Incyte settles JAKAFI royalty dispute with Novartis; pays $280M vs $537M accrued

INCYTE CORP

Settlement resolves litigation over royalty duration under 2009 Collaboration and License Agreement.
Incyte to pay Novartis $280M; had $537.1M accrued as of March 31, 2025.
Royalty rate on future U.S. JAKAFI net sales reduced by 50% effective Jan 1, 2025.
Reduced royalty for Q1 2025 is ~$14.9M; $242.2M difference to be recorded in Q2 2025.
Settlement eliminates contingent liability and lowers future royalty expense.

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