Incyte (INCY) 10-Q30 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 23, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-12400
Entity Registrant Name	INCYTE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3136539
Entity Address, Address Line One	1801 Augustine Cut-Off
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19803
City Area Code	302
Local Phone Number	498-6700
Title of 12(b) Security	Common Stock, $.001 par value per share
Trading Symbol	INCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		192,598,027
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000879169
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	[1]
Current assets:
Cash and cash equivalents	$ 987,293	$ 3,213,376
Marketable securities—available-for-sale (amortized cost $464,272 and $442,816 as of June 30, 2024 and December 31, 2023, respectively; allowance for credit losses $0 as of June 30, 2024 and December 31, 2023)	462,207	442,667
Short term equity investments	69,875	0
Accounts receivable	739,050	743,557
Inventory	100,704	62,972
Prepaid expenses and other current assets	207,956	182,830
Total current assets	2,567,085	4,645,402
Restricted cash	1,631	1,845
Long term equity investments	29,668	187,716
Inventory	255,268	206,965
Property and equipment, net	762,009	751,513
Finance lease right-of-use assets, net	25,535	25,535
Other intangible assets, net	113,536	123,545
Goodwill	155,593	155,593
Deferred income tax asset	729,561	631,886
Other assets, net	21,917	52,107
Total assets	4,661,803	6,782,107
Current liabilities:
Accounts payable	148,174	109,601
Accrued compensation	113,536	153,348
Accrued and other current liabilities	1,034,316	935,569
Finance lease liabilities	3,874	3,439
Acquisition-related contingent consideration	37,155	38,422
Total current liabilities	1,337,055	1,240,379
Acquisition-related contingent consideration	156,845	173,578
Finance lease liabilities	28,745	29,162
Other liabilities	142,099	149,151
Total liabilities	1,664,744	1,592,270
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.001 par value; 400,000,000 shares authorized; 191,572,449 and 224,286,862 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	191	224
Additional paid-in capital	4,382,734	5,016,122
Accumulated other comprehensive (loss) income	(5,420)	13,106
(Accumulated deficit) retained earnings	(1,380,446)	160,385
Total stockholders’ equity	2,997,059	5,189,837
Total liabilities and stockholders’ equity	$ 4,661,803	$ 6,782,107

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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Marketable securities-amortized cost	$ 464,272	$ 442,816
Marketable securities-allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	191,572,449	224,286,862
Common stock, shares outstanding (in shares)	191,572,449	224,286,862

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 1,043,759	$ 954,610	$ 1,924,648	$ 1,763,283
Costs, expenses and other:
Cost of product revenues (including definite-lived intangible amortization)	76,634	68,326	137,590	125,148
Research and development	1,138,380	400,750	1,567,640	807,391
Selling, general and administrative	305,982	283,929	606,238	599,535
Loss on change in fair value of acquisition-related contingent consideration	893	8,374	437	14,570
(Profit) and loss sharing under collaboration agreements	0	(549)	(1,025)	(1,911)
Total costs, expenses and other	1,521,889	760,830	2,310,880	1,544,733
(Loss) income from operations	(478,130)	193,780	(386,232)	218,550
Interest income and other, net	49,769	42,668	94,513	75,541
Interest expense	(657)	(655)	(1,087)	(1,124)
Realized and unrealized gain on equity investments	39,241	41,811	139,188	36,493
(Loss) income before provision for income taxes	(389,777)	277,604	(153,618)	329,460
Provision for income taxes	54,824	74,056	121,435	104,209
Net (loss) income	$ (444,601)	$ 203,548	$ (275,053)	$ 225,251
Net (loss) income per share:
Basic (in USD per share)	$ (2.04)	$ 0.91	$ (1.24)	$ 1.01
Diluted (in USD per share)	$ (2.04)	$ 0.90	$ (1.24)	$ 1
Shares used in computing net (loss) income per share:
Basic (in shares)	218,175	223,248	221,329	223,104
Diluted (in shares)	218,175	225,649	221,329	225,541
Product revenues, net
Revenues:
Total revenues	$ 906,566	$ 827,005	$ 1,636,489	$ 1,520,242
Product royalty revenues
Revenues:
Total revenues	137,193	127,605	263,159	243,041
Milestone and contract revenues
Revenues:
Total revenues	$ 0	$ 0	$ 25,000	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (444,601)	$ 203,548	$ (275,053)	$ 225,251
Other comprehensive income (loss):
Foreign currency translation gain (loss)	407	5,189	(17,413)	8,449
Unrealized (loss) gain on marketable securities, net of tax	(254)	489	(2,000)	2,909
Defined benefit pension gain, net of tax	599	186	887	379
Other comprehensive income (loss)	752	5,864	(18,526)	11,737
Comprehensive (loss) income	$ (443,849)	$ 209,412	$ (293,579)	$ 236,988

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total		Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings (Accumulated Deficit)
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, net of shares withheld for taxes	11,235			11,235
Issuance of shares of Common Stock for services rendered	80			80
Stock compensation	53,558			53,558
Other comprehensive income (loss)	5,873				5,873
Net income (loss)	21,703					21,703
Ending balance at Mar. 31, 2023	4,462,568		223	4,856,914	20,942	(415,511)
Beginning balance at Dec. 31, 2022	4,370,119		223	4,792,041	15,069	(437,214)
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	11,737
Net income (loss)	225,251
Ending balance at Jun. 30, 2023	4,740,692		223	4,925,626	26,806	(211,963)
Beginning balance at Mar. 31, 2023	4,462,568		223	4,856,914	20,942	(415,511)
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	13,704			13,704
Issuance of shares of Common Stock for services rendered	80			80
Stock compensation	54,928			54,928
Other comprehensive income (loss)	5,864				5,864
Net income (loss)	203,548					203,548
Ending balance at Jun. 30, 2023	4,740,692		223	4,925,626	26,806	(211,963)
Beginning balance at Dec. 31, 2023	5,189,837	[1]	224	5,016,122	13,106	160,385
Increase (Decrease) in Stockholders' Equity
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes	(5,697)			(5,697)
Issuance of shares of Common Stock for services rendered	80			80
Stock compensation	59,781			59,781
Other comprehensive income (loss)	(19,278)				(19,278)
Net income (loss)	169,548					169,548
Ending balance at Mar. 31, 2024	5,394,271		224	5,070,286	(6,172)	329,933
Beginning balance at Dec. 31, 2023	5,189,837	[1]	224	5,016,122	13,106	160,385
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	(18,526)
Net income (loss)	(275,053)
Ending balance at Jun. 30, 2024	2,997,059		191	4,382,734	(5,420)	(1,380,446)
Beginning balance at Mar. 31, 2024	5,394,271		224	5,070,286	(6,172)	329,933
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	13,792			13,792
Issuance of shares of Common Stock for services rendered	80			80
Stock compensation	56,637			56,637
Repurchases of common stock	(2,023,872)		(33)	(758,061)		(1,265,778)
Other comprehensive income (loss)	752				752
Net income (loss)	(444,601)					(444,601)
Ending balance at Jun. 30, 2024	$ 2,997,059		$ 191	$ 4,382,734	$ (5,420)	$ (1,380,446)

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of shares of Common Stock upon exercise of stock options and settlement of employee restricted stock units, net of shares withheld for taxes (in shares)	316,997	245,228	59,093	313,995
Issuance of shares of Common Stock under the ESPP (in shares)	291,735		216,168
Issuance of shares of Common Stock for services rendered (in shares)	1,345	1,359	1,282	1,073

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (275,053)	$ 225,251
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	43,995	39,508
Stock-based compensation	116,418	107,899
Deferred income taxes	(51,733)	(61,864)
Other, net	2,588	(3,670)
Realized and unrealized gain on equity investments	(139,188)	(36,493)
Loss on change in fair value of acquisition-related contingent consideration	437	14,570
Changes in operating assets and liabilities:
Accounts receivable	4,507	6,885
Prepaid expenses and other assets	(39,748)	(8,219)
Inventory	(84,976)	(53,436)
Accounts payable	38,573	(122,008)
Accrued and other liabilities	27,428	92,500
Net cash (used in) provided by operating activities	(356,752)	200,923
Cash flows from investing activities:
Sale of equity investments	227,257	45
Capital expenditures	(63,692)	(19,243)
Payments for intangible assets	(1,400)	(15,000)
Purchases of marketable securities	(204,091)	(152,277)
Sale and maturities of marketable securities	182,634	150,487
Net cash provided by (used in) investing activities	140,708	(35,988)
Cash flows from financing activities:
Repurchases of common stock	(2,004,687)	0
Proceeds from issuance of common stock under stock plans	14,960	28,367
Tax withholdings related to restricted and performance share vesting	(6,865)	(3,428)
Payment of finance lease liabilities	(1,782)	(1,638)
Payment of contingent consideration	(11,216)	(6,424)
Net cash (used in) provided by financing activities	(2,009,590)	16,877
Effect of exchange rates on cash, cash equivalents, and restricted cash	(663)	(2,090)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(2,226,297)	179,722
Cash, cash equivalents, and restricted cash at beginning of period	3,215,221	2,953,120
Cash, cash equivalents, and restricted cash at end of period	988,924	3,132,842
Supplemental Schedule of Cash Flow Information
Income taxes paid	229,674	137,313
Unpaid purchases of property and equipment	800	4,420
Unpaid excise tax on repurchase of common stock	19,185	0
Leased assets obtained in exchange for new operating lease liabilities	2,188	5,275
Leased assets obtained in exchange for new finance lease liabilities	$ 1,468	$ 1,024

Organization and Business

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Note 1. Organization and Business Incyte Corporation (including its subsidiaries, “Incyte,” “we,” “us,” or “our”) is a biopharmaceutical company focused on developing and commercializing proprietary therapeutics. Our portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products JAKAFI® (ruxolitinib), ICLUSIG® (ponatinib), PEMAZYRE® (pemigatinib), OPZELURA® (ruxolitinib cream),

