0000879169-26-000010 | 10-K | XBRL Viewer

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Collaborative and Other Relationships - MacroGenics (Details) - MacroGenics $ in Millions	12 Months Ended	99 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Minimum
License agreements
Royalty payments on future global net sales (as percent)	15.00%
Maximum
License agreements
Royalty payments on future global net sales (as percent)	24.00%
Developmental And Regulatory Milestones
License agreements
Milestone payment made under license agreement		$ 215.0
Development and Regulatory Milestones \| Maximum
License agreements
Additional milestone payments under the license agreement	$ 210.0	210.0
Commercialization Milestones \| Maximum
License agreements
Additional milestone payments under the license agreement	$ 330.0	$ 330.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 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
Pablo Cagnoni [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Pablo Cagnoni, our President, Research and Development, adopted a trading plan on November 20, 2025 providing for the sale of up to an aggregate of 56,002 shares of our common stock until November 20, 2026.
Name	Pablo Cagnoni
Title	President, Research and Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2025
Expiration Date	November 20, 2026
Arrangement Duration	365 days
Aggregate Available	56,002

Revenues

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Note 2. Revenues

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


	For the Years Ended, December 31,
	2025		2024		2023
JAKAFI revenues, net	$	3,092,515	$	2,792,107	$	2,593,732
OPZELURA revenues, net	678,455		508,293		337,864
ICLUSIG revenues, net	134,071		114,319		111,623
MINJUVI/MONJUVI revenues, net	144,578		119,236		37,057
PEMAZYRE revenues, net	86,727		81,748		83,642
NIKTIMVO revenues, net	151,636		—		—
ZYNYZ revenues, net	66,351		3,185		1,250
Total product revenues, net	4,354,333		3,618,888		3,165,168
JAKAVI product royalty revenues	457,729		418,840		367,583
OLUMIANT product royalty revenues	144,600		135,572		136,138
TABRECTA product royalty revenues	26,702		22,746		17,793
Other product royalty revenues	7,878		2,171		1,967
Total product royalty revenues	636,909		579,329		523,481
Milestone and contract revenues	150,000		43,000		7,000
Total revenues	$	5,141,242	$	4,241,217	$	3,695,649

For further information on the MINJUVI/MONJUVI revenues, refer to Note 5 and for further information on our revenue-generating contracts, refer to Note 7.

- Definition

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

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+ Details

Inventory - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventories - current	$ 101,060	$ 58,872
Inventories-noncurrent	342,232	$ 348,327
Inventory incurred prior to FDA approval	$ 43,600
Minimum
Inventory [Line Items]
Period of lower average per unit cost of materials (in months)	9 months
Maximum
Inventory [Line Items]
Period of lower average per unit cost of materials (in months)	31 months

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 03, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 11.2
Entity Common Stock, Shares Outstanding		199,014,486
Documents Incorporated by Reference	Items 10 (as to directors and Section 16(a) Beneficial Ownership Reporting Compliance), 11, 12, 13 and 14 of Part III incorporate by reference information from the registrant’s proxy statement to be filed with the Securities and Exchange Commission in connection with the solicitation of proxies for the registrant’s 2026 Annual Meeting of Stockholders to be held on June 8, 2026.
Entity Central Index Key	0000879169
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic Net Income (Loss) Per Share
Basic net income	$ 1,286,650	$ 32,615	$ 597,599
Weighted average common shares outstanding (in shares)	195,204,000	207,110,000	223,628,000
Basic net income per share (in dollars per share)	$ 6.59	$ 0.16	$ 2.67
Diluted Net Income (Loss) Per Share
Diluted net income	$ 1,286,650	$ 32,615	$ 597,599
Weighted average common shares outstanding (in shares)	195,204,000	207,110,000	223,628,000
Dilutive stock options and awards (in shares)	5,496,000	3,420,000	2,300,000
Weighted average shares used to compute diluted net income per share (in shares)	200,700,000	210,530,000	225,928,000
Diluted net income per share (in dollars per share)	$ 6.41	$ 0.15	$ 2.65
Options
Anti-dilutive securities
Outstanding stock options and awards (in shares)	8,300,526	12,905,281	12,710,250

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The following tables summarize the activity related to reach component of other comprehensive income (loss) during the years ended December 31, 2025, 2024 and 2023:


(Amounts presented net of taxes)	Foreign Currency Translation Gains		Net Unrealized Gains on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2025	$	26,456	$	346	$	(39,923)	$	(13,121)
Other comprehensive income before reclassifications	24,977		1,648		9,691		36,316
Net amount reclassified from accumulated other comprehensive loss	—		—		2,267		2,267
Net other comprehensive income	24,977		1,648		11,958		38,583
Balances at December 31, 2025	$	51,433	$	1,994	$	(27,965)	$	25,462


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Loss)		Net Unrealized Gains (Losses) on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2024	$	44,181	$	(149)	$	(30,926)	$	13,106
Other comprehensive (loss) income before reclassifications	(17,725)		495		(10,471)		(27,701)
Net amount reclassified from accumulated other comprehensive income (loss)	—		—		1,474		1,474
Net other comprehensive (loss) income	(17,725)		495		(8,997)		(26,227)
Balances at December 31, 2024	$	26,456	$	346	$	(39,923)	$	(13,121)


(Amounts presented net of taxes)	Foreign Currency Translation Gains		Net Unrealized Gains (Losses) on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2023	$	18,409	$	(5,037)	$	1,697	$	15,069
Other comprehensive income (loss) before reclassifications	25,772		4,888		(33,394)		(2,734)
Net amount reclassified from accumulated other comprehensive income	—		—		771		771
Net other comprehensive income (loss)	25,772		4,888		(32,623)		(1,963)
Balances at December 31, 2023	$	44,181	$	(149)	$	(30,926)	$	13,106

Inventory - Schedule of Inventory Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 27,860	$ 27,590
API and Work-in-process	343,678	331,178
Finished goods	71,754	48,431
Total inventory	$ 443,292	$ 407,199

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes paid	$ 212,178	$ 373,100	$ 378,200
Decrease in deferred tax assets	246,800
Increase in valuation allowance	126,500	43,400
Tax benefit if unrecognized tax benefits were realized	89,000
Interest and penalties as a component of income tax expense	5,600	8,500
Interest and penalties accrued	$ 24,300	$ 18,700

Collaborative and Other Relationships - MorphoSys (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 05, 2024	Feb. 05, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
License agreements
Gain on equity investments			$ 21,310	$ 116,025	$ 43,893
Research and development			$ 2,050,152	2,606,848	1,627,594
MorphoSys AG
License agreements
Gain on equity investments				$ 30,700	$ 22,900
MorphoSys AG
License agreements
Research and development		$ 10,700
MorphoSys AG \| MorphoSys AG
License agreements
Funding of future development costs	45.00%
MorphoSys AG \| Incyte
License agreements
Funding of future development costs	55.00%

- 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.

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+ Details

Stock Compensation (Tables)

12 Months Ended

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


	Employee Stock Options For the year ended December 31,						Employee Stock Purchase Plan For the year ended December 31,
	2025		2024		2023		2025		2024		2023
Average risk-free interest rates	4.10	%	4.15	%	4.01	%	3.95	%	4.88	%	4.72	%
Average expected life (in years)	5.02		5.03		5.05		0.50		0.50		0.50
Volatility	29	%	30	%	32	%	34	%	27	%	25	%
Weighted-average fair value (in dollars)	24.00		21.07		24.35		15.90		12.34		12.68

Collaborative and Other Relationships - Prelude (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
License agreements
Research and development		$ 2,050,152	$ 2,606,848	$ 1,627,594
Long term equity investments		47,991	$ 18,814
Investment in Prelude
License agreements
Payments to acquire equity securities	$ 25,000
Investment owned (in shares)	6,250,000
Non-voting common stock (in dollars per share)	$ 4.00
Long term equity investments	$ 7,900	18,100
Unrealized gain on equity investments		$ 10,300
Prelude
License agreements
Payment to acquire license agreement	60,000
Upfront payment under license agreement	35,000
Research and development	17,100
Milestone payment made under license agreement	100,000
Prelude \| Clinical And Regulatory Milestones And Single Digit Royalties On Global Net Sales \| Maximum
License agreements
Additional milestone payments under the license agreement	$ 775,000

Concentrations of Credit Risk and Current Expected Credit Losses

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentrations of Credit Risk and Current Expected Credit Losses

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

In November 2009, we entered into a collaboration and license agreement with Novartis. In December 2009, we entered into a license, development and commercialization agreement with Lilly. These two collaboration partners comprised, in aggregate, 17% and 19% of the accounts receivable balance as of December 31, 2025 and 2024, respectively. For further information relating to these collaboration and license agreements, refer to Note 7.

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


	Percentage of Total Net Product Revenues for the Years Ended, December 31,
	2025		2024		2023
Customer A	13	%	15	%	17	%
Customer B	9	%	10	%	10	%
Customer C	21	%	19	%	18	%
Customer D	18	%	17	%	17	%
Customer E	11	%	10	%	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, 54% and 49% of the accounts receivable balance as of December 31, 2025 and 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 December 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.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details

Stockholders' Equity - Narrative (Details) - USD ($)			1 Months Ended		5 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details) - USD ($)	Jun. 26, 2024	Jun. 13, 2024	Jun. 30, 2025	Jun. 30, 2024	May 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2025	May 14, 2024	May 13, 2024	May 12, 2024	May 09, 2024
Stock compensation
Preferred stock, shares authorized (in shares)						5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)						0	0
Common stock, shares authorized (in shares)						400,000,000	400,000,000
Stock repurchased (in shares)				33,325,849
Shares acquired, average cost per share (in dollars per share)				$ 60.00
Repurchase of common stock				$ 2,000,000,000.0
Share repurchase, fees and expenses				24,400,000
Share repurchase program, excise tax				$ 19,100,000
Shares reserved for future issuance related to stock plans (in shares)						9,949,772
Options exercisable and vested (in shares)						8,769,819	10,381,128	9,743,775
Intrinsic value of options exercised						$ 41,800,000	$ 3,200,000	$ 3,200,000
Intrinsic value of options outstanding						198,300,000
Intrinsic value of vested options						195,800,000
Stock compensation expense						$ 249,300,000	$ 266,100,000	$ 215,900,000
Number of shares available for grant for each award granted (in shares)			1		2
Issuance of shares of Common Stock under the ESPP (in shares)						398,373	453,312	380,145
Remaining shares available (in shares)						9,059,040	4,013,611
Employee Stock
Stock compensation
Shares reserved for future issuance related to stock plans (in shares)			11,350,000		10,350,000
Stock compensation expense						$ 6,000,000.0	$ 5,300,000	$ 5,100,000
Employment period for eligibility to participate in the plan						1 month
Issuance of shares of Common Stock under the ESPP (in shares)						398,373	453,312	380,145
Remaining shares available (in shares)						890,732
Options
Stock compensation
Vesting period (in years)						4 years
Options \| Share-based Payment Arrangement, Tranche One
Stock compensation
Vesting period (in years)						1 year
Percentage of units vesting at the end of each calendar year (as a percent)						25.00%
Options \| 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
Performance Shares
Stock compensation
Vesting period (in years)						4 years
Stock compensation expense						$ 19,700,000	$ 30,100,000	$ 17,200,000
Non-employee Director \| Options
Stock compensation
Expiration period (in years)						10 years
Stock Incentive Plan 2010
Stock compensation
Shares reserved for future issuance related to stock plans (in shares)			74,953,475		66,453,475
2024 Inducement Plan
Stock compensation
Shares reserved for future issuance related to stock plans (in shares)			1,000,000						2,000,000
Incyte \| Baker Entities
Stock compensation
Subsidiary, ownership percentage, noncontrolling owner (as percent)													16.40%
Maximum \| Performance Shares
Stock compensation
Vesting period (in years)						6 years
Minimum \| Employee Stock
Stock compensation
Number of employee working hours per week for eligibility to participate in the plan						20 hours
Minimum \| Performance Shares
Stock compensation
Vesting period (in years)						3 years
Board of Directors Approved Share Repurchase Program
Stock compensation
Share repurchase program, authorized, amount											$ 2,000,000,000.0
Dutch Auction Tender Offer
Stock compensation
Share repurchase program, authorized, amount										$ 1,672,000,000
Stock repurchased (in shares)		27,866,666
Shares acquired, average cost per share (in dollars per share)		$ 60.00
Repurchase of common stock		$ 1,672,000,000
Dutch Auction Tender Offer \| Maximum
Stock compensation
Share repurchase program, tender offer (in dollars per share)											$ 60.00
Dutch Auction Tender Offer \| Minimum
Stock compensation
Share repurchase program, tender offer (in dollars per share)											$ 52.00
Baker Entities Share Repurchase Program
Stock compensation
Share repurchase program, authorized, amount												$ 328,000,000
Stock repurchased (in shares)	5,459,183
Shares acquired, average cost per share (in dollars per share)	$ 60.00
Repurchase of common stock	$ 328,000,000

Collaborative and Other Relationships	12 Months Ended
Collaborative and Other Relationships	Dec. 31, 2025
License Agreements
Collaborative and Other Relationships	Note 7. Collaborative and Other Relationships 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. We were initially eligible to receive up to $174.0 million for the achievement of development milestones, up to $495.0 million for the achievement of regulatory milestones and up to $500.0 million for the achievement of sales milestones. In addition, we were initially eligible to receive up to $75.0 million of additional potential development and regulatory milestones relating to graft-versus-host disease (“GVHD”). Since the inception of the agreement through December 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 recognize development and regulatory milestones upon confirmation of achievement of the event, as development and regulatory approvals are events not controllable by us but rather development activities of Novartis and decisions made by regulatory agencies. We recognize sales milestones in the corresponding period of the product sale upon confirmation of net sales milestone threshold achievement by Novartis. We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States. On May 11, 2025, we and Novartis entered into a settlement agreement (the “Settlement Agreement”) with respect to litigation initiated by Novartis relating to the duration of royalty payments owed by us to Novartis under the Collaboration and License Agreement. As of March 31, 2025, we had approximately $537.1 million of accrued royalties relating to the dispute with Novartis included in accrued and other current liabilities on our consolidated balance sheet. Under the Settlement Agreement, we paid Novartis $280.0 million as the settlement of disputed royalties on net sales of JAKAFI in the United States through December 31, 2024, and agreed to reduce by 50% the royalty rate payable by us on future net sales of JAKAFI in the United States beginning January 1, 2025 for a period defined in the Settlement Agreement. The reduced royalty paid for the quarter ended March 31, 2025, was approximately $14.9 million. The difference of $242.2 million between the total accrued royalties and the total amount paid by us to Novartis as disclosed above was recorded in Contract dispute settlement on our consolidated statement of operations for the year ended December 31, 2025. During the years ended December 31, 2025, 2024 and 2023, such royalties on net sales within the United States totaled $88.1 million, $131.8 million and $122.1 million, respectively, and were reflected in cost of product revenues on the consolidated statements of operations. At December 31, 2025 and 2024, approximately $20.3 million and $507.4 million, respectively, of accrued royalties were included in accrued and other current liabilities on the consolidated balance sheets. We also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI (the trade name used by Novartis for ruxolitinib sales outside of the United States) net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12% to 14%. Product royalty revenue related to Novartis’ net sales of JAKAVI outside of the United States for the years ended December 31, 2025, 2024 and 2023 was $457.7 million, $418.8 million and $367.6 million, respectively. Product royalty revenue related to Novartis’ net sales of TABRECTA worldwide for the years ended December 31, 2025, 2024 and 2023 was $26.7 million, $22.7 million and $17.8 million, respectively. The Novartis agreement will continue on a program-by-program basis until Novartis has no royalty payment obligations with respect to such program or, if earlier, the termination of the agreement or any program in accordance with the terms of the agreement. Royalties are payable by Novartis on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last valid claim of the licensed patent rights covering the licensed product in the relevant country, (ii) the expiration of regulatory exclusivity for the licensed product in such country and (iii) a specified period from first commercial sale in such country of the licensed product by Novartis or its affiliates or sublicensees. The agreement may be terminated in its entirety or on a program-by-program basis by Novartis for convenience. The agreement may also be terminated by either party under certain other circumstances, including material breach. 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. In October 2025, the parties amended the agreement to enable Lilly to commercialize baricitinib for the treatment of Type 1 diabetes mellitus and to restructure the royalty obligations on net sales of baricitinib, certain developmental and regulatory milestones associated with baricitinib, and the marketing and sales support obligations of Lilly, for which we received an upfront payment of $100.0 million. This upfront payment was recognized in our milestone and contract revenues for the year ended December 31, 2025, resulting from the transfer of functional intellectual property related to Type 1 diabetes mellitus. Beginning in October 2025, we are now eligible to receive either a fixed royalty amount or tiered royalties based on defined levels of quarterly global net sales, with the tiered royalties up to a rate in the mid-teens. Since the inception of the agreement through December 31, 2025, we recognized and received, in aggregate, $149.0 million for the achievement of development milestones, $335.0 million for the achievement of regulatory milestones, $50.0 million for the achievement of sales milestones, and $100.0 million in October 2025 for the functional intellectual property transfer related to Type 1 diabetes mellitus. We recognize development and regulatory milestones upon confirmation of achievement of the event, as development and regulatory approvals are events not controllable by us but rather development activities of Lilly and decisions made by regulatory agencies. We recognize sales milestones in the corresponding period of the product sale upon confirmation of net sales milestone threshold achievement by Lilly. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the years ended December 31, 2025, 2024 and 2023, was $144.6 million, $135.6 million and $136.1 million, respectively. The Lilly agreement will continue until Lilly no longer has any royalty payment obligations or, if earlier, the termination of the agreement in accordance with its terms. Royalties are payable by Lilly on a product-by-product and country-by-country basis until the latest to occur of (i) the expiration of the last valid claim of the licensed patent rights covering the licensed product in the relevant country, (ii) the expiration of regulatory exclusivity for the licensed product in such country and (iii) a specified period from first commercial sale in such country of the licensed product by Lilly or its affiliates or sublicensees. The agreement may be terminated by Lilly for convenience, and may also be terminated under certain other circumstances, including material breach. 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 became effective in February 2026. 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 years ended December 31, 2024, and 2023, we recorded realized and unrealized losses of $8.2 million, and $18.9 million, respectively, based on the sale of shares and change in fair value of Agenus Inc.’s common stock during the respective periods. Merus In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. (“Merus”). Under this agreement, the parties have agreed to collaborate with respect to the research, discovery and development of bispecific antibodies utilizing Merus’ technology platform. The collaboration encompasses up to ten independent programs. 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 years ended December 31, 2024, and 2023, we recorded realized and unrealized gains of $106.1 million and $45.2 million, respectively, based on the sale of shares and change in fair value of remaining Merus’ common shares during the respective periods. MacroGenics In October 2017, we entered into a Global Collaboration and License Agreement with MacroGenics, Inc. (“MacroGenics”). Under this agreement, we received exclusive development and commercialization rights worldwide to MacroGenics’ INCMGA0012, 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 amendments to the agreement, through December 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. In June 2025, MacroGenics sold certain of its rights to such future tiered royalties on and after June 30, 2025 to Sagard Healthcare Partners (Delaware) II LP. MorphoSys As described in Note 5, 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 years ended December 31, 2024, and 2023, we recorded realized and unrealized gains of $30.7 million and $22.9 million, respectively, based on the sale of shares and change in fair value of MorphoSys AG’s ordinary shares during the respective periods. As described in Note 5, 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 will share equally the profits and losses from the co-commercialization efforts in the United States. Sales of axatilimab outside the United States will be subject to our royalty payment obligations to Syndax, as set forth below. We and Syndax have agreed to co-develop axatilimab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and Syndax responsible for 45% of such costs. Each company is responsible for funding any independent development activities. 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 consolidated balance sheet as of December 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 December 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. As of December 31, 2025, Syndax is eligible to receive up to $207.5 million in future contingent development and regulatory milestones and up to $225.0 million in sales milestones as well as tiered royalties ranging in the mid-teens on net sales in Europe and Japan and low double digit percentage on net sales in the rest of the world outside of the United States. Syndax’s right to receive royalties in any particular country will expire upon the last to occur of (a) the expiration of patent rights in that particular country, (b) a specified period of time after the first post-marketing authorization sale of a licensed product comprising axatilimab in that country, and (c) the expiration of any regulatory exclusivity for that licensed product in that country. As of December 31, 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 December 31, 2025 and 2024 was $29.9 million and $18.8 million, respectively. For the years ended December 31, 2025, 2024 and 2023, we recorded an unrealized gain of $11.1 million, an unrealized loss of $11.9 million, and an unrealized loss of $5.5 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Research and development expenses for the years ended December 31, 2025 and 2024, includes $21.9 million and $18.8 million, respectively, related to our 55% share of the co-development costs for axatilimab. At December 31, 2025 and 2024, $2.4 million and $2.2 million, respectively, was included in accrued and other liabilities on the consolidated balance sheet for amounts due to Syndax related to co-development activities under the agreement. In connection with the United States co-commercialization efforts, Syndax’s 50% share of profit was $44.0 million for the year ended December 31, 2025, which is reflected in cost of product revenues on the consolidated statement of operations. At December 31, 2025, $27.6 million was included in accrued and other liability on the consolidated balance sheet for amounts due to Syndax related to United States co-commercialization activities. Sun Pharmaceuticals, Inc. In July 2025, we entered into a settlement and license agreement with Sun Pharmaceuticals, Inc. (“Sun”), resolving patent infringement litigation related to Leqselvi (deuruxolitinib). Under this agreement, we have granted Sun a limited, non-exclusive license in the U.S. with respect to oral deuruxolitinib for certain agreed-upon non-hematology-oncology indications, including alopecia areata. In exchange for the limited license, Sun has paid us an upfront payment upon our transfer of functional intellectual property, which is included in milestone and contract revenues on the consolidated statement of operations for the year ended December 31, 2025, and has agreed to pay to us ongoing royalty payments. The amount associated with the settlement component is de minimis. Prelude In November 2025, we entered into an exclusive purchase option agreement with Prelude Therapeutics Incorporated (“Prelude”). Under the terms of the agreement, we secured an exclusive option to acquire Prelude’s mutant selective JAK2V617F JH2 inhibitor program, including Prelude’s library of preclinical candidates. We paid Prelude a total of $60.0 million, comprised of an upfront payment of $35.0 million, plus a $25.0 million equity investment in Prelude. The $35.0 million upfront payment was recorded in research and development expense during the fourth quarter of 2025. We purchased 6.25 million shares of Prelude non-voting common stock at a price of $4.00 per share. Of this $25.0 million equity investment, approximately $17.1 million was expensed in research and development as a premium above fair value of the stock purchase. The remaining $7.9 million is the initial fair value of our investment in Prelude. We are accounting for our shares held in Prelude at fair value whereby the investment is marked to market through earnings in each reporting period. Given our intent to hold the investment for the foreseeable future, we have classified the investment within long term investments on the accompanying consolidated balance sheets. For the year ended December 31, 2025, we recorded an unrealized gain of $10.3 million based on the change in fair value of Prelude’s common stock during the period. The fair market value of our total long term investment in Prelude as of December 31, 2025 was $18.1 million. Prelude expects to advance the JAK2V617F program to pre-defined milestones. We may elect to exercise our exclusive option during the option period to acquire the program and associated assets from Prelude for $100.0 million. In addition, if we exercise our option, Prelude would be eligible to receive up to $775.0 million in additional clinical and regulatory milestones, and single digit royalties on global net sales. If we elect to not exercise our option to acquire the program, all JAK2V617F global program rights and interests would remain in the sole ownership and control of Prelude. Other Agreements In addition to the license and collaboration agreements discussed above, we have various other license and collaboration agreements that are not individually material to our operating results or financial condition at this time. Pursuant to the terms of those agreements, we may be required to pay, or we may receive, additional amounts contingent upon the occurrence of various future events such as future discovery, development, regulatory or commercial milestones, which in the aggregate could be material. In addition, if any products related to these collaborations are approved for sale, we may be required to pay, or we may receive, royalties on future sales. The payment or receipt of these amounts, however, is contingent upon the occurrence of various future events, the likelihood of which cannot presently be determined.

