Financial Data and Key Metrics Changes - The company reported total revenues of $1.37 billion and product sales of $1.15 billion, representing a 20% and 19% increase year-over-year, respectively [3][29] - GAAP R&D expenses were $507 million, with a 7% year-over-year increase when excluding one-time expenses from the prior year [29] - GAAP SG&A expenses were $329 million, reflecting a 6% increase year-over-year, primarily due to international marketing activities [29] - The company raised its full-year net product revenue guidance to a range of $4.23 billion to $4.32 billion [29] Business Line Data and Key Metrics Changes - Jakafi sales reached $791 million, a 7% increase, with strong demand growth of 10% year-over-year [4] - Opzelura sales were $188 million, a 35% increase year-over-year, with $144 million from the U.S., representing a 21% increase [5] - Niktimvo sales totaled $46 million, a 27% increase from the second quarter, with 90% of U.S. bone marrow transplant centers adopting the product [6][7] Market Data and Key Metrics Changes - International sales for Opzelura and vitiligo reached $44 million, a 117% increase from last year [6] - The branded non-steroidal topical market is expanding at a 20% rate, with Opzelura positioned to benefit from this trend [5] Company Strategy and Development Direction - The company is focusing on optimizing promotional strategies and investments for key products to drive future growth [3] - Upcoming product launches include Ruxolitinib XR, Opzelura AD in Europe, and povorcitinib in HS, which are expected to contribute significantly to future growth [9][10] - The company is conducting a thorough review of its pipeline to prioritize high-value programs and streamline operations [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of key products and emphasized the importance of demonstrating single-agent activity for new therapies [3][35] - The company is focused on maintaining financial discipline while investing in strategic growth drivers [14][70] - Management highlighted the potential of povorcitinib and other pipeline products to address significant medical needs and drive future growth [18][20] Other Important Information - The company is actively studying Niktimvo in combination with ruxolitinib and steroids, which could shift the standard of care in GVHD [8] - The company plans to submit an application for ruxolitinib cream in moderate AD in the EU by year-end, with potential approval in the second half of 2026 [6] Q&A Session Summary Question: Importance of mCALR data for efficacy - Management emphasized the need to demonstrate single-agent activity for the mCALR antibody program, with a focus on clinical and translational endpoints [33][35] Question: Termination of povorcitinib program at CSU - The decision was based on prioritizing projects with better return profiles, and data from the terminated program may still be presented at a future conference [39][40] Question: Sustainability of Naktinvo's growth trajectory - Management expressed confidence in Naktinvo's growth, noting broad adoption among transplant centers and a healthy margin profile [71][74] Question: Current pipeline maturity and growth post-Jakafi LOE - The company is focused on several key projects, including povorcitinib and mCALR, to drive growth and build a robust oncology portfolio [79][80]

Group 1 - Incyte reported adjusted earnings of $2.26 per share on $1.37 billion in third-quarter sales, falling short of analysts' expectations of $1.58 per share and $1.25 billion in sales [1] - The company's earnings in the same period last year were $1.07 per share on $1.14 billion in sales, indicating a year-over-year increase in earnings but a decline in sales compared to expectations [1] - Incyte raised its full-year sales guidance to between $4.23 billion and $4.32 billion, driven by higher demand for Jakafi and other products, although analysts projected earnings per share of $5.92 and sales of $4.84 billion [2] Group 2 - In premarket trading, Incyte's stock decreased by 1.7% to $91.50 following the earnings report [2] - The article mentions other companies experiencing stock movements, such as Viking and Sanofi, but does not provide specific financial details about them [3]

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Core Insights - Incyte Corp has raised its annual sales forecast for Jakafi, a blood cancer treatment, due to strong demand that exceeded Wall Street estimates for the third quarter [1] Financial Performance - The company reported robust demand for Jakafi, leading to a positive financial outlook [1] - The updated sales forecast reflects confidence in the drug's market performance [1]

Third Quarter 2025 Financial Results and Business Update 2 Forward looking statements Except for the historical information set forth herein, the matters set forth in this release contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte's strategic priorities and its plans for executing on same; Incyte's financial guidance for 2025, including its expectations regarding sales of and demand for Jakafi and Opzelura; expected revenue contribution fro ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Incyte Reports Third Quarter 2025 Financial Results and Provides Business Updates Total revenues of $1.37 billion in the third quarter of 2025, reflecting 20% growth compared to the third quarter of 2024 Jakafi (ruxolitinib) net product revenue of $791 million, an increase of 7% compared to the same period in 2024 ® Opzelura (ruxolitinib) cream net product revenue of $188 million, an increase of 35% compared to the prior year period ® Hematology-Oncology portfolio net prod ...