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Pronouncements and Regulatory Updates In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures .” This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that ASU No. 2023-07 will have on our annual consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures .” This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently evaluating the impact that ASU No. 2023-09 will have on our consolidated financial statements. In March 2024, the SEC issued Release Nos. 33-11275; 34-99678 “ The Enhancement and Standardization of Climate-Related Disclosures for Investors ” to require public companies to provide certain climate-related information in their registration statements and annual reports. The compliance dates for the rules amended by this release begin in fiscal year 2025 for large accelerated filers. On April 4, 2024, the SEC issued an order staying the newly adopted rules. We are currently evaluating the impact of this release on our financial disclosures.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Note 3. Revenues Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers . The following table presents our disaggregated revenue for the periods presented (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 JAKAFI revenues, net $ 705,973 $ 682,384 $ 1,277,812 $ 1,262,353 OPZELURA revenues, net 121,695 80,233 207,419 136,785 ICLUSIG revenues, net 26,862 29,087 57,205 56,772 PEMAZYRE revenues, net 20,269 21,572 37,945 44,047 MINJUVI/MONJUVI revenues, net 31,116 13,159 54,990 19,715 ZYNYZ revenues, net 651 570 1,118 570 Total product revenues, net 906,566 827,005 1,636,489 1,520,242 JAKAVI product royalty revenues 99,317 90,448 188,912 167,140 OLUMIANT product royalty revenues 31,702 32,009 62,291 66,164 TABRECTA product royalty revenues 5,298 4,799 10,532 8,976 PEMAZYRE product royalty revenues 876 349 1,424 761 Total product royalty revenues 137,193 127,605 263,159 243,041 Milestone and contract revenues — — 25,000 — Total revenues $ 1,043,759 $ 954,610 $ 1,924,648 $ 1,763,283 For further information on the MINJUVI/MONJUVI revenues, refer to Note 6, and for further information on our revenue-generating contracts, refer to Note 8.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4. Fair Value of Financial Instruments The following is a summary of our marketable security portfolio for the periods presented (in thousands): Amortized Net Estimated June 30, 2024 Debt securities (government) $ 464,272 $ (2,065) $ 462,207 December 31, 2023 Debt securities (government) $ 442,816 $ (149) $ 442,667 Our available-for-sale debt securities generally have contractual maturity dates of between 12 to 18 months. Debt security assets were assessed for risk of expected credit losses. As of June 30, 2024 and December 31, 2023, the available-for-sale debt securities were held in U.S.-government backed securities and in Treasury bonds and were assessed on an individual security basis to have a de minimis risk of credit loss. Fair Value Measurements FASB accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (“the exit price”) in an orderly transaction between market participants at the measurement date. The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value we use quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. Level 3—Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement. Recurring Fair Value Measurements Our marketable securities consist of investments in U.S. government debt securities that are classified as available-for-sale. Additionally, we have short term equity investments, which we intended to sell within one year, classified as Level 1 that were valued using their respective closing stock prices on The Nasdaq Stock Market. At June 30, 2024 and December 31, 2023, our Level 2 U.S. government debt securities were valued using readily available pricing sources which utilize market observable inputs, including the current interest rate and other characteristics for similar types of investments. Our long term equity investments classified as Level 1 were valued using their respective closing stock prices on The Nasdaq Stock Market. We did not experience any transfers of financial instruments between the fair value hierarchy levels during the six months ended June 30, 2024. The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands): Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Cash and cash equivalents $ 987,293 $ — $ — $ 987,293 Debt securities (government) — 462,207 — 462,207 Short term equity investments (Note 8) 69,875 — — 69,875 Long term equity investments (Note 8) 29,668 — — 29,668 Total assets $ 1,086,836 $ 462,207 $ — $ 1,549,043 Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Cash and cash equivalents $ 3,213,376 $ — $ — $ 3,213,376 Debt securities (government) — 442,667 — 442,667 Long term equity investments (Note 8) 187,716 — — 187,716 Total assets $ 3,401,092 $ 442,667 $ — $ 3,843,759 The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands): Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Acquisition-related contingent consideration $ — $ — $ 194,000 $ 194,000 Total liabilities $ — $ — $ 194,000 $ 194,000 Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Acquisition-related contingent consideration $ — $ — $ 212,000 $ 212,000 Total liabilities $ — $ — $ 212,000 $ 212,000 The following is a roll forward of our Level 3 liabilities (in thousands): 2024 Balance at January 1, $ 212,000 Contingent consideration earned during the period but not yet paid (8,893) Payments made during the period (9,544) Change in fair value of contingent consideration 437 Balance at June 30, $ 194,000 The initial fair value of the contingent consideration was determined on the date of acquisition, June 1, 2016, using an income approach based on projected future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment over 18 years, and discounted to present value at a rate of 10%. The fair value of the contingent consideration is remeasured each reporting period, with changes in fair value recorded in the condensed consolidated statements of operations. The valuation inputs utilized to estimate the fair value of the contingent consideration as of June 30, 2024 and December 31, 2023 included a discount rate of 10% and updated projections of future net revenues of ICLUSIG in the European Union and other countries for the approved third line treatment. The change in fair value of the contingent consideration during the three and six months ended June 30, 2024 was due primarily to fluctuations in foreign currency exchange rates impacting future revenue projections of ICLUSIG and the passage of time. We generally make payments to Takeda Pharmaceutical Company Limited quarterly based on the royalties or any additional milestone payments earned in the previous quarter. At June 30, 2024 and December 31, 2023, contingent consideration earned but not yet paid was $8.9 million and $10.3 million, respectively, and was included in accrued and other current liabilities on the condensed consolidated balance sheets.

Concentration of Credit Risk an

Concentration of Credit Risk and Current Expected Credit Losses	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Current Expected Credit Losses	Note 5. Concentration of Credit Risk and Current Expected Credit Losses In November 2009, we entered into a collaboration and license agreement with Novartis Pharmaceutical International Ltd. (“Novartis”). In December 2009, we entered into a license, development and commercialization agreement with Eli Lilly and Company (“Lilly”). The above collaboration partners comprised, in aggregate, 18% and 20% of the accounts receivable balance as of June 30, 2024 and December 31, 2023, respectively. For further information relating to these collaboration and license agreements, refer to Note 8. In November 2011, we began commercialization and distribution of JAKAFI and in October 2021, we began commercialization and distribution of OPZELURA. Our product revenues are concentrated in a number of customers for these products. The concentration of credit risk related to our JAKAFI and OPZELURA product revenues is as follows: Percentage of Total Net Percentage of Total Net June 30, June 30, 2024 2023 2024 2023 Customer A 15 % 17 % 16 % 17 % Customer B 10 % 9 % 11 % 10 % Customer C 18 % 20 % 18 % 19 % Customer D 8 % 10 % 8 % 10 % Customer E 13 % 10 % 12 % 11 % Customer F 10 % 10 % 10 % 9 % We are exposed to risks associated with extending credit to customers related to the sale of products. Customers A, B, C, D, E and F comprised, in aggregate, 52% and 48% of the accounts receivable balance as of June 30, 2024 and December 31, 2023, respectively. The concentration of credit risk relating to our other product revenues or accounts receivable is not significant. We assessed our collaborative and customer receivable assets as of June 30, 2024 according to our accounting policy for applying reserves for expected credit losses, noting minimal history of uncollectible receivables and the continued perceived creditworthiness of our third party sales relationships, upon which the expected credit losses were considered de minimis. As of June 30, 2024 and December 31, 2023, we had no allowance for doubtful accounts.

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Note 6. Acquisitions Tafasitamab On February 5, 2024, we entered into a purchase agreement with MorphoSys AG and MorphoSys US Inc., a wholly-owned subsidiary of MorphoSys AG (together with MorphoSys AG, “MorphoSys”), under which we gained exclusive global rights to tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed in the United States as MONJUVI (tafasitamab-cxix) and outside of the United States as MINJUVI (tafasitamab). We previously had the rights to tafasitamab outside of the United States under a January 2020 collaboration and license agreement with MorphoSys, which has now been terminated; therefore, this new agreement gave us all of the remaining global rights to tafasitamab. Under the terms of the purchase agreement, we made a payment of $25.0 million to MorphoSys and gained global development and commercialization rights for tafasitamab along with MONJUVI inventory. We will recognize revenue and costs for all U.S. commercialization and clinical development and MorphoSys will no longer be eligible to receive future milestone, profit split and royalty payments under the now-terminated collaboration and license agreement. We evaluated the set of activities and assets acquired under the purchase agreement and concluded that it did not meet the definition of a business because the acquired set did not include a substantive process. Therefore, the transaction was accounted for as an asset acquisition under U.S. GAAP and the total purchase price, inclusive of direct transaction costs, was allocated to the acquired MONJUVI inventory, in accordance with applicable accounting guidance. Under the purchase agreement, we have also become the successor to MorphoSys under its collaboration and license agreement with Xencor, Inc. (“Xencor”), pursuant to which Xencor granted MorphoSys an exclusive, worldwide license, including the right to sublicense under certain conditions, for tafasitamab. Xencor is entitled to receive up to $186.5 million in future contingent development and regulatory milestones and up to $50.0 million in sales milestones. Furthermore, Xencor is eligible to receive tiered royalties on global net sales of tafasitamab in the single-digit to sub-teen double-digit percentage range. Our royalty obligations continue on a country-by-country basis until the later to occur of the expiration of the last valid claim in the licensed patent covering tafasitamab in such country, or 11 years after the first sale thereof following marketing authorization in such country. The term of the Xencor collaboration agreement will continue until all of our royalty payment obligations have expired, unless terminated earlier. The Xencor collaboration agreement may be terminated by either party upon written notice to the other party immediately in the event of the other party’s insolvency or upon 120 days’ written notice for the other party’s uncured material breach (or upon 30 days’ written notice in the case of a breach of a payment obligation). Moreover, we may terminate the Xencor collaboration agreement without cause upon 90 days’ advance written notice to Xencor. In the event that (i) we terminate this agreement for convenience or (ii) Xencor terminates due to our material breach, our challenge of Xencor’s licensed patents or our insolvency, worldwide rights to develop, manufacture and commercialize licensed products, including tafasitamab, revert back to Xencor. Escient Pharmaceuticals, Inc. ("Escient") On May 30, 2024 we acquired all of the outstanding shares of common stock of Escient, a clinical-stage drug development company advancing novel small molecule therapeutics for systemic immune and neuro-immune disorders, for $782.5 million cash consideration, which included Escient's net cash remaining at the close of the transaction, subject to adjustments set forth in the merger agreement. Escient’s lead molecule, EP262, is a first-in-class oral Mas-related G protein-coupled receptor X2 (MRGPRX2) antagonist that has the potential to treat a broad range of inflammatory disorders. We accounted for the Escient transaction as an asset acquisition under U.S. GAAP because EP262 represents substantially all of the fair value of the gross assets acquired. In addition to the $782.5 million closing cash consideration per the terms of the merger agreement, we incurred $2.5 million of direct transaction costs that were included in the total consideration to be allocated to the acquired net assets. Of the $785.0 million total consideration, we recognized related compensation expense of $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition on our condensed consolidated statements of operations for the quarter ended June 30, 2024. The following table summarizes allocation of the remaining U.S. GAAP consideration, net of compensation expense, across the net assets acquired (in thousands): Cash and cash equivalents $ 48,302 Marketable securities 3,988 Prepaid expenses and other current assets 1,663 In-process research and development assets 679,388 Deferred tax asset 44,811 Other non-current assets 4,110 Accounts payable and accrued expenses (26,611) Other current liabilities (1,022) Non-current liabilities (1,118) Total U.S. GAAP Consideration (net of compensation expense) $ 753,511 In-process research and development (“IPR&D”) assets are related to acquired clinical-stage product candidates: lead candidate, EP262, and secondary candidate, EP547. The fair value of IPR&D assets was based on the present value of future discounted cash flows, which was based on significant estimates. These estimates included the number of potential patients and market prices of future product candidates, costs required to conduct clinical trials, future milestones and royalties payable under acquired license agreements, costs to receive regulatory approval and potentially commercialize product candidates, as well as estimates for probability of success and the discount rate. The concluded allocated fair values for EP262 and EP547 was $644.8 million and $34.6 million, respectively. As both acquired IPR&D assets do not have an alternative future use at the acquisition date, we recognized the full amount of $679.4 million as research and development expenses on our condensed consolidated statement of operations for the three and six months ended June 30, 2024.

Inventory

Inventory	6 Months Ended
Inventory	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Note 7. Inventory Our inventory balance consists of the following (in thousands): June 30, December 31, Raw materials $ 24,579 $ 23,282 Work-in-process 284,706 209,793 Finished goods 46,687 36,862 Total inventory $ 355,972 $ 269,937 Inventories, stated at the lower of cost and net realizable value, consist of raw materials, work in process and finished goods. At June 30, 2024, $100.7 million of inventory was classified as current on the condensed consolidated balance sheet as we expect this inventory to be consumed for commercial use within the next twelve months. At June 30, 2024, $255.3 million of inventory was classified as non-current on the condensed consolidated balance sheet as we did not expect this inventory to be consumed for commercial use within the next twelve months. We obtain some inventory components from a limited number of suppliers due to technology, availability, price, quality or other considerations. The loss of a supplier, the deterioration of our relationship with a supplier, or any unilateral violation of the contractual terms under which we are supplied components by a supplier could adversely affect our total revenues and gross margins.

