Core Insights - Incyte Corporation reported strong second-quarter 2025 results, with adjusted earnings of $1.57 per share, surpassing the Zacks Consensus Estimate of $1.39, and a significant improvement from an adjusted loss of $1.82 per share in the same quarter last year [2][10] Financial Performance - Total revenues for the second quarter reached $1.22 billion, reflecting a 16% year-over-year growth, driven by the performance of Jakafi and Opzelura, and exceeding the Zacks Consensus Estimate of $1.15 billion [3][10] - Jakafi sales amounted to $763.8 million, an 8% increase from the previous year, beating the Zacks Consensus Estimate of $744.1 million [4][10] - Opzelura cream generated $164.5 million in sales, a 35% year-over-year increase, surpassing the Zacks Consensus Estimate of $148.6 million [5][10] - Newly approved Zynyz generated $8.9 million in sales, significantly up from the previous year and exceeding the Zacks Consensus Estimate of $2.7 million [6] - Iclusig sales were $32.7 million, up 22% year over year, beating the Zacks Consensus Estimate of $29 million [6] - Pemazyre sales reached $22.2 million, reflecting a 9% increase and surpassing the Zacks Consensus Estimate of $20.2 million [6] - Minjuvi's revenues were $31.1 million, flat year over year, missing the Zacks Consensus Estimate of $34.3 million [7] - Axatilimab-csfr (Niktimvo) recorded $36.2 million in sales in its second quarter post-launch [8] Guidance and Future Outlook - The company raised its 2025 guidance for Jakafi revenues to a range of $3-$3.05 billion, up from the previous estimate of $2.95-$3 billion, while maintaining Opzelura's guidance at $630-$670 million [10][18] - Adjusted R&D expenses are now expected to be between $1.82-$1.84 billion, an increase from the prior guidance of $1.78-$1.81 billion [18] - Adjusted SG&A expenses are projected to be in the range of $1.16-$1.19 billion [18] Market Performance - Incyte's shares have increased by 1.6% year to date, outperforming the industry growth of 0.6% [9]

Core Insights - Incyte Corporation reported a second-quarter revenue of $1.22 billion, a 16% increase year over year, surpassing the consensus estimate of $1.15 billion [1] - The adjusted earnings per share were $1.57, a significant improvement from a loss of $1.82 a year ago, and also beating the consensus estimate of $1.41 [1] Financial Performance - Jakafi's net product revenue increased by 8% to $764 million, driven by an 8% rise in paid demand across all indications [9] - Opzelura's net product revenue rose by 35% to $164 million, attributed to increased patient demand and refills for atopic dermatitis and vitiligo [9] - Minjuvi/Monjuvi's net product revenue remained stable at $31.13 million [9] Future Guidance - The company raised its revenue guidance for Jakafi to $3 billion—$3.05 billion for 2025, up from the previous guidance of $2.95 billion—$3 billion [4] - Other oncology net product revenues are now expected to be $500 million—$520 million, an increase from the prior guidance of $415 million—$455 million [4] - Opzelura's sales guidance remains unchanged at $630 million—$670 million, with expectations of double-digit CAGR in the U.S. and internationally over the next several years [5] Product Development and Market Position - Incyte has several important product launches planned between now and 2030, focusing on transitioning to new durable product growth drivers by 2029 [6] - The FDA approved Monjuvi in combination with rituximab and lenalidomide for adult patients with relapsed or refractory follicular lymphoma [3] - The FDA extended the review period for Opzelura for children aged 2-11 years with mild to moderate atopic dermatitis, with a new action date set for September 19 [8] Market Sentiment - Despite the positive financial results, analysts express concerns about the long-term outlook due to the loss of exclusivity for Jakafi at the end of 2028 [6] - William Blair rates Incyte stock at Market Perform, indicating that while there are opportunities for growth, near-term clinical readouts may not significantly change investor sentiment [7][10]

Core Insights - Incyte reported $1.22 billion in revenue for Q2 2025, a 16.5% year-over-year increase, with an EPS of $1.57 compared to -$1.82 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] - The company’s revenue and EPS surprises were +5.56% and +12.95% respectively, indicating stronger performance than analysts anticipated [1] Revenue Breakdown - Product royalty revenues reached $151.12 million, surpassing the estimated $145.98 million, reflecting a 10.2% increase year-over-year [4] - Net product revenues for Iclusig were $32.73 million, exceeding the $28.99 million estimate, marking a 21.8% year-over-year growth [4] - Total net product revenues amounted to $1.06 billion, above the $985.29 million estimate, showing a 16.9% increase year-over-year [4] - Net product revenues for Pemazyre were $22.19 million, compared to the $20.24 million estimate, representing a 9.5% year-over-year change [4] - Net product revenues for Minjuvi/Monjuvi were $31.13 million, slightly below the $34.25 million estimate, with a minimal year-over-year change of 0.1% [4] - Net product revenues for Opzelura reached $164.5 million, exceeding the $148.56 million estimate, reflecting a significant 35.2% year-over-year increase [4] - Net product revenues for Jakafi were $763.79 million, surpassing the $744.1 million estimate, with an 8.2% year-over-year growth [4] - Net product revenues for Zynyz were $8.92 million, significantly above the $2.73 million estimate, indicating a remarkable 1270.4% year-over-year increase [4] - Royalty revenues for Olumiant were $33.48 million, slightly below the $33.57 million estimate, with a 5.6% year-over-year increase [4] - Royalty revenues for Tabrecta were $6.63 million, below the $6.88 million estimate, reflecting a 25.2% year-over-year increase [4] - Royalty revenues for Jakavi were $109.71 million, exceeding the $103.35 million estimate, with a 10.5% year-over-year change [4] - Net product revenues for Niktimvo were $36.15 million, significantly above the $20.33 million estimate [4] Stock Performance - Incyte's shares returned +3% over the past month, compared to the Zacks S&P 500 composite's +3.6% change, indicating a performance in line with the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3]