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1. Organization and Summary of Significant Accounting Policies Organization and Business. Incyte Corporation (including its subsidiaries, “Incyte,” “we,” “us,” or “our”) is a global biopharmaceutical company engaged in the discovery, development and commercialization of 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), ZYNYZ® (retifanlimab-dlwr), as well as NIKTIMVO™ (axatilimab-csfr), which is co-commercialized. Our operations are treated as one operating segment. Principles of Consolidation. The consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation. Foreign Currency Translation. Operations in non-U.S. entities are recorded in the functional currency of each entity. For financial reporting purposes, the functional currency of an entity is determined by a review of the source of an entity’s most predominant cash flows. The results of operations for any non-U.S. dollar functional currency entities are translated from functional currencies into U.S. dollars using the average currency rate during each month. Assets and liabilities are translated using currency rates at the end of the period. Adjustments resulting from translating the financial statements of our foreign entities that use their local currency as the functional currency into U.S. dollars are reflected as a component of other comprehensive income (loss). Transaction gains and losses are recorded in other income (expense), net, in the consolidated statements of operations. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) 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. Reclassifications. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Concentrations of Credit Risk. Cash, cash equivalents, marketable securities, and trade receivables are financial instruments which potentially subject us to concentrations of credit risk. The estimated fair value of financial instruments approximates the carrying value based on available market information. By policy, we invest our excess available funds primarily in U.S. government debt securities, which are securities issued or guaranteed by the U.S. government, and money market funds that meet certain guidelines, which limits exposure to potential credit losses. Our receivables mainly relate to our product sales and collaborative agreements with pharmaceutical companies. We have not experienced any significant credit losses on cash, cash equivalents, marketable securities or trade receivables to date and do not require collateral on receivables. Current Expected Credit Losses. Financial assets measured at amortized cost are assessed for future expected credit losses under guidance within ASC 326, Financial Instruments – Credit Losses, to determine if application of an expected credit losses reserve is necessary. On a quarterly basis, receivables that resulted from revenue transactions within the scope of ASC 606, Revenue from Contracts with Customers, and recognized on an amortized cost basis are reviewed on a customer-level basis to analyze expectations of future collections based upon past history of collections, payment, aging of receivables and viability of the customer to continue payment, as well as estimates of future economic conditions. Receivables generally consist of two types: receivables from collaborative agreements, including milestones, reimbursements for agreed-upon activities and sales royalties; and receivables from customer product sales. Collaborative agreement receivables are closely monitored relationships with select, reputable industry peers. Collection of receivables is assessed within each collaborative partnership on a quarterly basis, including evaluation of each entity’s credit quality, financial health and past history of payment. Customer product sales receivables are independently evaluated on a monthly basis, where unusual items or aged receivables are closely monitored for signs of credit deterioration or indications of payment refusal. Customer product sales are with specialty pharmaceutical distributors, wholesalers and certain public and private institutions, some of whose financial obligations are funded by various government agencies. We also monitor our available-for-sale debt securities for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of a debt security exceeds its fair value, we evaluate whether any impairment is a result of credit loss or other factors. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, the investment issuer’s financial condition and business outlook, and reasonable and supportable forecasts of economic conditions. An allowance for credit losses would be recorded in our consolidated statements of operations in the event the decline in the investment’s fair value was a result of credit loss, and unrealized losses not related to credit losses would be recorded in other comprehensive income (loss). Cash and Cash Equivalents. Cash and cash equivalents are held in banks or in custodial accounts with banks. Cash equivalents are defined as all liquid investments and money market funds with maturity from date of purchase of 90 days or less that are readily convertible into cash. Marketable Securities—Available-for-Sale. Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale. Available-for-sale securities are carried at fair value, based on quoted market prices and observable inputs, with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. We classify marketable securities that are available for use in current operations as current assets on the consolidated balance sheets. Realized gains and losses and declines in value judged to be other than temporary for available-for-sale securities are included in other income (expense), net on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. Accounts Receivable. As of December 31, 2025 and 2024, we had a de minimis amount of allowance for doubtful accounts. We provide an allowance for doubtful accounts based on management’s assessment of the collectability of specific customer accounts, which includes consideration of the credit worthiness and financial condition of those customers, aging of such receivables, history of collectability with the customer and the general economic environment. We record an allowance to reduce the receivables to the amount that is expected to be collected. Inventory. Inventories are valued at the lower of cost and net realizable value. We use the specific identification method to account for commercial product manufactured by third-party contractors, which is our predominant source of inventory. We apply the first-in, first-out (FIFO) method to inventories produced at our internal manufacturing facility located in Yverdon, Switzerland. Inventories consist of costs of materials, including shipping and handling fees, third-party contract manufacturing, and allocable overhead associated with the production of our commercialized products. We capitalize inventory after regulatory approval from U.S. Food and Drug Administration (“FDA”), European Medicines Agency or Japanese Ministry of Health, Labour and Welfare as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to approval are recorded as research and development expense in our consolidated statements of operations. Raw materials, active pharmaceutical ingredients (“API”), work-in-process and finished goods inventory are monitored for obsolescence. We evaluate for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. We build demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance and patient usage. We classify inventory as current on the consolidated balance sheets when we expect inventory to be consumed for commercial use within the next twelve months. Variable Interest Entities. We perform an initial and ongoing evaluation of the entities with which we have variable interests, such as equity ownership, in order to identify entities (i) that do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (ii) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). If an entity is identified as a VIE, we perform an assessment to determine whether we have both (i) the power to direct activities that most significantly impact the VIE’s economic performance and (ii) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, we are identified as the primary beneficiary of the VIE. As of December 31, 2025, there were no entities in which we held a variable interest which we determined to be VIEs. Equity Investments. Our equity investments consist of investments in common stock of publicly-held companies with whom we have entered into collaboration and license agreements. We classify our equity investments in common stock of publicly-held companies as either short term equity investments, for those investments which we intend to sell within one year, or long term equity investments, for those investments which we intend to hold for longer than one year, on the consolidated balance sheets. As of December 31, 2025 and 2024, all of our equity investments are classified as long term equity investments. Our equity investments are accounted for at fair value using readily determinable pricing available on a securities exchange on the consolidated balance sheets. All changes in fair value are reported in the consolidated statements of operations as a gain on equity investments. In assessing whether we exercise significant influence over any of the companies in which we hold equity investments, we consider the nature and magnitude of our investment, any voting and protective rights we hold, any participation in the governance of the other company, and other relevant factors such as the presence of a collaboration or other business relationship. Currently, none of our equity investments in publicly-held companies are considered relationships in which we have the ability to exercise significant influence. Property and Equipment, net. Property and equipment, net is stated at cost, less accumulated depreciation, amortization and impairments. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the assets or lease term. Lease Accounting. All leases with a lease term greater than 12 months, regardless of lease type classification, are recorded as an obligation on the balance sheet with a corresponding right-of-use asset. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. Current operating lease liabilities are reflected in accrued and other current liabilities and noncurrent operating lease liabilities are reflected in other liabilities on the consolidated balance sheet. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments, minus lease incentives and any deferred lease payments. Operating lease right-of-use assets are recorded in property and equipment, net on the consolidated balance sheet and lease cost is recognized on a straight-line basis. For finance leases, expense is recognized as separate amortization and interest expense, with higher interest expense in the earlier periods of a lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the term of the lease. In determining whether a contract contains a lease, asset and service agreements are assessed at onset and upon modification for criteria of specifically identified assets, control and economic benefit. Other Intangible Assets, net. Other intangible assets, net consist of licensed intellectual property rights acquired in business combinations, which are reported at acquisition date fair value, less accumulated amortization, as well as milestone payments made to collaboration partners incurred at or after the product has obtained regulatory approval. Milestones payable to collaboration partners are only recognized when the underlying contingency is resolved. Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method. Intangible assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Impairment of Long-Lived Assets. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. Goodwill. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually as of October 1 or when a triggering event occurs that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis to determine whether it is more-likely-than-not that the fair value of net assets are below their carrying amounts. A reporting unit is the same as, or one level below, an operating segment. Our operations are currently comprised of a single, entity wide reporting unit. We completed our most recent annual impairment assessment as of October 1, 2025 and determined that the carrying value of our goodwill was not impaired. Income Taxes. We account for income taxes using the asset and liability approach which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts reportable for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The primary factors used to assess the likelihood of realization are our recent history of cumulative earnings or losses, expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The tax effects of global intangible low-taxed income from certain foreign subsidiaries is recognized in the income tax provision in the period the tax arises. We recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We adjust the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision. Net Income Per Share. Our basic and diluted net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during all periods presented. Options to purchase stock, restricted stock units and performance stock units are included in diluted earnings per share calculations, unless the effects are anti-dilutive. Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) consists of unrealized gains or losses on our marketable debt securities that are classified as available-for-sale, foreign currency translation gains or losses and unrecognized actuarial gains or losses related to our defined benefit pension plan. Revenue Recognition. Revenue-generating contracts are assessed under ASC 606, Revenue from Contracts with Customers, to identify distinct performance obligations, determine the transaction price of the contract and allocate the transaction price to each of the distinct performance obligations. Revenue is recognized when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. Control, in this instance, may mean the ability to prevent other entities from directing the use of, and receiving benefit from, a good or service. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation, which for the Company is generally at a point in time. We also assess collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. Product Revenues Product revenues are recognized at a point in time once we satisfy the performance obligation and control is transferred under the revenue recognition criteria as described above. Our customers in the United States include specialty and retail pharmacies, specialty distributors and wholesalers. Our customers in the European Union and certain other jurisdictions, include retail pharmacies, hospital pharmacies and distributors. We sell PEMAZYRE in Japan to an exclusive wholesaler. We recognize revenues for product received by our customers net of allowances for customer credits, including estimated rebates, chargebacks, discounts, returns, distribution service fees, patient assistance programs, and government rebates, such as the Medicaid Drug Rebate Program and Medicare Part D prescription drug coverage reimbursements in the United States and mandated discounts in Europe. Product shipping and handling costs are included in cost of product revenues. Customer Credits: Our customers are offered various forms of consideration, including allowances, service fees and prompt payment discounts. We expect our customers will earn prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Service fees are also deducted from total product sales as they are earned. Rebates and Discounts: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program in the United States and mandated discounts in Europe in markets where government-sponsored healthcare systems are the primary payors for healthcare. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The accrual for rebates is based on statutory discount rates and expected utilization as well as historical data we have accumulated since product launches. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Chargebacks: Chargebacks are discounts that occur when certain indirect contracted customers, which currently consist primarily of group purchasing organizations, public health service institutions, non-profit clinics, and federal government entities purchasing via the Federal Supply Schedule, purchase directly from our wholesalers. Contracted customers generally purchase the product at a discounted price. The wholesalers, in turn, charge back to us the difference between the price initially paid by the wholesalers and the discounted price paid by the contracted customers. In addition to actual chargebacks received, we maintain an accrual for chargebacks based on the estimated contractual discounts on the inventory levels on hand in our distribution channel. If actual future chargebacks vary from these estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Medicare Part D Rebates: Changes to our Medicare Part D prescription drug coverage reimbursements (“Part D Discount Program”) became effective January 1, 2025 pursuant to the Inflation Reduction Act of 2022. Under the revised Part D Discount Program, manufacturers must give a 10 percent discount on Part D drugs in the initial coverage phase, and a 20 percent discount on Part D drugs in the so-called “catastrophic phase” (the phase after the patient incurs costs above the initial phase out-of-pocket threshold, which is $2,000 beginning in 2025). The Inflation Reduction Act includes certain exemptions for small biotech drug manufacturers, including Incyte. These exemptions apply on a drug-specific basis, and qualifying drugs will be exempt from possible negotiation through 2028 and subject to reduced discounts that will be phased-in over a number of years under the new Part D benefit. Prior to the changes in the Medicare Part D Discount Program effective January 1, 2025, the Medicare Part D prescription drug benefit previously mandated manufacturers to fund 70% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. Our estimates for the expected Medicare Part D coverage gap were based on historical invoices received and in part from data received from our customers. Funding of the Medicare Part D Discount Program is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. Product Royalty Revenues Royalty revenues on commercial sales for ruxolitinib (marketed as JAKAVI® outside the United States) by Novartis Pharmaceutical International Ltd. (“Novartis”) are based on net sales of licensed products in licensed territories as provided by Novartis. Royalty revenues on commercial sales for baricitinib (marketed as OLUMIANT) by Eli Lilly and Company (“Lilly”) are based on net sales of licensed products in licensed territories as provided by Lilly. Royalty revenues on commercial sales for capmatinib (marketed as TABRECTA®) by Novartis are based on net sales of licensed products in the licensed territories as provided by Novartis. We recognize royalty revenues in the period the sales occur. Milestone and Contract Revenues For each collaborative research, development and/or commercialization agreement that results in revenue under the guidance of ASC 606, we identify all material performance obligations, which may include the license to intellectual property and know-how, research and development activities and/or other activities. In order to determine the transaction price, in addition to any upfront payment, we estimate the amount of variable consideration, including milestone payments, at the outset of the contract utilizing the most likely amount method. The most likely amount method is used since the milestone payments have a binary outcome (i.e., we receive all or none of the milestone payment). We constrain the estimate of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, management considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. Out-licensing arrangements contain the right to use functional intellectual property, which is the underlying performance obligation of these collaborative arrangements. If the license of our intellectual property is determined to be distinct from other performance obligations in the arrangement, the functional intellectual property that is transferred to the collaborative partner at the onset of the arrangement is concluded to have significant standalone functionality and value at the point in time at which the intellectual property is made available to the collaborative partner. For licenses that are not distinct from other obligations identified in the arrangement, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we apply an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. For each of the three years ended December 31, 2025, we had no revenues from intellectual property licenses recognized over time. For milestone revenues related to sales-based achievements, we recognize the milestone revenues in the corresponding period of the product sale, in accordance with ASC 606-10-55-65 for contracts that include a license to intellectual property and the license is the predominant item to which the product sale relates. Subsequent to the transfer of the intellectual property, we may earn milestones through achievement of pre-specified developmental or regulatory events and, as such, milestones are accounted for as variable consideration. We include developmental or regulatory milestones in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone is subsequently resolved. Under the agreements currently in place, we do not consider these events to be within our control, but rather dependent upon the development activities of our collaborative partners and the decisions made by regulatory agencies. Accordingly, these milestones are not included in the transaction price until the counterparty, or third-party in the event of a regulatory submission, confirms the satisfaction or completion of the milestone triggering event. Given the high level of uncertainty of achievement, variable consideration associated with milestones are fully constrained until confirmation of the satisfaction or completion of the milestone by the third-party. Generally, the milestone events contained in our collaboration agreements coincide with the progression of our drugs from development, to regulatory approval and then to commercialization. The value of these milestones is dictated within the contract and is fixed upon achievement and reflects the amount of consideration which we expect to be entitled to in exchange for the satisfaction of that milestone. The process of successfully discovering a new development candidate, having it approved and successfully commercialized is highly uncertain. As such, the milestone payments we may earn from our partners involve a significant degree of risk to achieve and therefore, subsequent milestone payments due to Incyte are recognized as revenue at the point in time when such milestones are achieved. Our collaboration agreements may also include an option for the collaborative partner to elect to participate in research and development activities, such as shared participation in additional clinical trials using the compound. The presence of additional options for future participatory activities are assessed to determine if they represent material rights offered by us to the collaborative partner. We also determine whether the reimbursement of research and development expenses should be accounted for as collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation and recognize the corresponding revenues or records the corresponding offset to research and development expenses as incurred. Our collaborative agreements may also include provisions for additional future collaborative efforts, such as options for shared commercialization staffing or licensing of additional molecules, involvement in joint committees, or options for inclusion in negotiations of future supply rights, which at the time of each collaborative agreement’s inception, are assessed to determine if these meet the definition of a performance obligation under ASC 606. Cost of Product Revenues Cost of product revenues includes all product related costs and royalties owed and profit sharing under certain of our collaboration and license agreements. In addition, cost of product revenues includes the amortization of our licensed intellectual property for ICLUSIG and the amortization of capitalized regulatory and commercial milestone payments made to third parties, which are capitalized as intangible assets subsequent to regulatory approval using the straight-line method over the respective estimated useful lives, which range between approximately 8 to 14 years. Cost of product revenues also includes employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products. Research and Development Costs. Our policy is to expense research and development costs as incurred, including amounts funded by research and development collaborations. Research and development expenses are comprised of costs we incur in performing research and development activities, including salary and benefits; stock-based compensation expense; outsourced services and other direct expenses, including clinical trial and pharmaceutical development costs; collaboration payments; expenses associated with drug supplies that are not being capitalized; and infrastructure costs, including facilities costs and depreciation expense. If a collaboration is a cost-sharing arrangement in which both we and our collaborator perform development work and share costs, we also recognize, as research and development expense in the period when our collaborator incurs development expenses, our portion of the co-development expenses that we are obligated to reimburse. Costs incurred under the collaboration arrangement that are reimbursable to us are recorded net against the related research and development expenses in the period in which the related expense is incurred. We often contract with contract research organizations (“CROs”) to facilitate, coordinate and perform agreed upon research and development of a new drug. To ensure that research and development costs are expensed as incurred, we record monthly accruals for clinical trials and preclinical testing costs based on the work performed under the contract. These CRO contracts typically call for the payment of fees for services at the initiation of the contract and/or upon the achievement of certain clinical trial milestones. In the event that we prepay CRO fees, we record the prepayment as a prepaid asset and amortize the asset into research and development expense over the period of time the contracted research and development services are performed. Most professional fees, including project and clinical management, data management, monitoring, and medical writing fees are incurred throughout the contract period. These professional fees are expensed based on their percentage of completion at a particular date. Our CRO contracts generally include pass through fees. Pass through fees include, but are not limited to, regulatory expenses, investigator fees, travel costs, and other miscellaneous costs, including shipping and printing fees. We expense the costs of pass through fees under our CRO contracts as they are incurred, based on the best information available to us at the time. The estimates of the pass through fees incurred are based on the amount of work completed for the clinical trial and are monitored through correspondence with the CROs, internal reviews and a review of contractual terms. The factors utilized to derive the estimates include the number of patients enrolled, duration of the clinical trial, estimated patient attrition, screening rate and length of the dosing regimen. CRO fees incurred to set up the clinical trial are expensed during the setup period. Stock Compensation. Share-based payment transactions with employees, which include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”), are recognized as compensation expense over the requisite service period based on their estimated fair values as well as expected forfeiture rates, subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes. The stock compensation process requires the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility over the option term and expected option lives, as well as expected forfeiture rates and the probability of PSUs vesting. The fair value of stock options, which are subject to graded vesting, are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of RSUs that are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight-line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, which we assess as of the end of each reporting period. Once a performance condition is considered probable, we record compensation expense based on the portion of the service period elapsed to date with respect to that award, with a cumulative catch-up, net of estimated forfeitures, and recognize any remaining compensation expense, if any, over the remaining requisite service period using the straight-line attribution method for PSUs that are subject to cliff vesting and using the accelerated attribution method for PSUs that are subject to graded vesting. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. Advertising Expenses. Advertising expenses, comprised primarily of television, radio, print media and internet advertising, are expensed as incurred and are included in selling, general, and administrative expenses. For the years ended December 31, 2025, 2024, and 2023, advertising expenses were approximately $155.9 million, $200.7 million, and $221.9 million, respectively. Long Term Incentive Plans. We have long term incentive plans which provide eligible employees with the opportunity to receive performance and service-based incentive compensation, which may be comprised of cash, stock options, RSUs and/or PSUs. The payment of cash and the grant or vesting of equity may be contingent upon the achievement of pre-determined regulatory, sales and internal performance milestones. Acquisitions. To determine whether acquisitions should be accounted for as a business combination or as an asset acquisition, we make certain judgments, which include assessing whether the acquired set of activities and assets would meet the definition of a business under the relevant accounting rules. If the acquired set of activities and assets meets the definition of a business, assets acquired and liabilities assumed are required to be recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, where applicable, is recorded as goodwill. If the acquired set of activities and assets does not meet the definition of a business, the transaction is recorded as an asset acquisition, with the purchase price being allocated to the acquired asset, with no goodwill recorded. For a transaction recorded as an asset acquisition, any acquired in-process research and development that does not have an alternative future use is charged to expense at the acquisition date. See Note 5 for additional information. Acquisition-Related Contingent Consideration. Acquisition-related contingent consideration consists of our future royalty obligations on future net revenues of ICLUSIG owed to Takeda Pharmaceutical Company Limited, which acquired ARIAD Pharmaceuticals, Inc. (“Takeda”). Acquisition-related contingent consideration was recorded on the acquisition date of June 1, 2016 at the estimated fair value of the obligation, in accordance with the acquisition method of accounting. The fair value measurement is based on significant inputs that are unobservable in the market and thus represents a Level 3 measurement. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of operations. Profit sharing from co-commercialization activities. In profit sharing arrangements where we are deemed to be the principal, we record 100% of all revenues and expenses associated with the co-commercialization activities. We record our collaboration partner’s share of profit or loss to cost of product revenues within our consolidated statement of operations. Other components of make-whole payments between us and our collaboration partners are classified in our consolidated statement of operations based on the nature of the underlying payable or receivable. In profit sharing arrangements where we are deemed to be the agent, we record our share of profit or loss from co-commercialization activities to (profit) and loss sharing under collaboration agreements within our consolidated statement of operations. Other components of make-whole payments between us and our collaboration partners are classified in our consolidated statement of operations based on the nature of the underlying payable or receivable. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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. See Note 14 for additional disclosures. 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. In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This amended guidance applies to all entities and aims to simplify the estimation of expected credit losses for current accounts receivable and contract assets by providing a practical expedient for all companies. The amendments are effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual periods. If electing the practical expedient, entities should apply the amendments in this update prospectively. We are currently evaluating the impact ASU No. 2025-05 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This amended guidance applies to all entities and serves to modernize the accounting for software costs that are accounted for under Subtopic 305-40, Intangibles - Goodwill and Other - Internal-Use Software (referred to as “internal-use software”). The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Entities may adopt the new guidance using a prospective, modified, or retrospective transition approach. We are currently evaluating the impact ASU No. 2025-06 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.” This amended guidance applies to all entities and refines the scope of derivative accounting and clarifies rules for share-based noncash consideration in revenue contracts. Specifically, this update is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities may adopt the new guidance prospectively, or on a modified retrospective basis. We are currently evaluating the impact ASU No. 2025-07 will have on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” This accounting standard update establishes specific rules for the recognition, measurement, and presentation of government grants received by business entities. For public business entities, this amended guidance is applicable for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. Entities may adopt the new guidance using a modified prospective, modified retrospective, or full retrospective approach. We are currently evaluating the impact ASU No. 2025-10 will have on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” The amendments in this update aim to enhance the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. Lastly, this updated guidance incorporates a principle that requires entities to disclose significant events since the end of the last annual reporting period. The amendments in this update apply to all entities that provide interim financial statements and notes in accordance with U.S. GAAP. For public business entities, this amended guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments in this update can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact ASU No. 2025-11 will have on our future condensed consolidated financial statements and related disclosures.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

