Core Insights - The presentation is focused on data from the company's program referred to as 989, which is significant for its implications in treating patients with essential thrombocythemia (ET) and myelofibrosis (MF) [1] Group 1: Presentation Context - The presentation was delayed due to adherence to ASH guidelines and the availability of speakers who were presenting scientific data at the meeting [1] - The session is expected to last approximately 45 minutes, during which the company will review data related to the 989 program [1] Group 2: Data Significance - Some of the data being discussed was previously presented in June at the AHA conference, indicating ongoing research and development efforts [1] - The company emphasizes the importance of the translational data and its relevance to the treatment of MF, highlighting the potential impact of their research [1]

Financial Data and Key Metrics Changes - The company expects to transition its business model post-Jakafi, aiming for a five-year compound annual growth rate (CAGR) of 15%-20% with multiple products projected to generate over $1 billion in revenue [7][19] - Jakafi sales are anticipated to be preserved with the launch of a once-daily formulation, expected in mid-2026, which could convert 15%-30% of patients to this new version, potentially saving nearly $750 million in sales [9][10] Business Line Data and Key Metrics Changes - The core business, excluding Jakafi, is projected to grow significantly, potentially matching Jakafi's revenue by 2029 [5] - The company has seven late-stage pipeline projects, including targeted treatments for myeloproliferative neoplasms and solid tumor oncology programs [6][19] - Opzelura, a topical treatment, finished the year with approximately $650 million in sales and is expected to grow at a 10% CAGR, potentially doubling by 2030 [27] Market Data and Key Metrics Changes - The U.S. market is seeing a shift from topical corticosteroids to non-steroidal topicals, with Opzelura positioned to benefit from this trend [27] - The company anticipates approval for Opzelura in moderate atopic dermatitis in Europe by mid to late 2026, which could significantly drive growth [28][29] Company Strategy and Development Direction - The company is focused on transitioning to a Hematology/Oncology and Immunology (I&I) company, with a strategy to build a sustainable growth curve post-2029 [5] - Business development efforts will aim to extend the core in hematology, oncology, and immunology [6] - The goal is to have a targeted therapy for every patient with myeloproliferative neoplasms by the end of the decade [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline's potential, emphasizing the importance of execution and the favorable positioning of their products in the market [7][26] - The company is aware of competition but believes it has a strong lead in its pipeline, particularly with the 989 mutant CalR antibody [26][19] Other Important Information - The company is preparing for the U.S. submission of povorcitinib in early 2026, with expectations of a launch by late 2026 or early 2027 [42] - The market for hidradenitis suppurativa (HS) is estimated to have around 5 million eligible patients, with the potential for povorcitinib to capture a significant share [44] Q&A Session Summary Question: What is the expected growth for Jakafi and its new formulation? - The once-daily formulation is expected to launch in mid-2026, with a potential conversion of 15%-30% of patients, preserving significant sales [9][10] Question: Can you elaborate on the 989 mutant CalR antibody and its significance? - The 989 antibody has shown promising results in normalizing platelet counts in patients with essential thrombocythemia and is expected to expand into myelofibrosis [14][15] Question: What is the growth outlook for Opzelura? - Opzelura is projected to grow at a 10% CAGR, with significant contributions from increased market penetration and potential new indications [27][28] Question: How does the company plan to address competition in the market? - The company acknowledges competition but believes its strong data and extensive prescriber base will help maintain its market position [36][26] Question: What are the timelines for upcoming submissions and approvals? - The company plans to submit for U.S. approval of povorcitinib in early 2026, with potential approval by late 2026 or early 2027 [42]