Core Insights - Incyte has announced new data from the Phase 3b TRuE-AD4 trial of Opzelura® (Ruxolitinib Cream) for adults with moderate atopic dermatitis, indicating positive outcomes in treatment efficacy [1] Group 1: Trial Results - The Phase 3b TRuE-AD4 trial demonstrated significant improvements in the severity of atopic dermatitis among participants using Opzelura® compared to the control group [1] - The data suggests that Opzelura® is effective in reducing the symptoms of moderate atopic dermatitis, which may enhance its market potential [1] Group 2: Market Implications - The positive trial results could lead to increased adoption of Opzelura® in clinical practice, potentially boosting Incyte's revenue from this product line [1] - As the demand for effective treatments for atopic dermatitis grows, Incyte may strengthen its position in the dermatology market [1]

Core Viewpoint - Incyte Corporation (INCY) is expected to exceed expectations in its third-quarter 2025 earnings report, with revenue estimates at $1.26 billion and earnings at $1.66 per share [1]. Group 1: Revenue Drivers - Incyte's primary revenue source is from Jakafi (ruxolitinib) sales in the U.S., with strong sales momentum anticipated across all approved indications [2][5]. - The Zacks Consensus Estimate for Jakafi's third-quarter sales is projected at $770 million, with higher royalties expected from Novartis due to increased Jakavi sales outside the U.S. [3][5]. - Additional revenue contributions are expected from Opzelura, with a sales estimate of $179.1 million, and from other drugs like Minjuvi, Pemazyre, and Iclusig, with respective sales estimates of $37.9 million, $22 million, and $30.6 million [7][10]. Group 2: Recent Developments - Incyte's recent approvals, including Niktimvo and Monjuvi's expanded use, are likely to enhance product sales [5][9]. - The company has entered into an asset purchase agreement with MorphoSys AG, gaining exclusive global rights to tafasitamab, which is expected to boost sales following FDA approval for a new cancer indication [9]. Group 3: Financial Performance - Year-to-date, Incyte's shares have increased by 29.3%, outperforming the industry growth of 9.3% [4]. - Incyte has a mixed earnings surprise history, with two earnings beats and two misses in the last four quarters, averaging a surprise of 4.2% [15]. Group 4: Earnings Expectations - The Earnings ESP for Incyte is +3.48%, indicating a potential earnings beat, with the most accurate estimate at $1.72 compared to the consensus estimate of $1.66 [17].

Core Insights - The BRAVE-AA-PEDS trial is the first and largest study focused on children and adolescents with severe alopecia areata, showing that 71% of adolescents treated with baricitinib 4 mg achieved successful scalp hair regrowth at one year [1][2][4] - Eli Lilly plans to submit the trial data to global regulators for a potential label update for baricitinib, commercially known as Olumiant [1][9][10] Group 1: Trial Results - At one year, 54.1% of patients receiving baricitinib 4 mg and 31% receiving baricitinib 2 mg achieved successful hair regrowth, defined as 80% or more scalp hair coverage [7] - Among patients with severe disease, 71% receiving baricitinib 4 mg and 58.6% receiving baricitinib 2 mg achieved successful hair regrowth [7] - In a post-hoc analysis, 80% of adolescents diagnosed with severe AA less than two years before treatment achieved successful hair regrowth with baricitinib 4 mg [4] Group 2: Safety Profile - The safety profile of baricitinib in adolescents was consistent with that seen in adult trials, with no new safety signals observed after one year [5][8] - Common treatment-emergent adverse events included acne, upper respiratory tract infection, and influenza, with no deaths or major adverse cardiovascular events reported [5][8] Group 3: Future Plans and Context - Lilly intends to enroll a new cohort of children ages 6 to under 12 in the BRAVE-AA-PEDS trial in the next year [9][12] - Baricitinib is the most-researched JAK inhibitor in alopecia areata, with over 1,300 adults and 423 adolescents enrolled in clinical trials [10]

Core Insights - The article emphasizes the focus on growth and momentum stocks that are reasonably priced and expected to outperform the market in the long term [1] - It highlights a significant investment opportunity, noting that the S&P 500 increased by 367% and the Nasdaq by 685% from March 2009 to 2019, indicating a strong recovery from the financial crisis [1] Investment Strategy - The investment approach involves long-term investment in quality stocks, with the use of options as part of the strategy [1] - The article suggests that investors should consider high-quality growth stocks to enhance their investment returns [1] Market Context - The performance data provided serves as a historical context for potential future investments, illustrating the substantial gains that can be achieved in the stock market following a downturn [1]