License Agreements

License Agreements	6 Months Ended
License Agreements	Jun. 30, 2024
License Agreements
License Agreements	Note 8. License Agreements Novartis In November 2009, we entered into a Collaboration and License Agreement with Novartis. Under the terms of the agreement, Novartis received exclusive development and commercialization rights outside of the United States to our JAK inhibitor ruxolitinib and certain back-up compounds for hematologic and oncology indications, including all hematological malignancies, solid tumors and myeloproliferative diseases. We retained exclusive development and commercialization rights to JAKAFI (ruxolitinib) in the United States and in certain other indications. Novartis also received worldwide exclusive development and commercialization rights to our MET inhibitor compound capmatinib and certain back-up compounds in all indications. Under this agreement, we were initially eligible to receive up to $174.0 million for the achievement of development milestones, up to $495.0 million for the achievement of regulatory milestones and up to $500.0 million for the achievement of sales milestones. In addition, we were initially eligible to receive up to $75.0 million of additional potential development and regulatory milestones relating to graft-versus-host-disease (“GVHD”). Since the inception of the agreement through June 30, 2024, we have recognized and received, in the aggregate, $157.0 million for the achievement of development milestones, $345.0 million for the achievement of regulatory milestones, and $200.0 million for the achievement of sales milestones. We also are eligible to receive tiered, double-digit royalties ranging from the upper-teens to the mid-twenties on future JAKAVI net sales outside of the United States, and tiered, worldwide royalties on TABRECTA net sales that range from 12% to 14%. We are obligated to pay to Novartis tiered royalties in the low single-digits on future JAKAFI net sales within the United States contingent on certain conditions. During the three and six months ended June 30, 2024, such royalties on net sales within the United States totaled $34.6 million and $57.6 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. During the three and six months ended June 30, 2023, such royalties on net sales within the United States totaled $33.5 million and $56.9 million, respectively, and were reflected in cost of product revenues on the condensed consolidated statements of operations. At June 30, 2024 and December 31, 2023, $433.2 million and $375.6 million, respectively, of accrued royalties were included in accrued and other current liabilities on the condensed consolidated balance sheets, payment of which is dependent on the outcome of a contract dispute with Novartis. Each company is responsible for costs relating to the development and commercialization of ruxolitinib in its respective territories, with costs of collaborative studies shared equally. Novartis is also responsible for all costs relating to the development and commercialization of capmatinib. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three and six months ended June 30, 2024 was $99.3 million and $188.9 million, respectively. Product royalty revenue related to Novartis net sales of JAKAVI outside of the United States for the three and six months ended June 30, 2023 was $90.4 million and $167.1 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three and six months ended June 30, 2024 was $5.3 million and $10.5 million, respectively. Product royalty revenue related to Novartis net sales of TABRECTA worldwide for the three and six months ended June 30, 2023 was $4.8 million and $9.0 million, respectively. Lilly – Baricitinib In December 2009, we entered into a License, Development and Commercialization Agreement with Lilly. Under the terms of the agreement, Lilly received exclusive worldwide development and commercialization rights to our JAK inhibitor baricitinib, and certain back-up compounds for inflammatory and autoimmune diseases. Under this agreement, we were initially eligible to receive up to $150.0 million for the achievement of development milestones, up to $365.0 million for the achievement of regulatory milestones and up to $150.0 million for the achievement of sales milestones. Since the inception of the agreement through June 30, 2024, we have recognized and received, in aggregate, $149.0 million for the achievement of development milestones, $335.0 million for the achievement of regulatory milestones and $50.0 million for the achievement of sales milestones. We are also eligible to receive tiered, double-digit royalties on future global sales with rates ranging up to the mid-twenties if a product is successfully commercialized. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three and six months ended June 30, 2024 was $31.7 million and $62.3 million, respectively. Product royalty revenue related to Lilly net sales of OLUMIANT outside of the United States for the three and six months ended June 30, 2023 was $32.0 million and $66.2 million, respectively. Agenus In January 2015, we entered into a License, Development and Commercialization Agreement with Agenus Inc. and its wholly-owned subsidiary, 4-Antibody AG (now known as Agenus Switzerland Inc.), which we collectively refer to as Agenus. Under this agreement, which was amended in February 2017, the parties have agreed to collaborate on the discovery of novel immuno-therapeutics using Agenus’ antibody discovery platforms. Since the inception of the agreement through June 30, 2024, we have paid Agenus milestones totaling $30.0 million, and Agenus is eligible to receive up to an additional $500.0 million in future contingent development, regulatory and commercialization milestones across all programs in the collaboration. As of June 30, 2024, we held an investment of approximately 0.6 million shares of Agenus Inc. common stock, which reflects a one-for-twenty reverse stock split effected by Agenus Inc. in April 2024. The fair market value of our equity investment in Agenus Inc. at June 30, 2024 and December 31, 2023 was $10.1 million and $10.0 million, respectively. For the three and six months ended June 30, 2024, we recorded an unrealized gain of $3.1 million and $0.1 million, respectively, based on the change in fair value of Agenus Inc.’s common stock during the respective periods. For the three and six months ended June 30, 2023, we recorded an unrealized gain of $0.9 million and an unrealized loss of $9.7 million, respectively, based on the change in fair value of Agenus Inc.’s common stock during the respective periods. Merus In December 2016, we entered into a Collaboration and License Agreement with Merus N.V. (“Merus”). Under this agreement, the parties have agreed to collaborate with respect to the research, discovery and development of bispecific antibodies utilizing Merus’ technology platform. The collaboration encompasses up to ten independent programs. Since the inception of the agreement through June 30, 2024, we have paid and expensed Merus milestones totaling $10.0 million. During the second quarter of 2024, we sold approximately 3.0 million of Merus' common shares for proceeds of $160.6 million. As of June 30, 2024, we held an investment of approximately 1.0 million common shares. The fair market value of our equity investment in Merus at June 30, 2024 and December 31, 2023 was $59.6 million and $110.1 million, respectively. For the three and six months ended June 30, 2024, we recorded realized and unrealized gains of $40.0 million and $110.2 million, respectively, based on the sale of shares and change in fair value of remaining Merus’ common shares during the respective periods. For the three and six months ended June 30, 2023, we recorded an unrealized gain of $28.2 million and $38.6 million, respectively, based on the change in fair value of Merus’ common shares during the respective periods. MacroGenics In October 2017, we entered into a Global Collaboration and License Agreement with MacroGenics, Inc. (“MacroGenics”). Under this agreement, we received exclusive development and commercialization rights worldwide to MacroGenics’ INCMGA0012 (formerly MGA012), an investigational monoclonal antibody that inhibits PD-1. Except as set forth in the succeeding sentence, we have sole authority over and bear all costs and expenses in connection with the development and commercialization of INCMGA0012 in all indications, whether as a monotherapy or as part of a combination regimen. MacroGenics has retained the right to develop and commercialize, at its cost and expense, its pipeline assets in combination with INCMGA0012. In addition, MacroGenics has the right to manufacture a portion of both companies’ global clinical and commercial supply needs of INCMGA0012. In March 2023, we made a $15.0 million regulatory milestone payment to MacroGenics for the FDA approval of ZYNYZ for the treatment of adults with Merkel cell carcinoma. This milestone payment was capitalized as an intangible asset and included in Other intangible assets, net on the condensed consolidated balance sheet as of June 30, 2024, and is being amortized through cost of product revenues over the estimated useful life of 13.5 years. Since the inception of the agreement, inclusive of the July 2022 amendment to the agreement, through June 30, 2024, we have paid MacroGenics developmental and regulatory milestones totaling $115.0 million. On July 24, 2024, the parties further amended the agreement, with Incyte agreeing to pay MacroGenics $100.0 million now in exchange for MacroGenics’ agreement to waive future milestones for squamous cell anal cancer and non-small cell lung cancer. After these amendments and subsequent payments, MacroGenics will be eligible to receive up to an additional $210.0 million in future contingent development and regulatory milestones, and up to $330.0 million in sales milestones as well as tiered royalties ranging from 15% to 24% of global net sales. Research and development expenses for the three and six months ended June 30, 2024 also included $13.2 million and $25.3 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. Research and development expenses for the three and six months ended June 30, 2023 also included $12.1 million and $29.9 million, respectively, of development costs incurred pursuant to the MacroGenics agreement. At June 30, 2024 and December 31, 2023, a total of $0.6 million and $0.3 million of such costs were included in accrued and other liabilities on the condensed consolidated balance sheets. MorphoSys As described in Note 6, on February 5, 2024, we entered into a purchase agreement with MorphoSys that became effective as of that date, as a result of which we now hold exclusive global rights for tafasitamab, a humanized Fc-modified CD19-targeting immunotherapy marketed in the United States as MONJUVI (tafasitamab-cxix) and outside of the United States as MINJUVI (tafasitamab). Prior to the acquisition, pursuant to a now-terminated collaboration and license agreement, we and MorphoSys agreed to co-develop tafasitamab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and MorphoSys responsible for 45% of such costs. Each company was responsible for funding any independent development activities, and we were responsible for funding development activities specific to territories outside of the United States. During May 2024, as part of the Novartis tender offer for MorphoSys' outstanding shares, we sold all of our 3.6 million American Depository Shares, each representing 0.25 of an ordinary share of MorphoSys AG, for proceeds of $66.6 million. The fair market value of our equity investment in MorphoSys AG as of June 30, 2024 and December 31, 2023 was $0.0 million and $35.9 million, respectively. For the three and six months ended June 30, 2024, we recorded realized and unrealized gains of $0.8 million and $30.7 million, respectively, based on the sale of shares and change in fair value of MorphoSys AG's ordinary shares during the respective periods. For the three and six months ended June 30, 2023, we recorded an unrealized gain of $12.7 million and $14.1 million, respectively, based on the change in fair value of MorphoSys AG's ordinary shares during the respective periods. Our 50% share of the United States loss or profit for the commercialization of tafasitamab for the period from January 1, 2024 to the asset acquisition on February 5, 2024, was a profit of $1.0 million, and is recorded as (Profit) and loss sharing under collaboration agreements on the condensed consolidated statement of operations. As described in Note 6, subsequent to the asset acquisition, we will recognize revenue and costs for all commercialization and clinical development of tafasitamab in the United States. Our 50% share of the United States profit or loss for the commercialization of tafasitamab for the three and six months ended June 30, 2023 was a profit of $0.5 million and $1.9 million, respectively, and is recorded as (Profit) and loss sharing under collaboration agreements on the condensed consolidated statement of operations. Research and development expenses for the period from January 1, 2024 to the asset acquisition on February 5, 2024, includes $10.7 million, related to our 55% share of the co-development costs for tafasitamab. Research and development expenses for the three and six months ended June 30, 2023, includes $20.3 million and $45.5 million, respectively, related to our 55% share of the co-development costs for tafasitamab. At June 30, 2024 and December 31, 2023, $0.0 million and $18.8 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheets for amounts due to MorphoSys under the former agreement. Syndax In September 2021, we entered into a Collaboration and License Agreement with Syndax Pharmaceuticals, Inc. (“Syndax”), covering the worldwide development and commercialization of SNDX-6352 (“axatilimab”). We and Syndax have agreed to co-develop axatilimab and to share development costs associated with global and U.S.-specific clinical trials, with Incyte responsible for 55% of such costs and Syndax responsible for 45% of such costs. Each company is responsible for funding any independent development activities. Inclusive of an upfront, non-refundable payment, since the inception of the agreement through June 30, 2024, we have made payments of $117.0 million to Syndax, which were previously recorded in research and development expense. Syndax is eligible to receive up to $220.0 million in future contingent development and regulatory milestones and up to $230.0 million in sales milestones as well as tiered royalties ranging in the mid-teens on net sales in Europe and Japan and low double digit percentage on net sales in the rest of the world outside of the United States. As of June 30, 2024, we held an investment of approximately 1.4 million shares of Syndax common stock. The fair market value of our long term investment in Syndax as of June 30, 2024 and December 31, 2023 was $29.2 million and $30.7 million. For the three and six months ended June 30, 2024, we recorded an unrealized loss of $4.6 million and $1.5 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. For the three and six months ended June 30, 2023, we recorded an unrealized loss of $0.2 million and $6.4 million, respectively, based on the change in fair value of Syndax’s common stock during the respective periods. Research and development expenses for the three and six months ended June 30, 2024, includes $4.7 million and $11.8 million, respectively, related to our 55% share of the co-development costs for axatilimab. Research and development expenses for the three and six months ended June 30, 2023, includes $6.2 million and $11.8 million, respectively, related to our 55% share of the co-development costs for axatilimab. At June 30, 2024 and December 31, 2023, $2.6 million and $1.8 million, respectively, was included in accrued and other liabilities on the condensed consolidated balance sheet for amounts due to Syndax under the agreement. China Medical Systems Holdings Limited In March 2024, we entered into a Collaboration and License Agreement with China Medical System Skinhealth, a wholly-owned dermatology medical aesthetic company and subsidiary of China Medical System Holdings Limited (“CMSHL”), for the development and commercialization of povorcitinib, a selective oral JAK1 inhibitor, in certain indications in certain Asian territories. In March 2024, we recognized an upfront payment under this agreement of $25.0 million upon our transfer of the functional intellectual property related to povorcitinib to CMSHL which was recorded in milestone and contract revenues on the condensed consolidated statement of operations during the first quarter of 2024. We are eligible to receive additional potential development and commercial milestones, as well as royalties on net sales of the licensed product in CMSHL’s territory. CMSHL received an exclusive license to develop and commercialize and a non-exclusive license to manufacture povorcitinib in autoimmune and inflammatory dermatologic diseases, including non-segmental vitiligo, hidradenitis suppurativa, prurigo nodularis, asthma and chronic spontaneous urticaria, for patients in mainland China, Hong Kong, Macau, Taiwan and certain countries in Southeast Asia. Other Agreements In addition to the license and collaboration agreements discussed above, we have various other license and collaboration agreements that are not individually material to our operating results or financial condition at this time. Pursuant to the terms of those agreements, we may be required to pay, or we may receive, additional amounts contingent upon the occurrence of various future events such as future discovery, development, regulatory or commercial milestones, which in the aggregate could be material. In addition, if any products related to these collaborations are approved for sale, we may be required to pay, or we may receive, royalties on future sales. The payment or receipt of these amounts, however, is contingent upon the occurrence of various future events, the likelihood of which cannot presently be determined.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
Property and Equipment, net	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Note 9. Property and Equipment, net Property and equipment, net consists of the following (in thousands): June 30, December 31, Office equipment $ 23,506 $ 23,417 Laboratory equipment 221,918 220,677 Computer equipment 151,602 147,570 Land 15,432 10,931 Building and leasehold improvements 573,160 584,755 Operating lease right-of-use assets 18,120 20,553 Construction in progress 55,795 13,544 1,059,533 1,021,447 Less accumulated depreciation and amortization (297,524) (269,934) Property and equipment, net $ 762,009 $ 751,513

