Financial Data and Key Metrics Changes - Total product revenues for Q2 reached $1,060 million, a 17% increase year over year, driven by strong demand for Jakafi and Opsilura, as well as contributions from Nictimvo's launch [20][21] - Total revenues were $1,220 million, up 16% compared to the same period last year [20] - Jakafi net product revenue was $764 million for Q2, representing an 8% growth year over year [20] - Opsilura's net product revenue for Q2 was $164 million, a 35% increase year over year [21] - The company raised its full-year revenue guidance for Jakafi to a range of $3,000 million to $3,050 million [21] Business Line Data and Key Metrics Changes - Opsilura showed strong growth across atopic dermatitis and vitiligo, with nearly 20,000 prescribers and potential for new indications [7][21] - Nictimvo generated $36 million in net product revenues in Q2, with rapid adoption among BMT centers [23] - Other hematology-oncology products saw net revenues of $131 million, a 66% year over year increase, driven by the Nectinvo launch and higher demand for ZYNES [25] Market Data and Key Metrics Changes - U.S. net product revenue for Opsilura was $132 million, up 19% year over year, while ex-U.S. revenues were $32 million, driven by uptake in France, Germany, and recent launches in Italy, Spain, and Canada [22] - Nictimvo achieved approximately 82% account penetration in BMT centers across the U.S. [23] Company Strategy and Development Direction - The company aims to build a comprehensive plan for acceleration, focusing on R&D productivity, operating expenses, and capital allocation [9][17] - Strategic priorities include taking care of core products, accelerating product development, and careful capital allocation [9][14] - The company recognizes the importance of converting scientific advancements into regulatory approvals and business results [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential for new product flow and emphasized the importance of execution in driving growth [5][18] - The company expects FDA approval for Opsilura in pediatric patients by September and is on track with pivotal trials for povastatinib [18] - Management highlighted the need to manage expenses in a disciplined manner while focusing on growth [17][28] Other Important Information - The company recorded a benefit of $242 million from a contract dispute settlement with Novartis, leading to a reduction in COGS [25] - R&D expenses for Q2 were $495 million, with an increase of 8% year over year, driven by investments in late-stage development assets [26] Q&A Session Summary Question: Importance of therapeutic areas at Incyte - Management indicated that MPNs are the most important therapeutic area, with a significant opportunity to transform treatment in this space [43][44] Question: Read-through from Kallar data for ET and expectations for MF - Management noted that the mechanism of action for the mutant CalR antibody suggests a high probability of success in MF based on ET data [52][53] Question: Initial data for six seventeen F and its delay - The delay was attributed to the need for higher doses and longer follow-up to obtain sufficient data [56][59] Question: Dynamics of Nictimvo's launch and inventory impact - Management reported a 10% penetration in the third-line market and noted that inventory accounted for less than 5% of Q2 sales [70][75] Question: Balancing investment in pipeline advancement and external opportunities - Management emphasized the importance of capital allocation and the need to make informed decisions based on facts and analysis [96][99]

2025 Second Quarter Financial and Corporate Update July 29, 2025 Second Quarter 2025 Earnings Call Agenda Introduction Greg Shertzer Investor Relations R&D Update Pablo Cagnoni Head of Research & Development Commercial & Financial Results Christiana Stamoulis Chief Financial Officer Opening Remarks Bill Meury Chief Executive Officer Available for Q&A Matteo Trotta EVP, Head of U.S. Dermatology Mohamed Issa EVP, Head of U.S. Oncology Steven Stein Chief Medical Officer Closing Remarks Bill Meury Chief Executi ...

Exhibit 99.1 FOR IMMEDIATE RELEASE Incyte Reports 2025 Second Quarter Financial Results and Provides Updates on Key Clinical Programs Conference Call and Webcast Scheduled Today at 8:00 a.m. ET WILMINGTON, Del. – July 29, 2025 – Incyte (Nasdaq:INCY) today reports 2025 second quarter financial results, and provides a status update on the Company's clinical development portfolio. "As I begin my tenure as CEO, I look forward to leading Incyte through its next phase of growth and value creation for patients, pa ...

