Slide 1: 2025 First Quarter Financial and Corporate Update
2025 First Quarter Financial and Corporate Update April 29, 2025
Slide 2: First Quarter 2025 Earnings Call Agenda
First Quarter 2025 Earnings Call Agenda Introduction Greg Shertzer Investor Relations Key Highlights & Commercial Hervé Hoppenot Review Chief Executive Officer Financial Review Christiana Stamoulis Chief Financial Officer R&D Update Pablo Cagnoni Head of Research & Development Closing Remarks Hervé
Slide 3: Forward Looking Statements
Forward Looking Statements Except for the historical information set forth herein, the matters set forth in this release contain predictions, estimates and other forward-looking statements, including any discussion of the following: Incyte’s potential for continued performance and growth; Incyte’s a
Slide 4: First Quarter Highlights & Commercial Review
First Quarter Highlights & Commercial Review Hervé Hoppenot, Chief Executive Officer
Slide 5: On Track to Achieve Our Long-Term Objectives
On Track to Achieve Our Long-Term Objectives Based on Q1 2025 achievements Financial Commercial Pipeline $922 Million (+26% Y/Y) Successful U.S. Launch of Phase 3 Readouts: in Product Revenues Niktimvo ▪ Ruxolitinib cream in PN ▪ Jakafi (+24% Y/Y) ▪ Povorcitinib in HS ▪ Opzelura (+38% Y/Y) Preparati
Slide 6: Strong Revenue Growth in Q1 2025
Strong Revenue Growth in Q1 2025 Product revenues and total revenues grew 26% and 20% Y/Y, respectively Total Product Revenues Total Revenues +20% $1,053 Net Revenues ($m) Net Revenues ($m) +26% $922 $881 $809 $730 $733 $693 $606 $605 $505 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25
Slide 7: Jakafi: Growth Driven by Strong Patient Demand
Jakafi: Growth Driven by Strong Patient Demand Q1’25 net sales: $709m (+24% Y/Y) Total Patients on Jakafi by Indication +10% % by indication Q1’25 ➢ Paid demand grew +17% Y/Y ▪ Demand volume growth: +10% Y/Y MF: 39% +4% ▪ Growth in all three indications ▪ Favorability of Part D redesign ➢ Reduced de
Slide 8: Jakafi Growth Accelerates, Driven by PV
Jakafi Growth Accelerates, Driven by PV Weekly Total Dispense Weekly MF Dispense 5.0K 2.0K 4.0K 1.6K 3.0K 1.2K 2.0K 0.8K Feb-25 Feb-25 Jul-25 Oct-25 Jul-25 Oct-25 Nov-25 Dec-25 Nov-25 Dec-25 Apr-25 Jun-25 Aug-25 Apr-25 Jun-25 Aug-25 Mar-25 May-25 Sep-25 Mar-25 May-25 Jan-25 Jan-25 Sep-25 Weekly PV D
Slide 9: Opzelura: Growth Driven by U.S. TRx and Ex-U.S. Launch
Opzelura: Growth Driven by U.S. TRx and Ex-U.S. Launch Q1’25 net sales: $119m (+38% Y/Y) U.S. Opzelura TRx (Monthly by Year) 70 U.S. net sales: $95m in Q1’25 (+20% Y/Y) 65 ➢ Continued growth in U.S. TRx 60 US Opzelura TRx (in thousands) 55 50 Ex-U.S. net sales: $23m in Q1’25 45 ➢ Positive launch mom
Slide 10: Strong Initial U.S. Launch of Niktimvo
Strong Initial U.S. Launch of Niktimvo Driven by high patient need and strong commercial execution FINANCIAL $14M Net Sales ACCESS PATIENTS ACCOUNTS ~ 95% of top accounts ordered J-Code Effective: 4/1/25 >1250 Infusions YTD >70% of all BMTs ordered BMT= bone marrow transplant centers 10
Slide 11: 2025: Transformational Year for Incyte
2025: Transformational Year for Incyte 4 3 Niktimvo BETi 3L+ GVHD 2L MF Retifanlimab SCAC + Ruxolitinib Cream Mild to Moderate HS Tafasitamab CDK2i Potential r/r FL Phase 3 Study Ovarian Cancer Launches Ruxolitinib Cream Initiations Pediatric AD 4 7 Povorcitinib Povorcitinib JAK2V617Fi Moderate to S
Slide 12: Minimal Exposure to Potential Tariffs
Minimal Exposure to Potential Tariffs Through dual-sourcing approach for main products Products DS 1st source DS 2nd source DP 1st source DP 2nd source Jakafi U.S. Europe U.S. U.S. Pemazyre Europe - U.S. - Opzelura U.S. Europe U.S. Europe Monjuvi/Minjuvi Europe U.S./Europe Europe Europe Iclusig U.S.
