Incyte (INCY) 8th Annual Wolfe Research Healthcare Conference summary

Business outlook and capital allocation

• Ex-JAKAFI core business grew >30% YoY in Q3; target is at least $3B-$4B by 2030, supported by XR, povorcitinib and international OPZELURA launches.

• Pipeline assets moved from phase I to phase III over the past 12 months; management estimates $8B-$10B of unadjusted potential and targets 10%-15% CAGR post-2029.

• Business development will prioritize assets that can be approved and contribute in 2029-2032; therapeutic area and development stage are flexible.

• Cash was ~$4B and could reach $6B if unused; management said execution is increasingly central, with pipeline biology risk lower than at the start of 2026.

Near-term launches and commercial priorities

• Povorcitinib HS approval is expected in early 2027; management cited a potential label spanning pre- and post-biologic patients and plans to resource a launch covering ~10,000 physicians.

• JAKAFI XR conversion was ~3%; expected range is 10%-30%, with 15% as the midpoint, while 80%-90% formulary coverage is expected by year-end 2026.

• Povorcitinib PN data and OPZELURA mild-to-moderate HS data were expected toward year-end; PN and vitiligo approvals were expected in early 2028.

• NIKTIMVO, MONJUVI and ZYNYZ remain on a good trajectory; MONJUVI frontline DLBCL FDA action is expected in early 2027, and modest share could double its size.

• Povorcitinib could approach or exceed $1B in sales across HS, PN and vitiligo; HS alone could approach $500M if utilization skews post-biologic.

CALR programs and MPN development

• ASH data will include a larger cohort of JAK-eligible frontline MF patients treated with 989, with four additional months of follow-up; management sees a path to frontline MF approval.

• A frontline MF study with 989 is planned to launch in H1 2027; design and endpoint details are expected in early 2027 after data review and FDA discussions.

• 798 preclinical data indicate 70-fold greater potency against non-type 1 mutations, broader non-canonical mutation coverage and a predicted 50-day human half-life; clinical entry is planned via prefilled syringe, with pivotal trials targeted for 2028 if development proceeds well.

• Management aims for 989 to be the first approved CALR antibody, followed by 798; it believes 798 could make 989 obsolete if approved.