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	6 Months Ended
Accrued and Other Current Liabilities	Jun. 30, 2024
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): June 30, December 31, Royalties $ 444,305 $ 387,362 Clinical related costs 105,675 109,618 Sales allowances 349,904 279,914 Sales and marketing 39,541 37,369 Accrued Taxes 32,396 42,295 Operating lease liabilities 4,929 5,686 Other current liabilities 57,566 73,325 Total accrued and other current liabilities $ 1,034,316 $ 935,569

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 11. Stockholders' Equity 2010 Stock Incentive Plan. In May 2010 the Board of Directors adopted the 2010 Stock Incentive Plan (the “2010 Stock Plan”), which was most recently amended in April 2023, for issuance of common stock to employees, non-employee directors, consultants, and scientific advisors. Awards under the 2010 Stock Plan include stock options, restricted stock units (“RSUs”) and performance shares (“PSUs”). 2024 Inducement Stock Incentive Plan. In January 2024, our Board of Directors adopted the Incyte Corporation 2024 Inducement Stock Incentive Plan (the “2024 Inducement Plan”). In reliance on Nasdaq Marketplace Rule 5635(c)(4), stockholder approval was not obtained. A total of 1,000,000 shares of common stock are reserved for issuance pursuant to the 2024 Inducement Plan. Share Repurchase and Modified "Dutch Auction" Tender Offer. On May 13, 2024 we announced that our Board of Directors approved a share repurchase authorization of $2.0 billion. Subsequently, we commenced a modified “Dutch Auction” tender offer to repurchase shares of our common stock for an aggregate purchase price of up to $1.672 billion (the “tender offer”). We offered to purchase up to $1.672 billion in value of our common stock at a price not greater than $60.00 per share nor less than $52.00 per share, net to the seller in cash, less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the tender offer documents that were distributed to stockholders. A modified “Dutch Auction” tender offer allows stockholders to indicate how much stock they wish to tender and at what price within the range described above. Based on the number of shares tendered and the prices specified by the tendering stockholders, we determined the lowest price per share that enabled us to purchase $1.672 billion of common stock at such price, or a lower amount depending on the number of shares that are properly tendered and not properly withdrawn. 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 which expired at 12:00 midnight, at the end of the day, New York City time on June 10, 2024. In addition, on May 12, 2024, we entered into a separate stock purchase agreement with Julian C. Baker (a member of our Board of Directors), Felix J. Baker, and entities affiliated with Julian C. and Felix J. Baker, including funds advised by Baker Bros. Advisors LP (collectively, the “Baker Entities”), to repurchase up to $328.0 million of our common stock. This would enable the Baker Entities to maintain their ownership level as of May 9, 2024 of approximately 16.4% of Incyte’s outstanding common stock. The Baker Entities purchase was to be at the same price per share as is determined and paid in the tender offer. On June 26, 2024, we repurchased 5,459,183 shares at a price of $60.00 per share for an aggregate price of approximately $328.0 million pursuant to the terms of the stock purchase agreement with the Baker Entities. We account for share repurchases as retirements, whereby it reduces common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings (accumulated deficit). Any transaction costs, including the excise tax, directly associated with the share repurchases are included as part of the purchase price. Under this method, the issued and outstanding shares of common stock are reduced by the number of shares of common stock repurchased, and no treasury stock is recognized on the condensed consolidated financial statements. A total of 33,325,849 common shares were repurchased during June 2024 at a price of $60.00 for an aggregate purchase price of approximately $2.0 billion. We incurred $24.3 million in fees and expenses associated with the share repurchase, which included $19.2 million for excise taxes on share repurchases in accordance with the Inflation Reduction Act of 2022. We currently expect to pay the excise tax in the second quarter of 2025. These costs were recognized within (Accumulated deficit) retained earnings on the condensed consolidated balance sheet during the three months ended June 30, 2024 as costs to repurchase the Company’s common stock. The purchased shares were cancelled and ceased to be outstanding.

Stock Compensation

Stock Compensation	6 Months Ended
Stock Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Compensation	Note 12. Stock Compensation We recorded $56.6 million and $116.4 million of stock compensation expense on our condensed consolidated statements of operations for the three and six months ended June 30, 2024, respectively. We recorded $54.5 million and $107.9 million of stock compensation expense on our condensed consolidated statements of operations for the three and six months ended June 30, 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations included research and development expense of $34.5 million, $71.3 million, $32.8 million and $63.8 million for the three and six months ended June 30, 2024 and 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included selling, general and administrative expense of $21.7 million, $44.1 million, $20.9 million and $42.5 million for the three and six months ended June 30, 2024 and 2023, respectively. Stock compensation expense included within our condensed consolidated statements of operations also included cost of product revenues of $0.4 million, $1.0 million, $0.8 million and $1.6 million, respectively, for the three and six months ended June 30, 2024 and 2023. Additionally, as described in Note 6, as part of the Escient acquisition, during the three and six months ended June 30, 2024, we recognized related compensation expense of $31.5 million associated with the accelerated vesting for certain Escient stock awards in connection with the acquisition on our condensed consolidated statements of operations. We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions: Employee Stock Options Employee Stock Purchase Plan For the Three Months Ended For the Six Months Ended For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Average risk-free interest rates 4.36 % 3.88 % 4.13 % 3.76 % 5.33 % 4.87 % 5.41 % 4.27 % Average expected life (in years) 5.84 5.58 4.91 4.95 0.50 0.50 0.50 0.50 Volatility 25 % 29 % 30 % 32 % 28 % 27 % 22 % 23 % Weighted-average fair value (in dollars) $ 20.18 $ 22.57 $ 20.59 $ 26.78 $ 10.45 $ 13.82 $ 10.54 $ 14.08 The risk-free interest rate is derived from the U.S. Federal Reserve rate in effect at the time of grant. The expected life calculation is based on the observed and expected time to the exercise of options by our employees based on historical exercise patterns for similar type options. Expected volatility is based on the historical volatility of our common stock over the period commensurate with the expected life of the options. A dividend yield of zero is assumed based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends. Nonemployee awards are measured on the grant date by estimating the fair value of the equity instruments to be issued using the expected term, similar to our employee awards. Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows: Shares Subject to Shares Weighted Average Balance at December 31, 2023 12,457,158 $ 85.40 Options granted 721,080 $ 60.99 Options exercised (37,500) $ 52.12 Options cancelled (198,243) $ 84.53 Balance at June 30, 2024 12,942,495 $ 84.15 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. RSU and PSU award activity under the 2010 Stock Plan and 2024 Inducement Plan was as follows: Shares Subject to Shares Grant Date Value Balance at December 31, 2023 7,165,342 $ 72.17 RSUs granted 408,722 $ 60.33 Additional PSUs earned 21,866 $ 83.58 RSUs released (393,218) $ 79.69 RSUs cancelled (122,580) $ 71.83 Balance at June 30, 2024 7,080,132 $ 71.11 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. We grant PSUs with performance and/or service-based milestones with graded and/or cliff vesting over three The following table summarizes our shares available for grant under the 2010 Stock Plan and 2024 Inducement Plan. Each RSU and PSU grant reduces the available share pool by 2 shares. Shares Available Balance at December 31, 2023 10,815,026 Additional authorization - 2024 Inducement Plan 1,000,000 Options, RSUs and PSUs granted (1,560,390) Options, RSUs and PSUs cancelled 443,403 Balance at June 30, 2024 10,698,039 Based on our historical experience of employee turnover, we have assumed an annualized forfeiture rate of 5% for our options, RSUs and PSUs. Under the true-up provisions of the stock compensation guidance, we will record additional expense if the actual forfeiture rate is lower than we estimated, and will record a recovery of prior expense if the actual forfeiture is higher than we estimated.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 13. Income Taxes For the three and six months ended June 30, 2024 and 2023, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (Loss) income before provision for income taxes $ (389,777) $ 277,604 $ (153,618) $ 329,460 Provision for income taxes 54,824 74,056 121,435 104,209 Effective tax rate (14.1)% 26.7% (79.0)% 31.6% Our effective tax rate for the three and six months ended June 30, 2024 was higher than the U.S. statutory rate primarily due to non-deductible charges of $710.9 million associated with the Escient acquisition. Our effective tax rate for the three and six months ended June 30, 2023 was higher than the U.S. statutory rate primarily due to foreign losses with no associated tax benefit (i.e., full valuation allowance) and an increase in our valuation allowance against certain U.S. federal and state deferred tax assets. This was partially offset by tax rate benefits associated with research and development and orphan drug tax credit generations and the foreign derived intangible income deduction. The effective tax rate for the three and six months ended June 30, 2024 was unfavorable as compared to the prior year period primarily due to the non-deductible charges associated with the Escient acquisition. As described in Note 6, as part of the Escient acquisition, we recorded $44.8 million of deferred tax assets predominately related to net operating losses and capitalized researched and development costs. The balance of our unrecognized tax benefits (including penalties and interest) increased by $19.3 million during the six months ended June 30, 2024. This movement was primarily driven by increases related to prior period tax positions of $7.5 million, increases related to acquired reserves of $8.8 million, and $3.0 million of interest and penalties. We accrue interest and penalties related to unrecognized tax benefits as a component of its provision for income taxes. One or more of our legal entities file income tax returns in the U.S. and in certain foreign jurisdictions. Our income tax returns may be examined by tax authorities in those jurisdictions. Significant disputes may arise with tax authorities involving issues such as the timing and amount of deductions, the use of tax credits and allocations of income and expenses among various tax jurisdictions because of differing interpretations of tax laws and regulations and relevant facts. In the U.S., the statute of limitations remains open beginning with tax year 2020. We are currently under U.S. federal audit for tax year 2021.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	6 Months Ended
Net (Loss) Income Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Note 14. Net (Loss) Income Per Share Net (loss) income per share was calculated as follows for the periods indicated below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic net (loss) income $ (444,601) $ 203,548 $ (275,053) $ 225,251 Weighted average common shares outstanding 218,175 223,248 221,329 223,104 Basic net (loss) income per share $ (2.04) $ 0.91 $ (1.24) $ 1.01 Diluted net (loss) income $ (444,601) $ 203,548 $ (275,053) $ 225,251 Weighted average common shares outstanding 218,175 223,248 221,329 223,104 Dilutive stock options and awards — 2,401 — 2,437 Weighted average shares used to compute diluted net (loss) income per share 218,175 225,649 221,329 225,541 Diluted net (loss) income per share $ (2.04) $ 0.90 $ (1.24) $ 1.00 All stock options and stock awards were excluded from the diluted share calculation for the three and six months ended June 30, 2024 because their effect would have been anti-dilutive, as we were in a net loss position. The potential common shares that were excluded from the diluted net (loss) income per share computation are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 Outstanding stock options and awards 16,067,125 12,806,418 16,148,294 10,781,677