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


	Year Ended December 31,
	2025		2024		2023
U.S.	$	1,571,743	$	401,760	$	1,084,254
Non-U.S.	92,708		(85,130)		(250,039)
Income before provision for income taxes	$	1,664,451	$	316,630	$	834,215

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


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	80,508	$	322,682	$	344,407
State	42,998		43,955		48,106
Foreign	6,610		2,931		3,001
	130,116		369,568		395,514
Deferred:
Federal	240,361		(106,549)		(139,468)
State	7,072		21,824		(19,625)
Foreign	252		(828)		195
	247,685		(85,553)		(158,898)
Total provision for income taxes	$	377,801	$	284,015	$	236,616

Income taxes paid, net of (refunds) received, consisted of the following for the year ended December 31, 2025 (in thousands):


	Year Ended December 31,
	2025
Federal	$	178,100
State
Kentucky	20,798
Tennessee	(10,836)
All other states	19,345
Foreign	4,771
Total income taxes paid	$	212,178

Income taxes paid prior to the adoption of ASU 2023-09 for the years ended December 31, 2024 and 2023 were $373.1 million and $378.2 million respectively.

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


	Year Ended December 31, 2025
	$		%
U.S. federal statutory rate	$	349,535	21.0	%
State and local income taxes, net of federal benefit(1)	36,394		2.2	%
Foreign tax effects	(12,607)		(0.8)%
Effects of changes in tax laws or rates enacted in the current period	(49,289)		(3.0)	%
Effect of cross-border tax laws
Foreign-derived intangible income	(34,240)		(2.1)%
Tax Credits
Research and development tax credits	(59,998)		(3.6)%
Changes in valuation allowances	123,243		7.4%
Nontaxable or nondeductible items	13,528		0.8%
Changes in unrecognized tax benefits	14,208		0.9%
Other adjustments	(2,973)		(0.1)%
Effective income tax rate	$	377,801	22.7%

1 State taxes in Kentucky, California, and Delaware made up the majority (greater than 50%) of the tax effect in this category.

Our effective tax rate for the year ended December 31, 2025 was higher than the U.S. statutory rate primarily due to state income taxes and an increase in our valuation allowance against certain U.S. deferred tax assets. This was partially offset by tax rate benefits associated with research and development and orphan drug tax credit generations, the foreign derived intangible income deduction and the enactment of U.S. tax legislation discussed below.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the U.S. statutory federal income tax rate as follows (in thousands):


	Year Ended December 31,
	2024		2023
Provision at U.S. federal statutory rate	$	66,492	$	175,185
State and local income taxes	51,753		21,145
Foreign tax rate differential	61,026		(96,434)
Income tax credits	(70,989)		(1,433,507)
Change in valuation allowance	21,425		1,572,951
Change in uncertain tax positions	6,418		5,943
Foreign-derived intangible income	(31,786)		(32,891)
Stock based compensation	25,647		20,971
Acquisitions accounted for as research and development expenses	149,287		4,200
Other	4,742		(947)
Provision for income taxes	$	284,015	$	236,616

The 2024 acquisitions accounted for as research and development expenses in the table above reflects the impact of non-deductible charges associated with the Escient acquisition. The 2023 foreign tax rate differential in the table above reflects the impact of operations in jurisdictions with tax rates that differ from the U.S. federal statutory rate of 21%. It also includes a tax benefit associated with the remeasurement of foreign deferred tax assets resulting from the cancellation of a tax holiday. The 2023 income tax credits in the table above includes a tax benefit associated with the issuance of non-refundable Swiss income tax credits. The 2023 remeasurement of foreign deferred tax assets and the Swiss income tax credits are fully offset with a valuation allowance in the table above.

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


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carry forwards	$	304,075	$	315,969
Income tax credits	1,482,932		1,398,495
Capitalized research and development	554,454		648,989
Deferred revenue and accruals	96,463		190,446
Non-cash compensation	92,482		100,788
Acquisition-related contingent consideration	17,426		27,796
Intangibles, net	219,005		229,741
Long term investments	2,889		6,697
Other	24,582		20,814
Total gross deferred tax assets	2,794,308		2,939,735
Less valuation allowance for deferred tax assets	(2,266,136)		(2,139,673)
Net deferred tax assets	$	528,172	$	800,062

Deferred tax liabilities:
Property and equipment	$	(7,046)	$	(30,676)
Other	(5,832)		(7,315)
Total gross deferred tax liabilities	(12,878)		(37,991)
Net deferred tax assets	$	515,294	$	762,071

During the year ended December 31, 2025, the Company’s net deferred tax assets decreased by $246.8 million. This was primary due to a deduction associated with the settlement of the Novartis contract dispute and deductions related to previously capitalized domestic research and development expenses arising from the enactment of U.S. tax legislation discussed below. As of December 31, 2025, the Company continues to maintain a valuation allowance on certain U.S. temporary differences, foreign net operating losses (“NOLs”) and the non-refundable Swiss income tax credits granted in the year ended December 31, 2023.

The valuation allowance for deferred tax assets increased by approximately $126.5 million during the year ended December 31, 2025 and increased by approximately $43.4 million during the year ended December 31, 2024. The valuation allowance increase during 2025 was primarily due to future deductible temporary differences mainly associated with foreign research and development expenses required to be capitalized and amortized and the effects of translation of our foreign tax assets that require a valuation allowance. The valuation allowance increase during 2024 was primarily due to future deductible temporary differences mainly associated with U.S. research and development expenses required to be capitalized and amortized and the acquisition of Escient’s U.S. NOLs, a portion of which was not more-likely-than-not to be realized as of December 31, 2024.

As of December 31, 2025, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):


	Amount		Expiring if not utilized
Net operating loss carryforwards
Federal	$	72,370	Indefinite
State	926,027		2027 through 2045; indefinite
Foreign	1,743,380		2026 through 2041; indefinite
Research and development credit carryforwards
Federal	$	9,431	2039 through 2044
State	14,310		2026 through 2043
Swiss income tax credit carryforwards	1,469,989		2028

The federal NOL and tax credit carryforward are subject to an annual limitation under Internal Revenue Code Section 382.

The financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. If such unrecognized tax benefits were realized, we would recognize a tax benefit of $89.0 million. The following table summarizes the gross amounts of unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of year	$	87,723	$	69,145
Additions related to prior periods tax positions	3,539		9,173
Reductions related to prior periods tax positions	(2,226)		(2,014)
Additions related to current period tax positions	8,749		5,939
Additions related to acquisitions	—		9,114
Settlements	(24)		(71)
Reductions due to lapse of applicable statute of limitations	(333)		(3,538)
Currency translation adjustment	173		(25)
Balance at end of year	$	97,601	$	87,723

Our policy is to recognize interest and penalties related to uncertain tax positions, if any, as a component of income tax expense. During the years ending December 31, 2025 and 2024, we recorded interest and penalties as a component of income tax expense of $5.6 million and $8.5 million, respectively. As of December 31, 2025 and 2024, the Company has accrued liabilities of $24.3 million and $18.7 million, respectively, for interest and penalties related to its uncertain tax positions.

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, supported by over 130 countries worldwide, establish a 15% global minimum tax on adjusted financial results. Pillar 2 legislation has been enacted in multiple jurisdictions in which we operate and became effective beginning in 2024. 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. We will continue to monitor additional enactments and guidance as they occur and assess any future impacts in the period they become effective.

On July 4, 2025, the U.S. enacted legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA modified key provisions of the Tax Cuts and Jobs Act of 2017, including but not limited to, the expensing of domestic research costs, the deduction for Foreign-Derived Intangible Income, and the Global Intangible Low-Taxed Income regime. The OBBBA introduces multiple elections and features various effective dates, with some provisions effective in 2025 and others in subsequent years.

Under ASC 740, entities are required to recognize the impact of new income tax legislation in the period of enactment. We have reflected a favorable impact to our effective tax rate and the realizability of certain U.S. deferred tax assets in our financial statements for the period ending December 31, 2025. We will continue to evaluate the OBBBA’s various provisions and elections for our tax return filing.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of income taxes at the U.S. federal statutory rate to the provision for income taxes
Provision at U.S. federal statutory rate	$ 349,535	$ 66,492	$ 175,185
State and local income taxes	36,394	51,753	21,145
Foreign tax rate differential	(12,607)	61,026	(96,434)
Income tax credits	(59,998)	(70,989)	(1,433,507)
Change in valuation allowance	123,243	21,425	1,572,951
Change in uncertain tax positions	14,208	6,418	5,943
Foreign-derived intangible income	(34,240)	(31,786)	(32,891)
Stock based compensation		25,647	20,971
Acquisitions accounted for as research and development expenses		149,287	4,200
Other	(2,973)	4,742	(947)
Total provision for income taxes	377,801	284,015	$ 236,616
Deferred tax assets:
Net operating loss carry forwards	304,075	315,969
Income tax credits	1,482,932	1,398,495
Capitalized research and development	554,454	648,989
Deferred revenue and accruals	96,463	190,446
Non-cash compensation	92,482	100,788
Acquisition-related contingent consideration	17,426	27,796
Intangibles, net	219,005	229,741
Long term investments	2,889	6,697
Other	24,582	20,814
Total gross deferred tax assets	2,794,308	2,939,735
Less valuation allowance for deferred tax assets	(2,266,136)	(2,139,673)
Net deferred tax assets	528,172	800,062
Deferred tax liabilities:
Property and equipment	(7,046)	(30,676)
Other	(5,832)	(7,315)
Total gross deferred tax liabilities	(12,878)	(37,991)
Net deferred tax assets	$ 515,294	$ 762,071

Concentration of Credit Risk and Current Expected Credit Losses - Narrative (Details) - Accounts Receivable - Credit Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Novartis And Lily
Concentration of risk
Percentage of concentration risk	17.00%	19.00%
Customer A, B, C, D and E
Concentration of risk
Percentage of concentration risk	54.00%	49.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Accrued and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	December 31,
	2025		2024
Royalties	$	40,678	$	519,881
Clinical related costs	175,932		132,446
Sales allowances	642,468		438,053
Sales and marketing	71,248		33,439
Accrued taxes	4,755		23,781
Operating lease liabilities	5,697		5,583
Other current liabilities	90,723		58,865
Total accrued and other current liabilities	$	1,031,501	$	1,212,048

Collaborative and Other Relationships - Merus (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2016 program	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
License agreements
Gain on equity investments		$ 21,310	$ 116,025	$ 43,893
Merus
License agreements
Gain on equity investments			$ 106,100	$ 45,200
Merus
License agreements
Number of independent programs \| program	10

- 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

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 5,141,242	$ 4,241,217	$ 3,695,649
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130	312,068	254,990
Contract dispute settlement	(242,251)	0	0
Research and development	2,050,152	2,606,848	1,627,594
Selling, general and administrative	1,376,206	1,242,157	1,155,662
Asset impairment	76,275	0	5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)	19,803	29,202
(Profit) and loss sharing under collaboration agreements	0	(1,025)	2,045
Total costs, expenses and other	3,626,383	4,179,851	3,075,124
Income from operations	1,514,859	61,366	620,525
Interest income	105,600	128,710	158,414
Interest expense	(2,428)	(2,280)	(2,551)
Gain on equity investments	21,310	116,025	43,893
Other, net	25,110	12,809	13,934
Income before provision for income taxes	1,664,451	316,630	834,215
Provision for income taxes	377,801	284,015	236,616
Net income	$ 1,286,650	$ 32,615	$ 597,599
Net income per share:
Basic (in dollars per share)	$ 6.59	$ 0.16	$ 2.67
Diluted (in dollars per share)	$ 6.41	$ 0.15	$ 2.65
Shares used in computing net income per share:
Basic (in shares)	195,204	207,110	223,628
Diluted (in shares)	200,700	210,530	225,928
Product revenues, net
Revenues:
Total revenues	$ 4,354,333	$ 3,618,888	$ 3,165,168
Product royalty revenues
Revenues:
Total revenues	636,909	579,329	523,481
Milestone and contract revenues
Revenues:
Total revenues	$ 150,000	$ 43,000	$ 7,000

Commitments and contingencies - Commitments (Details) - Revolving Credit Facility	1 Months Ended
	Aug. 31, 2021 USD ($)	Dec. 31, 2025 USD ($)
Commitments
Aggregate principal amount	$ 500,000,000.0
Increase in maximum revolving commitments	$ 250,000,000.0
Consolidated leverage ratio	0.25
Letters of credit outstanding, amount		$ 0
Long-term debt		$ 0
Minimum
Commitments
Commitment fee	0.15%
Maximum
Commitments
Commitment fee	0.225%
Base Rate
Commitments
Debt instrument, variable rate floor (as percent)	1.00%
Base Rate \| Minimum
Commitments
Interest rate margin	0.125%
Base Rate \| Maximum
Commitments
Interest rate margin	0.875%
Secured Overnight Financing Rate (SOFR)
Commitments
Debt instrument, variable rate floor (as percent)	0.00%
Debt instrument, credit spread adjustment on variable rate	0.10%
Secured Overnight Financing Rate (SOFR) \| Minimum
Commitments
Interest rate margin	1.125%
Secured Overnight Financing Rate (SOFR) \| Maximum
Commitments
Interest rate margin	1.875%

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

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


	For the Years Ended, December 31,
	2025		2024		2023
JAKAFI revenues, net	$	3,092,515	$	2,792,107	$	2,593,732
OPZELURA revenues, net	678,455		508,293		337,864
ICLUSIG revenues, net	134,071		114,319		111,623
MINJUVI/MONJUVI revenues, net	144,578		119,236		37,057
PEMAZYRE revenues, net	86,727		81,748		83,642
NIKTIMVO revenues, net	151,636		—		—
ZYNYZ revenues, net	66,351		3,185		1,250
Total product revenues, net	4,354,333		3,618,888		3,165,168
JAKAVI product royalty revenues	457,729		418,840		367,583
OLUMIANT product royalty revenues	144,600		135,572		136,138
TABRECTA product royalty revenues	26,702		22,746		17,793
Other product royalty revenues	7,878		2,171		1,967
Total product royalty revenues	636,909		579,329		523,481
Milestone and contract revenues	150,000		43,000		7,000
Total revenues	$	5,141,242	$	4,241,217	$	3,695,649

Segment Reporting - Schedule of Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 5,141,242	$ 4,241,217	$ 3,695,649
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	4,799,941	3,974,567	3,514,873
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	323,734	260,437	175,866
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 17,567	$ 6,213	$ 4,910

- 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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Option Activity Under the 2010 Stock Plan

Option activity under the 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	1,418,018	$	72.72
Options exercised	(2,585,198)	$	77.78
Options cancelled	(750,933)	$	82.58
Balance at December 31, 2025	10,859,861	$	83.46

Schedule of Stock Options Outstanding and Exercisable by Exercise Price Range

The following table summarizes information about stock options outstanding as of December 31, 2025 under the 2010 Stock Plan and 2024 Inducement Plan:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$52.94 - $61.76	1,147,054	7.3	$	60.83	720,211	$	60.91
$62.03 - $68.62	1,477,011	7.1	66.70		642,215	67.16
$68.70 - $72.27	1,275,187	6.1	71.69		786,369	71.94
$72.66 - $77.67	1,112,675	5.8	75.63		1,012,061	75.54
$77.83 - $83.58	1,603,241	5.1	82.25		1,540,401	82.25
$83.83 - $90.56	1,456,611	3.9	86.66		1,347,601	86.78
$90.92 - $106.47	1,523,552	3.5	100.00		1,456,431	99.91
$113.64 - $128.34	1,149,228	1.2	118.77		1,149,228	118.77
$132.00 - $134.38	97,860	1.2	134.02		97,860	134.02
$138.52 - $138.52	17,442	1.3	138.52		17,442	138.52
	10,859,861				8,769,819

Schedule of RSU Award and PSU Activity

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	3,492,732	$	69.24
PSUs granted	897,393	$	59.00
Additional PSUs earned	32,148	$	70.45
RSUs released	(2,860,640)	$	70.86
PSUs released	(255,805)	$	72.97
RSUs cancelled	(543,681)	$	67.19
PSUs cancelled	(143,500)	$	76.73
Balance at December 31, 2025	9,275,450	$	66.86

Schedule of Shares Available for Grant

The following table summarizes our shares available for grant under the 2010 Plan and 2024 Inducement Plan. Previously, each RSU and PSU grant reduced the available share pool by 2 shares. In June 2025, our stockholders approved an amendment to the 2010 Stock Plan to remove the fungible ratio, and all awards granted under the 2010 Stock Plan after June 10, 2025, the date of our latest annual meeting, will reduce the share reserve on a one-for-one basis. If awards granted under the 2010 Stock Plan on or prior to June 10, 2025 expire, become unexercisable or are forfeited or repurchased after that date, the shares that were subject to those awards will become available for future grant only on a one-for-one basis, even if the original award was a full value award that reduced the share reserve on a two-for-one basis. The 2024 Inducement Plan was amended in June 2025 to remove the provision that stated that any shares issued in connection with awards other than options and stock appreciation rights will be counted against the authorized share limitation as 2.0 shares for every one share so issued and, as a result, all awards granted under the 2024 Inducement Plan will reduce the share reserve thereunder on a one-for-one basis.


