Incyte Corporation · NASDAQ:INCY
Incyte — Q2 2026 Earnings Presentation
32 slides from Incyte's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter 2026 Financial Results & Business Update
Second Quarter 2026 Financial Results & Business Update JULY 28, 2026
Slide 2: Agenda
Agenda Financial Results Q&A 01 Introduction Alexis Smith | VP, Investor Relations 04 Suky Upadhyay | EVP, Chief Financial 06 Steven Stein, M.D. | EVP, Chief Medical Officer Officer and Head of Late-Stage Development Dave Gardner | EVP, Chief Strategy Officer Mohamed Issa, Pharm.D. | EVP, Head of US
Slide 3: Forward looking statements
Forward looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding Incyte’s expected financial and operational performance; Incyte’s updated 2026
Slide 4: Opening Remarks & Business Progress
Opening Remarks & Business Progress Bill Meury | Chief Executive Officer
Slide 5: Building a diversified growth company: progress year-to-date
Building a diversified growth company: progress year-to-date 01 02 03 Business is performing Delivered key regulatory Advanced and expanded above expectations and approval milestones late-stage pipeline • Total net sales of $1.49B in 2Q26, a • Jakafi XR approved, positive • 13 Ph. 3 studies underway
Slide 6: Total revenue reached $1.67B, increasing 38%
$1.67B Total revenue Total Revenue1,2 Total net sales Total revenue 2Q 2026 Total Revenue1,2 reached $1.67B, 2Q26 increasing 38% +38% versus prior year 2Q25 $1.22B 2Q24 $1.04B $1.67B 2Q26 total revenue (+38% vs. 2Q25)1,2 2Q23 $955M • $1.49B total net sales2 • $186M royalty & contract revenue 2Q22 $9
Slide 7: $1.49B Strong demand across portfolio
$1.49B 2Q 2026 Total Net Sales1,2 Net Sales1,2 Jakafi® Core Business (ex-Jakafi) Strong demand 2Q26 across portfolio +40% drives growth in 2Q25 $1.06B total net sales 2Q24 $907M $1.49B 2Q26 total net sales 2Q23 $827M (+40% vs. 2Q25)1,2 2Q22 $664M • +17% vs. 2Q25, excluding one-time benefit 1Reflects
Slide 8: Jakafi demand and early XR adoption support franchise growth
Total Net Sales U.S. Jakafi1 $817M Jakafi demand and early +7% 2Q 2026 Net Sales1 $764M XR adoption support $682M $706M franchise growth $598M $817M 2Q26 net sales (+7% vs. 2Q25)1 • $10M 2Q26 Jakafi XR net sales Demand +9% vs. 2Q25 Broad based growth across PV, MF and GVHD 2Q22 2Q23 2Q24 2Q25 2Q26 C
Slide 9: $671M Core business (ex-Jakafi) reflects solid underlying performance
Total Net Sales (ex-Jakafi)1 $671M Core business (ex-Jakafi) 2Q 2026 Net Sales1 reflects solid underlying +127% product performance Products Opzelura Niktimvo $671M 2Q26 net sales (+127% vs. 2Q25)1,2 $296M Monjuvi®/Minjuvi® • +44% vs. 2Q25, excluding one-time benefit $201M Zynyz® $145M Pemazyre® $66
Slide 10: $450M Opzelura delivers strong underlying growth
Total Net Sales Opzelura1,2 $450M 2Q 2026 Net Sales1,2 Opzelura delivers strong underlying growth and +173% demand across markets $450M 2Q26 net sales (+173% vs. 2Q25)1,2 $165M • $246M one-time, non-cash benefit $122M $80M • $204M net sales (+24% vs. 2Q25), excluding one- $17M time benefit • U.S. ne
Slide 11: Strong Hematology and Oncology performance supports increased full-year outlook
Total Net Sales $222M Strong Hematology and Hematology and Oncology1 2Q 2026 Oncology performance +69% Net Sales1 supports increased full- Products year outlook $131M Niktimvo Monjuvi/Minjuvi $222M 2Q26 net sales (+69% vs. 2Q25)1,2 driven by: $79M Zynyz $64M Pemazyre • Niktimvo net sales of $60M (+6
Slide 12: Research & Development Highlights
Research & Development Highlights Pablo Cagnoni, M.D. | President & Global Head of R&D
Slide 13: Strong R&D execution positions us for catalyst-rich second half of 2026
Strong R&D execution positions us for catalyst-rich second half of 2026 1 FDA approval and new product launch Jakafi XR 3 Submissions under review Opzelura, tafasitamab, povorcitinib 3 Key positive data readouts YTD Tafasitamab, povorcitinib, ’989 10 Key data readouts remaining Povorcitinib, ruxolit