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 15. Employee Benefit Plans Defined Contribution Plans We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three and six months ended June 30, 2024 was $5.2 million and $10.6 million, respectively. Defined contribution expense for the three and six months ended June 30, 2023 was $4.0 million and $9.6 million, respectively. Defined Benefit Pension Plans We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy. The net periodic benefit cost was as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Service cost $ 2,657 $ 1,733 $ 5,278 $ 3,821 Interest cost 786 44 1,227 661 Expected return on plan assets (1,961) (736) (3,444) (2,276) Amortization of prior service cost 206 276 407 379 Amortization of actuarial losses 393 (90) 480 — Net periodic benefit cost $ 2,081 $ 1,227 $ 3,948 $ 2,585

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16. Commitments and Contingencies Commitments In August 2021, we entered into a revolving credit and guaranty agreement, which was subsequently amended in May 2023 and June 2024 (as amended, the “Credit Agreement”), among Incyte Corporation, as borrower, our subsidiary Incyte Holdings Corporation, as a guarantor, a group of lenders (the “Lenders”), and J.P. Morgan Chase Bank, N.A., as administrative agent. Under the Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $500.0 million. The June 2024 amendment to the Credit Agreement extended the maturity date of the revolving credit facility from August 2024 to June 2027. We may increase the maximum revolving commitments or add one or more incremental term loan facilities to the Credit Agreement, subject to obtaining commitments from any participating lenders and certain other conditions, in an amount not to exceed (1) $250.0 million plus (2) an additional amount, so long as after giving effect to the incurrence of such additional amount, our pro forma consolidated leverage ratio would not exceed 0.25:1.00 above our consolidated leverage ratio in effect immediately prior to giving effect to such increase. Loans under the Credit Agreement will bear interest, at our option, at a per annum rate equal to either (a) a base rate (but not less than 1.00%) plus an applicable rate per annum varying from 0.125% to 0.875% depending on our consolidated leverage ratio or (b) a rate based on the secured overnight financing rate (“SOFR”) plus a credit spread adjustment of 0.10% (but not less than 0.00%), plus an applicable rate per annum varying from 1.125% to 1.875% depending on our consolidated leverage ratio. Commitment fees payable on the undrawn commitment range from 0.15% per annum to 0.225% per annum, based on our consolidated leverage ratio. We may, at our option, prepay any borrowings under the Credit Agreement, in whole or in part, at any time and from time to time without premium or penalty, subject to customary exceptions. As of June 30, 2024 and December 31, 2023, we had no outstanding borrowings and were in compliance with all covenants under this facility. Contingencies In the ordinary course of our business, we may become involved in lawsuits, proceedings, and other disputes, including commercial, intellectual property, regulatory, employment, and other matters. We record a reserve for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We have entered into the collaboration agreements described in Note 8, as well as various other collaboration agreements that are not individually, or in the aggregate, significant to our operating results or financial condition at this time. We may in the future seek to license additional rights relating to technologies or drug development candidates in connection with our drug discovery and development programs. Under these agreements, we may be required to pay upfront fees, milestone payments, and royalties on sales of future products. We brought a lawsuit against the U.S. Centers for Medicare and Medicaid Services (“CMS”) alleging that a recent regulation issued by CMS on the definition of “line extension” for purposes of the Medicaid rebate program is too broad and has the unintended consequence of treating OPZELURA as a “line extension” of JAKAFI under this program. We believe that such a reading would violate CMS’s statutory authority and be arbitrary and capricious given that OPZELURA, among other differentiators, is indicated to treat entirely different medical conditions and entirely different patient populations than JAKAFI. As of June 30, 2024, we have accrued approximately $91.1 million within accrued and other current liabilities on the condensed consolidated balance sheet, relating to the incremental rebates that would be owed were OPZELURA considered a line extension of JAKAFI. The impact on OPZELURA gross to net deductions for the quarter ending June 30, 2024 is approximately 6.8%. If OPZELURA is not treated as a line extension of JAKAFI, this would result in a reversal of our accrual and a lower future gross to net deduction for OPZELURA. In addition, as described in Note 8, we have an outstanding contractual dispute with Novartis relating to royalties on JAKAFI net sales within the United States.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (444,601)	$ 169,548	$ 203,548	$ 21,703	$ (275,053)	$ 225,251

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Thomas Tray [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Thomas Tray, our Vice President, Chief Accounting Officer, adopted a trading plan on June 13, 2024 providing for the sale of up to an aggregate of 954 shares of our common stock until June 13, 2025.
Name	Thomas Tray
Title	Vice President, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	June 13, 2025
Arrangement Duration	365 days
Aggregate Available	954	954
Jonathan Dickinson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Jonathan Dickinson, our Executive Vice President and General Manager, Europe, adopted a trading plan on June 13, 2024 providing for the sale of up to an aggregate of 9,462 shares of our common stock until June 13, 2025.
Name	Jonathan Dickinson
Title	Executive Vice President and General Manager
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	June 13, 2025
Arrangement Duration	365 days
Aggregate Available	9,462	9,462

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023, are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which we consider necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from our audited consolidated financial statements. Although we believe that the disclosures in these financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for any interim period are not necessarily indicative of results for any future interim period or for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Principles of Consolidation	Principles of Consolidation. The condensed consolidated financial statements include the accounts of Incyte Corporation and our wholly owned subsidiaries. All inter-company accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements and Regulatory Updates	Recent Accounting Pronouncements and Regulatory Updates In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures .” This amended guidance applies to all public entities and aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, to enable investors to develop more decision-useful financial analyses. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that ASU No. 2023-07 will have on our annual consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures .” This amended guidance applies to all entities and broadly aims to enhance the transparency and decision usefulness of income tax disclosures. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for any annual periods for which financial statements have not been issued or made available for issuance. We are currently evaluating the impact that ASU No. 2023-09 will have on our consolidated financial statements. In March 2024, the SEC issued Release Nos. 33-11275; 34-99678 “ The Enhancement and Standardization of Climate-Related Disclosures for Investors ” to require public companies to provide certain climate-related information in their registration statements and annual reports. The compliance dates for the rules amended by this release begin in fiscal year 2025 for large accelerated filers. On April 4, 2024, the SEC issued an order staying the newly adopted rules. We are currently evaluating the impact of this release on our financial disclosures.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers . The following table presents our disaggregated revenue for the periods presented (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 JAKAFI revenues, net $ 705,973 $ 682,384 $ 1,277,812 $ 1,262,353 OPZELURA revenues, net 121,695 80,233 207,419 136,785 ICLUSIG revenues, net 26,862 29,087 57,205 56,772 PEMAZYRE revenues, net 20,269 21,572 37,945 44,047 MINJUVI/MONJUVI revenues, net 31,116 13,159 54,990 19,715 ZYNYZ revenues, net 651 570 1,118 570 Total product revenues, net 906,566 827,005 1,636,489 1,520,242 JAKAVI product royalty revenues 99,317 90,448 188,912 167,140 OLUMIANT product royalty revenues 31,702 32,009 62,291 66,164 TABRECTA product royalty revenues 5,298 4,799 10,532 8,976 PEMAZYRE product royalty revenues 876 349 1,424 761 Total product royalty revenues 137,193 127,605 263,159 243,041 Milestone and contract revenues — — 25,000 — Total revenues $ 1,043,759 $ 954,610 $ 1,924,648 $ 1,763,283

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
Fair Value of Financial Instruments (Tables)	Jun. 30, 2024
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 Net Estimated June 30, 2024 Debt securities (government) $ 464,272 $ (2,065) $ 462,207 December 31, 2023 Debt securities (government) $ 442,816 $ (149) $ 442,667
Schedule of Fair Value of Assets Measured on Recurring Basis	The following fair value hierarchy table presents information about each major category of our financial assets measured at fair value on a recurring basis (in thousands): Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Cash and cash equivalents $ 987,293 $ — $ — $ 987,293 Debt securities (government) — 462,207 — 462,207 Short term equity investments (Note 8) 69,875 — — 69,875 Long term equity investments (Note 8) 29,668 — — 29,668 Total assets $ 1,086,836 $ 462,207 $ — $ 1,549,043 Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Cash and cash equivalents $ 3,213,376 $ — $ — $ 3,213,376 Debt securities (government) — 442,667 — 442,667 Long term equity investments (Note 8) 187,716 — — 187,716 Total assets $ 3,401,092 $ 442,667 $ — $ 3,843,759
Schedule of Fair Value of Liabilities Measured on Recurring Basis	The following fair value hierarchy table presents information about each major category of our financial liabilities measured at fair value on a recurring basis as (in thousands): Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Acquisition-related contingent consideration $ — $ — $ 194,000 $ 194,000 Total liabilities $ — $ — $ 194,000 $ 194,000 Fair Value Measurement at Reporting Date Using: Quoted Prices in Significant Other Significant Balance as of Acquisition-related contingent consideration $ — $ — $ 212,000 $ 212,000 Total liabilities $ — $ — $ 212,000 $ 212,000
Schedule of Roll Forward of Level 3 Liabilities	The following is a roll forward of our Level 3 liabilities (in thousands): 2024 Balance at January 1, $ 212,000 Contingent consideration earned during the period but not yet paid (8,893) Payments made during the period (9,544) Change in fair value of contingent consideration 437 Balance at June 30, $ 194,000

