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

Business overview and strategic direction

• Focused on hematology, emerging solid tumor oncology, and immunology, with key pipeline assets advancing through 2026 and beyond.

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

• Four major product launches planned in the next 12–18 months to drive core business growth.

• Pipeline includes seven key assets, with 80% of R&D investment focused on these programs.

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

Jakafi transition and growth strategy

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

• Core business projected to grow at a 15–20% five-year CAGR, reaching $3–4B by 2030.

• Success measured by advancing pipeline programs and maintaining a strategically aligned, focused portfolio.

• Four upcoming launches: Jakafi XR, Monjuvi for frontline DLBCL, Opzelura for moderate AD in Europe, and povorcitinib.

Myeloproliferative neoplasms and mCALR program

• Phase I data for INCB0989 in MF and ET show 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 year, with ongoing FDA discussions on endpoints and population.

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

• Anemia response with INCB0989 seen as a key differentiator, indicating disease modification and improved bone marrow function.