<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001193125-24-033422</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000200217</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000879169</issuerCik>
        <issuerName>INCYTE CORPORATION</issuerName>
        <issuerCusips>
          <issuerCusipNumber>45337C102</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">1801 Augustine Cut-Off</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Wilmington</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">DE</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">19803</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Dodge &amp; Cox</reportingPersonName>
      <citizenshipOrOrganization>CA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>11646204</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>12252356</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>12252356</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.2</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>INCYTE CORPORATION</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1801 Augustine Cut-Off, Wilmington, DE 19803</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Dodge &amp; Cox</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>555 California Street 40th Floor, San Francisco, CA 94104</principalBusinessOfficeOrResidenceAddress>
        <citizenship>California, USA</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>12,252,356</amountBeneficiallyOwned>
        <classPercent>6.2</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>11,646,204</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>12,252,356</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The clients of Dodge &amp; Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, INCYTE CORPORATION.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Dodge &amp; Cox</reportingPersonName>
      <signatureDetails>
        <signature>/S/ Katherine M. Primas</signature>
        <title>Chief Compliance Officer</title>
        <date>05/14/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
