Vanguard Capital Management (INCY) discloses 6.32% ownership in Incyte Corp

Rhea-AI Filing Summary

Incyte Corp ownership disclosure: Vanguard Capital Management reports beneficial ownership of 12,591,630 shares of Incyte common stock, representing 6.32% of the class as reported. The filing shows sole voting power for 1,661,564 shares and sole dispositive power for 12,591,630 shares. The disclosure attributes holdings to Vanguard Capital Management LLC and affiliated Vanguard investment divisions and notes these holdings include securities held by Vanguard funds and managed accounts. The filing is signed by Ashley Grim on 04/30/2026 with the reported beneficial-ownership figures shown as of 03/31/2026.

Insights

Institutional Ownership Analyst

Vanguard holds a meaningful >5% passive stake in Incyte.

The Schedule 13G shows Vanguard Capital Management beneficially owns 12,591,630 shares or 6.32% of Incyte, with dispositive control concentrated in Vanguard-managed funds and accounts. This is a passive ownership disclosure format consistent with institutional investment reporting.

Key dependencies include whether holdings change in subsequent filings; shareholder votes and potential block trades depend on Vanguard’s internal fund allocations. Subsequent SEC filings will show any material position changes.

Governance & Proxy Specialist

Ownership exceeds the 5% reporting threshold and is disclosed under Schedule 13G.

The filing attributes voting and dispositive powers to Vanguard Capital Management LLC and named affiliates, and confirms no single other person holds >5% of the same reported securities. The statement follows SEC Release No. 34-39538 disclosure conventions for aggregated affiliate holdings.

Watch for later Schedule 13D/13G amendments if the stake increases materially or if active intent changes; current filing presents passive institutional ownership.

Key Figures

Beneficial ownership: 12,591,630 shares Percent of class: 6.32% Sole voting power: 1,661,564 shares +2 more

5 metrics

Beneficial ownership 12,591,630 shares reported beneficially owned as of 03/31/2026

Percent of class 6.32% percent of Incyte common stock

Sole voting power 1,661,564 shares sole power to vote or direct vote

Sole dispositive power 12,591,630 shares sole power to dispose or direct disposition

Filing type Schedule 13G passive ownership disclosure

Key Terms

Schedule 13G, beneficially owned, sole dispositive power, sole voting power

4 terms

Schedule 13G regulatory

"Schedule 13G beneficial ownership disclosure for Incyte Corp"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Amount beneficially owned: 12591630"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 12591630"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

sole voting power regulatory

"Sole power to vote or to direct the vote: 1661564"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Incyte Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

45337C102

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 45337C102

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,661,564.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 12,591,630.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,591,630.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.32 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Incyte Corp
(b)	Address of issuer's principal executive offices: 1801 Augustine Cut-Off, Wilmington, DE, 19803
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 45337C102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 12591630
(b)	Percent of class: 6.32 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1661564
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 12591630
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026

FAQ

What stake does Vanguard hold in INCY according to this Schedule 13G?

Vanguard Capital Management reports beneficial ownership of 12,591,630 shares, equal to 6.32% of Incyte's common stock as reported. The filing lists voting and dispositive powers tied to Vanguard-managed funds and affiliated divisions.

Does Vanguard have voting control over the shares of INCY?

Vanguard reports sole voting power for 1,661,564 shares and sole dispositive power for 12,591,630 shares. Affiliates and Vanguard funds are cited as the holders over which Vanguard exercises dispositive authority.

What date are the ownership figures in the INCY filing tied to?

The filing shows the beneficial-ownership figures with an internal reporting date of 03/31/2026, and the signature date on the Schedule 13G is 04/30/2026. These dates anchor the reported stake and signature attestation.

Is the Vanguard stake in INCY reported as passive or active?

The Schedule 13G format and the disclosure language identify the position as passive institutional ownership, aggregating holdings across Vanguard funds and managed accounts rather than signaling an activist intent.

Who signed the INCY Schedule 13G for Vanguard?

The Schedule 13G is signed by Ashley Grim, titled Head of Global Fund Administration, on 04/30/2026, certifying the accuracy of the Vanguard ownership disclosure.