<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001673776</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0000879169</issuerCik>
            <issuerName>INCYTE CORPORATION</issuerName>
            <secFileNumber>001-12400</secFileNumber>
            <issuerAddress>
                <ns2:street1>1801 Augustine Cut-Off</ns2:street1>
                <ns2:city>Wilmington</ns2:city>
                <ns2:stateOrCountry>DE</ns2:stateOrCountry>
                <ns2:zipCode>19803</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(302) 498-6700</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>STEVEN STEIN</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>E*TRADE FINANCIAL CORPORATION</name>
                <address>
                    <ns2:street1>3 EDISON DRIVE</ns2:street1>
                    <ns2:city>ALPHARETTA</ns2:city>
                    <ns2:stateOrCountry>GA</ns2:stateOrCountry>
                    <ns2:zipCode>30005</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>21511</noOfUnitsSold>
            <aggregateMarketValue>1361203.17</aggregateMarketValue>
            <noOfUnitsOutstanding>224087695</noOfUnitsOutstanding>
            <approxSaleDate>08/01/2023</approxSaleDate>
            <securitiesExchangeName>NASD</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>07/02/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Performance Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1657</amountOfSecuritiesAcquired>
            <paymentDate>07/02/2022</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>07/02/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>2873</amountOfSecuritiesAcquired>
            <paymentDate>07/02/2022</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>07/02/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1812</amountOfSecuritiesAcquired>
            <paymentDate>07/02/2021</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>07/02/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Performance Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>1657</amountOfSecuritiesAcquired>
            <paymentDate>07/02/2021</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>COMMON</securitiesClassTitle>
            <acquiredDate>06/28/2022</acquiredDate>
            <natureOfAcquisitionTransaction>Performance Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>13512</amountOfSecuritiesAcquired>
            <paymentDate>06/28/2022</paymentDate>
            <natureOfPayment>Not Applicable</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>08/01/2023</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>11/10/2022</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Steven Stein</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 5577}]
144
0001673776
XXXXXXXX
LIVE
0000879169
INCYTE CORPORATION
001-12400
1801 Augustine Cut-Off
Wilmington
DE
19803
(302) 498-6700
STEVEN STEIN
Officer
Common
E*TRADE FINANCIAL CORPORATION
3 EDISON DRIVE
ALPHARETTA
GA
30005
21511
1361203.17
224087695
08/01/2023
NASD
COMMON
07/02/2022
Performance Shares
ISSUER
N
1657
07/02/2022
Not Applicable
COMMON
07/02/2022
Restricted Stock
ISSUER
N
2873
07/02/2022
Not Applicable
COMMON
07/02/2021
Restricted Stock
ISSUER
N
1812
07/02/2021
Not Applicable
COMMON
07/02/2021
Performance Shares
ISSUER
N
1657
07/02/2021
Not Applicable
COMMON
06/28/2022
Performance Shares
ISSUER
N
13512
06/28/2022
Not Applicable
Y
08/01/2023
11/10/2022
/s/ Steven Stein