawn commitment range from 0.15% per annum to 0.225% per annum, based on our consolidated leverage ratio. We may, at our option, prepay any borrowings under the Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty, subject to customary exceptions. As of March 31, 2025 and December 31, 2024, we had no outstanding borrowings and were in compliance with all covenants under this facility. Contingencies In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We have entered into the collaboration agreements described in Note 8, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products. We brought a lawsuit against the U.S. Centers for Medicare and Medicaid Services (“CMS”) alleging that a recent regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program is too broad and has the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. We believe that such a reading would violate CMS’s statutory authority and be arbitrary and capricious given that OPZELURA, among other differentiators, is indicated to treat entirely different medical conditions and entirely different patient populations than JAKAFI. As of March 31, 2025, we have accrued approximately $145.4 million within accrued and other current liabilities on the condensed consolidated balance sheet, relating to the incremental rebates that would be owed were OPZELURA considered a line extension of JAKAFI. The impact on OPZELURA gross to net deductions for the quarter ending March 31, 2025 is approximately 7.3%. If OPZELURA is not treated as a line extension of JAKAFI, this would result in a reversal of our accrual and a lower future gross to net deduction for OPZELURA. In addition, as described in Note 8, we have an outstanding contractual dispute with Novartis relating to royalties allegedly owed or the amount of royalties owed on JAKAFI net sales within the United States, as well as various disputes related to potential generic competition for our products, as described under Part II, Item 1A. “Risk Factors—Risks Relating to Commercialization of Our Products— Competition for our products could harm our business and result in a decrease in our revenue” below.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Note 6. Acquisitions Tafasitamab On February 5, 2024, pursuant to a purchase agreement with MorphoSys AG and MorphoSys US Inc., a wholly-owned subsidiary of MorphoSys AG (together with MorphoSys AG, "MorphoSys"), we acquired 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 recognize revenue and costs for all U.S. commercialization and clinical development and MorphoSys is 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 also became 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. During the first quarter of 2025, we paid Xencor a development milestone of $12.5 million for the U.S. Food and Drug Administration's acceptance of the Biologics License Application filing for the use of tafasitamab for follicular lymphoma. Xencor is entitled to receive up to an additional $174.0 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 with Escient. 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.

Net Income Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

Note 13. Net Income Per Share

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


	Three Months Ended March 31,
	2025		2024
Basic net income	$	158,203	$	169,548

Weighted average common shares outstanding	193,712		224,484

Basic net income per share	$	0.82	$	0.76

Diluted net income	$	158,203	$	169,548

Weighted average common shares outstanding	193,712		224,484
Dilutive stock options and awards	4,485		2,735
Weighted average shares used to compute diluted net income per share	198,197		227,219

Diluted net income per share	$	0.80	$	0.75

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


	Three Months Ended March 31,
	2025	2024
Outstanding stock options and awards	11,075,503	13,165,842

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Aug. 31, 2021 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
JAKAFI \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingences, gross to net deduction (as percent)		7.30%
JAKAFI \| Accrued and Other Current Liabilities \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingency accrual		$ 145,400,000
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%

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
	Mar. 31, 2025	Mar. 31, 2024
Customer A
Concentration of risk
Percentage of concentration risk	14.00%	17.00%
Customer B
Concentration of risk
Percentage of concentration risk	10.00%	11.00%
Customer C
Concentration of risk
Percentage of concentration risk	20.00%	18.00%
Customer D
Concentration of risk
Percentage of concentration risk	14.00%	12.00%
Customer E
Concentration of risk
Percentage of concentration risk	9.00%	10.00%