Concentration of Credit Risk _2

Concentration of Credit Risk and Current Expected Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk Related to Collaborative Partners	The concentration of credit risk related to our JAKAFI and OPZELURA product revenues is as follows: Percentage of Total Net Percentage of Total Net June 30, June 30, 2024 2023 2024 2023 Customer A 15 % 17 % 16 % 17 % Customer B 10 % 9 % 11 % 10 % Customer C 18 % 20 % 18 % 19 % Customer D 8 % 10 % 8 % 10 % Customer E 13 % 10 % 12 % 11 % Customer F 10 % 10 % 10 % 9 %

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2024
Business Combination, Asset Acquisition, 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

Inventory (Tables)

Inventory (Tables)	6 Months Ended
Inventory (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Our inventory balance consists of the following (in thousands): June 30, December 31, Raw materials $ 24,579 $ 23,282 Work-in-process 284,706 209,793 Finished goods 46,687 36,862 Total inventory $ 355,972 $ 269,937

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
Property and Equipment, net (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following (in thousands): June 30, December 31, Office equipment $ 23,506 $ 23,417 Laboratory equipment 221,918 220,677 Computer equipment 151,602 147,570 Land 15,432 10,931 Building and leasehold improvements 573,160 584,755 Operating lease right-of-use assets 18,120 20,553 Construction in progress 55,795 13,544 1,059,533 1,021,447 Less accumulated depreciation and amortization (297,524) (269,934) Property and equipment, net $ 762,009 $ 751,513

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	6 Months Ended
Accrued and Other Current Liabilities (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued and Other Current Liabilities	Accrued and other current liabilities consisted of the following (in thousands): June 30, December 31, Royalties $ 444,305 $ 387,362 Clinical related costs 105,675 109,618 Sales allowances 349,904 279,914 Sales and marketing 39,541 37,369 Accrued Taxes 32,396 42,295 Operating lease liabilities 4,929 5,686 Other current liabilities 57,566 73,325 Total accrued and other current liabilities $ 1,034,316 $ 935,569

Stock Compensation (Tables)

Stock Compensation (Tables)	6 Months Ended
Stock Compensation (Tables)	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Valuation Assumptions Used for Valuation of Fair Value of Stock Compensation Granted	We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions: Employee Stock Options Employee Stock Purchase Plan For the Three Months Ended For the Six Months Ended For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Average risk-free interest rates 4.36 % 3.88 % 4.13 % 3.76 % 5.33 % 4.87 % 5.41 % 4.27 % Average expected life (in years) 5.84 5.58 4.91 4.95 0.50 0.50 0.50 0.50 Volatility 25 % 29 % 30 % 32 % 28 % 27 % 22 % 23 % Weighted-average fair value (in dollars) $ 20.18 $ 22.57 $ 20.59 $ 26.78 $ 10.45 $ 13.82 $ 10.54 $ 14.08
Schedule of Option Activity Under the 2010 Stock Plan	Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows: Shares Subject to Shares Weighted Average Balance at December 31, 2023 12,457,158 $ 85.40 Options granted 721,080 $ 60.99 Options exercised (37,500) $ 52.12 Options cancelled (198,243) $ 84.53 Balance at June 30, 2024 12,942,495 $ 84.15
Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan	RSU and PSU award activity under the 2010 Stock Plan and 2024 Inducement Plan was as follows: Shares Subject to Shares Grant Date Value Balance at December 31, 2023 7,165,342 $ 72.17 RSUs granted 408,722 $ 60.33 Additional PSUs earned 21,866 $ 83.58 RSUs released (393,218) $ 79.69 RSUs cancelled (122,580) $ 71.83 Balance at June 30, 2024 7,080,132 $ 71.11
Schedule of Shares Available for Grant	The following table summarizes our shares available for grant under the 2010 Stock Plan and 2024 Inducement Plan. Each RSU and PSU grant reduces the available share pool by 2 shares. Shares Available Balance at December 31, 2023 10,815,026 Additional authorization - 2024 Inducement Plan 1,000,000 Options, RSUs and PSUs granted (1,560,390) Options, RSUs and PSUs cancelled 443,403 Balance at June 30, 2024 10,698,039

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three and six months ended June 30, 2024 and 2023, we recorded the following provisions for income taxes and effective tax rates as compared to our income before provision for income taxes (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 (Loss) income before provision for income taxes $ (389,777) $ 277,604 $ (153,618) $ 329,460 Provision for income taxes 54,824 74,056 121,435 104,209 Effective tax rate (14.1)% 26.7% (79.0)% 31.6%

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	6 Months Ended
Net (Loss) Income Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Net (Loss) Income Per Share	Net (loss) income per share was calculated as follows for the periods indicated below: Three Months Ended Six Months Ended 2024 2023 2024 2023 Basic net (loss) income $ (444,601) $ 203,548 $ (275,053) $ 225,251 Weighted average common shares outstanding 218,175 223,248 221,329 223,104 Basic net (loss) income per share $ (2.04) $ 0.91 $ (1.24) $ 1.01 Diluted net (loss) income $ (444,601) $ 203,548 $ (275,053) $ 225,251 Weighted average common shares outstanding 218,175 223,248 221,329 223,104 Dilutive stock options and awards — 2,401 — 2,437 Weighted average shares used to compute diluted net (loss) income per share 218,175 225,649 221,329 225,541 Diluted net (loss) income per share $ (2.04) $ 0.90 $ (1.24) $ 1.00
Schedule of Antidilutive Securities Excluded From the Diluted Net (Loss) Computation of Earnings Per Share	Three Months Ended Six Months Ended 2024 2023 2024 2023 Outstanding stock options and awards 16,067,125 12,806,418 16,148,294 10,781,677

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
Employee Benefit Plans (Tables)	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Cost	The net periodic benefit cost was as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Service cost $ 2,657 $ 1,733 $ 5,278 $ 3,821 Interest cost 786 44 1,227 661 Expected return on plan assets (1,961) (736) (3,444) (2,276) Amortization of prior service cost 206 276 407 379 Amortization of actuarial losses 393 (90) 480 — Net periodic benefit cost $ 2,081 $ 1,227 $ 3,948 $ 2,585

Organization and Business (Deta

Organization and Business (Details)	6 Months Ended
Organization and Business (Details)	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 1,043,759	$ 954,610	$ 1,924,648	$ 1,763,283
Product revenues, net
Revenues
Total revenues	906,566	827,005	1,636,489	1,520,242
JAKAFI
Revenues
Total revenues	705,973	682,384	1,277,812	1,262,353
OPZELURA
Revenues
Total revenues	121,695	80,233	207,419	136,785
ICLUSIG
Revenues
Total revenues	26,862	29,087	57,205	56,772
PEMAZYRE
Revenues
Total revenues	20,269	21,572	37,945	44,047
MINJUVI/MONJUVI
Revenues
Total revenues	31,116	13,159	54,990	19,715
ZYNYZ
Revenues
Total revenues	651	570	1,118	570
Product royalty revenues
Revenues
Total revenues	137,193	127,605	263,159	243,041
JAKAVI Royalty Revenues
Revenues
Total revenues	99,317	90,448	188,912	167,140
OLUMIANT Royalty Revenues
Revenues
Total revenues	31,702	32,009	62,291	66,164
TABRECTA Royalty Revenues
Revenues
Total revenues	5,298	4,799	10,532	8,976
PEMAZYRE Royalty Revenues
Revenues
Total revenues	876	349	1,424	761
Milestone and contract revenues
Revenues
Total revenues	$ 0	$ 0	$ 25,000	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Schedule of Marketable Securities Portfolio (Details) - Debt securities (government) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Summary of marketable security portfolio
Amortized Cost	$ 464,272	$ 442,816
Net Unrealized Losses	(2,065)	(149)
Estimated Fair Value	$ 462,207	$ 442,667
Minimum
Summary of marketable security portfolio
Contractual maturity dates	12 months
Maximum
Summary of marketable security portfolio
Contractual maturity dates	18 months

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair value of financial instruments
Debt securities (government)	$ 462,207	$ 442,667	[1]
Short term equity investments	69,875	0	[1]
Long term equity investments	29,668	187,716	[1]
Fair Value, Recurring \| Estimate of Fair Value Measurement
Fair value of financial instruments
Cash and cash equivalents	987,293	3,213,376
Debt securities (government)	462,207	442,667
Short term equity investments	69,875
Long term equity investments	29,668	187,716
Total assets	1,549,043	3,843,759
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	987,293	3,213,376
Debt securities (government)	0	0
Short term equity investments	69,875
Long term equity investments	29,668	187,716
Total assets	1,086,836	3,401,092
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	462,207	442,667
Short term equity investments	0
Long term equity investments	0	0
Total assets	462,207	442,667
Significant Unobservable Inputs (Level 3) \| Fair Value, Recurring
Fair value of financial instruments
Cash and cash equivalents	0	0
Debt securities (government)	0	0
Short term equity investments	0
Long term equity investments	0	0
Total assets	$ 0	$ 0

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

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement
Fair value of financial instruments
Acquisition-related contingent consideration	$ 194,000	$ 212,000
Total liabilities	194,000	212,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair value of financial instruments
Acquisition-related contingent consideration	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3)
Fair value of financial instruments
Acquisition-related contingent consideration	194,000	212,000
Total liabilities	$ 194,000	$ 212,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Estimate of Fair Value Measurement $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Roll forward of Level 3 liabilities
Balance at the beginning of the period	$ 212,000
Contingent consideration earned during the period but not yet paid	(8,893)
Payments made during the period	(9,544)
Change in fair value of contingent consideration	437
Balance at the end of the period	$ 194,000

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Narrative (Details) - ARIAD $ in Millions		6 Months Ended	12 Months Ended
	Jun. 01, 2016	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accrued and Other Current Liabilities
Fair value of financial instruments
Contingent consideration earned during the period but not yet paid		$ 8.9	$ 10.3
Liability
Fair value of financial instruments
Projected cash flows period	18 years
Liability \| Measurement Input, Discount Rate
Fair value of financial instruments
Valuation input (as a percent)	0.10	0.10	0.10

Concentration of Credit Risk _3

Concentration of Credit Risk and Current Expected Credit Losses - Schedule of Concentration of Credit Risk Related to Collaborative Partners (Details) - Revenue, Product and Service Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer A
Concentration of risk
Percentage of concentration risk	15%	17%	16%	17%
Customer B
Concentration of risk
Percentage of concentration risk	10%	9%	11%	10%
Customer C
Concentration of risk
Percentage of concentration risk	18%	20%	18%	19%
Customer D
Concentration of risk
Percentage of concentration risk	8%	10%	8%	10%
Customer E
Concentration of risk
Percentage of concentration risk	13%	10%	12%	11%
Customer F
Concentration of risk
Percentage of concentration risk	10%	10%	10%	9%

