v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note 14. Employee Benefit Plans
Defined Contribution Plans
We have a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code covering all U.S. employees and defined contribution plans for other Incyte employees in Europe and Japan. Employees may contribute a portion of their compensation, which is then matched by us, subject to certain limitations. Defined contribution expense for the three and six months ended June 30, 2026 was $6.3 million and $12.7 million, respectively. Defined contribution expense for the three and six months ended June 30, 2025 was $5.7 million and $11.5 million, respectively.
Defined Benefit Pension Plans
We have defined benefit pension plans for our employees in Europe which provide benefits to employees upon retirement, death or disability. The assets of the pension plans are held in collective investment accounts represented by the cash surrender value of an insurance policy and are classified as Level 2 within the fair value hierarchy.
The net periodic benefit cost was as follows (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Service cost$4,043 $3,964 $8,130 $7,606 
Interest cost688 476 1,383 913 
Expected return on plan assets(1,933)(1,819)(3,887)(3,491)
Amortization of prior service cost105 226 212 420 
Amortization of actuarial losses125 350 252 668 
Net periodic benefit cost$3,028 $3,197 $6,090 $6,116 
The components of net periodic benefit cost other than the service cost component are included in Other, net on the condensed consolidated statements of operations. We expect to contribute a total of $12.6 million to the pension plans in 2026 inclusive of the amounts contributed to the plan during the current period.