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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WRuf33sYhGjC/SG9pn1XKjlp8O9xGgKaW5mTBJplGUxCYR1Ubs6FgOuuF460v8OD
 8eoh7ef+VfpuYyWSw7Qe2Q==

<SEC-DOCUMENT>0001181431-04-003084.txt : 20040116
<SEC-HEADER>0001181431-04-003084.hdr.sgml : 20040116
<ACCEPTANCE-DATETIME>20040116165811
ACCESSION NUMBER:		0001181431-04-003084
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040114
FILED AS OF DATE:		20040116

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCYTE CORP
		CENTRAL INDEX KEY:			0000879169
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				943136539
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3160 PORTER DR
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		6508550555

	MAIL ADDRESS:	
		STREET 1:		3160 PORTER DRIVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE CORP
		DATE OF NAME CHANGE:	20030318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE GENOMICS INC
		DATE OF NAME CHANGE:	20000710

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCYTE PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19930902

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TISCH ANDREW H
		CENTRAL INDEX KEY:			0001009879

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12400
		FILM NUMBER:		04530192

	BUSINESS ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021-8087
		BUSINESS PHONE:		2125452000

	MAIL ADDRESS:	
		STREET 1:		667 MADISON AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10021-8087
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd29268.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2004-01-14</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000879169</issuerCik>
        <issuerName>INCYTE CORP</issuerName>
        <issuerTradingSymbol>INCY</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001009879</rptOwnerCik>
            <rptOwnerName>TISCH ANDREW H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TISCH FAMILY INTERESTS</rptOwnerStreet1>
            <rptOwnerStreet2>667 MADISON AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeHolding><securityTitle><value>5.5% Convertible Subordinated Notes due 2007</value><footnoteId id="F1"/></securityTitle><conversionOrExercisePrice><value>67.4195</value></conversionOrExercisePrice><exerciseDate><value>2002-08-05</value></exerciseDate><expirationDate><value>2007-02-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>28107</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><valueOwnedFollowingTransaction><value>1895000</value></valueOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeTransaction><securityTitle><value>5.5% Convertible Subordinated No
tes due 2007</value><footnoteId id="F1"/></securityTitle><conversionOrExercisePrice><value>67.4195</value></conversionOrExercisePrice><transactionDate><value>2004-01-14</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionTotalValue><value>400000</value></transactionTotalValue><transactionPricePerShare><footnoteId id="F2"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2002-08-05</value></exerciseDate><expirationDate><value>2007-02-01</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>5933</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><valueOwnedFollowingTransaction><value>15360000</value></valueOwnedFollowin
gTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote</value><footnoteId id="F3"/></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Because of certain business and family relationships with other shareholders of the Issuer, the Reporting Person is filing solely for informational purposes as if he were a member of a group with such shareholders.  However, the Reporting Person disclaims that he and any other person or persons in fact constitute a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, or Rule 13d-5 thereunder or that he is the beneficial owner of, or has a pecuniary interest in, any securities owned by any other person.</footnote><footnote id="F2">90.75% of the principal amount.</footnote><footnote id="F3">Consists of notes owned by trusts of which the Reporting Person is trustee and benefi
ciary.</footnote></footnotes><ownerSignature><signatureName>/s/ Andrew H. Tisch</signatureName><signatureDate>2004-01-16</signatureDate></ownerSignature></ownershipDocument>



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