Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock^F5,F6,F20	Feb 11, 2016	P	25,869	$64.4617	A	2,969,949	I	See Footnote
Common Stock^F5,F7,F20	Feb 11, 2016	P	235,734	$64.4617	A	16,365,008	I	See Footnote
Common Stock^F8,F6,F20	Feb 11, 2016	P	19,383	$63.3714	A	2,989,332	I	See Footnote
Common Stock^F8,F7,F20	Feb 11, 2016	P	176,647	$63.3714	A	16,541,655	I	See Footnote
Common Stock^F9,F6,F20	Feb 11, 2016	P	31,795	$62.5597	A	3,021,127	I	See Footnote
Common Stock^F9,F7,F20	Feb 11, 2016	P	289,755	$62.5597	A	16,831,410	I	See Footnote
Common Stock^F10,F6,F20	Feb 11, 2016	P	12,459	$61.3978	A	3,033,586	I	See Footnote
Common Stock^F10,F7,F20	Feb 11, 2016	P	113,546	$61.3978	A	16,944,956	I	See Footnote
Common Stock^F11,F6,F20	Feb 11, 2016	P	7,166	$60.3977	A	3,040,752	I	See Footnote
Common Stock^F11,F7,F20	Feb 11, 2016	P	65,309	$60.3977	A	17,010,265	I	See Footnote
Common Stock^F12,F6,F20	Feb 11, 2016	P	12,609	$59.0083	A	3,053,361	I	See Footnote
Common Stock^F12,F7,F20	Feb 11, 2016	P	114,908	$59.0083	A	17,125,173	I	See Footnote
Common Stock^F13,F6,F20	Feb 11, 2016	P	15,010	$58.1326	A	3,068,371	I	See Footnote
Common Stock^F13,F7,F20	Feb 11, 2016	P	136,793	$58.1326	A	17,261,966	I	See Footnote
Common Stock^F14,F6,F20	Feb 11, 2016	P	6,349	$61.7307	A	3,074,720	I	See Footnote
Common Stock^F14,F7,F20	Feb 11, 2016	P	57,865	$61.7307	A	17,319,831	I	See Footnote
Common Stock^F15,F6,F20	Feb 11, 2016	P	761	$60.8474	A	3,075,481	I	See Footnote
Common Stock^F15,F7,F20	Feb 11, 2016	P	6,939	$60.8474	A	17,326,770	I	See Footnote
Common Stock^F16,F6,F20	Feb 12, 2016	P	7,999	$67.6833	A	3,083,480	I	See Footnote
Common Stock^F16,F7,F20	Feb 12, 2016	P	72,894	$67.6833	A	17,399,664	I	See Footnote
Common Stock^F17,F6,F20	Feb 12, 2016	P	5,379	$66.6821	A	3,088,859	I	See Footnote
Common Stock^F17,F7,F20	Feb 12, 2016	P	49,021	$66.6821	A	17,448,685	I	See Footnote
Common Stock^F18,F6,F20	Feb 12, 2016	P	59,401	$65.8033	A	3,148,260	I	See Footnote
Common Stock^F18,F7,F20	Feb 12, 2016	P	541,340	$65.8033	A	17,990,025	I	See Footnote
Common Stock^F19,F6,F20	Feb 12, 2016	P	18,441	$64.8737	A	3,166,701	I	See Footnote
Common Stock^F19,F7,F20	Feb 12, 2016	P	168,055	$64.8737	A	18,158,080	I	See Footnote
Common Stock^F1	holding	—	—		—	58,632	D
Common Stock^F2	holding	—	—		—	61,049	D
Common Stock^F3	holding	—	—		—	33,410	I	See Footnote
Common Stock^F4,F20	holding	—	—		—	513,020	I	See Footnote

Table II — derivative securities

No Table II lines on this filing.

