Incyte Corporation · NASDAQ:INCY
Incyte — JP Morgan Healthcare Conference 2026
28 slides from Incyte's conference presentation, January 2026
Slide 1: JP Morgan Healthcare Conference
JP Morgan Healthcare Conference JANUARY 2026
Slide 2: Forward looking statements
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 without limitation statements regarding the following: transitioning Incyte to a high-growth,
Slide 3: Transitioning Incyte to a high-growth Hem-Onc-IAI company
Scientific Innovation Our pipeline today is strong, deep, and strategically aligned with focus on Transitioning hematology, oncology, and IAI Operational Execution Incyte to a high- We run the company at a detailed growth Hem-Onc-IAI level and focus on converting plans into action and results compan
Slide 4: Three focused franchises driving durable growth
Three focused franchises driving durable growth Hematology Oncology IAI Central identity of the Novel biologic targets and JAK-anchored franchise company pathways in high incidence with topical-to-oral and mild- cancers (colorectal, to-severe solutions for Developing mutation pancreatic, and ovarian
Slide 5: Incyte's progress in 2025
Incyte’s 1 Core business delivering strong performance progress in Fundamentally changed the shape and 2 maturity of pipeline – moving multiple assets 2025 from early- to late-stage development Regulatory applications submitted for Jakafi XR , 3 Opzelura®, and povorcitinib1 International business em
Slide 6: Incyte's outlook 2026 and beyond
Strong, durable core business (ex-Jakafi) 1 with potential to grow to $3-4B by 2030 Incyte’s Product launches for Jakafi XR, Opzelura (mAD), outlook 2026 povorcitinib, and Monjuvi® (1L DLBCL)1 and beyond 2 Seven high-value pipeline assets with $10B+ peak net sales opportunity2 Fourteen pivotal trial
Slide 7: Roadmap to top-tier growth
Roadmap to top-tier growth Build Core Business to $3-4B by 2030 Advance 7 Pipeline Assets Core Business Potential Product Launches (2027-2031) • Opzelura • Niktimvo (+steroids, +ruxolitinib) Incyte Target Profile (2029+) • Niktimvo • '989 (mutCALR) • 15%–20% 5-year CAGR • Monjuvi • '058 (V617F) • Di
Slide 8: Core business remains durable growth engine
$4.23-4.32B Core business Total Product Revenue Net Sales1,2 2025 Net Sales1 remains durable Jakafi Core Business (ex-Jakafi) '25 growth engine +18% '24 $3.62B $4.23-4.32B 2025 product revenue guidance1 '23 $3.17B ~16% CAGR (2021-2025) '22 $2.75B Growth increasingly '21 $2.32B diversified beyond Jak
Slide 9: Core business (ex-Jakafi) is scaling & durable
Total Product Revenue (ex-Jakafi)1,2 $1.26B Core business 2025 (ex-Jakafi) +45% Net Sales1 is scaling & $827.8M Products durable Opzelura Niktimvo $571.4M Monjuvi +45% YoY revenue growth Zynyz (2024 → 2025)1 $337.7M Pemazyre® Resilient revenue mix lays Iclusig® foundation for sustainable $187.5M gro
Slide 10: Core business (ex-Jakafi) revenue to 3x by 2030
Core business (ex-Jakafi) revenue to 3x by 2030 PRODUCTS 2025 SALES 1 GROWTH DRIVERS 2 CORE BUSINESS SALES Opzelura • mAD (EU), PN, HS • 1L combination in cGvHD Niktimvo $1.26B (+steroid, +ruxolitinib) $3-4B Product • 1L DLBCL 2030 Product Monjuvi Revenues Revenues • Jakafi XR • Povorcitinib Zynyz +
Slide 11: Building a high-value, durable pipeline
Building a high-value, durable pipeline Anticipated Launches 2027-2031 Key Themes Povorcitinib HS, PN, Vitiligo $10B+ CDK2i Ph 3 Net Peak Sales • Franchises PROC, PSOC Opportunity1 • Novel and/or first-in-class G12D Ph 3 • 6 of 7 programs in Phase 3 PDAC • Top-tier growth TGFβR2xPD1 Ph 3 • Strong IP
Slide 12: Potential targeted therapies across MPN spectrum
Potential targeted therapies across MPN spectrum ‘989 ‘784 ‘058 mutCALR mAb mutCALRxCD3 bispecific JAK2V617F sm. molecule CALR-mutated ET & MF CALR-mutated ET & MF JAK2-mutated MPNs • First potential mutation-specific • Targeted T-cell engager • Targeted approach to most therapy prevalent MPN mutati
Slide 13: '989: Key next steps and milestones
‘989: Key next steps and milestones ET MF SubQ • Q1 26: Regulatory alignment on • Mid-26: Regulatory alignment on ✓ Agreement with FDA on SubQ to pivotal development program pivotal development (2L) enable development in ET and MF • Mid-26: Ph. 3 trial initiation (2L) • Mid-26: Updated data from ong
Slide 14: '989: Positioned to become a foundational therapy in ET
