Incyte (INCY) Goldman Sachs 45th Annual Global Healthcare Conference summary

Business outlook and strategy

• Diversified revenue streams and expanded commercial portfolio over the past five years.

• Six commercial-stage products in the U.S., with expansion into autoimmune and dermatology.

• Over 10 potential approvals expected by 2030 to offset Jakafi's patent expiry.

• Confidence in managing through loss of exclusivity with a robust pipeline.

Jakafi performance and lifecycle management

• Q1 sales impacted by anticipated seasonal pricing and inventory dynamics; 2024 guidance reaffirmed at 5% growth.

• Demand growth, especially in PV and GVHD, expected to drive revenue.

• IRA changes in 2024 and 2025 expected to improve patient access and drive further PV growth.

• Lifecycle strategy includes combination therapies (ALK2, BET inhibitors) and a once-daily formulation.

• New programs targeting mutant CALR and V617F mutations in MPNs are advancing in the clinic.

Opzelura growth and market development

• Opzelura annualizing at $350M in AD and vitiligo, with over 50% YoY growth.

• Peak sales potential for AD estimated at $1.5B; pediatric filing planned this year.

• Early-stage vitiligo market requires patient activation and improved adherence.

• Ex-U.S. launches in Germany, France, Italy, and Spain contributing ahead of expectations.

• Broad payer coverage and unique speed of itch reduction differentiate Opzelura in AD.