Concentration of Credit Risk _4

Concentration of Credit Risk and Current Expected Credit Losses - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Concentration of risk
Allowance for doubtful accounts	$ 0	$ 0
Novartis and Lilly \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	18%	20%
Customer A, B, C, D, E and F \| Accounts Receivable \| Credit Concentration Risk
Concentration of risk
Percentage of concentration risk	52%	48%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	May 30, 2024	Feb. 05, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Acquisition [Line Items]
Research and development			$ 1,138,380	$ 400,750	$ 1,567,640	$ 807,391
Escient
Asset Acquisition [Line Items]
Payments for asset acquisitions	$ 782,500
Asset acquisition, consideration transferred, transaction cost	2,500
Asset acquisition, consideration transferred	785,000
Asset acquisition, compensation expense			31,500
In-process research and development assets	679,388
Research and development			$ 679,400		$ 679,400
Escient \| In Process Research and Development - EP262
Asset Acquisition [Line Items]
In-process research and development assets	644,800
Escient \| In Process Research and Development - EP547
Asset Acquisition [Line Items]
In-process research and development assets	$ 34,600
Maximum \| Xencor
Asset Acquisition [Line Items]
Uncured material breach, written notice period		120 days
Payment obligation breach, written notice period		30 days
Minimum \| Xencor
Asset Acquisition [Line Items]
Advance written notice period		90 days
Development and Regulatory Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement		$ 186,500
Commercialization Milestones \| Maximum \| Xencor
Asset Acquisition [Line Items]
Additional milestone payments under the license agreement		$ 50,000
Expiration period		11 years
MorphoSys AG
Asset Acquisition [Line Items]
Payment to acquire license agreement		$ 25,000

Acquisitions - Schedule of Net

Acquisitions - Schedule of Net of Compensation Expense, Across the Net Assets Acquired (Details) - Escient - USD ($) $ in Thousands		1 Months Ended
	May 30, 2024	Apr. 30, 2024
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	$ 44,800
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

Inventory - Schedule of Invento

Inventory - Schedule of Inventory Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 24,579	$ 23,282
Work-in-process	284,706	209,793
Finished goods	46,687	36,862
Total inventory	$ 355,972	$ 269,937

Inventory - Narrative (Details)

Inventory - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	[1]
Inventory [Line Items]
Inventories - current	$ 100,704	$ 62,972
Inventories-noncurrent	255,268	$ 206,965
Inventory incurred prior to FDA approval	$ 34,900
Minimum
Inventory [Line Items]
Period of lower average per unit cost of materials	5 months
Maximum
Inventory [Line Items]
Period of lower average per unit cost of materials	27 months

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

License Agreements - Novartis (

License Agreements - Novartis (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		176 Months Ended
	Nov. 30, 2009	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
License Agreements
Total revenues		$ 1,043,759	$ 954,610	$ 1,924,648	$ 1,763,283
JAKAFI
License Agreements
Total revenues		705,973	682,384	1,277,812	1,262,353
Novartis \| JAKAFI \| UNITED STATES
License Agreements
Total revenues		34,600	33,500	57,600	56,900
Royalties payable		433,200		433,200		$ 433,200	$ 375,600
Novartis \| JAKAVI
License Agreements
Total revenues		99,300	90,400	188,900	167,100
Novartis \| TABRECTA
License Agreements
Total revenues		$ 5,300	$ 4,800	$ 10,500	$ 9,000
Maximum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)				14%
Minimum \| Novartis \| JAKAVI
License Agreements
Royalty payments on future global net sales (as a percent)				12%
Development Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone						157,000
Development Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 174,000
Regulatory Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone						345,000
Regulatory Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	495,000
Commercialization Milestones \| Novartis
License Agreements
Amount recognized and received for the achievement of a predefined milestone						$ 200,000
Commercialization Milestones \| Maximum \| Novartis
License Agreements
Upfront and immediate milestone payment to be received under license agreement	500,000
Development and Regulatory Milestones \| Maximum \| Novartis \| GVHD
License Agreements
Upfront and immediate milestone payment to be received under license agreement	$ 75,000

License Agreements - Lilly (Det

License Agreements - Lilly (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		175 Months Ended
	Dec. 31, 2009	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
License Agreements
Total revenues		$ 1,043,759	$ 954,610	$ 1,924,648	$ 1,763,283
Eli Lilly \| OLUMIANT
License Agreements
Total revenues		$ 31,700	$ 32,000	$ 62,300	$ 66,200
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

License Agreements - Agenus (De

License Agreements - Agenus (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		114 Months Ended
License Agreements - Agenus (Details) $ in Thousands	Apr. 30, 2024	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
License Agreements
Long term equity investments		$ 29,668		$ 29,668		$ 29,668	$ 187,716	[1]
Agenus
License Agreements
Common stock held from investment (in shares) \| shares		600,000		600,000		600,000
Effected stock split (as a percent)	0.05
Long term equity investments		$ 10,100		$ 10,100		$ 10,100	$ 10,000
Unrealized gain (loss) on long term investments		3,100	$ 900	100	$ (9,700)
Development, Regulatory and Commercialization Milestones \| Agenus
License Agreements
Milestone payment made under license agreement						30,000
Additional milestone payments under the license agreement		$ 500,000		$ 500,000		$ 500,000

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

License Agreements - Merus (Det

License Agreements - Merus (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		91 Months Ended
License Agreements - Merus (Details) $ in Thousands	Dec. 31, 2016 item	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Dec. 31, 2023 USD ($)
License Agreements
Long term equity investments		$ 29,668		$ 29,668		$ 29,668	$ 187,716	[1]
Realized and unrealized gain on equity investments		$ 39,241	$ 41,811	$ 139,188	$ 36,493
Merus
License Agreements
Shares divested (in shares) \| shares		3,000,000
Proceeds from sale of equity securities, FV-NI		$ 160,600
Common stock held from investment (in shares) \| shares		1,000,000		1,000,000		1,000,000
Long term equity investments		$ 59,600		$ 59,600		$ 59,600	$ 110,100
Realized and unrealized gain on equity investments		$ 40,000		$ 110,200
Unrealized gain (loss) on long term investments			$ 28,200		$ 38,600
Merus
License Agreements
Number of independent programs \| item	10
Milestone payment made under license agreement						$ 10,000

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

License Agreements - MacroGenic

License Agreements - MacroGenics (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		81 Months Ended
	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jul. 24, 2024	Dec. 31, 2023
License Agreements
Research and development		$ 1,138,380	$ 400,750	$ 1,567,640	$ 807,391
MacroGenics
License Agreements
Research and development		13,200	$ 12,100	25,300	$ 29,900
Accrued and other liabilities		600		$ 600		$ 600		$ 300
MacroGenics \| Subsequent Event
License Agreements
License agreement, amount payable for waiver of certain future milestones payment							$ 100,000
MacroGenics \| Minimum
License Agreements
Royalty payments on future global net sales (as a percent)				15%
MacroGenics \| Maximum
License Agreements
Royalty payments on future global net sales (as a percent)				24%
Regulatory Milestone \| MacroGenics
License Agreements
Milestone payment made under license agreement	$ 15,000
Milestone payment, estimated useful life				13 years 6 months
Developmental and Regulatory Milestones \| MacroGenics
License Agreements
Milestone payment made under license agreement						115,000
Development and Regulatory Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement		210,000		$ 210,000		210,000
Commercialization Milestones \| MacroGenics \| Maximum
License Agreements
Additional milestone payments under the license agreement		$ 330,000		$ 330,000		$ 330,000

License Agreements - MorphoSys

License Agreements - MorphoSys (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2024 USD ($) shares	Feb. 05, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
License Agreements
Long term equity investments			$ 29,668		$ 29,668		$ 187,716	[1]
Realized and unrealized gain on equity investments			39,241	$ 41,811	139,188	$ 36,493
(Profit) and loss sharing under collaboration agreements			0	(549)	(1,025)	(1,911)
Research and development			1,138,380	400,750	1,567,640	807,391
MorphoSys AG
License Agreements
Shares divested (in shares) \| shares	3.6
Realized and unrealized gain on equity investments			800
Unrealized gain (loss) on long term investments				$ 12,700
ADSs
License Agreements
Share conversion	0.25
MorphoSys AG
License Agreements
Proceeds from sale of equity securities, FV-NI	$ 66,600
MorphoSys AG
License Agreements
Long term equity investments			0		0		35,900
Realized and unrealized gain on equity investments					30,700
Unrealized gain (loss) on long term investments						$ 14,100
Profit (loss) sharing ratio		50%		50%		50%
Research and development		$ 10,700		$ 20,300		$ 45,500
Accrued and other liabilities			$ 0		$ 0		$ 18,800
MorphoSys AG \| Tafasitamab Product and Service \| UNITED STATES
License Agreements
(Profit) and loss sharing under collaboration agreements		$ (1,000)		$ (500)		$ (1,900)
MorphoSys AG \| MorphoSys AG
License Agreements
Funding of future development costs (as a percent)					45%
MorphoSys AG \| Incyte
License Agreements
Funding of future development costs (as a percent)		55%		55%		55%

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

License Agreements - Syndax (De

License Agreements - Syndax (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		34 Months Ended
	Sep. 30, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
License Agreements
Long term equity investments		$ 29,668		$ 29,668		$ 29,668	$ 187,716	[1]
Research and development		$ 1,138,380	$ 400,750	$ 1,567,640	$ 807,391
Investment in Syndax
License Agreements
Common stock held from investment (in shares)		1,400,000		1,400,000		1,400,000
Long term equity investments		$ 29,200		$ 29,200		$ 29,200	30,700
Unrealized gain (loss) on long term investments		(4,600)	(200)	(1,500)	(6,400)
Syndax
License Agreements
Upfront payment under license agreement						117,000
Research and development		4,700	$ 6,200	11,800	$ 11,800
Accrued and other liabilities		$ 2,600		$ 2,600		2,600	$ 1,800
Syndax \| UNITED STATES \| Syndax
License Agreements
Funding of future development costs (as a percent)	45%
Syndax \| Incyte
License Agreements
Funding of future development costs (as a percent)		55%	55%	55%	55%
Syndax \| Incyte \| UNITED STATES
License Agreements
Funding of future development costs (as a percent)	55%
Syndax \| Development and Regulatory Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement		$ 220,000		$ 220,000		220,000
Syndax \| Commercialization Milestones \| Maximum
License Agreements
Additional milestone payments under the license agreement		$ 230,000		$ 230,000		$ 230,000

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

License Agreements - China Medi

License Agreements - China Medical Systems Holdings Limited (Details) $ in Millions	1 Months Ended
	Mar. 31, 2024 USD ($)
CMHSL
License Agreements
Upfront payment received under license agreement	$ 25

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Property and equipment, net
Property and Equipment, gross		$ 1,059,533	$ 1,021,447
Less accumulated depreciation and amortization		(297,524)	(269,934)
Property and equipment, net		762,009	751,513	[1]
Purchase price	$ 48,700
Office equipment
Property and equipment, net
Property and Equipment, gross		23,506	23,417
Laboratory equipment
Property and equipment, net
Property and Equipment, gross		221,918	220,677
Computer equipment
Property and equipment, net
Property and Equipment, gross		151,602	147,570
Land
Property and equipment, net
Property and Equipment, gross		15,432	10,931
Property, plant, and equipment, capitalized		4,900
Building and leasehold improvements
Property and equipment, net
Property and Equipment, gross		573,160	584,755
Operating lease right-of-use assets
Property and equipment, net
Property and Equipment, gross		18,120	20,553
Construction in progress
Property and equipment, net
Property and Equipment, gross		55,795	$ 13,544
Property, plant, and equipment, capitalized		$ 43,800