‘989: Positioned to become a foundational therapy in ET 20k people in the U.S. with CALR+ ET Robust and durable hematologic control1,2 • 90% HR, including 83% complete HR • 93% remain on treatment Only 50% Demonstrated potential for disease-modifying activity • 96% reduction in mutCALR VAF have a su
Slide 15: '989: Redefining treatment in CALR-mutant MF
‘989: Redefining treatment in CALR-mutant MF 10k people in the U.S. with CALR+ MF Broad clinical benefit across core features of MF1 • 33% spleen reduction (SVR35) • 39% symptom improvement (TSS50) • 56% anemia response ~2/3 35% Meaningful molecular activity and durable profile1 of people do not res
Slide 16: High impact late-stage oncology portfolio
High impact late-stage oncology portfolio ‘890 ‘734 ‘667 TGFβR2xPD-1 bispecific KRASG12D inhibitor CDK2 inhibitor MSS colorectal cancer PDAC (KRASG12D mutations) Ovarian cancer (CCNE1) • Large, underserved populations • First targeted therapy for the most • Addresses genetically defined, with no app
Slide 17: '734: Potential first G12D targeted therapy in PDAC
‘734: Potential first G12D targeted therapy in PDAC Highly selective KRASG12D inhibitor for G12D-mutated solid tumors • Large Ph. 1 program of ~300 patients, including ~200 with PDAC1 200K+ Diagnosed PDAC patients Phase 1 update (ASCO GI): • Efficacy as mono- and combo- therapy at planned Ph. 3 dose
Slide 18: Povorcitinib: Path to $1B+ across indications
Povorcitinib: Path to $1B+ across 3 indications Povorcitinib JAK1 sm. Molecule Hidradenitis Suppurativa Vitiligo Prurigo Nodularis • Anchor indication with large • Broadens franchise → expansion • JAK dependent immuno-derm commercial opportunity to moderate-severe disease for moderate-severe patient
Slide 19: Povorcitinib potential first oral, high-efficacy option in HS
Povorcitinib has the ~200K potential to be first oral, Actively treated HS patients (US) high-efficacy option in HS • Multi-cytokine inhibitor • High clearance rates – 50-60% of patients 145K 55K Pre-biologic Post-biologic achieved HiSCR501,2 actively treated actively treated patients patients • Rap
Slide 20: Positioned to deliver long-term value beyond 2029
Positioned to deliver long-term value beyond 2029 Core Business Pipeline Capital Allocation Building the core Advancing 7 pipeline Maintaining a strong business (ex-Jakafi) to products with $10B+ balance sheet $3-4B by 2030 sales opportunity1 and leveraging BD to strengthen and extend the core 20 ©
Slide 21: Thank you
Thank you © 2026 Incyte 21
Slide 22: Appendix
(Incyte) Appendix
Slide 23: Pipeline
Pipeline THERAPEUTIC PROGRAM INDICATION(S) PROOF OF PIVOTAL MILESTONE / CONCEPT STATUS Axatilimab 1L cGvHD (+ ruxolitinib) Data early-2027 CSF-1R 1L cGvHD (+ steroids) Data early-2028 CALR-mutated ET (2L) Ph. 3 initiation mid-2026 INCA033989 CALR-mutated MF (1L) Data 2H 2026 mutCALR CALR-mutated MF
Slide 24: Jakafi volume increased 10% vs. prior year
Total Weekly Unit Demand 5,000 Jakafi volume increased 10% 4,500 vs. prior year 4,000 $3.05-$3.075B 2025 net revenue guidance1 3,500 Growth is broad based across PV, MF and GVHD increasing Growth Rates vs. 2024 Growth drivers: Jakafi XR 10% Total 10% PV launch (mid-2026)2 3-5% MF 3-5% GvHD 1Reflects
Slide 25: Opzelura sales projected to double by 2030
Atopic Dermatitis (U.S) TRx 40,000 Opzelura 30,000 +23% TRx Growth Opzelura sales YoY projected to 20,000 Zoryve 0.15% double by 2030 10,000 Eucrisa Vtama Anzupgo 0 $630-$670M 2025 net Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 revenue guidance1 Vitiligo (U.S.) TRx Growth drivers: 30,00
Slide 26: Niktimvo exceeded expectations
Weekly Infusions Since Launch ~20K Niktimvo Annualized exceeded 400 Infusions expectations 300 in year 1 ~70% 200 Persistency Rate $56M (unaudited) 4Q sales 100 $152M (unaudited) FY25 sales 0 ~20% Growth drivers: Share of 3L Market in 1st • Increased utilization in the 12 Months 3L+ setting1 • 1L co
Slide 27: Monjuvi weekly demand and growth drivers
Weekly Rx Demand (2024-2025) 2500 Addressing full Weekly Demand Vials FL Launch spectrum of B- (May 2025) cell lymphomas 1500 with Monjuvi 500 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 $103M sales as of Q3 (+19% YoY) 2x Current Growth drivers: Addressable • Increased FL penetration 15K
Slide 28: '890: Potential first TGFβxPD-1 bispecific for MSS CRC
'890: Potential first TGFβxPD-1 bispecific for MSS CRC ‘890 targets two major mechanisms of immune resistance • Blocks TGF-beta signaling only in the presence PD1 and reactivates T cells 423K People with Stage IV CRC globally via PD1 inhibition Extensive program in checkpoint-sensitive and –insensit