Slide 1: Third Quarter 2025 Financial Results and Business Update
Third Quarter 2025 Financial Results and Business Update October 28, 2025
Slide 2: Agenda
Agenda Introduction Alexis Smith Vice President, Investor Relations Opening Remarks Bill Meury & Business Progress Chief Executive Officer R&D Highlights Pablo Cagnoni, MD Head of Research & Development Third Quarter Financial Results Tom Tray Principal Financial Officer Dave Gardner EVP, Chief Stra
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 strategic priorities and its plans for executing on same;
Slide 4: Opening Remarks & Business Progress
Opening Remarks & Business Progress Bill Meury, Chief Executive Officer
Slide 5: Executing on strategic priorities
Executing on strategic priorities Core R&D Operating Business Priorities Expenses • Fundamentals are strong • Define and “ring fence” • Prioritization and data driven strategic growth drivers trade off decisions • Optimize promotional strategies and investment to • Clear “go/no go” criteria • Strike
Slide 6: Revenue growth driven by strong commercial execution
Revenue growth driven by strong commercial execution Total Product Revenues Total Revenues +20% $1,366 +19% $1,150 Net Revenues ($m) Net Revenues ($m) $1,138 $963 $919 $783 $813 $823 $713 $594 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Product Revenues Royalty Revenues Milestone/Con
Slide 7: Strong Jakafi demand across all indications
Strong Jakafi demand across all indications Q3’25 net sales: $791m U.S. Net Sales (SQPY) +7% 791 Paid demand grew +10% Y/Y 741 Net Revenues ($m) ~24,000 treated patients in Q3 ‘25 636 620 Total patients grew across all indications 547 Channel inventory within normal range Raising FY’25 guidance
Slide 8: Opzelura delivers substantial growth US/Internationally
Opzelura delivers substantial growth US/Internationally Q3’25 net sales: $188m Net Sales (SQPY) +35% +35% sales Y/Y 188 U.S. net sales: $144m (+21% Y/Y) 20% TRx growth Y/Y Net Revenues ($m) 139 Growth across both AD and Vitiligo Ex-U.S. net sales: $44m (+117% Y/Y) 92 FY’25 guidance: $630 - $670
Slide 9: Niktimvo adoption and utilization continues to increase
Niktimvo adoption and utilization continues to increase Q3’25 net sales: $46m U.S. Net Sales +27% $46 +27% Q/Q sales growth 90% account penetration $36 Net Revenues ($m) All centers have placed repeat orders YTD Positive HCP and patient experience 8,500 infusions since launch $14 1,100 patient
Slide 10: Significant revenue growth across Hem/Onc products
Significant revenue growth across Hem/Onc products Q3’25 global net sales of $171 million (107% Y/Y) +107% $171M 46 Global Net Revenues (in millions) 23 Niktimvo Zynyz $83M Monjuvi/Minjuvi 1 42 Pemazyre 31 Iclusig 23 21 38 30 Q3'24 Q3'25 Raising FY’25 guidance to $550 - $575 million Totals may not a
Slide 11: Growing core business through key launches
Growing core business through key launches Ruxolitinib XR Ruxolitinib Cream Povorcitinib MF, PV, GvHD Moderate AD in Europe HS • Offers potential first oral • Therapeutic benefits of • Strong clinical and option for patients with HS ruxolitinib with convenient economic value proposition once-daily d
Slide 12: Approach to R&D prioritization and OpEx
Approach to R&D prioritization and OpEx Core R&D Operating Business Priorities Expenses • Fundamentals are strong • Define and “ring fence” • Prioritization and data driven strategic growth drivers trade off decisions • Optimize promotional strategies and investment to • Clear “go/no go” criteria •
Slide 13: Research & Development
Research & Development Pablo Cagnoni, President, Head of Research & Development
Slide 14: Focused and strategic pipeline
Focused and strategic pipeline THERAPEUTIC PROGRAM INDICATION(s) Proof-of-Concept Pivotal Axatilimab 1L cGvHD (+ ruxolitinib) CSF-1R 1L cGvHD (+ steroids) INCA033989 MF, ET with CALR mutation MPN & GvHD mutCALR INCB160058 JAK2 V617F-mutated MPNs JAK2V617F Ruxolitinib XR (QD) MF, PV, cGvHD JAK1/JAK2
Slide 15: Povorcitinib in Hidradenitis Suppurativa
Povorcitinib in Hidradenitis Suppurativa Presented at EADV 2025 Change in Skin Pain Severity Scores1 100 • Deep clinical responses through Week 24, based on 11.3 5.6 7.2 high-threshold clinical outcomes Povorcitinib 45 mg 37.5 30.7 – HiSCR50, 75, 90 and 100 Patients, % 53.0 50 • Effectively reduced
Slide 16: Povorcitinib is well-positioned for near-term growth
