Incyte : Q1 2026 Financial and Corporate Update Presentation

Published: 2026-04-28 08:47:10 ET INCY

Published on 04/28/2026 at 08:47 am EDT

First Quarter 2026 Financial Results & Business Update

APRIL 28 , 2026

Introduction

Alexis Smith | VP, Investor Relations

Business Performance

04 Financial Results

Tom Tray | Principal Financial Officer

Closing Remarks

Q&A

Steven Stein, M.D. | EVP, Chief Medical Officer and Head of Late-Stage Development

Dave Gardner | EVP, Chief Strategy Officer

Bill Meury | Chief Executive Officer 05

R&D Highlights

Pablo Cagnoni, M.D. | President and

Global Head of R&D

Bill Meury | Chief Executive Officer

Mohamed Issa, Pharm.D. | EVP, Head of US Commercial

Agenda

Forward looking statements

Except for the historical information set forth herein, the matters set forth in this presentation contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte's potential for continued performance and plans for sustainable, long-term growth; the strength of Incyte's core business; net sales guidance for FY26, including guidance for Jakafi, Opzelura and Hematology and Oncology; expectations regarding the core business ex-Jakafi; the potential and progress of programs in our pipeline and the potential sales opportunities presented by the pipeline; anticipated pipeline milestones and expectations regarding clinical trials to be initiated, ongoing clinical trials and data readouts, including for '989 (mutCALR), '734 (KRASG12D), '890 (TGFβR2xPD-1), '667 (CDK2), povorcitinib, ruxolitinib cream, axatilimab and '058 (JAK2V617F); expectations regarding regulatory submissions, approvals and launches across Jakafi (ruxolitinib) XR, Opzelura (ruxolitinib) cream, Monjuvi (tafasitamab-cxix) and povorcitinib; and 2026 newsflow items.

These forward-looking statements are based on Incyte's current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including risks and uncertainties regarding research and development of products and product candidates, the sufficiency of clinical trial data to meet applicable regulatory standards or warrant continued development, the ability to enroll sufficient numbers of subjects in clinical trials and the ability to enroll subjects in accordance with planned schedules, determinations made by the FDA, EMA and other regulatory agencies, Incyte's dependence on its relationships with and changes in the plans of its collaboration partners, the efficacy or safety of Incyte's products and the products of Incyte's collaboration partners, the acceptance of Incyte's products and the products of Incyte's collaboration partners in the marketplace, market competition, unexpected variations in the demand for Incyte's products and the products of Incyte's collaboration partners, the effects of announced or unexpected price regulation or limitations on reimbursement or coverage for Incyte's products and the products of Incyte's collaboration partners, sales, marketing, manufacturing and distribution requirements, including Incyte's and its collaboration partners' ability to successfully commercialize and build commercial infrastructure for newly approved products and any additional products that become approved, greater than expected expenses, including expenses relating to litigation or strategic activities, variations in foreign currency exchange rates, and other risks detailed in Incyte's reports filed with the Securities and Exchange Commission, including its annual report on form 10-K for the year ended December 31, 2025. Incyte disclaims any intent or obligation to update these forward-looking statements.

Opening Remarks & Business Progress

Incyte's progress year-to-date

Total net sales of $1.10B in 1Q26, a 20% growth YoY1

Advanced povorcitinib development program, including regulatory application acceptance in HS and positive Phase 3 results in nonsegmental vitiligo

Four anticipated approval and launches across Jakafi XR, Opzelura®, Monjuvi®/Minjuvi® and povorcitinib into early-20272

Progressed late-stage pipeline with ten Phase 3 studies underway; trial initiations for '989 in 2L ET and 2L MF on track

Evolution of leadership team

1Reflects net sales, excluding royalty revenue and milestone and contract revenue. 2Jakafi XR resubmission to U.S. FDA, Opzelura for moderate AD in Europe, Monjuvi/Minjuvi for 1L DLBCL, and povorcitinib for HS.

Total revenue reflects 21% year-over-year

1Q26

Total Revenue1

Total net sales Total revenue

+21%

1Q 2026

Total Revenue1

growth 1Q25

$1.05B

$1.27B 1Q26 total revenue (+21% vs. 1Q25)

$1.10B total net sales

$168M royalty & contract revenue

1Q24

1Q23

1Q22

$881M

$809M

$733M

1Reflects net sales, royalty revenue, and milestone and contract revenue.