Summary of Incyte's Conference Call Company Overview - **Company**: Incyte Corporation - **Event**: Jefferies Healthcare Conference in London - **Key Speakers**: Bill Murray (CEO), Pablo Cagnoni (Head of R&D) Core Industry Focus - **Industry**: Biotechnology, specifically in hematology and oncology - **Key Areas of Focus**: - Transitioning from Jakafi to a broader portfolio in hematology, solid tumors, and INI (inflammatory and immune-related conditions) [5][6] Strategic Vision and Growth Plans - **Transition Strategy**: - Shift from being primarily a Jakafi company to a high-growth business in hematology and oncology [5] - Focus on three verticals: hematology (MPNs and blood cancers), solid tumor oncology, and INI [5][6] - **Growth Projections**: - Potential for the business to grow at a 15%-20% CAGR post-Jakafi, with expectations of having multiple products exceeding $1 billion in revenue [8][9] Product Pipeline and Development - **Jakafi**: - Core product facing loss of exclusivity by 2029, with plans to maintain growth through pipeline projects and cost management [7] - **mCALR Program**: - Significant for treating myelofibrosis (MF) and essential thrombocythemia (ET), with promising phase one data and upcoming updates at ASH [10][12] - **Clinical Data**: - Positive results in ET with normalization of platelets and reduction in disease burden [12][14] - Anticipated data at ASH to further validate the efficacy of the mCALR program [12][14] Competitive Landscape and Benchmarks - **Comparative Analysis**: - Current benchmarks for mCALR include SVR 35 rates, with Incyte's data showing competitive results compared to existing treatments [15][19] - **VAF Reduction**: - VAF (Variant Allele Frequency) is a lagging indicator of disease burden reduction, with ongoing studies to establish its correlation with clinical outcomes [20][21] Regulatory and Trial Plans - **Upcoming Trials**: - Plans to initiate pivotal trials for second-line ET and MF in 2026, with discussions ongoing with the FDA regarding trial design and endpoints [22][25] - **Regulatory Submissions**: - NDA submission for povorcitinib expected in Q1 2026, with additional phase three programs for prurigo nodularis and vitiligo [38] INI Franchise Development - **Povorcitinib**: - Positioned as a high-efficacy treatment for hidradenitis suppurativa, with plans to expand into other dermatological conditions [36][37] - **Market Potential**: - Expected to fill a treatment gap in immune-mediated skin conditions, complementing existing therapies [37][38] Investment Strategy - **R&D vs. External Development**: - Incyte maintains an agnostic approach to innovation, evaluating both internal and external projects based on strategic fit and potential return [39] Conclusion - Incyte is strategically positioned to transition from its reliance on Jakafi to a diversified portfolio in hematology and oncology, with a strong focus on innovative therapies and robust pipeline development. The company aims to leverage its research capabilities while exploring external opportunities to enhance its market presence and address unmet medical needs.

Core Insights - The company has a strong focus on its MPN (myeloproliferative neoplasms) portfolio, with three targeted therapies entering mid- to late-stage development, indicating a shift from nonspecific symptomatic therapies to mutation-specific targeted therapies [1] - The company has developed a potentially high-value solid tumor oncology portfolio, with ongoing programs that have not yet fully declared their potential [2]

Incyte FY Conference Summary Company Overview - **Company**: Incyte (NasdaqGS: INCY) - **Date of Conference**: November 10, 2025 Key Industry Insights Hematology and Oncology Focus - Incyte is primarily identified as a hematology company, focusing on myeloproliferative neoplasms (MPNs) with three targeted therapies in mid to late stages of development [4][5] - The company aims to transition from nonspecific symptomatic therapies to mutation-specific targeted therapies, which is expected to be a significant growth driver [4][5] R&D Capabilities - Incyte's R&D organization is described as high-quality and efficient, with a focus on fewer, higher-quality investments rather than diffuse spending [5][6] - The company plans to streamline costs while ensuring critical initiatives are funded adequately [5][6] Pipeline Opportunities Jakafi and Antibody Product Candidate 989 - Jakafi remains a leading JAK inhibitor, but the antibody product candidate 989 is positioned as a potential superior alternative for essential thrombocythemia (ET) and myelofibrosis (MF) [9][10] - The commercial opportunity for 989 in ET is estimated at $5 billion, while in MF, it is projected at $2.5 billion, with expectations of capturing significant market shares [11][12] Clinical Data and Future Trials - Phase one data for 989 shows promise in normalizing platelet counts and improving symptoms in ET and MF patients [13][14] - A phase three program for 989 is expected to start in mid-2026, with more data to be presented at the upcoming ASH meeting [10][11][14] Collaboration and Development Strategy - Incyte has partnered with Enable Injections to develop a subcutaneous formulation of 989, aiming to enhance patient convenience and adherence [21][23] - The acquisition of a JAK2 selective inhibitor is part of a broader strategy to provide comprehensive treatment options for MPNs [26][28] Inflammatory Portfolio Povorcitinib - Povorcitinib is being developed for immune-mediated skin conditions, with a focus on hidradenitis suppurativa (HS) [29][30] - The drug shows rapid pain relief and significant skin clearance rates, with potential to capture a substantial market share [31][33] Commercial Synergies - Incyte aims to leverage existing infrastructure from its Opzelura product to create commercial synergies with Povorcitinib, enhancing operational efficiency and market reach [34] Financial Performance and Growth Projections Opzelura - Opzelura has shown strong growth, with a reported 30% increase in revenue compared to the previous year, and is projected to reach peak sales of $1.5 billion in atopic dermatitis (AD) alone [36][37] Nectimbo - Nectimbo is off to a strong start in the GVHD market, with annualized sales expected to approach $200 million by year-end [40] - The product is primarily used in third-line therapy, with ongoing studies to demonstrate its utility in combination with Jakafi [41][43] Conclusion - Incyte is strategically positioned in the hematology and oncology sectors, with a robust pipeline and a focus on targeted therapies. The company is actively pursuing collaborations and acquisitions to enhance its product offerings and market presence, while also demonstrating strong financial growth across its portfolio.