			Shares Available for Grant
Balance at December 31, 2024			4,013,611
Additional authorization - 2010 Stock Plan			8,500,000
Additional authorization - 2024 Inducement Plan			1,000,000
Options, RSUs and PSUs granted and issuance of shares for services rendered			(6,335,986)
Options, RSUs and PSUs cancelled			1,598,684
Fungible ratio change adjustments			282,731
Balance at December 31, 2025			9,059,040

Employee Benefit Plans - Schedule of Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes in the obligations
Benefit obligation, beginning of the year	$ 195,487	$ 169,667
Employer service cost	16,428	12,121	$ 7,711
Interest cost	1,973	2,010	2,280
Plan participants’ contributions	6,614	5,067
Actuarial (gain) loss	(5,251)	17,443
Transfer of benefits net of payments from fund	(4,294)	1,382
Expenses paid from assets	(121)	(101)
Translation loss (gain)	27,680	(12,102)
Benefit obligation, end of the year	238,516	195,487	169,667
Changes in plan assets
Fair value of plan assets, beginning of year	149,636	128,482
Actual return on plan assets	11,990	13,562
Employer contributions	12,344	10,278
Plan participants’ contributions	6,614	5,067
Transfer of benefits net of payments from fund	(4,294)	1,382
Expenses paid from assets	(121)	(101)
Translation gain (loss)	21,188	(9,034)
Fair value of plan assets, end of year	197,357	149,636	$ 128,482
Unfunded liability, end of year	$ 41,159	$ 45,851

Stockholders' Equity - Schedule of Shares Available for Grant (Details)	12 Months Ended
	Dec. 31, 2025 shares
Shares Available for Grant
Outstanding at the beginning of the period (in shares)	4,013,611
Options, RSUs and PSUs granted and issuance of shares for services rendered (in shares)	(6,335,986)
Options, RSUs and PSUs cancelled (in shares)	1,598,684
Fungible ratio change adjustments (in shares)	282,731
Outstanding at the end of the period (in shares)	9,059,040
Stock Incentive Plan 2010
Shares Available for Grant
Additional authorization (in shares)	8,500,000
2024 Inducement Plan
Shares Available for Grant
Additional authorization (in shares)	1,000,000

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 5,141,242	$ 4,241,217	$ 3,695,649
Product revenues, net
Revenues
Total revenues	4,354,333	3,618,888	3,165,168
JAKAFI
Revenues
Total revenues	3,092,515	2,792,107	2,593,732
OPZELURA
Revenues
Total revenues	678,455	508,293	337,864
ICLUSIG
Revenues
Total revenues	134,071	114,319	111,623
MINJUVI/MONJUVI
Revenues
Total revenues	144,578	119,236	37,057
PEMAZYRE
Revenues
Total revenues	86,727	81,748	83,642
NIKTIMVO
Revenues
Total revenues	151,636	0	0
ZYNYZ
Revenues
Total revenues	66,351	3,185	1,250
Product royalty revenues
Revenues
Total revenues	636,909	579,329	523,481
JAKAVI Royalty Revenues
Revenues
Total revenues	457,729	418,840	367,583
OLUMIANT Royalty Revenues
Revenues
Total revenues	144,600	135,572	136,138
TABRECTA Royalty Revenues
Revenues
Total revenues	26,702	22,746	17,793
Other product royalty revenues
Revenues
Total revenues	7,878	2,171	1,967
Milestone and contract revenues
Revenues
Total revenues	$ 150,000	$ 43,000	$ 7,000

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued and Other Current Liabilities
Royalties	$ 40,678	$ 519,881
Clinical related costs	175,932	132,446
Sales allowances	642,468	438,053
Sales and marketing	71,248	33,439
Accrued taxes	4,755	23,781
Operating lease liabilities	5,697	5,583
Other current liabilities	90,723	58,865
Total accrued and other current liabilities	$ 1,031,501	$ 1,212,048

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes (in shares)	4,650,561	1,776,728	1,154,974
Issuance of shares of Common Stock under the ESPP (in shares)	398,373	453,312	380,145
Issuance of shares of Common Stock for services rendered (in shares)	4,204	5,062	5,024

Fair Value Measures and Disclosures - Narrative (Details) $ in Thousands		12 Months Ended
	Jun. 01, 2016	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair value of financial instruments
Asset impairment		$ 76,275	$ 0	$ 5,631
ARIAD
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ 12,100	$ 10,000
ARIAD \| Liability
Fair value of financial instruments
Projected cash flows period (in years)	18 years
ARIAD \| Liability \| Measurement Input, Discount Rate
Fair value of financial instruments
Valuation input (as a percent)	0.10	0.10	0.10

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 9. Intangible Assets and Goodwill

Intangible Assets, Net

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


		Balance at December 31, 2025						Balance at December 31, 2024
	Weighted- Average Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Licensed IP	12.5	$	271,000	$	206,391	$	64,609	$	271,000	$	184,854	$	86,146
Capitalized milestone payments	9.9	$	59,500	$	6,978	$	52,522	$	29,500	$	2,820	$	26,680
Other	2.0	$	1,400	$	1,400	$	—	$	1,400	$	423	$	977

Amortization expense for the years ended December 31, 2025, 2024 and 2023, was $26.7 million, $23.6 million, and $22.5 million, respectively. Estimated aggregate amortization expense based on the current carrying value of amortizable intangible assets will be as follows for the years ending December 31 (in thousands):


	2026		2027		2028		2029		2030		Thereafter
Amortization expense	$	27,870	$	27,870	$	27,870	$	6,333	$	6,333	$	20,855

Goodwill

There were no material changes to the carrying amount of goodwill for the years ended December 31, 2025 and 2024.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 480,793	$ 469,917
Marketable securities-allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	198,460,009	193,434,305
Common stock, shares outstanding (in shares)	198,460,009	193,434,305

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

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

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


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

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Note 5. Acquisitions

Tafasitamab

On February 5, 2024, pursuant to a purchase agreement 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. Since February 5, 2024, we now recognize revenue and costs for all U.S. commercialization and clinical development and MorphoSys is no longer 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 FDA acceptance of the Biologics License Application filing for the use of tafasitamab for follicular lymphoma, which was recorded in research and development expense. In June 2025, we recorded a $25.0 million regulatory milestone owed to Xencor for the FDA approval of MONJUVI for the treatment of follicular lymphoma. This milestone payment was capitalized as an intangible asset and included in other intangible assets, net on the consolidated balance sheet as of December 31, 2025. The intangible asset will be amortized through cost of product revenues over the estimated useful life of approximately 8 years.

As of December 31, 2025, Xencor is entitled to receive up to an additional $145.0 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), was a first-in-class oral Mas-related G protein-coupled receptor X2 (MRGPRX2) antagonist that has the potential to treat a broad range of inflammatory disorders. We accounted for the Escient transaction as an asset acquisition under U.S. GAAP because INCB000262 represents substantially all of the fair value of the gross assets acquired.

In addition to the $782.5 million closing cash consideration per the terms of the merger agreement, we incurred $2.5 million of direct transaction costs that were included in the total consideration to be allocated to the acquired net assets. Of the $785.0 million total consideration, we recognized related compensation expense of $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition on our consolidated statements of operations during the year ended December 31, 2024.

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


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

In-process research and development (“IPR&D”) assets are related to acquired clinical-stage product candidates: lead candidate, INCB000262, and secondary candidate, INCB000547 (formerly EP547). The fair value of IPR&D assets was based on the present value of future discounted cash flows, which was based on significant estimates. These estimates included the amount of future product revenues, costs required to conduct clinical trials, future milestones and royalties payable under acquired license agreements, costs to receive regulatory approval and potentially commercialize product candidates, as well as estimates for probability of success and the discount rate. The concluded allocated fair values for INCB000262 and INCB000547 were $644.8 million and $34.6 million, respectively. As both acquired IPR&D assets do not have an alternative future use at the acquisition date, we recognized the full amount of $679.4 million as research and development expenses on our consolidated statements of operations during the year ended December 31, 2024.

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 8. Property and Equipment, net

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


	December 31,
	2025		2024
Office equipment	$	24,411	$	23,710
Laboratory equipment	258,003		229,797
Computer equipment	152,156		156,859
Land	11,273		15,395
Building and leasehold improvements	610,027		597,342
Operating lease right-of-use assets	19,596		22,230
Construction in progress	30,485		46,062
	1,105,951		1,091,395
Less accumulated depreciation and amortization	(375,066)		(327,984)
Property and equipment, net	$	730,885	$	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. Subsequent to the purchase, we incurred additional construction costs of approximately $28.6 million through December 2025. During December 2025, the downtown Wilmington, Delaware properties met the criteria to be classified as assets held for sale. As a result of this classification, we recorded an asset impairment charge of $76.3 million on our consolidated statement of operations relating to the downtown Wilmington properties in order to reflect the properties at the lower of their carrying amount or estimated fair value less cost to sell as of December 31, 2025. The estimated fair value less cost to sell of the properties has been recorded within the Prepaid expenses and other current assets line item on our consolidated balance sheet as of December 31, 2025. We currently expect to close on the sale of the downtown Wilmington, Delaware properties during 2026.

Depreciation expense, including amortization expense of leasehold improvements, was $66.6 million, $65.6 million and $60.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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

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


	December 31,
	2025		2024
Current
Operating lease liabilities	$	5,697	$	5,583
Finance lease liabilities	4,516		4,419
Noncurrent
Operating lease liabilities	14,508		16,793
Finance lease liabilities	30,199		33,542
Total lease liabilities	$	54,920	$	60,337

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


	Operating		Finance
2026	$	6,797	$	5,695
2027	6,308		4,845
2028	3,043		4,048
2029	1,934		3,635
2030	1,254		3,435
After 2030	3,466		19,791
Total lease cash payments	$	22,802	$	41,449
Less: discount	2,597		6,734
Present value of lease liabilities	$	20,205	$	34,715

The cash paid for amounts included in the measurement of our operating lease liabilities for the years ended December 31, 2025, 2024 and 2023 was $7.5 million, $7.1 million and $9.4 million, respectively, in operating cash flows. The cash paid for amounts included in the measurement of our finance lease liabilities for the years ended December 31, 2025, 2024 and 2023 was $4.5 million, $3.8 million and $3.4 million, respectively, in financing cash flows.

As of December 31, 2025, our finance and operating leases had a weighted average lease term of approximately 9.8 years and 4.8 years, respectively. The discount rate of our leases is an approximation of an estimated incremental borrowing rate and is dependent upon the term and economics of each agreement. The weighted average discount rate of our finance and operating leases was approximately 3.5% and 4.3%, respectively.

As of December 31, 2024, our finance and operating leases had a weighted average lease term of approximately 10.4 years and 4.8 years, respectively. The weighted average discount rate of our finance and operating leases was approximately 3.6% and 4.5%, respectively.

As of December 31, 2023, our finance and operating leases had a weighted average lease term of approximately 10.8 years and 5.8 years, respectively. The weighted average discount rate of our finance and operating leases was approximately 4.0% and 3.9%, respectively.

For the year ended December 31, 2025, we incurred approximately $7.7 million of expense related to our operating leases, approximately $4.5 million of amortization on our finance lease right-of-use assets and approximately $1.3 million of interest expense on our finance lease liabilities. For the year ended December 31, 2024, we incurred approximately $8.1 million of expense related to our operating leases, approximately $3.9 million of amortization on our finance lease right-of-use assets and approximately $1.3 million of interest expense on our finance lease liabilities. For the year ended December 31, 2023, we incurred approximately $9.8 million of expense related to our operating leases, approximately $3.5 million of amortization on our finance lease right-of-use assets and approximately $1.3 million of interest expense on our finance lease liabilities.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Incyte is committed to maintaining robust oversight and governance of potential cybersecurity risks and to implementing processes and controls that help us identify, assess and manage such risks. To date, we have not experienced a cybersecurity threat or incident that has resulted in a material adverse impact to our business or operations. However, we cannot guarantee that we will not experience such a threat or incident in the future, given the increasing sophistication of those responsible for cybersecurity incidents. While we seek to detect and investigate unauthorized attempts and attacks against our network and to prevent their occurrence where practicable through our internal processes and tools, we remain potentially vulnerable to known or unknown threats. In some instances, we can be unaware of a threat or incident or its magnitude and effects. Further, there is increasing regulation regarding responses to cybersecurity incidents, including reporting to regulators, which could subject us to additional liability and reputational harm. See “Item 1A. Risk Factors” for more information on our cybersecurity risks. We aim to incorporate and align with industry best practices throughout our cybersecurity program. Our cybersecurity strategy focuses on implementing effective and efficient controls, technologies and other processes to assess, identify, manage and mitigate material cybersecurity risks. These include, among other things, having mechanisms in place to detect and monitor unusual network activity, utilizing vulnerability assessment scans and tools, and conducting external and internal penetration tests and security assessments using the National Institute of Standards and Technology Cybersecurity Framework. We engage third party experts to assist with numerous aspects of our cybersecurity program, including vulnerability assessment scans, penetration tests and security assessments. These outside experts are utilized on a rotating basis to enable us to receive multiple viewpoints on the security of our technological resources. Additionally, from time to time, our internal audit function reviews and assesses various aspects of our cybersecurity program. We also engage in threat intelligence monitoring, including monitoring the dark web and zero-day vulnerability and attack information, and have processes in place to assess the potential cybersecurity impact or risk of any identified threats on our company, including potential impacts on our business partners and other parties with whom we share information. We actively engage with industry groups for peer benchmarking purposes and to stay current on best practices. We rely heavily on our vendors and other third-party service providers in our clinical development activities as well as to manufacture and deliver our products, and a cybersecurity incident at a vendor or other third-party service provider could have a material and adverse impact on our business, results of operations and financial condition. We have further processes in place to assess the cybersecurity risks associated with our vendors and other third-party service providers, and we require such providers to take appropriate precautions to protect our data and to notify us promptly in the event of any known or suspected data breach or cyber incident.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program is integrated into our broader approach to risk management, and ultimate oversight for the program sits with our Board of Directors. The Board of Directors is aided by its Audit and Finance Committee, which regularly reviews our cybersecurity program with management and reports to the Board of Directors. Cybersecurity reviews by the Audit and Finance Committee or the Board of Directors generally occur at least twice annually, or more frequently as determined to be necessary or advisable.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity program is integrated into our broader approach to risk management, and ultimate oversight for the program sits with our Board of Directors. The Board of Directors is aided by its Audit and Finance Committee, which regularly reviews our cybersecurity program with management and reports to the Board of Directors. Cybersecurity reviews by the Audit and Finance Committee or the Board of Directors generally occur at least twice annually, or more frequently as determined to be necessary or advisable.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is integrated into our broader approach to risk management, and ultimate oversight for the program sits with our Board of Directors. The Board of Directors is aided by its Audit and Finance Committee, which regularly reviews our cybersecurity program with management and reports to the Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. They regularly report directly to the Audit and Finance Committee or the Board of Directors on our cybersecurity program and our efforts to prevent, detect, mitigate and remediate cybersecurity incidents. In addition, we have an escalation process in place to inform senior management and the Board of Directors of any material issues as they arise.
Cybersecurity Risk Role of Management [Text Block]	Incyte’s Chief Information Security Officer (“CISO”) runs our cybersecurity program. Our CISO, who holds numerous cybersecurity and related certifications, reports in to our Chief Information Officer (“CIO”). Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. They regularly report directly to the Audit and Finance Committee or the Board of Directors on our cybersecurity program and our efforts to prevent, detect, mitigate and remediate cybersecurity incidents. In addition, we have an escalation process in place to inform senior management and the Board of Directors of any material issues as they arise
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Incyte’s Chief Information Security Officer (“CISO”) runs our cybersecurity program. Our CISO, who holds numerous cybersecurity and related certifications, reports in to our Chief Information Officer (“CIO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Incyte’s Chief Information Security Officer (“CISO”) runs our cybersecurity program. Our CISO, who holds numerous cybersecurity and related certifications, reports in to our Chief Information Officer (“CIO”). Our CISO and CIO have extensive experience assessing and managing cybersecurity programs and cybersecurity risk. They regularly report directly to the Audit and Finance Committee or the Board of Directors on our cybersecurity program and our efforts to prevent, detect, mitigate and remediate cybersecurity incidents. In addition, we have an escalation process in place to inform senior management and the Board of Directors of any material issues as they arise.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock Compensation - Schedule of Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Stock
Stock compensation
Average risk-free interest rates	3.95%	4.88%	4.72%
Average expected life (in years)	6 months	6 months	6 months
Volatility	34.00%	27.00%	25.00%
Weighted-average fair value (in dollars per share)	$ 15.90	$ 12.34	$ 12.68
Options
Stock compensation
Average risk-free interest rates	4.10%	4.15%	4.01%
Average expected life (in years)	5 years 7 days	5 years 10 days	5 years 18 days
Volatility	29.00%	30.00%	32.00%
Weighted-average fair value (in dollars per share)	$ 24.00	$ 21.07	$ 24.35

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(iii)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 16. Employee Benefit Plans

Defined Contribution Plans

We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense was $22.4 million, $20.6 million and $18.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Defined Benefit Pension Plans

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

The pension plans assumptions reflect the expected investment return and discount rate on plan assets and disability rate probabilities. The benefit obligation at December 31, 2025 for the plans was determined using a discount rate of 1.20% and rate of compensation increase of 2.00%. The 2025 net periodic benefit cost for the plans was determined using discount rates of 0.90%, rates of compensation increase of 2.25% and long term expected return on plan assets of 4.30%. The benefit obligation at December 31, 2024 for the plans was determined using a discount rate of 0.90% and rate of compensation increase of 2.25%. The 2024 net periodic benefit cost for the plans was determined using discount rates of 1.30%, rates of compensation increase of 2.25% and long term expected return on plan assets of 5.50%.

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


	Year Ended December 31,
	2025		2024
Benefit obligation, beginning of year	$	195,487	$	169,667
Employer service cost	16,428		12,121
Interest cost	1,973		2,010
Plan participants’ contributions	6,614		5,067
Actuarial (gain) loss	(5,251)		17,443
Transfer of benefits net of payments from fund	(4,294)		1,382
Expenses paid from assets	(121)		(101)
Translation loss (gain)	27,680		(12,102)
Benefit obligation, end of year	238,516		195,487

Fair value of plan assets, beginning of year	149,636		128,482
Actual return on plan assets	11,990		13,562
Employer contributions	12,344		10,278
Plan participants’ contributions	6,614		5,067
Transfer of benefits net of payments from fund	(4,294)		1,382
Expenses paid from assets	(121)		(101)
Translation gain (loss)	21,188		(9,034)
Fair value of plan assets, end of year	197,357		149,636

Unfunded liability, end of year	$	41,159	$	45,851

The unfunded liability is reported in other liabilities on the consolidated balance sheets as of December 31, 2025 and 2024. The accumulated benefit obligation is $225.2 million and $182.4 million as of December 31, 2025 and 2024, respectively.

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


	Year Ended December 31,
	2025		2024		2023
Service cost	$	16,428	$	12,121	$	7,711
Interest cost	1,973		2,010		2,280
Expected return on plan assets	(7,970)		(6,764)		(5,688)
Amortization of prior service cost	878		801		771
Amortization of actuarial losses	1,389		673		—
Net periodic benefit cost	$	12,698	$	8,841	$	5,074

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

We expect to contribute a total of $12.6 million to the pension plans in 2026. The following payments are expected to be paid from the fund (in thousands):


2026	$	9,200
2027	10,365
2028	10,944
2029	13,968
2030	11,684
2031-2035	73,326
Total	$	129,487

- Definition

The entire disclosure for retirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Income Taxes - Schedule of Tax Credit Carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Federal
Tax Credit Carryforward
Net operating loss carryforwards	$ 72,370
Federal \| Research and development credit carryforwards
Tax Credit Carryforward
Tax credit carryforward	9,431
State
Tax Credit Carryforward
Net operating loss carryforwards	926,027
State \| Research and development credit carryforwards
Tax Credit Carryforward
Tax credit carryforward	14,310
Foreign
Tax Credit Carryforward
Net operating loss carryforwards	1,743,380
Foreign \| Swiss income tax credit carryforwards
Tax Credit Carryforward
Tax credit carryforward	$ 1,469,989

Fair Value Measures and Disclosures - Schedule of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 121,000	$ 193,000
Total liabilities	121,000	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	121,000	193,000
Total liabilities	$ 121,000	$ 193,000

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Operations Before Income Taxes

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


	Year Ended December 31,
	2025		2024		2023
U.S.	$	1,571,743	$	401,760	$	1,084,254
Non-U.S.	92,708		(85,130)		(250,039)
Income before provision for income taxes	$	1,664,451	$	316,630	$	834,215

Schedule of (Benefit) Provision for Income Taxes

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


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	80,508	$	322,682	$	344,407
State	42,998		43,955		48,106
Foreign	6,610		2,931		3,001
	130,116		369,568		395,514
Deferred:
Federal	240,361		(106,549)		(139,468)
State	7,072		21,824		(19,625)
Foreign	252		(828)		195
	247,685		(85,553)		(158,898)
Total provision for income taxes	$	377,801	$	284,015	$	236,616

Schedule of Income Taxes Paid, Net of (Refunds) Received

Income taxes paid, net of (refunds) received, consisted of the following for the year ended December 31, 2025 (in thousands):


	Year Ended December 31,
	2025
Federal	$	178,100
State
Kentucky	20,798
Tennessee	(10,836)
All other states	19,345
Foreign	4,771
Total income taxes paid	$	212,178

Schedule of Reconciliation of Income Taxes at the U.S. Federal Statutory Rate to the (Benefit) Provision for Income Taxes

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


	Year Ended December 31, 2025
	$		%
U.S. federal statutory rate	$	349,535	21.0	%
State and local income taxes, net of federal benefit(1)	36,394		2.2	%
Foreign tax effects	(12,607)		(0.8)%
Effects of changes in tax laws or rates enacted in the current period	(49,289)		(3.0)	%
Effect of cross-border tax laws
Foreign-derived intangible income	(34,240)		(2.1)%
Tax Credits
Research and development tax credits	(59,998)		(3.6)%
Changes in valuation allowances	123,243		7.4%
Nontaxable or nondeductible items	13,528		0.8%
Changes in unrecognized tax benefits	14,208		0.9%
Other adjustments	(2,973)		(0.1)%
Effective income tax rate	$	377,801	22.7%

1 State taxes in Kentucky, California, and Delaware made up the majority (greater than 50%) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Provision at U.S. federal statutory rate	$	66,492	$	175,185
State and local income taxes	51,753		21,145
Foreign tax rate differential	61,026		(96,434)
Income tax credits	(70,989)		(1,433,507)
Change in valuation allowance	21,425		1,572,951
Change in uncertain tax positions	6,418		5,943
Foreign-derived intangible income	(31,786)		(32,891)
Stock based compensation	25,647		20,971
Acquisitions accounted for as research and development expenses	149,287		4,200
Other	4,742		(947)
Provision for income taxes	$	284,015	$	236,616