Slide 13: Financial Results
Financial Results Christiana Stamoulis, Chief Financial Officer
Slide 14: Non-GAAP adjustments
Non-GAAP adjustments ▪ Management has chosen to present financial highlights for the quarter ended March 31, 2025, and 2024 on both a GAAP and Non-GAAP basis in the belief that this Non -GAAP information is useful for investors. ▪ Management uses such information internally and externally for establ
Slide 15: Financial Highlights: Revenues
Financial Highlights: Revenues $ millions Q1 2025 Q1 2024 YoY Change YoY Change GAAP GAAP (as reported) (constant currency) Net product revenues 922 730 26% 27% Jakafi 709 572 24% NA Opzelura 119 86 38% 39% Other Hematology/Oncology 1 94 72 30% 32% Royalty revenues 131 126 4% Jakavi 92 90 3% 6% Olum
Slide 16: Jakafi Performance
Jakafi Performance 24% Y/Y growth driven by demand, Part D redesign & reduced de-stocking compared to Q1’24 Q1 2025 Paid Demand Volumes: 56k (+10% Y/Y) Q1 2025 Net Sales: $709 million (+24% Y/Y) +24% +10% $709 Paid Demand Volumes $572 Net Sales (in millions) (in thousands) 56 731 51 627 (55) Q1 2024
Slide 17: Opzelura Performance
Opzelura Performance 38% Y/Y growth driven by continued U.S. prescription growth & EU launches Q1 2025 Global Net Sales: $119 million (+38% Y/Y) +38% $119 Global Opzelura Net Sales 23 (in millions) $86 6 95 80 Q1 2024 Q1 2025 U.S. ex-U.S. Totals may not add due to rounding 17
Slide 18: Opzelura Performance & Q1 Seasonality
Opzelura Performance & Q1 Seasonality Q1 2025 reflects similar impact of seasonality to that seen in Q1 2024 & 2023 (as % FY sales) Global Opzelura Net Sales (in millions) 650 (midpoint) 508 338 18% 17% of FY 17% of FY of FY 119 57 86 2023 Actuals 2024 Actuals 2025 (Q1 Act/ FY Guidance Midpoint) Q1
Slide 19: Other Hematology & Oncology Performance
Other Hematology & Oncology Performance 30% Y/Y increase driven by Niktimvo launch Q1 2025 Global Net Sales: $94million (+30% Y/Y) +30% Global Other Hem/Onc Net Sales $94M 14 $73M 3 (in millions) 24 30 18 18 30 30 Q1'24 Q1'25 Iclusig Pemazyre Monjuvi/Minjuvi Zynyz Niktimvo Totals may not add due to
Slide 20: Financial Highlights: Operating Expenses
Financial Highlights: Operating Expenses $ millions Q1 2025 Q1 2024 YoY Change GAAP GAAP COGS 73 61 20% As a percentage of net product revenues 8% 8% R&D 437 429 2% R&D – ongoing 421 428 (2%) R&D – upfront and milestones 1 16 1 NM SG&A 326 300 8% Total operating expenses 848 789 7% Total operating e
Slide 21: Financial Guidance: Full Year 2025
Financial Guidance: Full Year 2025 Current1 Previous Jakafi $2,950 - $3,000 million $2,925 - $2,975 million Opzelura2 unchanged $630 - $670 million Other Hematology/Oncology3 unchanged $415 - $455 million Costs and expenses GAAP Cost of product revenues unchanged 8.5 – 9% of net product revenues GAA
Slide 22: Research & Development
Research & Development Pablo Cagnoni, President and Head of Research & Development
Slide 23: >10 Potential High Impact Launches by 2030
>10 Potential High Impact Launches by 2030 Product Indication Status 2025 2026 2027 2028 2029 2030+ Pediatric AD sNDA Ruxolitinib Prurigo Nodularis Phase 3 Cream Derm/IAI HS (mild/mod) Phase 3 HS (mod/sev) Phase 3 Vitiligo Phase 3 Povorcitinib Prurigo Nodularis Phase 3 CSU Phase 3* 3L cGVHD Approved
Slide 24: Povorcitinib for Patients with CSU
Povorcitinib for Patients with CSU Positive Phase 2 topline results ✓ Primary endpoint met at 75mg dose ➢ Change from baseline in UAS7 at Week 12 ✓ Clear dose response demonstrated ✓ No new safety signals observed ✓ Opportunity to address >300,000 CSU patients who are inadequately controlled on anti
Slide 25: HiSCR (primary endpoint) in STOP-HS2
