INCYTE CORP (Form: 3, Received: 08/05/2025 16:04:21)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Mayes Patrick A

2. Date of Event Requiring Statement (MM/DD/YYYY) 7/21/2025

3. Issuer Name and Ticker or Trading Symbol

INCYTE CORP [INCY]

(Last) (First) (Middle)

1801 AUGUSTINE CUT-OFF

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director _____ 10% Owner
___X___ Officer (give title below) _____ Other (specify below)
EVP & Chief Scientific Officer /

(Street)

WILMINGTON, DE 19803

(City) (State) (Zip)

5. If Amendment, Date Original Filed(MM/DD/YYYY)

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	67,388 ⁽¹⁾	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (right to buy)	⁽²⁾	11/6/2027	Common Stock	6,381	$105.43	D
Employee Stock Option (right to buy)	⁽²⁾	7/1/2028	Common Stock	3,148	$68.62	D
Employee Stock Option (right to buy)	⁽²⁾	1/3/2029	Common Stock	9,459	$72.27	D
Employee Stock Option (right to buy)	⁽²⁾	7/1/2029	Common Stock	1,642	$85.01	D
Employee Stock Option (right to buy)	⁽²⁾	1/16/2030	Common Stock	1,643	$80.5	D
Employee Stock Option (right to buy)	⁽²⁾	7/1/2030	Common Stock	2,292	$106.47	D
Employee Stock Option (right to buy)	⁽²⁾	1/14/2031	Common Stock	2,293	$90.56	D
Employee Stock Option (right to buy)	⁽²⁾	7/1/2031	Common Stock	2,263	$83.58	D
Employee Stock Option (right to buy)	⁽²⁾	1/18/2032	Common Stock	2,623	$74.78	D
Employee Stock Option (right to buy)	⁽³⁾	7/1/2032	Common Stock	3,055	$77.67	D
Employee Stock Option (right to buy)	⁽⁴⁾	1/19/2033	Common Stock	3,225	$83.2	D
Employee Stock Option (right to buy)	⁽⁵⁾	7/13/2033	Common Stock	3,942	$61.76	D
Employee Stock Option (right to buy)	⁽⁶⁾	1/17/2034	Common Stock	4,246	$61.18	D
Employee Stock Option (right to buy)	⁽⁷⁾	7/14/2034	Common Stock	5,222	$64.25	D
Employee Stock Option (right to buy)	⁽⁸⁾	1/16/2035	Common Stock	4,737	$71.93	D
Employee Stock Option (right to buy)	⁽⁹⁾	7/14/2035	Common Stock	5,846	$68.25	D

Explanation of Responses:
(1)	This includes: 3,533 restricted stock units ("RSUs") granted on October 1, 2021 that will vest fully on October 1, 2025; 1,128 RSUs granted on July 2, 2022 that will fully on July 2, 2026; 3,079 RSUs granted on January 20, 2023 that will vest fully on January 20, 2027; 2,820 RSUs granted on July 14, 2023 that will vest 1,140 on July 14, 2026 and July 14, 2027; 5,253 RSUs granted on July 15, 2024 that will vest 1,751 on July 15, 2026, July 15, 2027 and July 15, 2028; 39,783 RSUs granted on June 6, 2025 that will vest fully on June 6, 2028; and 7,795 RSUs granted on July 15, 2025 that will vest 25% annually over four years.
(2)	As of July 21st, 2025, the award is fully vested and exercisable
(3)	Options granted on July 2, 2022 and will vest monthly through July 2, 2026
(4)	Options granted on January 20, 2023 and will vest monthly through July 2, 2026
(5)	Options granted on July 14, 2023 and will vest monthly through July 14, 2027
(6)	Options granted on January 18, 2024 and will vest monthly through July 14, 2027
(7)	Options granted on July 15, 2024 and will vest monthly through July 15, 2028
(8)	Options granted on January 17, 2025 and will vest monthly through July 15, 2028
(9)	Options granted on July 15, 2025 options become exercisable in 37 installments, with the first 25% vesting after one year and the remainder vesting monthly over three years.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Mayes Patrick A 1801 AUGUSTINE CUT-OFF WILMINGTON, DE 19803			EVP & Chief Scientific Officer

Signatures
/s/ Elizabeth Feeney, Attorney-In-Fact		8/5/2025
^**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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