Core Viewpoint - Incyte Corporation (INCY) is expected to exceed expectations in its second-quarter 2025 earnings report, with revenue estimates at $1.15 billion and earnings at $1.40 per share [1]. Factors Likely to Influence INCY's Q2 Results - Incyte's primary revenue source is from its lead drug, Jakafi (ruxolitinib), with strong sales anticipated across all approved indications, although competition may limit growth [2]. - The Zacks Consensus Estimate for Jakafi's sales in Q2 is $744 million, with higher royalties expected from Novartis due to increased Jakavi sales outside the U.S. [3][4]. Sales Performance of Other Drugs - Opzelura's sales are projected to reach $149 million, driven by new patient starts and strong uptake in the EU [8]. - Additional contributions to revenue are expected from other drugs like Minjuvi, Pemazyre, and Iclusig, with respective sales estimates of $34.25 million, $20.24 million, and $28.99 million [11]. Recent Developments - The FDA approved Monjuvi for a new cancer indication, which is likely to enhance its sales performance [10]. - Niktimvo, launched in Q1 2025, recorded $13.6 million in sales, and further updates on its launch activities are anticipated [12][13]. Earnings Surprise History - Incyte has a mixed earnings surprise history, with one earnings beat in the last four quarters and an average negative surprise of 82.37% [14]. Earnings Predictions - The Earnings ESP for Incyte is +1.43%, indicating a potential earnings beat, supported by a Zacks Rank of 3 [15][16].

Core Viewpoint - The article highlights the advancements in the development of GLP-1 receptor agonists by Innovent Biologics, particularly focusing on the new drug IBI3032 and its potential impact on weight management and blood sugar control [2][3][4][5]. Group 1: Drug Development Progress - IBI3032, an oral GLP-1 small molecule candidate, has shown a bioavailability 5 to 10 times higher than similar products in preclinical studies and is preparing for clinical trial applications, with plans to initiate Phase I trials in China and the US in 2025 [3][4]. - The drug IBI3012, a dual receptor agonist, is expected to offer a longer dosing interval of over four weeks, with an IND application planned for late 2025 to early 2026 [4]. - IBI3030, a triple receptor agonist targeting GLP-1, GCG, and GIP, has demonstrated significant effects on blood sugar and lipid regulation in preclinical studies and may further reduce fat accumulation through PCSK9 inhibition [4]. Group 2: Market Impact and Clinical Trials - The approval of the injection formulation of Ma Shidu Peptide for long-term weight management in adults marks a significant advancement in the weight loss treatment field, being the first and only approved GCG/GLP-1 dual receptor agonist [5]. - Currently, seven Phase III clinical trials are underway in China for Ma Shidu Peptide, including studies focusing on obesity and type 2 diabetes, as well as its effects on patients with obstructive sleep apnea [5]. - A high-dose version of Ma Shidu Peptide (15mg) is also being compared with Tirzepatide in an ongoing I/II phase study [5].

Core Insights - Investors in the Medical - Biomedical and Genetics sector may consider Incyte (INCY) and Techne (TECH) for potential value investments [1] Valuation Metrics - Incyte has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Techne has a Zacks Rank of 4 (Sell) [3] - Incyte's forward P/E ratio is 11.80, significantly lower than Techne's forward P/E of 24.67, suggesting that Incyte may be undervalued [5] - Incyte's PEG ratio is 0.47, compared to Techne's PEG ratio of 2.17, indicating better expected earnings growth relative to its valuation [5] - Incyte has a P/B ratio of 3.6, while Techne's P/B ratio is 4.03, further supporting Incyte's valuation attractiveness [6] - Incyte's overall Value grade is A, while Techne's Value grade is C, highlighting Incyte's superior valuation metrics [6] Earnings Outlook - Incyte is noted for its improving earnings outlook, which enhances its attractiveness as a value investment compared to Techne [7]

