<?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>0001995298</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>SHEILA DENTON</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>599</noOfUnitsSold>
            <aggregateMarketValue>41924.01</aggregateMarketValue>
            <noOfUnitsOutstanding>193524350</noOfUnitsOutstanding>
            <approxSaleDate>03/04/2025</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>03/04/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Stock Option Exercise</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>ISSUER</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>599</amountOfSecuritiesAcquired>
            <paymentDate>03/04/2025</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>SHEILA DENTON</name>
                <address>
                    <ns2:street1>1801 Augustine Cut-Off</ns2:street1>
                    <ns2:city>Wilmington</ns2:city>
                    <ns2:stateOrCountry>DE</ns2:stateOrCountry>
                    <ns2:zipCode>19803</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/26/2025</saleDate>
            <amountOfSecuritiesSold>9574</amountOfSecuritiesSold>
            <grossProceeds>709153.84</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>SHEILA DENTON</name>
                <address>
                    <ns2:street1>1801 Augustine Cut-Off</ns2:street1>
                    <ns2:city>Wilmington</ns2:city>
                    <ns2:stateOrCountry>DE</ns2:stateOrCountry>
                    <ns2:zipCode>19803</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/26/2025</saleDate>
            <amountOfSecuritiesSold>4495</amountOfSecuritiesSold>
            <grossProceeds>332983.76</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>03/04/2025</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>11/27/2024</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Sheila Ann Denton</signature>
        </noticeSignature>
    </formData>
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144
0001995298
XXXXXXXX
LIVE
0000879169
INCYTE CORPORATION
001-12400
1801 Augustine Cut-Off
Wilmington
DE
19803
(302) 498-6700
SHEILA DENTON
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
599
41924.01
193524350
03/04/2025
NASDAQ
Common
03/04/2025
Stock Option Exercise
ISSUER
N
599
03/04/2025
Cash
N
SHEILA DENTON
1801 Augustine Cut-Off
Wilmington
DE
19803
Common
02/26/2025
9574
709153.84
SHEILA DENTON
1801 Augustine Cut-Off
Wilmington
DE
19803
Common
02/26/2025
4495
332983.76
03/04/2025
11/27/2024
/s/ Sheila Ann Denton