Povorcitinib is well-positioned for near-term growth Hidradenitis Prurigo Vitiligo suppurativa nodularis >300,000 patients 1.5 million+ patients ~200,000 Submissions planned year-end Phase 3 studies ongoing Phase 3 studies ongoing 2025 (EU) and early 2026 (US) (STOP-V1 and STOP-V2) (STOP-PN1 and STO
Slide 17: TGFβR2xPD-1 bispecific (INCA33890) in MSS CRC
TGFβR2xPD-1 bispecific (INCA33890) in MSS CRC Presented at ESMO 2025 • Single-agent activity established in immune Best Percentage Change From Baseline in Sum of Diameters of Target Lesions checkpoint sensitive/insensitive tumors including MSS CRC 100 • Responses observed in MSS CRC patients 80 Live
Slide 18: KRASG12D inhibitor (INCB161734) in PDAC
KRASG12D inhibitor (INCB161734) in PDAC Presented at ESMO 2025 High ORR and DCR for patients with PDAC on both expansion doses 100 Group: 600 mg daily 1200 mg daily 80 600 mg daily 1200 mg daily → Ongoing (n=25) (n=29) Best Change From Baseline, % 60 DCR* 64% (16/25) 86% (25/29) 40 ORR* 20% (5/25) 3
Slide 19: Path forward in metastatic solid tumors
Path forward in metastatic solid tumors Addressing large patient populations with significant medical need Focused on advancing in the first-line setting for patients with advanced/metastatic disease TGFβR2×PD-1 Bispecific Antibody KRASG12D Inhibitor (INCA33890) (INCB161734) • Efficacy and safet
Slide 20: Evaluating INCA033989 in broad population of patients with CALR mutation
Evaluating INCA033989 in broad population of patients with CALR mutation ET High-risk patients with ET who were resistant/intolerant to prior cytoreductive therapy 989 monotherapy MF Intermediate to high-risk patients who are intolerant, ineligible or resistant to a JAK inhibitor 989 monotherapy MF
Slide 21: Executing on key pipeline priorities
Executing on key pipeline priorities THERAPEUTIC PROGRAM INDICATION(s) Proof-of-Concept Pivotal Status Axatilimab 1L cGvHD (+ ruxolitinib) Ongoing CSF-1R 1L cGvHD (+ steroids) Ongoing INCA033989 MF, ET with CALR mutation Data (2H25) MPN & GvHD mutCALR INCB160058 JAK2 V617F-mutated MPNs Data (1H26) J
Slide 22: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Tom Tray, Principal Financial Officer
Slide 23: Non-GAAP adjustments
Non-GAAP adjustments • Management has chosen to present financial highlights for the quarter and year-to-date periods ended September 30, 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 internal
Slide 24: Financial highlights (revenues)
Financial highlights (revenues) Raising FY25 revenue guidance to $4.23-$4.32 billion Q3 2025 Q3 2024 YoY Change YoY Change 9M 2025 9M 2024 YoY Change YoY Change $ millions GAAP GAAP (as reported) (constant currency) GAAP GAAP (as reported) (constant currency) Net product revenues 1,150 963 19 % 19 %
Slide 25: Financial highlights (operating expenses)
Financial highlights (operating expenses) Q3 2025 Q3 2024 YoY Change 9M 2025 9M 2024 YoY Change $ millions GAAP GAAP GAAP GAAP COGS 99 86 15 % 251 224 12 % As a percentage of net product revenues 8.6 % 8.9 % 8.0 % 8.6 % Contract dispute settlement — — — % (242) — NM R&D 507 573 (12) % 1,439 2,141 (3
Slide 26: Closing Remarks
Closing Remarks Bill Meury, Chief Executive Officer
Slide 27: Q&A
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Slide 29: Financial Back-Up Slides
Financial Back-Up Slides (Ineyt | Sy. SOLVE cyte
Slide 30: Financial Highlights: Q3 2025
Financial Highlights: Q3 2025 Q3 2025 Q3 2024 Q3 2025 Q3 2024 YoY Change $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 1,150 963 1,150 963 19 % Jakafi 791 741 791 741 7 % Opzelura 188 139 188 139 35 % Iclusig 38 30 38 30 26 % Pemazyre 23 21 23 21 10 % Minjuvi/Monjuvi 42 31 42 31 34 % N
Slide 31: Financial Highlights: Year to Date
Financial Highlights: Year to Date 9M 2025 9M 2024 9M 2025 9M 2024 YoY Change $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 3,132 2,599 3,132 2,599 20 % Jakafi 2,264 2,019 2,264 2,019 12 % Opzelura 471 347 471 347 36 % Iclusig 100 87 100 87 15 % Pemazyre 63 59 63 59 8 % Minjuvi/Monjuvi
Slide 32: 2025 Financial Guidance Non-GAAP Reconciliation
2025 Financial Guidance Non-GAAP Reconciliation GAAP Guidance Adjustments Non-GAAP Guidance Net product revenues Jakafi $3,050 - $3,075 million — $3,050 - $3,075 million Opzelura1 $630 - $670 million — $630 - $670 million Other $550 - $575 million — $550 - $575 million Hem/Oncology2 Costs and expens