Continued Improvement in Efficacy at Week 18 HiSCR (primary endpoint) in STOP-HS2 STOP-HS2 61.4% 57.8% 57.1% 55% 56.0% Proportion of Participants Placebo Placebo to 42.3% povorcitinib 45mg 40% 42.3% Placebo to povorcitinib 75mg 28.6% Povorcitinib 45mg 25% Povorcitinib 75mg 10% Week 3 Week 6 Week 9 W
Slide 26: HiSCR (primary endpoint) in STOP-HS1
Continued Improvement in Efficacy at Week 18 HiSCR (primary endpoint) in STOP-HS1 STOP-HS1 58.0% 55% 55.2% Proportion of Participants 53.3% 49.2% Placebo Placebo to 40.6% povorcitinib 45mg 40% Placebo to 40.2% povorcitinib 75mg Povorcitinib 45mg 29.7% 25% Povorcitinib 75mg 10% Week 3 Week 6 Week 9 W
Slide 27: Povorcitinib Phase 3 HiSCR by Prior Therapy (Anti-TNF)
Povorcitinib Phase 3 HiSCR by Prior Therapy Subgroup analysis demonstrates consistent efficacy regardless of prior biologic use STOP-HS1 STOP-HS2 Proportion of Participants Proportion of Participants 50 50 43.1 40 36.7 37.5 40 35.8 30 30 23.5 Prior anti-TNF 20 20 20.0 10 10 0 0 Week 12 Week 12 Place
Slide 28: Povorcitinib Phase 3 HiSCR by Prior Therapy (IL-17)
Povorcitinib Phase 3 HiSCR by Prior Therapy Subgroup analysis demonstrates consistent efficacy regardless of prior biologic use STOP-HS1 STOP-HS2 48.1 50.0 Proportion of Participants Proportion of Participants 50 50 40.6 40 40 30 30 25.9 23.3 Prior IL-17 20 18.8 20 10 10 0 0 Week 12 Week 12 Placebo
Slide 29: Povorcitinib: Potential Blockbuster Opportunity
Povorcitinib: Potential Blockbuster Opportunity In Development PoC New Phase 3 Achieved Phase 2 Indications Chronic Hidradenitis Prurigo Disclosure in Vitiligo spontaneous Asthma suppurativa nodularis 2H 2025 urticaria >300,000 1.5 million + >300,0003 >750,0004 >200,0002 Inadequately mod/severe1 dia
Slide 30: 2025: A Year of Defining Catalysts
2025: A Year of Defining Catalysts H1’25 H2’25 Ruxolitinib Cream P3 data (PN) P3 HS Study Initiation Peds AD approval Derm / IAI Povorcitinib P3 data (HS) P2 data (CSU) P2 data (asthma) anti-CD122 P1 data Axatilimab Q1 launch MPN / GVHD BETi Pivotal Study Initiation mutCALR P1 PoC data JAK2V617Fi P1
Slide 31: Closing Remarks
Closing Remarks Hervé Hoppenot, Chief Executive Officer
Slide 32: Povorcitinib is Competitively Positioned to Enter HS Market
Povorcitinib is Competitively Positioned to Enter HS Market ▪ 3,000 newly diagnosed non-Biologic-eligible patients (Only povo) ▪ 16,000 newly diagnosed Biologic-eligible patients (Povo vs Bx) ▪ 27,000 pre-treated patients who need new Mechanism of Action (Povo vs Other Oral) Estimated # of Moderate
Slide 33: On Track to Achieve Our Long-Term Objectives
On Track to Achieve Our Long-Term Objectives ✓ Strong commercial execution driving revenue growth; successful Niktimvo launch; well positioned to achieve full year and long-term objectives ✓ Positive data for povorcitinib in HS and CSU reinforce its potential as a multibillion- dollar driver of futu
Slide 34: Q&A
Q&A (ineyte) | Sw. SOLVE
Slide 35: (eye) | On
(eye) | On Y ON.
Slide 36: Financial Back-Up Slides
Financial Back-Up Slides 5) | on ncyte
Slide 37: Financial Highlights: Q1
Financial Highlights: Q1 $ millions Q1 2025 Q1 2024 Q1 2025 Q1 2024 YoY Change GAAP GAAP Non-GAAP Non-GAAP Net product revenues 922 730 922 730 26% Jakafi 709 572 709 572 24% Opzelura 119 86 119 86 38% Iclusig 30 30 30 30 (3%) Pemazyre 18 18 18 18 4% Minjuvi/Monjuvi 30 24 30 24 24% Niktimvo 14 - 14
Slide 38: 2025 Financial Guidance Non-GAAP Reconciliation
2025 Financial Guidance Non-GAAP Reconciliation GAAP Adjustments Non-GAAP Guidance Guidance Net product revenues Jakafi $2,950 - $3,000 million - $2,950 - $3,000 million Opzelura1 $630 - $670 million - $630 - $670 million Other Hem/Oncology2 $415 - $455 million - $415 - $455 million Costs and expens