Schedule of Significant Components of Deferred Tax Assets and Liabilities

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


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carry forwards	$	304,075	$	315,969
Income tax credits	1,482,932		1,398,495
Capitalized research and development	554,454		648,989
Deferred revenue and accruals	96,463		190,446
Non-cash compensation	92,482		100,788
Acquisition-related contingent consideration	17,426		27,796
Intangibles, net	219,005		229,741
Long term investments	2,889		6,697
Other	24,582		20,814
Total gross deferred tax assets	2,794,308		2,939,735
Less valuation allowance for deferred tax assets	(2,266,136)		(2,139,673)
Net deferred tax assets	$	528,172	$	800,062

Deferred tax liabilities:
Property and equipment	$	(7,046)	$	(30,676)
Other	(5,832)		(7,315)
Total gross deferred tax liabilities	(12,878)		(37,991)
Net deferred tax assets	$	515,294	$	762,071

Schedule of Operating Loss Carryforwards

As of December 31, 2025, we had NOL carryforwards, research and development credit carryforwards and foreign income tax credit carryforwards as follows (in thousands):


	Amount		Expiring if not utilized
Net operating loss carryforwards
Federal	$	72,370	Indefinite
State	926,027		2027 through 2045; indefinite
Foreign	1,743,380		2026 through 2041; indefinite
Research and development credit carryforwards
Federal	$	9,431	2039 through 2044
State	14,310		2026 through 2043
Swiss income tax credit carryforwards	1,469,989		2028

Schedule of Unrecognized Tax Benefits

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


	Year Ended December 31,
	2025		2024
Balance at beginning of year	$	87,723	$	69,145
Additions related to prior periods tax positions	3,539		9,173
Reductions related to prior periods tax positions	(2,226)		(2,014)
Additions related to current period tax positions	8,749		5,939
Additions related to acquisitions	—		9,114
Settlements	(24)		(71)
Reductions due to lapse of applicable statute of limitations	(333)		(3,538)
Currency translation adjustment	173		(25)
Balance at end of year	$	97,601	$	87,723

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31,
	2025		2024
Office equipment	$	24,411	$	23,710
Laboratory equipment	258,003		229,797
Computer equipment	152,156		156,859
Land	11,273		15,395
Building and leasehold improvements	610,027		597,342
Operating lease right-of-use assets	19,596		22,230
Construction in progress	30,485		46,062
	1,105,951		1,091,395
Less accumulated depreciation and amortization	(375,066)		(327,984)
Property and equipment, net	$	730,885	$	763,411

Schedule of Assets and Liabilities, Lessee


	December 31,
	2025		2024
Current
Operating lease liabilities	$	5,697	$	5,583
Finance lease liabilities	4,516		4,419
Noncurrent
Operating lease liabilities	14,508		16,793
Finance lease liabilities	30,199		33,542
Total lease liabilities	$	54,920	$	60,337

Schedule of Lessee, Operating Lease, Liability, Maturity

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


	Operating		Finance
2026	$	6,797	$	5,695
2027	6,308		4,845
2028	3,043		4,048
2029	1,934		3,635
2030	1,254		3,435
After 2030	3,466		19,791
Total lease cash payments	$	22,802	$	41,449
Less: discount	2,597		6,734
Present value of lease liabilities	$	20,205	$	34,715

Schedule of Finance Lease, Liability, Fiscal Year Maturity

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


	Operating		Finance
2026	$	6,797	$	5,695
2027	6,308		4,845
2028	3,043		4,048
2029	1,934		3,635
2030	1,254		3,435
After 2030	3,466		19,791
Total lease cash payments	$	22,802	$	41,449
Less: discount	2,597		6,734
Present value of lease liabilities	$	20,205	$	34,715

Commitments and contingencies - Contingencies (Details) - U.S. Centers for Medicare and Medicaid Services - JAKAFI $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Contingencies
Loss contingences, gross to net deduction percentage (as percent)	6.90%
Accrued and Other Current Liabilities
Contingencies
Loss contingency accrual	$ 218.5

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Section 50
-Paragraph 9
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 27
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-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 9
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Fair Value Measures and Disclosures - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value of financial instruments
Debt securities (government)	$ 482,787
Long term equity investments	47,991	$ 18,814
Estimate of Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	3,097,817	1,687,829
Debt securities (government)	482,787	470,263
Long term equity investments	47,991	18,814
Total assets	3,628,595	2,176,906
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of financial instruments
Cash and cash equivalents	3,097,817	1,687,829
Debt securities (government)	0	0
Long term equity investments	47,991	18,814
Total assets	3,145,808	1,706,643
Significant Other Observable Inputs (Level 2)
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	482,787	470,263
Long term equity investments	0	0
Total assets	482,787	470,263
Significant Unobservable Inputs (Level 3)
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	0	0
Long term equity investments	0	0
Total assets	$ 0	$ 0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 17. 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 the Incyte Corporation, as borrower, subsidiary Incyte Holdings Corporation, as a guarantor, a group of lenders (the “Lenders”), and J.P. Morgan Chase Bank, N.A. as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $500.0 million. 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 its consolidated leverage ratio in effect immediately prior to giving effect to such increase. Loans under the Credit Agreement will bear interest, at our option, at a per annum rate equal to either (a) a base rate (but not less than 1.00%) plus an applicable rate per annum varying from 0.125% to 0.875% depending on the 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 the consolidated leverage ratio. Commitment fees payable on the undrawn amount range from 0.150% per annum to 0.225% per annum, based on our consolidated leverage ratio. 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 December 31, 2025, we were in compliance with all financial and operational covenants under the terms of the Credit Agreement and there were no outstanding borrowings or letters of credit outstanding. Contingencies In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We have entered into the collaboration agreements described in Note 7, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products. We brought a lawsuit against the U.S. Centers for Medicare and Medicaid Services (“CMS”) alleging that a regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program is too broad and has the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. We believe that such a reading would violate CMS’s statutory authority and be arbitrary and capricious, given that OPZELURA, among other differentiators, is indicated to treat entirely different medical conditions and entirely different patient populations than JAKAFI. As of December 31, 2025, we have accrued approximately $218.5 million within accrued and other current liabilities on the consolidated balance sheet, relating to the incremental rebates that would be owed were OPZELURA considered a line extension of JAKAFI. The impact on OPZELURA gross to net deductions for the quarter ending December 31, 2025, is approximately 6.9%. 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, we have various patent disputes and litigation initiated by us related to potential generic or other competition for our products, as described under Part I, 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” above. Additionally, as described in Note 7, we entered into a settlement and license agreement with Sun, resolving patent infringement litigation related to Leqselvi (deuruxolitinib).

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 3,447,628	$ 5,189,837	$ 4,370,119
Other comprehensive income (loss) before reclassifications	36,316	(27,701)	(2,734)
Net amount reclassified from accumulated other comprehensive income (loss)	2,267	1,474	771
Net other comprehensive income (loss)	38,583	(26,227)	(1,963)
Ending Balance	5,167,478	3,447,628	5,189,837
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(13,121)	13,106	15,069
Net other comprehensive income (loss)	38,583	(26,227)	(1,963)
Ending Balance	25,462	(13,121)	13,106
Foreign Currency Translation Gains (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	26,456	44,181	18,409
Other comprehensive income (loss) before reclassifications	24,977	(17,725)	25,772
Net amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net other comprehensive income (loss)	24,977	(17,725)	25,772
Ending Balance	51,433	26,456	44,181
Net Unrealized Gains (Losses) on Marketable Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	346	(149)	(5,037)
Other comprehensive income (loss) before reclassifications	1,648	495	4,888
Net amount reclassified from accumulated other comprehensive income (loss)	0	0	0
Net other comprehensive income (loss)	1,648	495	4,888
Ending Balance	1,994	346	(149)
Defined Benefit Pension Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(39,923)	(30,926)	1,697
Other comprehensive income (loss) before reclassifications	9,691	(10,471)	(33,394)
Net amount reclassified from accumulated other comprehensive income (loss)	2,267	1,474	771
Net other comprehensive income (loss)	11,958	(8,997)	(32,623)
Ending Balance	$ (27,965)	$ (39,923)	$ (30,926)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Instruments - Schedule of Marketable Securities Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Summary of marketable security portfolio
Estimated Fair Value	$ 482,787
Debt securities (government)
Summary of marketable security portfolio
Amortized Cost	480,793	$ 469,917
Unrealized Gains	2,028	971
Unrealized (Losses)	(34)	(625)
Estimated Fair Value	$ 482,787	$ 470,263

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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+ Details

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock compensation
Stock compensation expense	$ 249.3	$ 266.1	$ 215.9
Dividend yield (as percent)	0.00%
Escient
Stock compensation
Asset acquisition, compensation expense		31.5
Options
Stock compensation
Unrecognized compensation cost for nonvested option	$ 21.8
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)	1 year 3 months 18 days
Restricted Stock Units (RSUs)
Stock compensation
Unrecognized compensation cost for nonvested option	$ 248.9
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	$ 19.7	30.1	17.2
Unrecognized compensation cost for nonvested option	$ 40.2
Vesting period of recognition of the unrecognized compensation cost of nonvested awards (in years)	2 years 3 months 18 days
Research and Development Expense
Stock compensation
Stock compensation expense	$ 150.2	161.3	126.7
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	95.6	102.5	86.1
Cost of Sales
Stock compensation
Stock compensation expense	$ 3.5	$ 2.3	$ 3.1

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Collaborative and Other Relationships - Agenus (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
License agreements
Realized and unrealized loss on equity investments	$ (21,310)	$ (116,025)	$ (43,893)
Agenus
License agreements
Realized and unrealized loss on equity investments		$ 8,200	$ 18,900

- 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

+ Details

Income Taxes - Schedule of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory rate	$ 349,535	$ 66,492	$ 175,185
State and local income taxes, net of federal benefit	36,394	51,753	21,145
Foreign tax effects	(12,607)	61,026	(96,434)
Effects of changes in tax laws or rates enacted in the current period	(49,289)
Foreign-derived intangible income	(34,240)	(31,786)	(32,891)
Research and development tax credits	(59,998)	(70,989)	(1,433,507)
Changes in valuation allowances	123,243	21,425	1,572,951
Nontaxable or nondeductible items	13,528
Changes in unrecognized tax benefits	14,208	6,418	5,943
Other adjustments	(2,973)	4,742	(947)
Total provision for income taxes	$ 377,801	$ 284,015	$ 236,616
Percent
U.S. federal statutory rate	21.00%
State and local income taxes, net of federal benefit	2.20%
Foreign tax effects	(0.80%)
Effects of changes in tax laws or rates enacted in the current period	(3.00%)
Foreign-derived intangible income	(2.10%)
Research and development tax credits	(3.60%)
Changes in valuation allowances	7.40%
Nontaxable or nondeductible items	0.80%
Changes in unrecognized tax benefits	0.90%
Other adjustments	(0.10%)
Effective income tax rate	22.70%

Income Taxes - Schedule of Income Taxes Paid, Net of (Refunds) Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 178,100
Foreign	4,771
Total income taxes paid	212,178	$ 373,100	$ 378,200
Kentucky
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	20,798
Tennessee
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(10,836)
All other states
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 19,345

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 87,723	$ 69,145
Additions related to prior periods tax positions	3,539	9,173
Reductions related to prior periods tax positions	(2,226)	(2,014)
Additions related to current period tax positions	8,749	5,939
Additions related to acquisitions	0	9,114
Settlements	(24)	(71)
Reductions due to lapse of applicable statute of limitations	(333)	(3,538)
Currency translation adjustment	173
Currency translation adjustment		(25)
Balance at end of year	$ 97,601	$ 87,723

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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)		Estimated Fair Value
December 31, 2025
Debt securities (government)	$	480,793	$	2,028	$	(34)	$	482,787

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 December 31, 2025 (in thousands):


	Total		Less than 1 Year		1-5 Years
Fair value of debt securities (government)	$	482,787	$	189,298	$	293,489

Schedule of Fair Value of Assets Measured on Recurring Basis

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2025
Cash and cash equivalents	$	3,097,817	$	—	$	—	$	3,097,817
Debt securities (government)	—		482,787		—		482,787
Long term equity investments (Note 7)	47,991		—		—		47,991
Total assets	$	3,145,808	$	482,787	$	—	$	3,628,595


	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 7)	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 (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2025
Acquisition-related contingent consideration	$	—	$	—	$	121,000	$	121,000
Total liabilities	$	—	$	—	$	121,000	$	121,000


	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		2024
Balance at January 1,	$	193,000	$	212,000
Contingent consideration earned during the period but not yet paid	(12,149)		(9,956)
Payments made during the period	(31,129)		(28,847)
Change in fair value of contingent consideration and other adjustments	(28,722)		19,803
Balance at December 31,	$	121,000	$	193,000

- 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

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-Topic 320
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 18. 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. 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, that also is reported on the 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, 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 consolidated balance sheet as total consolidated assets.

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


	Year Ended December 31,
	2025		2024		2023
Product revenues, net	$	4,354,333	$	3,618,888	$	3,165,168
Product royalty revenues	636,909		579,329		523,481
Milestone and contract revenues	150,000		43,000		7,000
Total revenues	5,141,242		4,241,217		3,695,649

Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130		312,068		254,990
Contract dispute settlement	(242,251)		—		—
Research and development - internal1	984,730		957,043		815,025
Research and development - external2	967,848		866,005		775,919
Other research and development3	97,574		783,800		36,650
Sales and marketing	1,094,754		945,428		876,703
General and administrative	281,452		296,729		278,959
Asset impairment	76,275		—		5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)		19,803		29,202
(Profit) and loss sharing under collaboration agreements	—		(1,025)		2,045
Other segment items4	228,209		28,751		22,926
Net income	$	1,286,650	$	32,615	$	597,599

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.

Total Revenues by Geographic Location

Total revenues by geographic region consisted of the following (in thousands):


	Twelve Months Ended December 31,
	2025		2024		2023
United States	$	4,799,941	$	3,974,567	$	3,514,873
Europe	323,734		260,437		175,866
Other countries	17,567		6,213		4,910
Total revenues	$	5,141,242	$	4,241,217	$	3,695,649

Property and Equipment, Net by Geographic Location

Property and equipment, net by geographic location was as follows (in thousands):


	Dec 31, 2025		Dec 31, 2024
United States	$	406,829	$	474,095
Switzerland	309,802		277,623
Other countries	14,254		11,693
Total property and equipment, net	$	730,885	$	763,411

- Definition

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

+ References

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+ Details

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Other Comprehensive Income (Loss)

Note 13. Other Comprehensive Income (Loss)

The following tables summarize the activity related to reach component of other comprehensive income (loss) during the years ended December 31, 2025, 2024 and 2023:


(Amounts presented net of taxes)	Foreign Currency Translation Gains		Net Unrealized Gains on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2025	$	26,456	$	346	$	(39,923)	$	(13,121)
Other comprehensive income before reclassifications	24,977		1,648		9,691		36,316
Net amount reclassified from accumulated other comprehensive loss	—		—		2,267		2,267
Net other comprehensive income	24,977		1,648		11,958		38,583
Balances at December 31, 2025	$	51,433	$	1,994	$	(27,965)	$	25,462


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Loss)		Net Unrealized Gains (Losses) on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2024	$	44,181	$	(149)	$	(30,926)	$	13,106
Other comprehensive (loss) income before reclassifications	(17,725)		495		(10,471)		(27,701)
Net amount reclassified from accumulated other comprehensive income (loss)	—		—		1,474		1,474
Net other comprehensive (loss) income	(17,725)		495		(8,997)		(26,227)
Balances at December 31, 2024	$	26,456	$	346	$	(39,923)	$	(13,121)


(Amounts presented net of taxes)	Foreign Currency Translation Gains		Net Unrealized Gains (Losses) on Marketable Securities		Defined Benefit Pension Plans		Accumulated Other Comprehensive Income (Loss)
Balances at January 1, 2023	$	18,409	$	(5,037)	$	1,697	$	15,069
Other comprehensive income (loss) before reclassifications	25,772		4,888		(33,394)		(2,734)
Net amount reclassified from accumulated other comprehensive income	—		—		771		771
Net other comprehensive income (loss)	25,772		4,888		(32,623)		(1,963)
Balances at December 31, 2023	$	44,181	$	(149)	$	(30,926)	$	13,106

Segment Reporting - Schedule of Consolidated Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 5,141,242	$ 4,241,217	$ 3,695,649
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130	312,068	254,990
Contract dispute settlement	(242,251)	0	0
Asset impairment	76,275	0	5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)	19,803	29,202
(Profit) and loss sharing under collaboration agreements	0	(1,025)	2,045
Net income	1,286,650	32,615	597,599
Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	5,141,242	4,241,217	3,695,649
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130	312,068	254,990
Contract dispute settlement	(242,251)	0	0
Research and development - internal	984,730	957,043	815,025
Research and development - external	967,848	866,005	775,919
Other research and development	97,574	783,800	36,650
Sales and marketing	1,094,754	945,428	876,703
General and administrative	281,452	296,729	278,959
Asset impairment	76,275	0	5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)	19,803	29,202
(Profit) and loss sharing under collaboration agreements	0	(1,025)	2,045
Other segment items	228,209	28,751	22,926
Net income	1,286,650	32,615	597,599
Product revenues, net
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	4,354,333	3,618,888	3,165,168
Product revenues, net \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	4,354,333	3,618,888	3,165,168
Product royalty revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	636,909	579,329	523,481
Product royalty revenues \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	636,909	579,329	523,481
Milestone and contract revenues
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	150,000	43,000	7,000
Milestone and contract revenues \| Reportable Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 150,000	$ 43,000	$ 7,000

Income Taxes - Schedule of Income Before Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision for income taxes	$ 1,664,451	$ 316,630	$ 834,215
U.S.
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision for income taxes	1,571,743	401,760	1,084,254
Non-U.S.
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income before provision for income taxes	$ 92,708	$ (85,130)	$ (250,039)

- Definition

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

+ References

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+ Details

Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net periodic benefit cost
Service cost	$ 16,428	$ 12,121	$ 7,711
Interest cost	1,973	2,010	2,280
Expected return on plan assets	(7,970)	(6,764)	(5,688)
Amortization of prior service cost	878	801	771
Amortization of actuarial losses	1,389	673	0
Net periodic benefit cost	$ 12,698	$ 8,841	$ 5,074
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other, net	Other, net	Other, net

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 80,508	$ 322,682	$ 344,407
State	42,998	43,955	48,106
Foreign	6,610	2,931	3,001
Current provision for income taxes	130,116	369,568	395,514
Deferred:
Federal	240,361	(106,549)	(139,468)
State	7,072	21,824	(19,625)
Foreign	252	(828)	195
Deferred provision for income taxes	247,685	(85,553)	(158,898)
Total provision for income taxes	$ 377,801	$ 284,015	$ 236,616

Net Income Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share

Note 15. Net Income Per Share

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

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


	Year Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Basic net income	$	1,286,650	$	32,615	$	597,599

Weighted average common shares outstanding	195,204		207,110		223,628

Basic net income per share	$	6.59	$	0.16	$	2.67

Diluted net income	$	1,286,650	$	32,615	$	597,599

Weighted average common shares outstanding	195,204		207,110		223,628
Dilutive stock options and awards	5,496		3,420		2,300
Weighted average shares used to compute diluted net income per share	200,700		210,530		225,928

Diluted net income per share	$	6.41	$	0.15	$	2.65

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


	2025	2024	2023
Outstanding stock options and awards	8,300,526	12,905,281	12,710,250

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1,286,650	$ 32,615	$ 597,599
Other comprehensive income (loss):
Foreign currency translation gain (loss)	24,977	(17,723)	25,772
Unrealized gain on marketable securities, net of tax	1,648	495	4,888
Defined benefit pension gain (loss), net of tax	11,958	(8,999)	(32,623)
Other comprehensive income (loss)	38,583	(26,227)	(1,963)
Comprehensive income	$ 1,325,233	$ 6,388	$ 595,636

- 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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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and equipment, net
Property and equipment, gross	$ 1,105,951	$ 1,091,395
Less accumulated depreciation and amortization	(375,066)	(327,984)
Property and equipment, net	730,885	763,411
Office equipment
Property and equipment, net
Property and equipment, gross	24,411	23,710
Laboratory equipment
Property and equipment, net
Property and equipment, gross	258,003	229,797
Computer equipment
Property and equipment, net
Property and equipment, gross	152,156	156,859
Land
Property and equipment, net
Property and equipment, gross	11,273	15,395
Building and leasehold improvements
Property and equipment, net
Property and equipment, gross	610,027	597,342
Operating lease right-of-use assets
Property and equipment, net
Property and equipment, gross	19,596	22,230
Construction in progress
Property and equipment, net
Property and equipment, gross	$ 30,485	$ 46,062

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 3,097,817	$ 1,687,829
Marketable securities—available-for-sale (amortized cost $480,793 and $469,917 as of December 31, 2025 and 2024, respectively; allowance for credit losses $0 as of December 31, 2025 and 2024)	482,787	470,263
Accounts receivable	1,024,407	853,154
Inventory	101,060	58,872
Prepaid expenses and other current assets	317,831	168,912
Total current assets	5,023,902	3,239,030
Restricted cash	1,852	1,622
Long term equity investments	47,991	18,814
Inventory	342,232	348,327
Property and equipment, net	730,885	763,411
Finance lease right-of-use assets, net	27,520	30,803
Other intangible assets, net	117,131	113,803
Goodwill	133,000	155,593
Deferred income tax asset	515,294	762,071
Other assets	18,166	10,848
Total assets	6,957,973	5,444,322
Current liabilities:
Accounts payable	209,938	197,465
Accrued compensation	228,071	188,677
Accrued and other current liabilities	1,031,501	1,212,048
Finance lease liabilities	4,516	4,419
Acquisition-related contingent consideration	41,144	39,238
Total current liabilities	1,515,170	1,641,847
Acquisition-related contingent consideration	79,856	153,762
Finance lease liabilities	30,199	33,542
Other liabilities	165,270	167,543
Total liabilities	1,790,495	1,996,694
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding as of December 31, 2025 and 2024	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized; 198,460,009 and 193,434,305 shares issued and outstanding as of December 31, 2025 and 2024, respectively	198	193
Additional paid-in capital	4,928,049	4,533,437
Accumulated other comprehensive income (loss)	25,462	(13,121)
Retained earnings (accumulated deficit)	213,769	(1,072,881)
Total stockholders’ equity	5,167,478	3,447,628
Total liabilities and stockholders’ equity	$ 6,957,973	$ 5,444,322

Accrued and Other Current Liabilities

12 Months Ended

Dec. 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):


	December 31,
	2025		2024
Royalties	$	40,678	$	519,881
Clinical related costs	175,932		132,446
Sales allowances	642,468		438,053
Sales and marketing	71,248		33,439
Accrued taxes	4,755		23,781
Operating lease liabilities	5,697		5,583
Other current liabilities	90,723		58,865
Total accrued and other current liabilities	$	1,031,501	$	1,212,048

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution expense	$ 22.4	$ 20.6	$ 18.9
Discount rate (as percent)	1.20%	0.90%
Rate of compensation increase (as percent)	2.00%	2.25%
Discount rate (as percent)	0.90%	1.30%
Rate of compensation increase (as percent)	2.25%	2.25%
Expected return on plan assets (as percent)	4.30%	5.50%
Accumulated benefit obligation	$ 225.2	$ 182.4
Expected contributions	$ 12.6

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

Note 6. Inventory

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


	December 31,
	2025		2024
Raw materials	$	27,860	$	27,590
API and Work-in-process	343,678		331,178
Finished goods	71,754		48,431
Total inventory	$	443,292	$	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 December 31, 2025, $101.1 million of inventory was classified as current on the consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At December 31, 2025, $342.2 million of inventory was classified as non-current on the consolidated balance sheet as we did not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.

