Incyte Genomics Issues Revised Financial Guidance for Fiscal 2002 Palo Alto, CA, September 4, 2002 – Incyte Genomics, Inc. (Nasdaq: INCY) today announced revised revenue and net loss guidance for the fiscal year ending December 31, 2002. The company estimates that revenue for the year will be between $100 and $130 million. It had previously issued annual revenue guidance between $130 and $150 million. The Company estimates that the net loss for the year will be in the range of $75 to $98 million. Previous net loss guidance for the year was in the range of $65 to $85 million. "During the past few months we have seen a slowdown in spending by potential information database subscribers and licensors of our intellectual property, which is likely to affect our revenue this year," said Paul A. Friedman, M.D., Chief Executive Officer of Incyte. "Although the reduction in our revenue guidance is in line with analysts' current forecasts, we believe it is appropriate for us to adjust our financial projections for 2002 at this time." Incyte Genomics will be presenting at 1:30PM Pacific Time (4:30PM Eastern Time) today, September 4, 2002, at the Wells Fargo Securities Class of 2002 Conference. The presentation will be webcast and can be accessed at the following internet location: http://www.on24.com/clients/wells_fargo/020904/schedule.asp. Incyte Genomics, Inc., with a vision to be the leader in genomics-advantaged therapeutic discovery and development, has the largest commercial portfolio of issued United States patents covering human, full-length genes and the proteins they encode. Incyte is leveraging its leading intellectual property and genomic information position to be a leader in discovering and developing therapeutic small molecules, secreted proteins and antibodies. In addition, Incyte has developed the leading integrated platform of genomic technologies designed to aid in the understanding of the molecular basis of disease. Incyte develops and markets genomic databases and licenses pharmaceutically relevant intellectual property. These offerings facilitate pharmaceutical and biotechnology researchers in their drug discovery and development; including gene discovery, understanding disease pathways, identifying new disease targets and the discovery and correlation of gene sequence variation to disease. Except for the historical information contained herein, the matters set forth in this press release, including statements as to revised guidance for the fiscal year ended 2002 with respect to expected revenues and net loss, the substance of Incyte's presentation at the Wells Fargo Securities Class of 2002 Conference, including discussions of the Company's strategies and metrics for the Company's progress, Incyte's ability to leverage its intellectual property position to become a leader in therapeutic small molecule, secreted protein and antibody discoveries, and whether Incyte's product offerings will continue to facilitate the drug discovery and development efforts of pharmaceutical and biotechnology researchers, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the impact of competition and of technological advances and the ability of Incyte to compete against parties with greater financial or other resources, Incyte's ability to obtain and retain customers, cash burn in excess of current year-to-date trends, continued or greater deferred R&D spending by our current and potential customers, expenses associated with litigation, the effectiveness and extent of utilization of databases in pharmaceutical research and development, the ability to introduce new products and product upgrades in a timely manner, the ability of Incyte to implement successfully its plans to ramp up its therapeutic discovery efforts, changes in Incyte's business plan, Incyte's ability to obtain patent protection for its discoveries and to continue to be effective in expanding its patent coverage, and other risks detailed from time to time in Incyte's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2002. Incyte disclaims any intent or obligation to update these forward-looking statements.