Explanation of responses

F1Reflects shares of common stock of Incyte Corporation (the "Issuer") held directly by Julian C. Baker.
F10The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $60.77 to $61.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F11The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $59.68 to $60.65, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F12The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $58.62 to $59.61, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F13The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $57.85 to $58.61, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F14The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $60.98 to $61.96, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F15The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $60.79 to $60.94, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F16The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $67.21 to $68.00, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F17The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $66.48 to $67.00, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F18The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $65.31 to $66.00, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F19The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $64.03 to $65.00, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F2Reflects shares of common stock of the Issuer held directly by Felix J. Baker.
F20Baker Bros. Advisors LP (the "Adviser") serves as the Investment Adviser to the Funds. In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held by the Funds. Baker Bros. Advisors (GP) LLC (the "Adviser GP") is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are principals of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held by the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held by the Funds. Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.
F3Julian C. Baker and Felix J. Baker may be deemed to have an indirect pecuniary interest in 33,410 shares of Common Stock of the Issuer directly held by FBB Associates. Julian C. Baker and Felix J. Baker are the sole partners of FBB Associates. Julian C. Baker and Felix J. Baker disclaim beneficial ownership of the securities held directly by FBB Associates except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that Julian C. Baker or Felix J. Baker is a beneficial owner of such securities for purposes of Section 16 or any other purpose.
F4As a result of Felix J. Baker's and Julian C. Baker's ownership interest in 14159 Capital (GP), LLC, Felix J. Baker and Julian C. Baker may be deemed to have an indirect pecuniary interest in 513,020 shares of common stock of the Issuer beneficially owned by 14159, L.P. ("14159"), a limited partnership of which the sole general partner is 14159 Capital, L.P., a limited partnership of which the sole general partner is 14159 Capital (GP), LLC, due to 14159 Capital, L.P.'s right to receive an allocation of a portion of the profits from 14159. Includes beneficial ownership of 529 shares issued pursuant to the Stock Incentive Plan in lieu of director retainer fees and 55,000 shares received previously from exercise of 55,000 stock options of the Issuer that were issued to Julian C. Baker in his capacity as a director of the Issuer, of which the fund may be deemed to own a portion.
F5The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $64.03 to $65.02, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F6After giving effect to the transactions reported herein, and as a result of their ownership interest in Baker Biotech Capital (GP), LLC, Julian C. Baker and Felix J. Baker may be deemed to have an indirect pecuniary interest in the Issuer's shares of Common Stock reported in column 5 of Table I directly held by 667, L.P. ("667"), a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667. Includes beneficial ownership of 529 shares issued pursuant to the Stock Incentive Plan in lieu of director retainer fees and 55,000 shares received previously from exercise of 55,000 stock options of the Issuer that were issued to Julian C. Baker in his capacity as a director of the Issuer, of which the fund may be deemed to own a portion.
F7After giving effect to the transactions reported herein, and as a result of their ownership interest in Baker Brothers Life Sciences Capital (GP), LLC, Julian C. Baker and Felix J. Baker may be deemed to have an indirect pecuniary interest in the Issuer's shares of Common Stock reported in column 5 of Table I directly held by Baker Brothers Life Sciences, L.P. ("Life Sciences" and together with 14159 and 667, the "Funds"), a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life Sciences. Includes beneficial ownership of 529 shares issued pursuant to the Stock Incentive Plan in lieu of director retainer fees and 55,000 shares received previously from exercise of 55,000 stock options of the Issuer that were issued to Julian C. Baker in his capacity as a director of the Issuer, of which the fund may be deemed to own a portion.
F8The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $62.78 to $63.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.
F9The price reported in Column 4 is a weighted average price. These shares were traded in multiple transactions at prices ranging from $61.80 to $62.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

Remarks

Julian C. Baker is a director of Incyte Corporation (the "Issuer"). By virtue of his representation on the Board of Directors of the Issuer, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the reporting persons are deemed directors by deputization of the Issuer. This is the first of two Form 4's reporting changes in beneficial ownership during the time period reflected herein. Due to space limitations in Form 4 we are thus filing these two Forms 4.