We capitalize inventory after regulatory approval as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to regulatory approval are recorded as research and development expense in our consolidated statements of operations. At December 31, 2025, inventory with approximately $43.6 million of product costs incurred prior to regulatory approval had not yet been sold. We expect to sell the pre-commercialization inventory over the next 9 months to 31 months and, as a result, cost of product revenues will reflect a lower average per unit cost of materials.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania

Property and Equipment, net - Schedule of Lease and Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lease liabilities
Operating lease liabilities, current	$ 5,697	$ 5,583
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Finance lease liabilities, current	$ 4,516	$ 4,419
Operating lease liabilities, noncurrent	$ 14,508	$ 16,793
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance lease liabilities, noncurrent	$ 30,199	$ 33,542
Total lease liabilities	54,920	$ 60,337
Maturity of our operating lease liabilities
2026	6,797
2027	6,308
2028	3,043
2029	1,934
2030	1,254
After 2030	3,466
Total lease cash payments	22,802
Less: discount	2,597
Present value of lease liabilities	20,205
Maturity of our finance lease liabilities
2026	5,695
2027	4,845
2028	4,048
2029	3,635
2030	3,435
After 2030	19,791
Total lease cash payments	41,449
Less: discount	6,734
Present value of lease liabilities	$ 34,715

Fair Value of Financial Instruments - Schedule of Contractual Maturities of Our Available-For-Sale Debt Securities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Total	$ 482,787
Less than 1 Year	189,298
1-5 Years	$ 293,489

Concentrations of Credit Risk and Current Expected Credit Losses - Schedule of Concentration of Credit Risk Related to Collaborative Partners (Details) (Details) - Sales Revenue Goods Services Net - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer A
Concentration of risk
Percentage of concentration risk	13.00%	15.00%	17.00%
Customer B
Concentration of risk
Percentage of concentration risk	9.00%	10.00%	10.00%
Customer C
Concentration of risk
Percentage of concentration risk	21.00%	19.00%	18.00%
Customer D
Concentration of risk
Percentage of concentration risk	18.00%	17.00%	17.00%
Customer E
Concentration of risk
Percentage of concentration risk	11.00%	10.00%	10.00%

- 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

+ Details

- Definition

+ References + Details

Stockholders' Equity - Schedule of RSU and PSU Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Outstanding at the beginning of the period (in shares) \| shares	8,656,803
Outstanding at the end of the period (in shares) \| shares	9,275,450
Grant Date Value
Grant date value of shares outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 67.81
Grant date value of shares at the end of the period (in dollars per share) \| $ / shares	$ 66.86
Restricted Stock Units (RSUs)
Shares
Granted (in shares) \| shares	3,492,732
Released (in shares) \| shares	(2,860,640)
Cancelled (in shares) \| shares	(543,681)
Grant Date Value
Granted (in dollars per share) \| $ / shares	$ 69.24
Released (in dollars per share) \| $ / shares	70.86
Cancelled (in dollars per share) \| $ / shares	$ 67.19
Performance Shares
Shares
Granted (in shares) \| shares	897,393
Additional PSUs earned (in shares) \| shares	32,148
Released (in shares) \| shares	(255,805)
Cancelled (in shares) \| shares	(143,500)
Grant Date Value
Granted (in dollars per share) \| $ / shares	$ 59.00
Additional PSUs earned (in dollars per share) \| $ / shares	70.45
Released (in dollars per share) \| $ / shares	72.97
Cancelled (in dollars per share) \| $ / shares	$ 76.73

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Year Ended December 31,
	2025		2024		2023
Product revenues, net	$	4,354,333	$	3,618,888	$	3,165,168
Product royalty revenues	636,909		579,329		523,481
Milestone and contract revenues	150,000		43,000		7,000
Total revenues	5,141,242		4,241,217		3,695,649

Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	372,130		312,068		254,990
Contract dispute settlement	(242,251)		—		—
Research and development - internal1	984,730		957,043		815,025
Research and development - external2	967,848		866,005		775,919
Other research and development3	97,574		783,800		36,650
Sales and marketing	1,094,754		945,428		876,703
General and administrative	281,452		296,729		278,959
Asset impairment	76,275		—		5,631
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)		19,803		29,202
(Profit) and loss sharing under collaboration agreements	—		(1,025)		2,045
Other segment items4	228,209		28,751		22,926
Net income	$	1,286,650	$	32,615	$	597,599

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.

Schedule of Revenue from External Customers by Geographic Areas

Total revenues by geographic region consisted of the following (in thousands):


	Twelve Months Ended December 31,
	2025		2024		2023
United States	$	4,799,941	$	3,974,567	$	3,514,873
Europe	323,734		260,437		175,866
Other countries	17,567		6,213		4,910
Total revenues	$	5,141,242	$	4,241,217	$	3,695,649

Schedule of Long-Lived Assets by Geographic Areas

Property and equipment, net by geographic location was as follows (in thousands):


	Dec 31, 2025		Dec 31, 2024
United States	$	406,829	$	474,095
Switzerland	309,802		277,623
Other countries	14,254		11,693
Total property and equipment, net	$	730,885	$	763,411

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 3. Fair Value of Financial Instruments

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


	Amortized Cost		Unrealized Gains		Unrealized (Losses)		Estimated Fair Value
December 31, 2025
Debt securities (government)	$	480,793	$	2,028	$	(34)	$	482,787

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 December 31, 2025 (in thousands):


	Total		Less than 1 Year		1-5 Years
Fair value of debt securities (government)	$	482,787	$	189,298	$	293,489

Debt security assets were assessed for risk of expected credit losses per our accounting policy as described in Note 1. As of December 31, 2025 and 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 December 31, 2025 and 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 years ended December 31, 2025 and 2024.

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


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2025
Cash and cash equivalents	$	3,097,817	$	—	$	—	$	3,097,817
Debt securities (government)	—		482,787		—		482,787
Long term equity investments (Note 7)	47,991		—		—		47,991
Total assets	$	3,145,808	$	482,787	$	—	$	3,628,595


	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 7)	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 (in thousands):


	Fair Value Measurement at Reporting Date Using:
	Quoted Prices in Active Markets for Identical Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2025
Acquisition-related contingent consideration	$	—	$	—	$	121,000	$	121,000
Total liabilities	$	—	$	—	$	121,000	$	121,000


	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		2024
Balance at January 1,	$	193,000	$	212,000
Contingent consideration earned during the period but not yet paid	(12,149)		(9,956)
Payments made during the period	(31,129)		(28,847)
Change in fair value of contingent consideration and other adjustments	(28,722)		19,803
Balance at December 31,	$	121,000	$	193,000

The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10%. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of December 31, 2025 and 2024 included a discount rate of 10%, updated projections of future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment, and related applicable royalty rates. The change in fair value of the contingent consideration during the years ended December 31, 2025 and 2024 was due primarily to updated projections of future net revenues and royalties of ICLUSIG, including the impacts from fluctuations in foreign currency exchange rates, and the passage of time.

We generally make payments to Takeda quarterly based on the royalties earned in the previous quarter. As of December 31, 2025 and 2024, contingent consideration earned but not yet paid was $12.1 million and $10.0 million, respectively, and was included in accrued and other current liabilities.

Non-Recurring Fair Value Measurements

During the year ended December 31, 2025, we recorded an asset impairment charge of $76.3 million on our consolidated statement of operations relating to our downtown Wilmington, Delaware properties in order to reflect the properties at the lower of their carrying amount or estimated fair value less cost to sell as of December 31, 2025. Refer to Note 8 for further information on the asset impairment.

During the year ended December 31, 2024 there were no measurements required for any assets or liabilities at fair value on a non-recurring basis.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 1,286,650	$ 32,615	$ 597,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,286	89,248	82,660
Stock-based compensation	249,346	266,058	215,889
Deferred income taxes	247,685	(85,553)	(158,898)
Other, net	14,857	(9,053)	16,948
(Gain) on equity investments	(21,310)	(116,025)	(43,893)
(Gain) loss on change in fair value of acquisition-related contingent consideration	(6,129)	19,803	29,202
Asset impairment	76,275	0	5,631
Changes in operating assets and liabilities:
Accounts receivable	(170,772)	(111,586)	(98,678)
Prepaid expenses and other assets	(156,237)	10,365	(42,491)
Inventory	(58,513)	(127,633)	(170,151)
Accounts payable	6,562	88,159	(167,945)
Accrued and other liabilities	(148,202)	278,939	230,614
Net cash provided by operating activities	1,413,498	335,337	496,487
Cash flows from investing activities:
Purchase of long term investments	(7,875)	0	(10,000)
Sale of equity investments	8	284,781	45
Capital expenditures	(58,867)	(86,263)	(32,486)
Payments for intangible assets	(25,000)	(13,900)	(15,000)
Purchases of marketable securities	(295,507)	(258,370)	(456,020)
Maturities of marketable securities	284,631	231,269	305,784
Net cash (used in) provided by investing activities	(102,610)	157,517	(207,677)
Cash flows from financing activities:
Repurchase of Common Stock	0	(2,004,790)	0
Excise tax paid on repurchase of Common Stock	(19,100)	0	0
Proceeds from issuance of Common Stock under stock plans	221,762	49,301	35,836
Tax withholdings related to restricted and performance share vesting	(76,818)	(40,302)	(28,550)
Payment of finance lease liabilities	(4,544)	(3,798)	(3,360)
Payment of contingent consideration	(20,261)	(21,958)	(23,959)
Net cash provided by (used in) financing activities	101,039	(2,021,547)	(20,033)
Effect of exchange rates on cash, cash equivalents, and restricted cash	(1,709)	2,923	(6,676)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,410,218	(1,525,770)	262,101
Cash, cash equivalents, and restricted cash at beginning of period	1,689,451	3,215,221	2,953,120
Cash, cash equivalents, and restricted cash at end of period	3,099,669	1,689,451	3,215,221
Supplemental Schedule of Cash Flow Information
Cash paid for contract dispute settlement	294,881	0	0
Unpaid purchases of property and equipment	4,929	2,597	5,052
Unpaid excise tax on repurchase of common stock	0	19,185	0
Leased assets obtained in exchange for new operating lease liabilities	3,163	9,674	5,275
Leased assets obtained in exchange for new finance lease liabilities	$ 937	$ 8,906	$ 2,257

Stockholders' Equity - Schedule of Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Options Outstanding
Number Outstanding (in shares) \| shares	10,859,861
Options Exercisable
Number Exercisable (in shares) \| shares	8,769,819
$52.94 - $61.76
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	$ 52.94
Exercise price, upper range limit (in dollars per share)	$ 61.76
Options Outstanding
Number Outstanding (in shares) \| shares	1,147,054
Weighted Average Remaining Contractual Life (in years)	7 years 3 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 60.83
Options Exercisable
Number Exercisable (in shares) \| shares	720,211
Weighted Average Exercise Price (in dollars per share)	$ 60.91
$62.03 - $68.62
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	62.03
Exercise price, upper range limit (in dollars per share)	$ 68.62
Options Outstanding
Number Outstanding (in shares) \| shares	1,477,011
Weighted Average Remaining Contractual Life (in years)	7 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 66.70
Options Exercisable
Number Exercisable (in shares) \| shares	642,215
Weighted Average Exercise Price (in dollars per share)	$ 67.16
$68.70 - $72.27
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	68.70
Exercise price, upper range limit (in dollars per share)	$ 72.27
Options Outstanding
Number Outstanding (in shares) \| shares	1,275,187
Weighted Average Remaining Contractual Life (in years)	6 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 71.69
Options Exercisable
Number Exercisable (in shares) \| shares	786,369
Weighted Average Exercise Price (in dollars per share)	$ 71.94
$72.66 - $77.67
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	72.66
Exercise price, upper range limit (in dollars per share)	$ 77.67
Options Outstanding
Number Outstanding (in shares) \| shares	1,112,675
Weighted Average Remaining Contractual Life (in years)	5 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 75.63
Options Exercisable
Number Exercisable (in shares) \| shares	1,012,061
Weighted Average Exercise Price (in dollars per share)	$ 75.54
$77.83 - $83.58
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	77.83
Exercise price, upper range limit (in dollars per share)	$ 83.58
Options Outstanding
Number Outstanding (in shares) \| shares	1,603,241
Weighted Average Remaining Contractual Life (in years)	5 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 82.25
Options Exercisable
Number Exercisable (in shares) \| shares	1,540,401
Weighted Average Exercise Price (in dollars per share)	$ 82.25
$83.83 - $90.56
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	83.83
Exercise price, upper range limit (in dollars per share)	$ 90.56
Options Outstanding
Number Outstanding (in shares) \| shares	1,456,611
Weighted Average Remaining Contractual Life (in years)	3 years 10 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 86.66
Options Exercisable
Number Exercisable (in shares) \| shares	1,347,601
Weighted Average Exercise Price (in dollars per share)	$ 86.78
$90.92 - $106.47
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	90.92
Exercise price, upper range limit (in dollars per share)	$ 106.47
Options Outstanding
Number Outstanding (in shares) \| shares	1,523,552
Weighted Average Remaining Contractual Life (in years)	3 years 6 months
Weighted Average Exercise Price (in dollars per share)	$ 100.00
Options Exercisable
Number Exercisable (in shares) \| shares	1,456,431
Weighted Average Exercise Price (in dollars per share)	$ 99.91
$113.64 - $128.34
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	113.64
Exercise price, upper range limit (in dollars per share)	$ 128.34
Options Outstanding
Number Outstanding (in shares) \| shares	1,149,228
Weighted Average Remaining Contractual Life (in years)	1 year 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 118.77
Options Exercisable
Number Exercisable (in shares) \| shares	1,149,228
Weighted Average Exercise Price (in dollars per share)	$ 118.77
$132.00 - $134.38
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	132.00
Exercise price, upper range limit (in dollars per share)	$ 134.38
Options Outstanding
Number Outstanding (in shares) \| shares	97,860
Weighted Average Remaining Contractual Life (in years)	1 year 2 months 12 days
Weighted Average Exercise Price (in dollars per share)	$ 134.02
Options Exercisable
Number Exercisable (in shares) \| shares	97,860
Weighted Average Exercise Price (in dollars per share)	$ 134.02
$138.52 - $138.52
Stock options outstanding
Exercise price, lower range limit (in dollars per share)	138.52
Exercise price, upper range limit (in dollars per share)	$ 138.52
Options Outstanding
Number Outstanding (in shares) \| shares	17,442
Weighted Average Remaining Contractual Life (in years)	1 year 3 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 138.52
Options Exercisable
Number Exercisable (in shares) \| shares	17,442
Weighted Average Exercise Price (in dollars per share)	$ 138.52

Stock Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation

Note 12. Stock Compensation

We recorded $249.3 million, $266.1 million and $215.9 million, respectively, of stock compensation expense for the years ended December 31, 2025, 2024 and 2023. Stock compensation expense within the consolidated statements of operations included research and development expense for the years ended December 31, 2025, 2024 and 2023 of $150.2 million, $161.3 million and $126.7 million, respectively. Stock compensation expense within the consolidated statements of operations also included selling, general and administrative expense for the years ended December 31, 2025, 2024 and 2023 of $95.6 million, $102.5 million and $86.1 million, respectively. Stock compensation expense within the consolidated statements of operations also included cost of product revenues for the years ended December 31, 2025, 2024 and 2023 of $3.5 million, $2.3 million and $3.1 million, respectively.

Additionally, as described in Note 5, as part of the Escient acquisition, during the year ended December 31, 2024, we recognized on our consolidated statements of operations related compensation expense of approximately $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition.

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


	Employee Stock Options For the year ended December 31,						Employee Stock Purchase Plan For the year ended December 31,
	2025		2024		2023		2025		2024		2023
Average risk-free interest rates	4.10	%	4.15	%	4.01	%	3.95	%	4.88	%	4.72	%
Average expected life (in years)	5.02		5.03		5.05		0.50		0.50		0.50
Volatility	29	%	30	%	32	%	34	%	27	%	25	%
Weighted-average fair value (in dollars)	24.00		21.07		24.35		15.90		12.34		12.68

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.

We estimate forfeiture rates for our options, RSUs and PSUs. Under the true-up provisions of the stock compensation guidance, we will record additional expense as the awards vest if the actual forfeiture rate is lower than we estimated, and will record a recovery of prior expense if the actual forfeiture is higher than we estimated.

Total compensation cost of options granted but not yet vested as of December 31, 2025, was $21.8 million, which is expected to be recognized over the weighted average period of 1.3 years. Total compensation cost of RSUs granted but not yet vested, as of December 31, 2025, was $248.9 million, which is expected to be recognized over the weighted average period of 1.5 years. Total compensation cost of PSUs granted but not yet vested, as of December 31, 2025, was $40.2 million, which is expected to be recognized over the weighted average period of 2.3 years, should the underlying performance conditions be deemed probable of achievement.

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Net Income (Loss) Per Share

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


	Year Ended December 31,
(in thousands, except per share data)	2025		2024		2023
Basic net income	$	1,286,650	$	32,615	$	597,599

Weighted average common shares outstanding	195,204		207,110		223,628

Basic net income per share	$	6.59	$	0.16	$	2.67

Diluted net income	$	1,286,650	$	32,615	$	597,599

Weighted average common shares outstanding	195,204		207,110		223,628
Dilutive stock options and awards	5,496		3,420		2,300
Weighted average shares used to compute diluted net income per share	200,700		210,530		225,928

Diluted net income per share	$	6.41	$	0.15	$	2.65

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

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


	2025	2024	2023
Outstanding stock options and awards	8,300,526	12,905,281	12,710,250

Organization and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment entity	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentrations of Credit Risk
Number of operating segments \| segment	1
Variable Interest Entities
Number of entities determined to be VIEs \| entity	0
Advertising Expenses
Advertising expenses \| $	$ 155.9	$ 200.7	$ 221.9
Minimum
Revenue Recognition
Finite-lived intangible asset, useful life	8 years
Maximum
Revenue Recognition
Finite-lived intangible asset, useful life	14 years

Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets, Net
Amortization expense	$ 26,700	$ 23,600	$ 22,500
Amortization Expense
2026	27,870
2027	27,870
2028	27,870
2029	6,333
2030	6,333
Thereafter	$ 20,855
Licensed IP
Intangible assets
Weighted- Average Useful Lives (Years)	12 years 6 months
Finite-lived intangible assets:
Gross Carrying Amount	$ 271,000	271,000
Accumulated Amortization	206,391	184,854
Net Carrying Amount	$ 64,609	86,146
Capitalized milestone payments
Intangible assets
Weighted- Average Useful Lives (Years)	9 years 10 months 24 days
Finite-lived intangible assets:
Gross Carrying Amount	$ 59,500	29,500
Accumulated Amortization	6,978	2,820
Net Carrying Amount	$ 52,522	26,680
Other
Intangible assets
Weighted- Average Useful Lives (Years)	2 years
Finite-lived intangible assets:
Gross Carrying Amount	$ 1,400	1,400
Accumulated Amortization	1,400	423
Net Carrying Amount	$ 0	$ 977

Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Expected benefit payments
2026	$ 9,200
2027	10,365
2028	10,944
2029	13,968
2030	11,684
2031-2035	73,326
Total	$ 129,487

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	(Accumulated Deficit) Retained Earnings
Beginning Balance at Dec. 31, 2022	$ 4,370,119	$ 223	$ 4,792,041	$ 15,069	$ (437,214)
Increase (Decrease) in Stockholders' Equity
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	7,286	1	7,285
Issuance of shares of Common Stock for services rendered	321		321
Stock compensation	216,475		216,475
Other comprehensive (loss) income	(1,963)			(1,963)
Net income	597,599				597,599
Ending Balance at Dec. 31, 2023	5,189,837	224	5,016,122	13,106	160,385
Increase (Decrease) in Stockholders' Equity
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	8,999	2	8,997
Issuance of shares of Common Stock for services rendered	321		321
Stock compensation	266,058		266,058
Repurchase of common stock	(2,023,975)	(33)	(758,061)		(1,265,881)
Other comprehensive (loss) income	(26,227)			(26,227)
Net income	32,615				32,615
Ending Balance at Dec. 31, 2024	3,447,628	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 and performance shares, net of shares withheld for taxes, and shares of Common Stock under the ESPP	144,944	5	144,939
Issuance of shares of Common Stock for services rendered	327		327
Stock compensation	249,346		249,346
Other comprehensive (loss) income	38,583			38,583
Net income	1,286,650				1,286,650
Ending Balance at Dec. 31, 2025	$ 5,167,478	$ 198	$ 4,928,049	$ 25,462	$ 213,769

