Incyte (INCY) TD Cowen 46th Annual Health Care Conference summary

Strategic business outlook

• Core business excluding Jakafi is projected to grow from $1.2B in 2025 to $1.7B by 2026, targeting $3–$4B by 2030, driven by Opzelura, Niktimvo, Monjuvi, povorcitinib, and XR.

• Pipeline execution is a priority, with 7 late-stage products and estimated peak sales of $10B unadjusted; significant data readouts have increased pipeline visibility.

• Business development will focus on long-term revenue and cash flow, not short-term gap filling; cost management remains a focus, with SG&A up 4% and G&A down 10% in 2026.

Commercial and product updates

• Opzelura sees strong US demand with 250,000 annual patients, 15–20% Rx growth, and plans to expand the sales force and target NP/PA segments in 2026.

• European AD indication for Opzelura could drive $200–$300M in revenue; HS data expected end of 2026 may unlock further growth.

• Monjuvi and Niktimvo are key oncology growth drivers, with Monjuvi frontline DLBCL data and Niktimvo expansion into earlier lines expected to boost sales.

Pipeline and regulatory milestones

• INCB000928 shows high hematological response in ET and promising MF data; regulatory clarity for ET second line expected by Q1 earnings, MF by Q3, and frontline data by year-end.

• Subcutaneous delivery for INCB000928 is prioritized, with a user-friendly on-body device planned within 6–12 months of launch.

• First-line opportunities in ET and MF are being explored, with second-line data potentially shifting treatment paradigms.