INCYTE CORP - FORM 10-K - EX-12.1 - February 17, 2015

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EXHIBIT 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 
   Year Ended December 31,  
 
   2010   2011   2012   2013   2014  
 
   (in thousands)
  

Loss before provision for income taxes

   $ (31,846 ) $ (186,540 ) $ (44,146 ) $ (82,848 ) $ (48,547 )

Fixed charges

     24,047     22,653     22,818     17,131     11,793  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings and fixed charges

     (7,799 ) $ (163,887 ) $ (21,328 ) $ (65,717 ) $ (36,754 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges

     24,047     22,653     22,818     17,131     11,793  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges(1)(2)

     NM     NM     NM     NM     NM  
(1)
The ratio of earnings to fixed charges is computed by dividing loss before provision for income taxes plus fixed charges by fixed charges. Fixed charges consist of interest expense (including interest expense from capital leases) and the estimated portion of rental expense deemed by us to be representative of the interest factor of rental payments under operating leases, plus amortization of debt issuance expenses. Earnings were insufficient to cover fixed charges by $211.9 million, $31.8 million, $186.5 million, $44.1 million, $82.8 million and $48.5 million for the years ended December 31, 2010, 2011, 2012, 2013 and 2014 respectively.

(2)
NM—Not meaningful.



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