Commercial execution drives increase in total net sales

$1.10B 1Q26 total net sales (+20% vs. 1Q25)

1Q26

1Q25

1Q24

FY26 total net sales guidance of

$4.77-$4.94B

1Q23

1Q22

Total Net Sales1

Jakafi® Core Business (ex-Jakafi)

$730M

$693M

$606M

+20%

$922M

1Q 2026

Net Sales1

Jakafi commercial

Total Net Sales

U.S. Jakafi1

+7%

1Q 2026

performance driven by sustained demand

$758M 1Q26 net sales (+7% vs. 1Q25) Demand +6% vs. 1Q25

Broad based growth across PV, MF and GVHD

FY26 net sales guidance of $3.22-$3.27B

Channel inventory within normal range

$545M

1Q22

$580M

1Q23

$572M

1Q24

$709M

1Q25 1Q26

Net Sales1

Core business (ex-Jakafi) delivers 63% year-over-year growth

$347M 1Q26 total net sales (+63% vs. 1Q25)

Diversified and resilient revenue mix provides foundation for sustainable long-term growth

Potential to reach $3-$4B by 2030

$61M

Total Net Sales (ex-Jakafi)1

+63%

$213M

$158M

$113M

1Q 2026

Net Sales1

Products Opzelura Niktimvo

Monjuvi/Minjuvi Zynyz® Pemazyre® Iclusig®

1Q22 1Q23

1Q24

1Q25 1Q26

1Reflects net sales, excluding royalty revenue and milestone and contract revenue. JAKAFI, OPZELURA, MONJUVI/MINJUVI, PEMAZYRE and ZYNYZ are our registered trademarks and NIKTIMVO is our trademark.

Opzelura up 20% year-over-year with strong demand across U.S. and

Total Net Sales Opzelura1

+20%

1Q 2026

Net Sales1

international markets

$143M 1Q26 net sales (+20% vs. 1Q25)

U.S. net sales of $106M (+12% vs. 1Q25)

• +17% TRx growth

Ex-U.S. net sales of $37M (+56% vs. 1Q25)

$13M

$119M

$86M

$57M

FY26 net sales guidance of $750-$790M

1Q22 1Q23

1Q24

1Q25 1Q26

Strong Hematology and Oncology performance driven by recent launches

$204M 1Q26 net sales (+116% vs. 1Q25) driven by:

Niktimvo 1Q26 net sales of $55M (+305%)2

Monjuvi/Minjuvi 1Q26 net sales of $49M (+67%)2

Zynyz 1Q26 net sales of $41M (+1,276%)2

Total Net Sales Hematology and Oncology1

+116%

$94M

$72M

$49M $57M

1Q 2026

Net Sales1

Products Niktimvo Monjuvi/Minjuvi Zynyz Pemazyre Iclusig

FY26 net sales guidance of $800-$880M

1Q22 1Q23

1Q24

1Q25 1Q26

1Reflects net sales, excluding royalty revenue and milestone and contract revenue.

2Reflects sales growth compared to the first quarter of 2025.

Research & Development Highlights

R&D progress year-to-date

Hematology

Registrational development efforts progressing:

Positive EOP meeting with FDA for

'989 2L ET Ph. 3 development program

Completed Ph. 1 study of '989 SC administration in HV

Initiated Ph. 1 trial evaluating '058 ASD formulation in MPN patients

Results of Ph. 3 frontMIND trial of tafasitamab in 1L DLBCL to be presented at ASCO

Oncology

Oncology pipeline in pivotal development:

EC approval of Zynyz for SCAC

Initiated Ph. 3 DAWN-301 study for

'734 (KRASG12D) in 1L PDAC

Ph. 3 study ongoing for '890 (TGFβR2xPD-1) in 1L MSS CRC

Pivotal studies initiated and ongoing for

'667 (CDK2) in PROC

IAI

Development milestones pave path for povorcitinib approval:

Application acceptance by FDA for povorcitinib in HS with anticipated approval in 1Q27

54-week data of povorcitinib in HS presented at AAD

Positive results for both Ph. 3 trials of povorcitinib in vitiligo (STOP-V1 & STOP-V2)

'989: Initiation of Phase 3 trial in 2L ET on track for mid-year

Positive EOP meeting with FDA in Q1 Key Ph. 3 trial design features:

Type 1 and non-type 1 mutCALR positive ET patients

750mg IV Q2W; dose escalation to 2500mg IV Q2W

based on platelet response

Primary endpoint of DCHR at Week 241

Secondary endpoints to include mutCALR VAF reduction from baseline

people in the U.S. with

Only

25%

achieve a complete HR2

CALR+ ET

~25%

are resistant or intolerant to HU3

50%

have a suboptimal response to HU or SOC2

1DCHR is defined as the confirmed reduction of platelet count to < 400 x 109/L and absence of WBC elevation to > 10 x 109/L by Week 12 maintained for at least 12 weeks and the absence of any major thrombotic or hemorrhagic events or disease progression 2Carobbio A, et al. Blood. 2010;116(7). 3Sever M, et al. Leuk Lymphoma. 2014.

