Incyte (INCY) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Commercial performance and growth outlook

• Achieved nearly $2 billion in H1 2024 revenues, up 9% year-over-year, driven by strong demand for key products in multiple indications.

• FDA approval for axatilimab in third-line chronic GVHD, with launch expected in the coming months.

• Jakafi projected to surpass $3 billion in U.S. peak sales by 2028, with growth led by PV and GVHD; IRA changes in 2025 expected to further boost PV access.

• No negative impact observed from new MF competition; demand and therapy duration remain stable or slightly increased.

• Opzelura sales split 60/40 between AD and vitiligo, with growth in both; adherence and patient activation initiatives underway to drive further expansion.

Pipeline development and strategic focus

• Positive Phase III results for retifanlimab (anal and lung cancer) and tafasitamab (FL); data to be presented at ESMO and later in the year.

• Expanded IAI pipeline to four programs, including two acquired from Escient, all with best-in-class and blockbuster potential.

• Data from Escient programs and pivotal povorcitinib trials expected in 2025; oncology pipeline refocused on high-impact, first/best-in-class assets.

• Aggressively advancing high-potential programs while deprioritizing others; multiple data readouts planned over the next 6–12 months.

• CDK2 inhibitor data to be presented at ESMO, with focus on selectivity and consistent pharmacology.

Lifecycle management and innovation

• Jakafi lifecycle managed through new formulations (once-daily XR), combination strategies (BET and ALK2 inhibitors), and novel targets (mutant CALR, JAK2 V617F).

• BET inhibitor shows promising symptom and spleen reduction; further combination data expected this year to inform pivotal trial plans.

• ALK2 inhibitor aims to prevent hemoglobin drop in Jakafi-treated patients; more data needed before go/no-go decision.

• Fixed-dose or co-packaged combinations planned to maintain branded Jakafi use post-LOE.

• Mutant CALR and V617F programs could dramatically expand the addressable MPN population, with strong IP protection and early clinical progress.