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

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued and Other Current Liabilities
Royalties	$ 444,305	$ 387,362
Clinical related costs	105,675	109,618
Sales allowances	349,904	279,914
Sales and marketing	39,541	37,369
Accrued Taxes	32,396	42,295
Operating lease liabilities	4,929	5,686
Other current liabilities	57,566	73,325
Total accrued and other current liabilities	$ 1,034,316	$ 935,569	[1]

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

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			1 Months Ended	3 Months Ended
Stockholders' Equity (Details) - USD ($)	Jun. 26, 2024	Jun. 13, 2024	Jun. 30, 2024	Jun. 30, 2024	May 14, 2024	May 13, 2024	May 12, 2024	May 09, 2024	Jan. 31, 2024
Share Repurchase Program [Line Items]
Stock repurchased (in shares)			33,325,849
Shares acquired, average cost per share (in dollars per share)			$ 60
Repurchases of common stock			$ 2,000,000,000	$ 2,023,872,000
Share repurchase, fees and expenses			24,300,000
Share repurchase, excise tax			$ 19,200,000
Baker Entities \| Incyte
Share Repurchase Program [Line Items]
Ownership percentage (as a percent)								16.40%
Board of Directors Approved Share Repurchase Program
Share Repurchase Program [Line Items]
Share repurchase program, authorized, amount						$ 2,000,000,000
Dutch Auction Tender Offer
Share Repurchase Program [Line Items]
Share repurchase program, authorized, amount					$ 1,672,000,000
Stock repurchased (in shares)		27,866,666
Shares acquired, average cost per share (in dollars per share)		$ 60
Repurchases of common stock		$ 1,672,000,000
Dutch Auction Tender Offer \| Maximum
Share Repurchase Program [Line Items]
Share repurchase program, tender offer (in dollars per share)						$ 60
Dutch Auction Tender Offer \| Minimum
Share Repurchase Program [Line Items]
Share repurchase program, tender offer (in dollars per share)						$ 52
Baker Entities Share Repurchase Program
Share Repurchase Program [Line Items]
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
Repurchases of common stock	$ 328,000,000
2024 Inducement Plan
Share Repurchase Program [Line Items]
Shares reserved for future issuance (in shares)									1,000,000

Stock Compensation - Narrative

Stock Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2024
Stock compensation
Stock compensation expense	$ 56.6	$ 54.5	$ 116.4	$ 107.9
Dividend yield (as a percent)			0%
Assumed annualized forfeiture rate (as a percent)			5%
Escient
Stock compensation
Asset acquisition, compensation expense	31.5
Share-based Payment Arrangement, Option
Stock compensation
Stock option grant term			10 years
Vesting period			4 years
Percentage of units vesting at the end of each calendar year (as a percent)			25%
Unrecognized compensation cost for nonvested option (in dollars)	24.1		$ 24.1
Vesting period of recognition of the unrecognized compensation cost of nonvested awards			1 year
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche One
Stock compensation
Vesting period			1 year
Share-based Payment Arrangement, Option \| Share-based Payment Arrangement, Tranche Two
Stock compensation
Vesting period			36 months
Restricted Stock Units (RSUs)
Stock compensation
Vesting period			4 years
Percentage of units vesting at the end of each calendar year (as a percent)			25%
Number of shares awarded for each RSU (in shares)			1
Unrecognized compensation cost for nonvested option (in dollars)	165.1		$ 165.1
Vesting period of recognition of the unrecognized compensation cost of nonvested awards			1 year 4 months 24 days
Performance Shares
Stock compensation
Stock compensation expense	3.5	2.7	$ 6.9	9.2
Unrecognized compensation cost for nonvested option (in dollars)	10.1		$ 10.1
Vesting period of recognition of the unrecognized compensation cost of nonvested awards			1 year
Performance Shares \| Minimum
Stock compensation
Vesting period			3 years
Performance Shares \| Maximum
Stock compensation
Vesting period			4 years
Research and Development Expense
Stock compensation
Stock compensation expense	34.5	32.8	$ 71.3	63.8
Selling, General and Administrative Expenses
Stock compensation
Stock compensation expense	21.7	20.9	44.1	42.5
Cost of Sales
Stock compensation
Stock compensation expense	$ 0.4	$ 0.8	$ 1	$ 1.6
2024 Inducement Plan
Stock compensation
Shares reserved for future issuance (in shares)					1,000,000

Stock Compensation - Schedule o

Stock Compensation - Schedule of Valuation Assumptions Used for Value of Stock Compensation Granted (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Purchase Plan
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	5.33%	4.87%	5.41%	4.27%
Average expected life (in years)	6 months	6 months	6 months	6 months
Volatility (as a percent)	28%	27%	22%	23%
Weighted-average fair value (in dollars per share)	$ 10.45	$ 13.82	$ 10.54	$ 14.08
Employee Stock Option
Weighted-average fair value assumptions
Average risk-free interest rates (as a percent)	4.36%	3.88%	4.13%	3.76%
Average expected life (in years)	5 years 10 months 2 days	5 years 6 months 29 days	4 years 10 months 28 days	4 years 11 months 12 days
Volatility (as a percent)	25%	29%	30%	32%
Weighted-average fair value (in dollars per share)	$ 20.18	$ 22.57	$ 20.59	$ 26.78

Stock Compensation - Schedule_2

Stock Compensation - Schedule of Option Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details) - Share-based Payment Arrangement, Option	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Option Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	12,457,158
Options granted (in shares) \| shares	721,080
Options exercised (in shares) \| shares	(37,500)
Options cancelled (in shares) \| shares	(198,243)
Outstanding at the end of the period (in shares) \| shares	12,942,495
Stock Options Weighted Average Price
Weighted average price of options at the beginning of the period (in USD per share) \| $ / shares	$ 85.40
Options granted (in USD per share) \| $ / shares	60.99
Options exercised (in USD per share) \| $ / shares	52.12
Options cancelled (in USD per share) \| $ / shares	84.53
Weighted average price of options at the end of the period (in USD per share) \| $ / shares	$ 84.15

Stock Compensation - Schedule_3

Stock Compensation - Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan and 2024 Inducement Plan (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSU and PSU Activity Shares
Outstanding at the beginning of the period (in shares) \| shares	7,165,342
Outstanding at the end of the period (in shares) \| shares	7,080,132
RSU and PSU Grant Price
Grant date value of shares outstanding at the beginning of the period (in USD per share) \| $ / shares	$ 72.17
Grant date value of shares at the end of the period (in USD per share) \| $ / shares	$ 71.11
Restricted Stock Units (RSUs)
RSU and PSU Activity Shares
Granted (in shares) \| shares	408,722
Released (in shares) \| shares	(393,218)
Cancelled (in shares) \| shares	(122,580)
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 60.33
Released (in USD per share) \| $ / shares	79.69
Cancelled (in USD per share) \| $ / shares	$ 71.83
Performance Shares
RSU and PSU Activity Shares
Granted (in shares) \| shares	21,866
RSU and PSU Grant Price
Granted (in USD per share) \| $ / shares	$ 83.58

Stock Compensation - Schedule_4

Stock Compensation - Schedule of Shares Available For Grant (Details)	6 Months Ended
	Jun. 30, 2024 shares
Available Shares for Grant
Beginning Balance (in shares)	10,815,026
Additional authorization - 2024 Inducement Plan (in shares)	1,000,000
Options, RSUs and PSUs granted (in shares)	(1,560,390)
Options, RSUs and PSUs cancelled (in shares)	443,403
Ending Balance (in shares)	10,698,039

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
(Loss) income before provision for income taxes	$ (389,777)	$ 277,604	$ (153,618)	$ 329,460
Provision for income taxes	$ 54,824	$ 74,056	$ 121,435	$ 104,209
Effective tax rate	(14.10%)	26.70%	(79.00%)	31.60%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	May 30, 2024	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2024
Effective Income Tax Rate Reconciliation [Line Items]
Increase in unrecognized tax benefits				$ 19,300
Unrecognized tax benefits current and prior period tax positions				7,500
Unrecognized tax benefits, increase resulting from acquisition				8,800
Interest and penalties				3,000
Escient
Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate reconciliation, nondeductible expense			$ 710,900	$ 710,900
Deferred tax asset	$ 44,811	$ 44,800

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Net Income (Loss) Per Share
Basic net (loss) income	$ (444,601)	$ 203,548	$ (275,053)	$ 225,251
Weighted average common shares outstanding (in shares)	218,175	223,248	221,329	223,104
Basic net (loss) income per share ( in USD per share)	$ (2.04)	$ 0.91	$ (1.24)	$ 1.01
Diluted Net Income (Loss) Per Share
Diluted net (loss) income	$ (444,601)	$ 203,548	$ (275,053)	$ 225,251
Weighted average common shares outstanding (in shares)	218,175	223,248	221,329	223,104
Dilutive stock options and awards ( in shares)	0	2,401	0	2,437
Weighted average shares used to compute diluted net (loss) income per share ( in shares)	218,175	225,649	221,329	225,541
Diluted net (loss) income per share ( in USD per share)	$ (2.04)	$ 0.90	$ (1.24)	$ 1

Net (Loss) Income Per Share -_2

Net (Loss) Income Per Share - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement
Anti-dilutive securities
Outstanding stock options and awards (in shares)	16,067,125	12,806,418	16,148,294	10,781,677

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined contribution expense	$ 5.2	$ 4	$ 10.6	$ 9.6
Current year expected contributions total	$ 10		$ 10

Employee Benefit plans - Schedu

Employee Benefit plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 2,657	$ 1,733	$ 5,278	$ 3,821
Interest cost	786	44	1,227	661
Expected return on plan assets	(1,961)	(736)	(3,444)	(2,276)
Amortization of prior service cost	206	276	407	379
Amortization of actuarial losses	393	(90)	480	0
Net periodic benefit cost	$ 2,081	$ 1,227	$ 3,948	$ 2,585

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Aug. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
JAKAFI \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingences, gross to net deduction percentage		6.80%
JAKAFI \| Accrued and Other Current Liabilities \| U.S. Centers for Medicare and Medicaid Services
Loss Contingencies [Line Items]
Loss contingency accrual		$ 91,100,000
Revolving Credit Facility
Loss Contingencies [Line Items]
Aggregate principal amount	$ 500,000,000
Increase in maximum revolving commitments	$ 250,000,000
Consolidated leverage ratio	0.25
Long-term line of credit		$ 0	$ 0
Revolving Credit Facility \| Minimum
Loss Contingencies [Line Items]
Commitment fee	0.15%
Revolving Credit Facility \| Maximum
Loss Contingencies [Line Items]
Commitment fee	0.225%
Revolving Credit Facility \| Base Rate
Loss Contingencies [Line Items]
Debt instrument, variable rate floor (as percent)	1%
Revolving Credit Facility \| Base Rate \| Minimum
Loss Contingencies [Line Items]
Interest rate margin	0.125%
Revolving Credit Facility \| Base Rate \| Maximum
Loss Contingencies [Line Items]
Interest rate margin	0.875%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Loss Contingencies [Line Items]
Debt instrument, variable rate floor (as percent)	0%
Debt instrument, credit spread adjustment on variable rate	0.10%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Loss Contingencies [Line Items]
Interest rate margin	1.125%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Loss Contingencies [Line Items]
Interest rate margin	1.875%