Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Tray Thomas

2. Date of Event Requiring Statement (MM/DD/YYYY) 3/11/2022

3. Issuer Name and Ticker or Trading Symbol

INCYTE CORP [INCY]

(Last) (First) (Middle)

1801 AUGUSTINE CUT-OFF

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director _____ 10% Owner
___X___ Officer (give title below) _____ Other (specify below)
Principal Accounting Officer /

(Street)

WILMINGTON, DE 19803

(City) (State) (Zip)

5. If Amendment, Date Original Filed(MM/DD/YYYY)

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3238	D
Common Stock	1399	I	By Spouse
Common Stock	554 ⁽¹⁾	D
Common Stock	1886 ⁽²⁾	D
Common Stock	2870 ⁽³⁾	D
Common Stock	2322 ⁽⁴⁾	D
Common Stock	3649 ⁽⁵⁾	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Incentive Stock Option (right to buy)	⁽⁶⁾	1/6/2026	Common Stock	1044	$95.76	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/6/2026	Common Stock	1730	$95.76	D
Incentive Stock Option (right to buy)	⁽⁶⁾	1/6/2023	Common Stock	1005	$95.76	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/6/2023	Common Stock	2436	$95.76	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	7/14/2026	Common Stock	2639	$83.83	D
Incentive Stock Option (right to buy)	⁽⁶⁾	1/16/2027	Common Stock	879	$113.64	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/16/2027	Common Stock	2642	$113.64	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/16/2027	Common Stock	2639	$113.64	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	7/4/2027	Common Stock	1677	$128.34	D
Incentive Stock Option (right to buy)	⁽⁶⁾	1/22/2028	Common Stock	1	$94.63	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/22/2028	Common Stock	1676	$94.63	D
Incentive Stock Option (right to buy)	⁽⁶⁾	1/23/2028	Common Stock	1048	$95.34	D
Non-Qualified Stock Option (right to buy)	⁽⁶⁾	1/23/2028	Common Stock	5443	$95.34	D
Incentive Stock Option (right to buy)	⁽⁷⁾	7/1/2028	Common Stock	1	$68.62	D
Non-Qualified Stock Option (right to buy)	⁽⁸⁾	7/1/2028	Common Stock	5172	$68.62	D
Incentive Stock Option (right to buy)	⁽⁹⁾	1/3/2029	Common Stock	1383	$72.27	D
Non-Qualified Stock Option (right to buy)	⁽⁹⁾	1/3/2029	Common Stock	3349	$72.27	D
Non-Qualified Stock Option (right to buy)	⁽¹⁰⁾	1/3/2029	Common Stock	5173	$72.27	D
Non-Qualified Stock Option (right to buy)	⁽¹¹⁾	7/1/2029	Common Stock	2289	$85.01	D
Non-Qualified Stock Option (right to buy)	⁽¹²⁾	1/16/2030	Common Stock	2290	$80.50	D
Incentive Stock Option (right to buy)	⁽¹³⁾	7/1/2030	Common Stock	324	$106.47	D
Non-Qualified Stock Option (right to buy)	⁽¹⁴⁾	7/1/2030	Common Stock	1896	$106.47	D
Incentive Stock Option (right to buy)	⁽¹⁵⁾	1/14/2031	Common Stock	324	$90.56	D
Non-Qualified Stock Option (right to buy)	⁽¹⁶⁾	1/14/2031	Common Stock	1896	$90.56	D
Incentive Stock Option (right to buy)	⁽¹⁷⁾	7/1/2031	Common Stock	815	$83.58	D
Non-Qualified Stock Option (right to buy)	⁽¹⁸⁾	7/1/2031	Common Stock	1808	$83.58	D
Incentive Stock Option (right to buy)	⁽¹⁹⁾	1/18/2032	Common Stock	383	$74.78	D
Non-Qualified Stock Option (right to buy)	⁽²⁰⁾	1/18/2032	Common Stock	2240	$74.78	D

Explanation of Responses:
(1)	Represents restricted stock units ("RSUs") granted on July 2, 2018 that will vest fully on July 2, 2022.
(2)	Represents restricted stock units ("RSUs") granted on July 2, 2019 that will vest 943 on July 2, 2022 and the remaining on July 2, 2023.
(3)	Represents restricted stock units ("RSUs") granted on January 17, 2020 that will vest fully on January 17, 2024.
(4)	Represents restricted stock units ("RSUs") granted on July 2, 2020 that will vest 774 on July 2, 2022, July 2, 2023 and July 2, 2024.
(5)	Represents restricted stock units ("RSUs") granted on July 2, 2021 that will vest 912 on July 2, 2022, July 2, 2023, July 2, 2024 and the remaining will vest on July 2, 2025.
(6)	As of March 11,2022, the award is fully vested and exercisable.
(7)	Option granted on July 2, 2018 and becomes exercisable on July 2,2022.
(8)	Options granted on July 2, 2018 and will vest monthly through July 2,2022.
(9)	Options granted on January 4, 2019 and become exercisable in full on January 4, 2023.
(10)	Options granted on January 4, 2019 and vest monthly through July 2,2022.
(11)	Options granted on July 2, 2019 and vest monthly through July 2,2023.
(12)	Options granted on January 17, 2020 and vest monthly through July 2,2023.
(13)	Options granted on July 2, 2020 and will vest monthly starting January 2, 2024 through July 2, 2024.
(14)	Options granted on July 2, 2020 and will vest monthly through December 2, 2023.
(15)	Options granted on January 15, 2021 and will vest monthly starting January 2, 2024 through July 2, 2024
(16)	Options granted on January 15, 2021 and will vest monthly through December 2, 2023.
(17)	Options granted on July 2, 2021 and will vest monthly starting January 2, 2024 through July 2, 2025.
(18)	Options granted on July 2, 2021 with 655 vesting on July 2, 2022 and the remainder vesting monthly through December 2, 2024.
(19)	Options granted on January 19, 2022 and will vest monthly starting January 2, 2025 through July 2, 2025.
(20)	Options granted on January 19, 2022 with 655 vesting on July 2, 2022 and the remainder vesting monthly through December 2, 2024.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Tray Thomas 1801 AUGUSTINE CUT-OFF WILMINGTON, DE 19803			Principal Accounting Officer

Signatures
/s/ Elizabeth Feeney		3/23/2022
^**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.