Incyte (INCY) Barclays 28th Annual Global Healthcare Conference summary

Business overview and strategic direction

• Focused on hematology, emerging solid tumor oncology, and immunology, with hematology as the core identity.

• Solid tumor oncology business gained momentum in 2025 with G12D and TGFβR2xPD-1 programs now in phase III.

• Immunology anchored by Opzelura, with povorcitinib approval expected by late 2026 or early 2027.

• Core business (excluding Jakafi) projected to match Jakafi's size by 2030, with $1.2B revenue in 2025 and 50% YoY growth.

• Business development will be used to strengthen and extend the core business.

Post-Jakafi growth and pipeline advancement

• Not seeking a direct Jakafi replacement; focus is on top-tier growth post-2029 and durable revenue.

• Core business expected to grow at 15%-20% CAGR, reaching $3B-$4B by 2030, driven by four key product launches in the next 12-18 months.

• Pipeline progress in 2025 provided proof-of-concept and phase III data for multiple assets, increasing growth visibility.

• Seven pipeline assets account for 80% of R&D investment, with a more focused and strategically aligned pipeline.

• Business development will be targeted and selective, aiming for an all-weather business into the 2030s.

Myeloproliferative neoplasms and mCALR program

• Phase I data for INCB0989 in MF and ET showed high hematological response and molecular impact.

• Approval of INCB0989 in second-line ET expected to reshape hydroxyurea use.

• Phase III studies for ET and MF planned to start mid-to-late 2025, with ongoing FDA discussions on study design and endpoints.

• Subcutaneous formulation of INCB0989 entering clinic, with device integration planned for pivotal trials by late 2025.