INCA033989 Clinical Trial Results and Safety - INCA033989 demonstrated a favorable safety profile in ET patients, with only 1 out of 49 patients discontinuing therapy due to treatment-emergent adverse events [101, 135] - INCA033989 led to rapid and sustained normalization of platelet counts in previously treated ET patients [105, 135] - Hematologic responses were achieved early and sustained, with 86% of patients receiving ≥400 mg achieving a response [113, 115] - A reduction in peripheral blood mutCALR VAF was observed in 89% (34/38) of evaluable patients, correlating with hematologic responses [119, 120, 135] - Biomarker analysis supports a reduction in mutCALR stem/progenitor cells and megakaryocytes in patients achieving a hematologic response [121, 127, 135] INCA033989 Mechanism and Preclinical Data - INCA033989 is a high-affinity mutant CALR selective monoclonal antibody that selectively inhibits constitutive JAK/STAT signaling induced by mutCALR [94] - INCA033989 directly inhibits mutCALR+ CD34+ HSPCs and megakaryocytes, without affecting non-mutated, healthy cells [94] - In a mutCALR conditional knock-in mouse model of established MPN, INCA033989 treatment led to platelet normalization, reversal of anemia, and elimination of megakaryocyte hyperplasia in the bone marrow [90, 94] Essential Thrombocythemia (ET) and Unmet Needs - CALR mutations account for 25% of Essential Thrombocythemia cases [19] - Current ET treatments aim to reduce disease-associated risks but do not impact the natural history [26] - There is an unmet need for disease-modifying therapies in ET [25, 43] Future Development Plans - A registrational trial in ET is planned to be initiated by early 2026 [137]

Company Overview - Incyte Corporation is a commercial-stage healthcare company that has recently appointed Bill Meury as its new CEO, indicating a potential strategic shift for the company [1]. Leadership Change - The appointment of Bill Meury as CEO is significant due to his strong track record, which may influence the company's future direction and strategy [1].

Core Viewpoint - Incyte (INCY) has demonstrated strong performance over the past three months, with a 9.2% increase in share price, outperforming the industry which saw a decline of 1.3% [1][2][9] Pipeline and Regulatory Updates - Positive pipeline and regulatory updates have contributed to INCY's stock performance, including the FDA's approval of Monjuvi (tafasitamab-cxix) for a new cancer indication [3][4] - Monjuvi, in combination with Rituxan and Revlimid, is now approved for treating adult patients with relapsed or refractory follicular lymphoma, which is expected to boost sales [5] - Incyte secured worldwide exclusive rights for tafasitamab from MorphoSys AG in February 2024, enhancing its oncology portfolio [5] - A new collaboration with Qiagen aims to develop a diagnostic panel for myeloproliferative neoplasms (MPNs), supporting INCY's pipeline [6][7] Drug Performance - The FDA approved label expansions for both Monjuvi and Zynyz, further strengthening Incyte's oncology offerings [9] - Zynyz (retifanlimab-dlwr) received approval for use in combination with platinum-based chemotherapy for treating locally recurrent or metastatic squamous cell carcinoma of the anal canal [10] - The approval of Jakafi, a lead drug, continues to show strong sales across various indications, contributing significantly to revenue [13][14] Financial Estimates - INCY's shares currently trade at a price/sales ratio of 2.66x forward sales, lower than its historical mean of 4.23x but higher than the biotech industry average of 1.64x [20] - The Zacks Consensus Estimate for 2025 earnings per share (EPS) has decreased to $5.78 from $5.81 over the past 60 days, with a similar downward trend for 2026 [22] Market Position and Challenges - Despite recent successes, INCY remains heavily dependent on Jakafi, which accounts for over 65% of total revenues, and faces increasing competition [16][24] - The company has appointed a new CEO, Bill Meury, which may influence future strategic directions and pipeline developments [24]

Incyte shares rose Thursday after the drugmaker named Bill Meury its new CEO, effective immediately, to replace the retiring Hervé Hoppenot. https://t.co/COaakpC1HT ...