Incyte (INCY) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic and clinical evolution

• Pipeline has significantly advanced in the past year, now including proof-of-concept and phase III data for multiple assets such as CALR antibody 989, G12D inhibitor, and TGF-beta by PD-1, plus the addition of latarcibart via acquisition.

• Greater visibility into post-2029 growth, with a focus on converting late-stage trials into approvals and revenue, aiming for $3–4 billion in core business sales by 2030.

• Targeting 15–20% CAGR from 2030–2035 by launching de-risked pipeline products and reducing loss-of-exclusivity exposure.

JAKAFI and MPN franchise

• XR formulary coverage expected to reach 70–80% by year-end, supporting transition and aiming to preserve up to $750 million in sales during LOE.

• Conversion of new and continuing patients to XR is key for bridging revenue through 2027.

CALR antibody 989 development

• Pivotal trials for second-line ET underway; second-line MF trial design to be detailed at next earnings call.

• Frontline MF trial with 989 planned for early 2027, with ASH data to inform study design and regulatory discussions on endpoints.

• Next-generation CALR antibody with improved potency and half-life to be presented at ASH.