'989: Substantial progress to date, with multiple

development inflection points ahead

ET MF SC

Agreement with FDA on SC

Phase 1 trial in HV completed

Mid-26: Ph. 1 trial in mutCALR patients

Enrollment of 1L MF cohort ('989 vs. '989 + ruxolitinib)

Mid-26: Updated data from ongoing Ph. 1 cohort (2L MF)

2H 26:

Ph. 3 trial initiation in 2L MF

Data from Ph. 1 cohort in 1L MF

Regulatory alignment on pivotal development program (2L)

Mid-26:

Ph. 3 trial initiation in 2L ET

Updated data from ongoing Ph. 1 cohort (2L ET)

'734: Potential first KRAS G12D targeted therapy in

PDAC with registrational efforts underway

Diagnosed

PDAC patients

G12D is the most prevalent driver

mutation in PDAC (40% of patients)1

No targeted therapies

SOC has been chemotherapy for decades

Very low 5-year survival rate (<10%)2

Phase 3 trial of '734 in combination with SOC chemotherapy in

1L PDAC underway

Investigators choice of GEMNabP or mFOLFIRINOX

Extensive Ph. 1 program in G12D-mutated solid tumors, ~400 patients including 200+ with PDAC3

Manageable tolerability profile with +GEMNabP or +mFOLFIRINOX without compromising chemotherapy dose intensity in PDAC4

Ph. 1 efficacy and safety data in combination with SOC in 1L PDAC patients in 2H 2026

Evaluation in other tumor types ongoing

High impact oncology portfolio in pivotal development

'890

TGFβR2xPD-1 bispecific

'734

KRASG12D inhibitor

'667

CDK2 inhibitor

Ovarian (CCNE1+)

Addresses genetically defined, high-risk ovarian cancer subset

MAESTRA-1 & -2 trials ongoing

2H 26: Planned Ph. 3 initiation (1L maintenance)

PDAC (KRASG12D)

First targeted therapy for the most common PDAC driver

Ph. 3 trial in 1L PDAC ongoing

2H 26: Ph. 1 data of '734 in combination with SOC chemotherapy (GEMNabP or mFOLFIRINOX) in 1L PDAC

MSS colorectal cancer

Large, underserved population with no approved IO options

Ph. 3 trial in 1L MSS CRC ongoing

2H 26: Ph. 1 data of '890 in combination with SOC chemotherapy (FOLFOX + bevacizumab) in 1L MSS CRC

Povorcitinib: Compelling clinical evidence establishes clear path to approval across indications

Continuous improvements in clinical outcomes observed with long-term treatment across studies1,2

Long-term disease control:

57-71% of patients achieved HiSCR50

39-57% of patients achieved HiSCR75

19-29% of patients achieved HiSCR100

Lesion resolution: Up to 20% of patients achieved

full clearance (ANdT=0)

Clinically meaningful improvements in skin pain, fatigue and QoL measures

Both doses (45mg, 75mg) were generally well-tolerated

Statistically significant reductions in facial vitiligo vs. placebo observed across both studies3

Both studies achieved primary endpoint of reduction in F-VASI75 from baseline at Week 523,4

STOP-V1: 18.9% vs 6.8% placebo (p<0.001)

STOP-V2: 18.9% vs 3.1% placebo (p<0.001)

Statistically significant and clinically meaningful improvements observed in key secondary endpoints, including T-VASI50 at Week 52

Overall safety profile consistent with prior studies, with no new safety signals; 30mg dose well-tolerated

Late-stage IAI portfolio addressing immune-mediated derm conditions

Ruxolitinib Cream

JAK1/2 small molecule

Povorcitinib

JAK1 small molecule

Hidradenitis Suppurativa

Potential third indication to expand addressable market

Ph. 3 studies ongoing

(TRuE-HS1; TRuE-HS2)

4Q 26: Ph. 3 topline data

Hidradenitis Suppurativa

Anchor indication with large commercial opportunity

Regulatory applications accepted by FDA & EMA

Late-26 | 1Q 27: Anticipated approval & launch (EU | U.S.)1

Nonsegmental Vitiligo

Broadens franchise expansion to moderate-severe

Positive Ph. 3 results

(STOP-V1; STOP-V2)

1H 27: Planned regulatory submissions

Prurigo Nodularis

JAK dependent immuno-derm disease

Ph. 3 studies ongoing

(STOP-PN1; STOP-PN2)

4Q 26: Ph. 3 topline data

2026 pipeline milestones

YTD Q2

'734 Ph. 3 initiated (1L PDAC)

'890 Ph. 3 initiated

(1L MSS CRC)

Povorcitinib NDA acceptance (HS)

Povorcitinib Ph. 3 data (nonsegmental vitiligo)

Q3 Q4

Tafasitamab sBLA submission (1L DLBCL)

Opzelura Ph. 3 data (HS)

Povorcitinib Ph. 3 data (PN)

Povorcitinib HS approval (EU)

Axatilimab +ruxolitinib data (1L cGVHD)

Mid-26

'989 Ph. 1 data (2L ET+MF)

'989 trial initiation (Ph. 3 2L ET)

Ruxolitinib XR approval and launch

2H '26

Povorcitinib Ph. 2 PoC data (asthma)

'989 Ph. 1 data (1L MF)

'989 Ph. 3 initiation (2L MF)

'058 Ph. 1 data

'890 Ph. 1 data (1L combo in MSS CRC)

'734 Ph. 1 data (1L combo in PDAC)

'667 Ph. 3 initiation (1L maintenance ovarian cancer)

Opzelura moderate AD approval and launch

Disclaimer

Incyte Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 12:46 UTC.