- 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

+ Details

Segment Reporting - Schedule of Property and Equipment, Net by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 730,885	$ 763,411
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	406,829	474,095
Switzerland
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	309,802	277,623
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 14,254	$ 11,693

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation.
Foreign Currency Translation	Foreign Currency Translation. Operations in non-U.S. entities are recorded in the functional currency of each entity. For financial reporting purposes, the functional currency of an entity is determined by a review of the source of an entity’s most predominant cash flows. The results of operations for any non-U.S. dollar functional currency entities are translated from functional currencies into U.S. dollars using the average currency rate during each month. Assets and liabilities are translated using currency rates at the end of the period. Adjustments resulting from translating the financial statements of our foreign entities that use their local currency as the functional currency into U.S. dollars are reflected as a component of other comprehensive income (loss). Transaction gains and losses are recorded in other income (expense), net, in the consolidated statements of operations.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) 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. Reclassifications. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Concentrations of Credit Risk	Concentrations of Credit Risk. Cash, cash equivalents, marketable securities, and trade receivables are financial instruments which potentially subject us to concentrations of credit risk. The estimated fair value of financial instruments approximates the carrying value based on available market information. By policy, we invest our excess available funds primarily in U.S. government debt securities, which are securities issued or guaranteed by the U.S. government, and money market funds that meet certain guidelines, which limits exposure to potential credit losses. Our receivables mainly relate to our product sales and collaborative agreements with pharmaceutical companies. We have not experienced any significant credit losses on cash, cash equivalents, marketable securities or trade receivables to date and do not require collateral on receivables.
Current Expected Credit Losses	Current Expected Credit Losses. Financial assets measured at amortized cost are assessed for future expected credit losses under guidance within ASC 326, Financial Instruments – Credit Losses, to determine if application of an expected credit losses reserve is necessary. On a quarterly basis, receivables that resulted from revenue transactions within the scope of ASC 606, Revenue from Contracts with Customers, and recognized on an amortized cost basis are reviewed on a customer-level basis to analyze expectations of future collections based upon past history of collections, payment, aging of receivables and viability of the customer to continue payment, as well as estimates of future economic conditions. Receivables generally consist of two types: receivables from collaborative agreements, including milestones, reimbursements for agreed-upon activities and sales royalties; and receivables from customer product sales. Collaborative agreement receivables are closely monitored relationships with select, reputable industry peers. Collection of receivables is assessed within each collaborative partnership on a quarterly basis, including evaluation of each entity’s credit quality, financial health and past history of payment. Customer product sales receivables are independently evaluated on a monthly basis, where unusual items or aged receivables are closely monitored for signs of credit deterioration or indications of payment refusal. Customer product sales are with specialty pharmaceutical distributors, wholesalers and certain public and private institutions, some of whose financial obligations are funded by various government agencies. We also monitor our available-for-sale debt securities for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of a debt security exceeds its fair value, we evaluate whether any impairment is a result of credit loss or other factors. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, the investment issuer’s financial condition and business outlook, and reasonable and supportable forecasts of economic conditions. An allowance for credit losses would be recorded in our consolidated statements of operations in the event the decline in the investment’s fair value was a result of credit loss, and unrealized losses not related to credit losses would be recorded in other comprehensive income (loss).
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents are held in banks or in custodial accounts with banks. Cash equivalents are defined as all liquid investments and money market funds with maturity from date of purchase of 90 days or less that are readily convertible into cash.
Marketable Securities-Available-for-Sale	Marketable Securities—Available-for-Sale. Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale. Available-for-sale securities are carried at fair value, based on quoted market prices and observable inputs, with unrealized gains and losses, net of tax, reported as a separate component of stockholders’ equity. We classify marketable securities that are available for use in current operations as current assets on the consolidated balance sheets. Realized gains and losses and declines in value judged to be other than temporary for available-for-sale securities are included in other income (expense), net on the consolidated statements of operations. The cost of securities sold is based on the specific identification method.
Accounts Receivable	Accounts Receivable. As of December 31, 2025 and 2024, we had a de minimis amount of allowance for doubtful accounts. We provide an allowance for doubtful accounts based on management’s assessment of the collectability of specific customer accounts, which includes consideration of the credit worthiness and financial condition of those customers, aging of such receivables, history of collectability with the customer and the general economic environment. We record an allowance to reduce the receivables to the amount that is expected to be collected.
Inventory	Inventory. Inventories are valued at the lower of cost and net realizable value. We use the specific identification method to account for commercial product manufactured by third-party contractors, which is our predominant source of inventory. We apply the first-in, first-out (FIFO) method to inventories produced at our internal manufacturing facility located in Yverdon, Switzerland. Inventories consist of costs of materials, including shipping and handling fees, third-party contract manufacturing, and allocable overhead associated with the production of our commercialized products. We capitalize inventory after regulatory approval from U.S. Food and Drug Administration (“FDA”), European Medicines Agency or Japanese Ministry of Health, Labour and Welfare as the related costs are expected to be recoverable through the commercialization of the product. Costs incurred prior to approval are recorded as research and development expense in our consolidated statements of operations. Raw materials, active pharmaceutical ingredients (“API”), work-in-process and finished goods inventory are monitored for obsolescence. We evaluate for potential excess inventory by analyzing current and future product demand relative to the remaining product shelf life. We build demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance and patient usage. We classify inventory as current on the consolidated balance sheets when we expect inventory to be consumed for commercial use within the next twelve months.
Variable Interest Entities	Variable Interest Entities. We perform an initial and ongoing evaluation of the entities with which we have variable interests, such as equity ownership, in order to identify entities (i) that do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (ii) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). If an entity is identified as a VIE, we perform an assessment to determine whether we have both (i) the power to direct activities that most significantly impact the VIE’s economic performance and (ii) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, we are identified as the primary beneficiary of the VIE. As of December 31, 2025, there were no entities in which we held a variable interest which we determined to be VIEs.
Equity Investments	Equity Investments. Our equity investments consist of investments in common stock of publicly-held companies with whom we have entered into collaboration and license agreements. We classify our equity investments in common stock of publicly-held companies as either short term equity investments, for those investments which we intend to sell within one year, or long term equity investments, for those investments which we intend to hold for longer than one year, on the consolidated balance sheets. As of December 31, 2025 and 2024, all of our equity investments are classified as long term equity investments. Our equity investments are accounted for at fair value using readily determinable pricing available on a securities exchange on the consolidated balance sheets. All changes in fair value are reported in the consolidated statements of operations as a gain on equity investments. In assessing whether we exercise significant influence over any of the companies in which we hold equity investments, we consider the nature and magnitude of our investment, any voting and protective rights we hold, any participation in the governance of the other company, and other relevant factors such as the presence of a collaboration or other business relationship. Currently, none of our equity investments in publicly-held companies are considered relationships in which we have the ability to exercise significant influence.
Property and Equipment, net	Property and Equipment, net. Property and equipment, net is stated at cost, less accumulated depreciation, amortization and impairments. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are amortized over the shorter of the estimated useful life of the assets or lease term.
Lease Accounting	Lease Accounting. All leases with a lease term greater than 12 months, regardless of lease type classification, are recorded as an obligation on the balance sheet with a corresponding right-of-use asset. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. Current operating lease liabilities are reflected in accrued and other current liabilities and noncurrent operating lease liabilities are reflected in other liabilities on the consolidated balance sheet. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments, minus lease incentives and any deferred lease payments. Operating lease right-of-use assets are recorded in property and equipment, net on the consolidated balance sheet and lease cost is recognized on a straight-line basis. For finance leases, expense is recognized as separate amortization and interest expense, with higher interest expense in the earlier periods of a lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the term of the lease. In determining whether a contract contains a lease, asset and service agreements are assessed at onset and upon modification for criteria of specifically identified assets, control and economic benefit.
Other Intangible Assets, net	Other Intangible Assets, net. Other intangible assets, net consist of licensed intellectual property rights acquired in business combinations, which are reported at acquisition date fair value, less accumulated amortization, as well as milestone payments made to collaboration partners incurred at or after the product has obtained regulatory approval. Milestones payable to collaboration partners are only recognized when the underlying contingency is resolved. Intangible assets with finite lives are amortized over their estimated useful lives using the straight-line method. Intangible assets with finite lives are tested for recoverability whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets. Long-lived assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If indicators of impairment are present, the asset is tested for recoverability by comparing the carrying value of the asset to the related estimated undiscounted future cash flows expected to be derived from the asset. If the expected cash flows are less than the carrying value of the asset, then the asset is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows.
Goodwill	Goodwill. Goodwill is calculated as the difference between the acquisition date fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed. Goodwill is not amortized but is tested for impairment at the reporting unit level at least annually as of October 1 or when a triggering event occurs that could indicate a potential impairment by assessing qualitative factors or performing a quantitative analysis to determine whether it is more-likely-than-not that the fair value of net assets are below their carrying amounts. A reporting unit is the same as, or one level below, an operating segment. Our operations are currently comprised of a single, entity wide reporting unit. We completed our most recent annual impairment assessment as of October 1, 2025 and determined that the carrying value of our goodwill was not impaired.
Income Taxes	Income Taxes. We account for income taxes using the asset and liability approach which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts reportable for income tax purposes. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The primary factors used to assess the likelihood of realization are our recent history of cumulative earnings or losses, expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The tax effects of global intangible low-taxed income from certain foreign subsidiaries is recognized in the income tax provision in the period the tax arises. We recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We adjust the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision.
Net Income Per Share	Net Income Per Share. Our basic and diluted net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during all periods presented. Options to purchase stock, restricted stock units and performance stock units are included in diluted earnings per share calculations, unless the effects are anti-dilutive.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) consists of unrealized gains or losses on our marketable debt securities that are classified as available-for-sale, foreign currency translation gains or losses and unrecognized actuarial gains or losses related to our defined benefit pension plan.
Revenue Recognition	Revenue Recognition. Revenue-generating contracts are assessed under ASC 606, Revenue from Contracts with Customers, to identify distinct performance obligations, determine the transaction price of the contract and allocate the transaction price to each of the distinct performance obligations. Revenue is recognized when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. Control, in this instance, may mean the ability to prevent other entities from directing the use of, and receiving benefit from, a good or service. We apply the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation, which for the Company is generally at a point in time. We also assess collectability based primarily on the customer’s payment history and on the creditworthiness of the customer. Product Revenues Product revenues are recognized at a point in time once we satisfy the performance obligation and control is transferred under the revenue recognition criteria as described above. Our customers in the United States include specialty and retail pharmacies, specialty distributors and wholesalers. Our customers in the European Union and certain other jurisdictions, include retail pharmacies, hospital pharmacies and distributors. We sell PEMAZYRE in Japan to an exclusive wholesaler. We recognize revenues for product received by our customers net of allowances for customer credits, including estimated rebates, chargebacks, discounts, returns, distribution service fees, patient assistance programs, and government rebates, such as the Medicaid Drug Rebate Program and Medicare Part D prescription drug coverage reimbursements in the United States and mandated discounts in Europe. Product shipping and handling costs are included in cost of product revenues. Customer Credits: Our customers are offered various forms of consideration, including allowances, service fees and prompt payment discounts. We expect our customers will earn prompt payment discounts and, therefore, we deduct the full amount of these discounts from total product sales when revenues are recognized. Service fees are also deducted from total product sales as they are earned. Rebates and Discounts: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program in the United States and mandated discounts in Europe in markets where government-sponsored healthcare systems are the primary payors for healthcare. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The accrual for rebates is based on statutory discount rates and expected utilization as well as historical data we have accumulated since product launches. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Chargebacks: Chargebacks are discounts that occur when certain indirect contracted customers, which currently consist primarily of group purchasing organizations, public health service institutions, non-profit clinics, and federal government entities purchasing via the Federal Supply Schedule, purchase directly from our wholesalers. Contracted customers generally purchase the product at a discounted price. The wholesalers, in turn, charge back to us the difference between the price initially paid by the wholesalers and the discounted price paid by the contracted customers. In addition to actual chargebacks received, we maintain an accrual for chargebacks based on the estimated contractual discounts on the inventory levels on hand in our distribution channel. If actual future chargebacks vary from these estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Medicare Part D Rebates: Changes to our Medicare Part D prescription drug coverage reimbursements (“Part D Discount Program”) became effective January 1, 2025 pursuant to the Inflation Reduction Act of 2022. Under the revised Part D Discount Program, manufacturers must give a 10 percent discount on Part D drugs in the initial coverage phase, and a 20 percent discount on Part D drugs in the so-called “catastrophic phase” (the phase after the patient incurs costs above the initial phase out-of-pocket threshold, which is $2,000 beginning in 2025). The Inflation Reduction Act includes certain exemptions for small biotech drug manufacturers, including Incyte. These exemptions apply on a drug-specific basis, and qualifying drugs will be exempt from possible negotiation through 2028 and subject to reduced discounts that will be phased-in over a number of years under the new Part D benefit. Prior to the changes in the Medicare Part D Discount Program effective January 1, 2025, the Medicare Part D prescription drug benefit previously mandated manufacturers to fund 70% of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. Our estimates for the expected Medicare Part D coverage gap were based on historical invoices received and in part from data received from our customers. Funding of the Medicare Part D Discount Program is generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varies from estimates, we may need to adjust prior period accruals, which would affect revenue in the period of adjustment. Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. We accrue a liability for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. Product Royalty Revenues Royalty revenues on commercial sales for ruxolitinib (marketed as JAKAVI® outside the United States) by Novartis Pharmaceutical International Ltd. (“Novartis”) are based on net sales of licensed products in licensed territories as provided by Novartis. Royalty revenues on commercial sales for baricitinib (marketed as OLUMIANT) by Eli Lilly and Company (“Lilly”) are based on net sales of licensed products in licensed territories as provided by Lilly. Royalty revenues on commercial sales for capmatinib (marketed as TABRECTA®) by Novartis are based on net sales of licensed products in the licensed territories as provided by Novartis. We recognize royalty revenues in the period the sales occur. Milestone and Contract Revenues For each collaborative research, development and/or commercialization agreement that results in revenue under the guidance of ASC 606, we identify all material performance obligations, which may include the license to intellectual property and know-how, research and development activities and/or other activities. In order to determine the transaction price, in addition to any upfront payment, we estimate the amount of variable consideration, including milestone payments, at the outset of the contract utilizing the most likely amount method. The most likely amount method is used since the milestone payments have a binary outcome (i.e., we receive all or none of the milestone payment). We constrain the estimate of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, management considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. Out-licensing arrangements contain the right to use functional intellectual property, which is the underlying performance obligation of these collaborative arrangements. If the license of our intellectual property is determined to be distinct from other performance obligations in the arrangement, the functional intellectual property that is transferred to the collaborative partner at the onset of the arrangement is concluded to have significant standalone functionality and value at the point in time at which the intellectual property is made available to the collaborative partner. For licenses that are not distinct from other obligations identified in the arrangement, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the combined performance obligation is satisfied over time, we apply an appropriate method of measuring progress for purposes of recognizing revenue from nonrefundable, upfront license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. For each of the three years ended December 31, 2025, we had no revenues from intellectual property licenses recognized over time. For milestone revenues related to sales-based achievements, we recognize the milestone revenues in the corresponding period of the product sale, in accordance with ASC 606-10-55-65 for contracts that include a license to intellectual property and the license is the predominant item to which the product sale relates. Subsequent to the transfer of the intellectual property, we may earn milestones through achievement of pre-specified developmental or regulatory events and, as such, milestones are accounted for as variable consideration. We include developmental or regulatory milestones in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone is subsequently resolved. Under the agreements currently in place, we do not consider these events to be within our control, but rather dependent upon the development activities of our collaborative partners and the decisions made by regulatory agencies. Accordingly, these milestones are not included in the transaction price until the counterparty, or third-party in the event of a regulatory submission, confirms the satisfaction or completion of the milestone triggering event. Given the high level of uncertainty of achievement, variable consideration associated with milestones are fully constrained until confirmation of the satisfaction or completion of the milestone by the third-party. Generally, the milestone events contained in our collaboration agreements coincide with the progression of our drugs from development, to regulatory approval and then to commercialization. The value of these milestones is dictated within the contract and is fixed upon achievement and reflects the amount of consideration which we expect to be entitled to in exchange for the satisfaction of that milestone. The process of successfully discovering a new development candidate, having it approved and successfully commercialized is highly uncertain. As such, the milestone payments we may earn from our partners involve a significant degree of risk to achieve and therefore, subsequent milestone payments due to Incyte are recognized as revenue at the point in time when such milestones are achieved. Our collaboration agreements may also include an option for the collaborative partner to elect to participate in research and development activities, such as shared participation in additional clinical trials using the compound. The presence of additional options for future participatory activities are assessed to determine if they represent material rights offered by us to the collaborative partner. We also determine whether the reimbursement of research and development expenses should be accounted for as collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation and recognize the corresponding revenues or records the corresponding offset to research and development expenses as incurred. Our collaborative agreements may also include provisions for additional future collaborative efforts, such as options for shared commercialization staffing or licensing of additional molecules, involvement in joint committees, or options for inclusion in negotiations of future supply rights, which at the time of each collaborative agreement’s inception, are assessed to determine if these meet the definition of a performance obligation under ASC 606. Cost of Product Revenues Cost of product revenues includes all product related costs and royalties owed and profit sharing under certain of our collaboration and license agreements. In addition, cost of product revenues includes the amortization of our licensed intellectual property for ICLUSIG and the amortization of capitalized regulatory and commercial milestone payments made to third parties, which are capitalized as intangible assets subsequent to regulatory approval using the straight-line method over the respective estimated useful lives, which range between approximately 8 to 14 years. Cost of product revenues also includes employee personnel costs, including stock compensation, for those employees dedicated to the production of our commercial products.
Research and Development Costs	Research and Development Costs. Our policy is to expense research and development costs as incurred, including amounts funded by research and development collaborations. Research and development expenses are comprised of costs we incur in performing research and development activities, including salary and benefits; stock-based compensation expense; outsourced services and other direct expenses, including clinical trial and pharmaceutical development costs; collaboration payments; expenses associated with drug supplies that are not being capitalized; and infrastructure costs, including facilities costs and depreciation expense. If a collaboration is a cost-sharing arrangement in which both we and our collaborator perform development work and share costs, we also recognize, as research and development expense in the period when our collaborator incurs development expenses, our portion of the co-development expenses that we are obligated to reimburse. Costs incurred under the collaboration arrangement that are reimbursable to us are recorded net against the related research and development expenses in the period in which the related expense is incurred. We often contract with contract research organizations (“CROs”) to facilitate, coordinate and perform agreed upon research and development of a new drug. To ensure that research and development costs are expensed as incurred, we record monthly accruals for clinical trials and preclinical testing costs based on the work performed under the contract. These CRO contracts typically call for the payment of fees for services at the initiation of the contract and/or upon the achievement of certain clinical trial milestones. In the event that we prepay CRO fees, we record the prepayment as a prepaid asset and amortize the asset into research and development expense over the period of time the contracted research and development services are performed. Most professional fees, including project and clinical management, data management, monitoring, and medical writing fees are incurred throughout the contract period. These professional fees are expensed based on their percentage of completion at a particular date. Our CRO contracts generally include pass through fees. Pass through fees include, but are not limited to, regulatory expenses, investigator fees, travel costs, and other miscellaneous costs, including shipping and printing fees. We expense the costs of pass through fees under our CRO contracts as they are incurred, based on the best information available to us at the time. The estimates of the pass through fees incurred are based on the amount of work completed for the clinical trial and are monitored through correspondence with the CROs, internal reviews and a review of contractual terms. The factors utilized to derive the estimates include the number of patients enrolled, duration of the clinical trial, estimated patient attrition, screening rate and length of the dosing regimen. CRO fees incurred to set up the clinical trial are expensed during the setup period.
Stock Compensation and Long Term Incentive Plans	Stock Compensation. Share-based payment transactions with employees, which include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”), are recognized as compensation expense over the requisite service period based on their estimated fair values as well as expected forfeiture rates, subject to customary retirement provisions that may accelerate the requisite service period for expense recognition purposes. The stock compensation process requires the use of estimates, particularly surrounding Black-Scholes assumptions such as stock price volatility over the option term and expected option lives, as well as expected forfeiture rates and the probability of PSUs vesting. The fair value of stock options, which are subject to graded vesting, are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of RSUs that are subject to cliff vesting are recognized as compensation expense over the requisite service period using the straight-line attribution method, and the fair value of RSUs that are subject to graded vesting are recognized as compensation expense over the requisite service period using the accelerated attribution method. The fair value of PSUs are recognized as compensation expense beginning at the time in which the performance conditions are deemed probable of achievement, which we assess as of the end of each reporting period. Once a performance condition is considered probable, we record compensation expense based on the portion of the service period elapsed to date with respect to that award, with a cumulative catch-up, net of estimated forfeitures, and recognize any remaining compensation expense, if any, over the remaining requisite service period using the straight-line attribution method for PSUs that are subject to cliff vesting and using the accelerated attribution method for PSUs that are subject to graded vesting. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. Long Term Incentive Plans. We have long term incentive plans which provide eligible employees with the opportunity to receive performance and service-based incentive compensation, which may be comprised of cash, stock options, RSUs and/or PSUs. The payment of cash and the grant or vesting of equity may be contingent upon the achievement of pre-determined regulatory, sales and internal performance milestones.
Advertising Expenses	Advertising Expenses. Advertising expenses, comprised primarily of television, radio, print media and internet advertising, are expensed as incurred and are included in selling, general, and administrative expenses.
Acquisitions	Acquisitions. To determine whether acquisitions should be accounted for as a business combination or as an asset acquisition, we make certain judgments, which include assessing whether the acquired set of activities and assets would meet the definition of a business under the relevant accounting rules. If the acquired set of activities and assets meets the definition of a business, assets acquired and liabilities assumed are required to be recorded at their respective fair values as of the acquisition date. The excess of the purchase price over the fair value of the acquired net assets, where applicable, is recorded as goodwill. If the acquired set of activities and assets does not meet the definition of a business, the transaction is recorded as an asset acquisition, with the purchase price being allocated to the acquired asset, with no goodwill recorded. For a transaction recorded as an asset acquisition, any acquired in-process research and development that does not have an alternative future use is charged to expense at the acquisition date.
Acquisition-Related Contingent Consideration	Acquisition-Related Contingent Consideration. Acquisition-related contingent consideration consists of our future royalty obligations on future net revenues of ICLUSIG owed to Takeda Pharmaceutical Company Limited, which acquired ARIAD Pharmaceuticals, Inc. (“Takeda”). Acquisition-related contingent consideration was recorded on the acquisition date of June 1, 2016 at the estimated fair value of the obligation, in accordance with the acquisition method of accounting. The fair value measurement is based on significant inputs that are unobservable in the market and thus represents a Level 3 measurement. The fair value of the acquisition-related contingent consideration is remeasured each reporting period, with changes in fair value recorded in the consolidated statements of operations.
Profit sharing from co-commercialization activities	Profit sharing from co-commercialization activities. In profit sharing arrangements where we are deemed to be the principal, we record 100% of all revenues and expenses associated with the co-commercialization activities. We record our collaboration partner’s share of profit or loss to cost of product revenues within our consolidated statement of operations. Other components of make-whole payments between us and our collaboration partners are classified in our consolidated statement of operations based on the nature of the underlying payable or receivable. In profit sharing arrangements where we are deemed to be the agent, we record our share of profit or loss from co-commercialization activities to (profit) and loss sharing under collaboration agreements within our consolidated statement of operations. Other components of make-whole payments between us and our collaboration partners are classified in our consolidated statement of operations based on the nature of the underlying payable or receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“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. See Note 14 for additional disclosures. 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. In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This amended guidance applies to all entities and aims to simplify the estimation of expected credit losses for current accounts receivable and contract assets by providing a practical expedient for all companies. The amendments are effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual periods. If electing the practical expedient, entities should apply the amendments in this update prospectively. We are currently evaluating the impact ASU No. 2025-05 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This amended guidance applies to all entities and serves to modernize the accounting for software costs that are accounted for under Subtopic 305-40, Intangibles - Goodwill and Other - Internal-Use Software (referred to as “internal-use software”). The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Entities may adopt the new guidance using a prospective, modified, or retrospective transition approach. We are currently evaluating the impact ASU No. 2025-06 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.” This amended guidance applies to all entities and refines the scope of derivative accounting and clarifies rules for share-based noncash consideration in revenue contracts. Specifically, this update is intended to address concerns about the application of derivative accounting to contracts that have features based on the operations or activities of one of the parties to the contract and to reduce diversity in the accounting for share-based payments in revenue contracts. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities may adopt the new guidance prospectively, or on a modified retrospective basis. We are currently evaluating the impact ASU No. 2025-07 will have on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” This accounting standard update establishes specific rules for the recognition, measurement, and presentation of government grants received by business entities. For public business entities, this amended guidance is applicable for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. Entities may adopt the new guidance using a modified prospective, modified retrospective, or full retrospective approach. We are currently evaluating the impact ASU No. 2025-10 will have on our consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” The amendments in this update aim to enhance the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. Lastly, this updated guidance incorporates a principle that requires entities to disclose significant events since the end of the last annual reporting period. The amendments in this update apply to all entities that provide interim financial statements and notes in accordance with U.S. GAAP. For public business entities, this amended guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments in this update can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact ASU No. 2025-11 will have on our future condensed consolidated financial statements and related disclosures.

