Baker Bros. Advisors and affiliates filed Amendment No. 32 to their Schedule 13D on Incyte Corp., updating their large ownership position and related rights. The filing reports beneficial ownership of up to 31,213,417 shares of Incyte common stock by certain reporting persons, representing 15.7% of the outstanding shares as of February 3, 2026, including 108,931 vested stock options held by Julian C. Baker as director compensation.
The amendment also discloses a February 6, 2026 Registration Rights Agreement giving the Baker-managed funds resale registration rights for all of their Incyte securities. Incyte must, upon request, file and maintain a resale shelf registration and permit limited underwritten offerings and block trades for up to ten years, enhancing flexibility for future sales by the funds.
Incyte Corporation is a global biopharmaceutical company focused on hematology, oncology, and inflammation and autoimmunity. It discovers, develops and commercializes proprietary therapies from hubs in Wilmington, Delaware, Europe, Japan and Canada.
In hematology, key products include JAKAFI/JAKAVI (ruxolitinib) for myelofibrosis, polycythemia vera and graft-versus-host disease, ICLUSIG for certain leukemias, MONJUVI/MINJUVI for diffuse large B‑cell lymphoma and follicular lymphoma, and NIKTIMVO for chronic graft-versus-host disease. The company highlights strong reliance on JAKAFI/JAKAVI revenue as a principal risk.
In oncology, Incyte markets PEMAZYRE for cholangiocarcinoma and myeloid/lymphoid neoplasms with FGFR rearrangements, and ZYNYZ for Merkel cell carcinoma and squamous cell carcinoma of the anal canal. In inflammation and autoimmunity, OPZELURA (ruxolitinib cream) is approved for atopic dermatitis and nonsegmental vitiligo, with additional late-stage programs in hidradenitis suppurativa, vitiligo, prurigo nodularis and asthma via oral JAK1 inhibitor povorcitinib.
Incyte expands its portfolio with late-stage assets such as mutant CALR antibody INCA033989 for essential thrombocythemia and myelofibrosis, KRAS G12D inhibitor INCB161734, CDK2 inhibitor INCB123667, and TGFβR2xPD‑1 bispecific INCA33890. Strategic collaborations with Novartis, Lilly, Syndax, MacroGenics and others provide milestones and royalties, while a broad patent estate and regulatory exclusivities protect major products into the 2030s.
Incyte reported strong growth for Q4 and full-year 2025 and set higher 2026 revenue targets. Total revenue reached $1.51 billion in the fourth quarter, up 28% year over year, and $5.14 billion for 2025, up 21%, driven mainly by a 20% increase in net product revenue to $4.35 billion.
Key brands Jakafi and Opzelura grew solidly, while newer oncology products Niktimvo and Zynyz contributed increasing sales. GAAP net income jumped to $1.29 billion for 2025, with diluted EPS of $6.41, reflecting both higher revenue and the absence of large one-time R&D charges recorded in 2024.
For 2026, Incyte guides total net product revenue to $4.77–$4.94 billion, including Jakafi of $3.22–$3.27 billion, Opzelura of $750–$790 million, and hematology/oncology products of $800–$880 million. The company also plans substantial R&D and SG&A investment while advancing multiple late-stage trials and preparing for potential new launches.
Vijay Iyengar filed a notice to sell 12743 shares of Incyte (INCY) common stock under Rule 144. The shares are to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services on NASDAQ, with an aggregate market value of 1388987.00.
The filing states that 196322703 shares of common stock were outstanding. The 12743 shares to be sold were acquired on 02/09/2026 via a stock option exercise paid in cash the same day. The notice also reports prior sales over the past three months, including 95811 shares sold on 01/06/2026 for gross proceeds of 9998255.70.
Incyte Corporation executive Michael James Morrissey reported a small share withholding related to equity compensation. On February 2, 2026, 185 shares of Incyte common stock were withheld at $102.67 per share to cover tax obligations from previously granted restricted stock units.
After this withholding, Morrissey beneficially owns 34,065 shares of Incyte common stock directly. This total includes 22,560 shares tied to previously reported restricted stock units and earned performance stock units that are not yet vested, reflecting ongoing equity-based compensation rather than an open-market sale.
Incyte Corporation executive Heeson Lee reported a routine tax-related share transaction. On 02/02/2026, 111 shares of Incyte common stock were withheld automatically at a price of $102.67 per share to satisfy tax obligations from settling previously granted restricted stock units.
After this withholding, Lee beneficially owned 38,041 shares of Incyte common stock directly. This total includes 33,496 shares that are issuable from earlier reported restricted stock units that have not yet vested, reflecting a significant portion of equity held in unvested awards.
Incyte Corporation executive Heeson Lee reported a stock-based compensation grant. On January 16, 2026, Lee received 8,911 shares of common stock, awarded in the form of restricted stock units (RSUs) at a price of $0 per share.
The RSUs will vest 25% each year over four years and can be settled only in shares of Incyte common stock on a one-for-one basis. After this grant, Lee beneficially owns 38,152 shares of common stock, including an aggregate of 35,078 shares underlying previously reported RSUs that have not yet vested.
Incyte Corporation reported a new stock option grant to a senior executive. President of R&D Pablo J. Cagnoni received an employee stock option to purchase 28,475 shares of Incyte common stock at an exercise price of $106.21 per share, effective January 16, 2026.
The option was granted at no cost to the executive and is held directly. Beginning January 16, 2026, the award becomes exercisable in 37 installments, with the first 25% vesting on July 15, 2026 and the remaining portion vesting monthly over the following three years. After this grant, Cagnoni beneficially owns 28,475 derivative securities in the form of these options.
Incyte Corporation executive Steven H. Stein, EVP & Chief Medical Officer, reported a new stock option grant. On January 16, 2026, he received an employee stock option to purchase 19,932 shares of Incyte common stock at an exercise price of $106.21 per share. These options begin to become exercisable in 37 installments starting January 16, 2026.
The vesting schedule provides that the first 25% of the options vest on July 15, 2026, with the remaining options vesting in monthly installments over the following three years. The option expires on January 15, 2036, giving a ten-year term from the grant date.
Incyte Corporation executive Issa Mohamed Khairie, EVP and Head of US Oncology, reported a new stock option grant. On January 16, 2026, he received an employee stock option giving the right to buy 14,237 shares of Incyte common stock at an exercise price of $106.21 per share, expiring on January 15, 2036. Following this grant, he beneficially owned 14,237 derivative securities directly.
The options begin to become exercisable in 37 installments starting January 16, 2026. The first 25% will vest on July 15, 2026, with the remaining portion vesting monthly over the next three years, tying the long-term incentive to continued service and performance.