Company Performance - Incyte reported quarterly earnings of $1.57 per share, exceeding the Zacks Consensus Estimate of $1.39 per share, and showing a significant improvement from a loss of $1.82 per share a year ago, resulting in an earnings surprise of +12.95% [1] - The company achieved revenues of $1.22 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 5.56%, and up from $1.04 billion in the same quarter last year [2] - Over the last four quarters, Incyte has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Outlook - Incyte shares have increased approximately 1.6% since the beginning of the year, underperforming compared to the S&P 500's gain of 8.6% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the upcoming quarter is $1.57 on revenues of $1.22 billion, and for the current fiscal year, it is $5.77 on revenues of $4.71 billion [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Incyte belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Incyte's stock performance [5]

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 [22][20] - Total revenues were $1,220 million, up 16% compared to the same period last year [22] - Jakafi net product revenue was $764 million for Q2, representing an 8% growth year-over-year [22] - Opsilura's total net product revenue for Q2 was $164 million, a 35% increase year-over-year [23] - The company raised its full-year revenue guidance for Jakafi to a range of $3,000 million to $3,050 million [22] Business Line Data and Key Metrics Changes - Opsilura's U.S. net product revenue was $132 million, up 19% year-over-year, driven by increased patient demand [24] - Nictimvo's net product revenues in Q2 were $36 million, with strong commercial execution and high patient need [25] - Other hematology-oncology products generated net product revenues of $131 million, a 66% year-over-year increase, primarily due to the Nectinvo launch [27] Market Data and Key Metrics Changes - Opsilura has close to 20,000 prescribers and is showing strong growth across atopic dermatitis and vitiligo [9] - Nictimvo achieved approximately 82% account penetration with rapid uptake in BMT centers across the U.S. [25] - The company expects continued strong performance in the pediatric indication for Opsilura, with an FDA approval anticipated in September [20] Company Strategy and Development Direction - The company aims to build a comprehensive plan for acceleration that includes R&D productivity, operating expenses, and capital allocation [11] - Strategic priorities include taking care of core products, accelerating product development, and careful capital allocation [16][19] - The focus is on converting scientific advancements into regulatory approvals and business results, particularly in hematology oncology and immunology [10][19] 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 [19][40] - The company is navigating challenges to transition to new product growth drivers by 2029 [8] - Management highlighted the strong demand for Jakafi and Opsilura, with expectations for continued growth if execution remains strong [20][40] Other Important Information - The company recorded a benefit of $242 million from a contract dispute settlement with Novartis, which also reduced COGS [28] - R&D expenses for Q2 were $495 million, with an increase of 8% year-over-year, driven by investments in late-stage development assets [29] - The company plans to present full Phase III results for ruxolitinib cream and advance povastatinib in three indications, with significant opportunities for revenue creation [38][39] Q&A Session Summary Question: Importance of therapeutic areas at Incyte - Management indicated that MPNs are the most important therapeutic area, with a focus on transforming treatment in this space [44][45] 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 [54][55] Question: Initial data for six seventeen F and enthusiasm for povastatin - Management explained that the delay in data release is due to the need for higher doses and longer follow-up to obtain comprehensive data [60] Question: Dynamics of Nictimvo launch and inventory impact - Management highlighted strong penetration in the market and noted that inventory accounted for less than 5% of Q2 sales, indicating strong demand [77] Question: Balancing investment in pipeline advancement and external opportunities - Management emphasized the importance of capital allocation and the need to evaluate both internal and external investments without forcing a specific ratio [97][100]

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]

Financial Performance - Total product revenues reached $1059 million, a 17% year-over-year increase[16] - Total revenues increased by 16% year-over-year, reaching $1216 million[17] - Jakafi net sales were $764 million, representing an 8% year-over-year growth[20] - Opzelura net sales totaled $164 million, a 35% year-over-year increase[29] - Niktimvo net sales reached $36 million in Q2 2025[30] - Other Hematology & Oncology global net sales were $131 million, a 66% year-over-year increase[37] Guidance and Expectations - Full-year 2025 Jakafi revenue guidance raised to $3000 - $3050 million[25] - Full-year 2025 Opzelura revenue guidance set at $630 - $670 million[29] - Full-year 2025 Other Hematology & Oncology revenue guidance raised to $500 - $520 million[38] Research and Development - The company aims to have more than 10 high impact launches by 2030[6, 43] - Initiate registrational trial in ET by early 2026[46] - NDA submission for povorcitinib is expected in early 2026[6, 54]

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].