Collaborative and Other Relationships - Novartis (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended			194 Months Ended
	May 11, 2025	Nov. 30, 2009	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
License agreements
Contract dispute settlement				$ 242,251	$ 0	$ 0
Revenues				5,141,242	4,241,217	3,695,649
United States
License agreements
Revenues				4,799,941	3,974,567	3,514,873
JAKAFI
License agreements
Revenues				3,092,515	2,792,107	2,593,732
Novartis \| Development Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone							$ 157,000
Novartis \| Development Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		$ 174,000
Novartis \| Regulatory Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone							345,000
Novartis \| Regulatory Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		495,000
Novartis \| Commercialization Milestones
License agreements
Amount recognized and received for the achievement of a predefined milestone							200,000
Novartis \| Commercialization Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		500,000
Novartis \| GVHD \| Development and Regulatory Milestones \| Maximum
License agreements
Upfront and immediate milestone payment to be received under license agreement		$ 75,000
Novartis \| JAKAFI
License agreements
Royalties payable			$ 537,100
Litigation settlement, amount awarded to other party	$ 280,000
Royalty rate payable, percent reduction (as a percent)	50.00%
Decrease in royalties payable			$ 14,900
Contract dispute settlement				242,200
Novartis \| JAKAFI \| United States
License agreements
Royalties payable				20,300	507,400		$ 20,300
Revenues				88,100	131,800	122,100
Novartis \| JAKAVI
License agreements
Revenues				$ 457,700	418,800	367,600
Novartis \| JAKAVI \| Maximum
License agreements
Royalty payments on future global net sales (as percent)				14.00%
Novartis \| JAKAVI \| Minimum
License agreements
Royalty payments on future global net sales (as percent)				12.00%
Novartis \| TABRECTA
License agreements
Revenues				$ 26,700	$ 22,700	$ 17,800

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

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 11. Stockholders’ Equity

Preferred Stock. We are authorized to issue 5,000,000 shares of preferred stock, none of which was outstanding as of December 31, 2025 and 2024. The Board of Directors may determine the rights, preferences and privileges of any preferred stock issued in the future.

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

Share Repurchase and Modified “Dutch Auction” Tender Offer. On May 13, 2024, we announced that our Board of Directors approved a share repurchase authorization of $2.0 billion. Subsequently, we commenced a modified “Dutch Auction” tender offer to repurchase shares of our common stock for an aggregate purchase price of up to $1.672 billion (the “tender offer”). We offered to purchase up to $1.672 billion in value of our common stock at a price not greater than $60.00 per share nor less than $52.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the tender offer documents that were distributed to stockholders. A modified “Dutch Auction” tender offer allows stockholders to indicate how much stock they wish to tender and at what price within the range described above. Based on the number of shares tendered and the prices specified by the tendering stockholders, we determined the lowest price per share that enabled us to purchase $1.672 billion of common stock at such price. On June 13, 2024, we completed the tender offer and repurchased 27,866,666 shares at a price of $60.00 per share for an aggregate price of approximately $1.672 billion, excluding fees and related expenses, pursuant to the tender offer.

In addition, on May 12, 2024, we entered into a separate stock purchase agreement with Julian C. Baker (a member of our Board of Directors), Felix J. Baker, and entities affiliated with Julian C. and Felix J. Baker, including funds advised by Baker Bros. Advisors LP (collectively, the “Baker Entities”), to repurchase up to $328.0 million of our common stock. This would enable the Baker Entities to maintain their ownership level as of May 9, 2024 of approximately 16.4% of Incyte’s outstanding common stock. The Baker Entities purchase was to be at the same price per share as was determined and paid in the tender offer. On June 26, 2024, we repurchased 5,459,183 shares at a price of $60.00 per share for an aggregate price of approximately $328.0 million pursuant to the terms of the stock purchase agreement with the Baker Entities.

We account for share repurchases as retirements, whereby it reduces common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings (accumulated deficit). Any transaction costs, including the excise tax, directly associated with the share repurchases are included as part of the purchase price. Under this method, the issued and outstanding shares of common stock are reduced by the number of shares of common stock repurchased, and no treasury stock is recognized on the consolidated financial statements.

A total of 33,325,849 common shares were repurchased during June 2024 at a price of $60.00 per share for an aggregate purchase price of approximately $2.0 billion. We incurred $24.4 million in fees and expenses associated with the share repurchase, which included $19.1 million for excise taxes on share repurchases in accordance with the Inflation Reduction Act of 2022. We paid the excise tax in April 2025. These costs are recognized within (accumulated deficit) retained earnings on the consolidated balance sheet as of December 31, 2025 as costs to repurchase our common stock. The purchased shares were cancelled and ceased to be outstanding.

Stock Compensation Plans. As of December 31, 2025, we had a total of 9,949,772 shares of our common stock available for future issuance related to our stock plans as described below.

2010 Stock Incentive Plan. In May 2010, the Board of Directors adopted the 2010 Stock Incentive Plan (the “2010 Stock Plan”), which was most recently amended in June 2025, for issuance of common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, RSUs and PSUs.

In June 2025, our stockholders approved an increase in the number of shares of common stock reserved for issuance under the 2010 Stock Plan from 66,453,475 to 74,953,475.

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. In July 2025, we increased the number of shares of common stock reserved for issuance pursuant to the 2024 Inducement Plan from 1,000,000 to 2,000,000.

Stock Options

Options are granted to employees, consultants, and scientific advisors under the 2010 Stock Plan and 2024 Inducement Plan. Options are also granted under the 2010 Stock Plan to non-employee members of our Board of Directors, pursuant to a formula set forth in the 2010 Stock Plan. All options are exercisable at the fair market value of the stock on the date of grant.

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. Non-employee director options expire after 10 years and vest in full on the first anniversary of the date of grant or, if earlier, the date of the next annual meeting of stockholders.

Option activity under the 2010 Stock Plan 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	1,418,018	$	72.72
Options exercised	(2,585,198)	$	77.78
Options cancelled	(750,933)	$	82.58
Balance at December 31, 2025	10,859,861	$	83.46

Options to purchase a total of 8,769,819, 10,381,128 and 9,743,775 shares as of December 31, 2025, 2024 and 2023, respectively, were exercisable. The aggregate intrinsic value of options exercised for the years ended December 31, 2025, 2024 and 2023 were $41.8 million, $3.2 million and $3.2 million, respectively. At December 31, 2025, the aggregate intrinsic value of options outstanding and vested options are $198.3 million and $195.8 million, respectively.

The following table summarizes information about stock options outstanding as of December 31, 2025 under the 2010 Stock Plan and 2024 Inducement Plan:


	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (in years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$52.94 - $61.76	1,147,054	7.3	$	60.83	720,211	$	60.91
$62.03 - $68.62	1,477,011	7.1	66.70		642,215	67.16
$68.70 - $72.27	1,275,187	6.1	71.69		786,369	71.94
$72.66 - $77.67	1,112,675	5.8	75.63		1,012,061	75.54
$77.83 - $83.58	1,603,241	5.1	82.25		1,540,401	82.25
$83.83 - $90.56	1,456,611	3.9	86.66		1,347,601	86.78
$90.92 - $106.47	1,523,552	3.5	100.00		1,456,431	99.91
$113.64 - $128.34	1,149,228	1.2	118.77		1,149,228	118.77
$132.00 - $134.38	97,860	1.2	134.02		97,860	134.02
$138.52 - $138.52	17,442	1.3	138.52		17,442	138.52
	10,859,861				8,769,819

Restricted Stock Units and Performance Shares

RSUs and PSUs are granted to our employees at the share price on the date of grant. Each RSU represents the right to acquire one share of our common stock. Each RSU granted in connection with our annual equity awards will vest 25% annually over four years, while each RSU granted as outstanding merit awards or as part of retention award programs will vest in a single installment at the end of four years, 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 six years. The shares of our common stock into which each PSU may convert is subject to a multiplier based on the level at which the financial, developmental and market performance conditions are achieved over the service period. Compensation expense for PSUs with financial and developmental performance conditions is recorded over the estimated service period for each milestone when the performance conditions are deemed probable of achievement. For PSUs containing performance conditions which were not deemed probable of achievement, no stock compensation expense is recorded. Compensation expense for PSUs with market performance conditions is calculated using a Monte Carlo simulation model as of the date of grant and recorded over the requisite service period. For the years ended December 31, 2025, 2024 and 2023, we recorded $19.7 million, $30.1 million and $17.2 million, respectively, of stock compensation expense for PSUs on our consolidated statements of operations.

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	3,492,732	$	69.24
PSUs granted	897,393	$	59.00
Additional PSUs earned	32,148	$	70.45
RSUs released	(2,860,640)	$	70.86
PSUs released	(255,805)	$	72.97
RSUs cancelled	(543,681)	$	67.19
PSUs cancelled	(143,500)	$	76.73
Balance at December 31, 2025	9,275,450	$	66.86


			Shares Available for Grant
Balance at December 31, 2024			4,013,611
Additional authorization - 2010 Stock Plan			8,500,000
Additional authorization - 2024 Inducement Plan			1,000,000
Options, RSUs and PSUs granted and issuance of shares for services rendered			(6,335,986)
Options, RSUs and PSUs cancelled			1,598,684
Fungible ratio change adjustments			282,731
Balance at December 31, 2025			9,059,040

Employee Stock Purchase Plan. On May 21, 1997, our stockholders adopted the 1997 Employee Stock Purchase Plan, which was most recently amended in June 2025 (the “ESPP”). Each regular full-time and part-time employee working 20 hours or more per week is eligible to participate after one month of employment. In June 2025, our stockholders approved an increase in the number of shares of common stock reserved for issuance under the ESPP from 10,350,000 to 11,350,000. We issued 398,373, 453,312 and 380,145 shares under the ESPP in 2025, 2024 and 2023, respectively. For the years ended December 31, 2025, 2024 and 2023, we recorded stock compensation expense of $6.0 million, $5.3 million and $5.1 million, respectively, as the ESPP is considered compensatory under the FASB stock compensation rules. As of December 31, 2025, 890,732 shares remain available for issuance under the ESPP.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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

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

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

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

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

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

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

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

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

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

+ Details

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	May 30, 2024	Feb. 05, 2024	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Research and development					$ 2,050,152	$ 2,606,848	$ 1,627,594
Escient
Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 782,500
Asset acquisition, consideration transferred, transaction cost	2,500
Upfront payment	785,000
Asset acquisition, compensation expense						31,500
In-process research and development assets	679,388
Research and development						$ 679,400
Escient \| In Process Research and Development - INCB000262
Asset Acquisition [Line Items]
In-process research and development assets	644,800
Escient \| In Process Research and Development - INCB000547
Asset Acquisition [Line Items]
In-process research and development assets	$ 34,600
Xencor
Asset Acquisition [Line Items]
Payment to acquire license agreement				$ 12,500
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
Regulatory Milestone \| Xencor
Asset Acquisition [Line Items]
Milestone payment made under license agreement			$ 25,000
Milestone payment, estimated useful life			8 years
Development and Regulatory Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement					145,000
Commercialization Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement					$ 50,000
Expiration period (in years)		11 years
MorphoSys AG
Asset Acquisition [Line Items]
Payment to acquire license agreement		$ 25,000

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets, Net

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


		Balance at December 31, 2025						Balance at December 31, 2024
	Weighted- Average Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Licensed IP	12.5	$	271,000	$	206,391	$	64,609	$	271,000	$	184,854	$	86,146
Capitalized milestone payments	9.9	$	59,500	$	6,978	$	52,522	$	29,500	$	2,820	$	26,680
Other	2.0	$	1,400	$	1,400	$	—	$	1,400	$	423	$	977

Schedule of Estimated Aggregate Amortization Expense

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


	2026		2027		2028		2029		2030		Thereafter
Amortization expense	$	27,870	$	27,870	$	27,870	$	6,333	$	6,333	$	20,855

Collaborative and Other Relationships - Lily (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended			193 Months Ended
	Oct. 31, 2025	Dec. 31, 2009	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
License agreements
Total revenues			$ 5,141,242	$ 4,241,217	$ 3,695,649
Eli Lilly
License agreements
Upfront payment received under license agreement	$ 100,000					$ 100,000
Eli Lilly \| OLUMIANT
License agreements
Total revenues			$ 144,600	$ 135,600	$ 136,100
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

Collaborative and Other Relationships - Syndax (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended			52 Months Ended
	Aug. 31, 2024	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
License agreements
Long term equity investments			$ 47,991	$ 18,814		$ 47,991
Research and development			2,050,152	2,606,848	$ 1,627,594
Cost of product revenues (including definite-lived intangible amortization)			$ 372,130	312,068	254,990
Investment in Syndax
License agreements
Investment owned (in shares)			1,400,000			1,400,000
Long term equity investments			$ 29,900	18,800		$ 29,900
Unrealized gain (loss) on equity investments			11,100	(11,900)	$ (5,500)
Syndax
License agreements
Upfront payment under license agreement						129,500
Research and development			21,900	18,800
Syndax \| Axatilimab - Development Activities
License agreements
Accrued and other liabilities			2,400	$ 2,200		2,400
Syndax \| Regulatory Milestone
License agreements
Milestone payment made under license agreement	$ 12,500
Milestone payment, estimated useful life	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			$ 225,000			225,000
Syndax \| Incyte
License agreements
Funding of future development costs			55.00%	55.00%
Syndax \| United States
License agreements
Profit share percentage from co-commercialization efforts			50.00%
Cost of product revenues (including definite-lived intangible amortization)			$ 44,000
Syndax \| United States \| Axatilimab - Commercialization Activities
License agreements
Accrued and other liabilities			$ 27,600			$ 27,600
Syndax \| United States \| Syndax
License agreements
Funding of future development costs		45.00%
Syndax \| United States \| Incyte
License agreements
Funding of future development costs		55.00%

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	December 31,
	2025		2024
Raw materials	$	27,860	$	27,590
API and Work-in-process	343,678		331,178
Finished goods	71,754		48,431
Total inventory	$	443,292	$	407,199

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			19 Months Ended
	May 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
Property and equipment, net
Payments to acquire property, plant, and equipment	$ 48,700
Asset impairment		$ 76,275	$ 0	$ 5,631
Depreciation expense including amortization expense of leasehold improvements		66,600	65,600	60,100
Cash paid for operating lease liabilities		7,500	7,100	9,400
Cash paid for financing lease liabilities in financing cash flows		$ 4,544	$ 3,798	$ 3,360
Weighted average lease term, finance leases		9 years 9 months 18 days	10 years 4 months 24 days	10 years 9 months 18 days	9 years 9 months 18 days
Weighted average lease term, operating leases		4 years 9 months 18 days	4 years 9 months 18 days	5 years 9 months 18 days	4 years 9 months 18 days
Weighted average discount rate, finance leases		3.50%	3.60%	4.00%	3.50%
Weighted average discount rate, operating leases		4.30%	4.50%	3.90%	4.30%
Expense related to our operating leases		$ 7,700	$ 8,100	$ 9,800
Amortization on our finance lease right-of-use assets		4,500	3,900	3,500
Interest expense on finance lease liabilities		$ 1,300	$ 1,300	$ 1,300
Construction in progress
Property and equipment, net
Property, plant, and equipment, capitalized					$ 28,600

Stockholders' Equity - Schedule of Option Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Outstanding at the beginning of the period (in shares) \| shares	12,777,974
Options granted (in shares) \| shares	1,418,018
Options exercised (in shares) \| shares	(2,585,198)
Options cancelled (in shares) \| shares	(750,933)
Outstanding at the end of the period (in shares) \| shares	10,859,861
Grant Date Value
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 83.45
Options granted (in dollars per share) \| $ / shares	72.72
Options exercised (in dollars per share) \| $ / shares	77.78
Options cancelled (in dollars per share) \| $ / shares	82.58
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 83.46

Fair Value Measures and Disclosures - Schedule of Level 3 Liabilities (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	$ 193,000	$ 212,000
Contingent consideration earned during the period but not yet paid	(12,149)	(9,956)
Payments made during the period	(31,129)	(28,847)
Change in fair value of contingent consideration and other adjustments	(28,722)	19,803
Balance at the end of the period	$ 121,000	$ 193,000
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	(Gain) loss on change in fair value of acquisition-related contingent consideration	(Gain) loss on change in fair value of acquisition-related contingent consideration

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

12 Months Ended

Dec. 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 Years Ended, December 31,
	2025		2024		2023
Customer A	13	%	15	%	17	%
Customer B	9	%	10	%	10	%
Customer C	21	%	19	%	18	%
Customer D	18	%	17	%	17	%
Customer E	11	%	10	%	10	%

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in the Obligations and Plan Assets, the Funded Status and the Amounts Recorded

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


	Year Ended December 31,
	2025		2024
Benefit obligation, beginning of year	$	195,487	$	169,667
Employer service cost	16,428		12,121
Interest cost	1,973		2,010
Plan participants’ contributions	6,614		5,067
Actuarial (gain) loss	(5,251)		17,443
Transfer of benefits net of payments from fund	(4,294)		1,382
Expenses paid from assets	(121)		(101)
Translation loss (gain)	27,680		(12,102)
Benefit obligation, end of year	238,516		195,487

Fair value of plan assets, beginning of year	149,636		128,482
Actual return on plan assets	11,990		13,562
Employer contributions	12,344		10,278
Plan participants’ contributions	6,614		5,067
Transfer of benefits net of payments from fund	(4,294)		1,382
Expenses paid from assets	(121)		(101)
Translation gain (loss)	21,188		(9,034)
Fair value of plan assets, end of year	197,357		149,636

Unfunded liability, end of year	$	41,159	$	45,851

Schedule of Net Periodic Benefit Cost

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


	Year Ended December 31,
	2025		2024		2023
Service cost	$	16,428	$	12,121	$	7,711
Interest cost	1,973		2,010		2,280
Expected return on plan assets	(7,970)		(6,764)		(5,688)
Amortization of prior service cost	878		801		771
Amortization of actuarial losses	1,389		673		—
Net periodic benefit cost	$	12,698	$	8,841	$	5,074

Schedule of Expected Benefit Payments

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


2026	$	9,200
2027	10,365
2028	10,944
2029	13,968
2030	11,684
2031-2035	73,326
Total	$	129,487