Slide 14: Building a diversified hematology growth pipeline
Building a diversified hematology growth pipeline Graft-versus-host Bleeding Myeloproliferative disease disorders Neoplasms Improving outcomes through earlier and Addressing significant unmet need with Advancing therapies that target key combination-based interventions novel, non-factor approach onc
Slide 15: Mutation-targeted pipeline supports long-term MPN leadership
Mutation-targeted pipeline supports long-term MPN leadership ’989 ’784 JAK2V617F Portfolio mutCALR mAb CALRxCD3 bispecific JAK2V617F small molecules CALR-mutated ET & MF CALR-mutated ET & MF V617F-mutated MPNs First mutation-targeted therapy in late- Bispecific antibody for advanced and Targeted app
Slide 16: '989: Significant progress to date with key MF milestones ahead
’989: Significant progress to date with key MF milestones ahead ET MF SC Presented data from ongoing Ph. Presented new data from Ph. 1 trial in HV completed 1 study in 2L ET ongoing Ph. 1 study in 2L MF, Ph. 1 trial in CALR+ MPN including JAK-eligible and JAK- Ph. 3 EXCALIBUR-ET2 underway
Slide 17: Latarcibart expands hematology franchise into bleeding disorders
Participants With No Prior IV Prophylaxis1 Latarcibart expands 450 350 431.1 Phase 3-eligible (hABR >12) ABR Before Latarcibart (On-Demand Treatment) ABR During Latarcibart hematology 300 400 franchise into 250 350 321.2 bleeding disorders 200 300 81% 83% 87% 81% 46% 73% 100% 51% 41%† 100% 100% ABR
Slide 18: Solid tumor portfolio in late-stage development, with near-term data updates
Solid tumor portfolio in late-stage development, with near-term data updates ’890 ’734 ’667 TGFβR2xPD-1 bispecific KRASG12D inhibitor CDK2 inhibitor MSS colorectal cancer KRASG12D mutated cancers Ovarian cancer (CCNE1+) Large, underserved population with no First targeted therapy for the most Addres
Slide 19: ESMO 2026: Key data across solid tumor portfolio
ESMO 2026: ’890 (TGFβR2xPD-1) Key data across solid • 1L MSS CRC – ’890 + FOLFOX + bevacizumab • 3L+ MSS CRC – ’890 + bevacizumab tumor portfolio ’734 (KRASG12D) • Four rapid oral presentations • 1L PDAC – ’734 + GEMNabP; ’734 + mFOLFIRINOX • 2L+ CRC – ’734 monotherapy; ’734 + cetuximab • Data deris
Slide 20: Late-stage IAI portfolio positioned for regulatory approvals and key clinical readouts
Late-stage IAI portfolio positioned for regulatory approvals and key clinical readouts Ruxolitinib Cream Povorcitinib JAK1/2 small molecule JAK1 small molecule Hidradenitis Suppurativa Hidradenitis Suppurativa Nonsegmental Vitiligo Prurigo Nodularis Potential third indication to • Anchor indication
Slide 21: 2026 pipeline milestones
2026 pipeline milestones Hematology Oncology IAI Q1 Q2 Q3 Q4 ’734 Ph. 3 initiated Tafasitamab sBLA Opzelura Moderate AD Ruxolitinib cream Ph. 3 (1L PDAC) submission (1L DLBCL) approval and launch data (HS) ’890 Ph. 3 initiated ’989 Ph. 1 data (2L Povorcitinib Ph. 3 data (1L MSS CRC) ET+MF) (PN)
Slide 22: Financial Results
Financial Results Suky Upadhyay | EVP, Chief 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 June 30, 2026, and 2025 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 an
Slide 24: Financial highlights – revenues
Financial highlights – revenues Q2 Q2 YOY YTD YTD YOY 2026 2025 CHANGE 2026 2025 CHANGE AS CONSTANT AS CONSTANT GAAP GAAP GAAP GAAP $ MILLIONS REPORTED CURRENCY REPORTED CURRENCY Net sales 1,488 1,059 40% 40% 2,593 1,982 31% 30% Jakafi 817 764 7% NA 1,574 1,473 7% NA Opzelura1 450 164 173% 173% 593
Slide 25: Financial highlights – costs, expenses and other
Financial highlights – costs, expenses and other Q2 Q2 YOY YTD YTD YOY 2026 2025 CHANGE 2026 2025 CHANGE GAAP GAAP GAAP GAAP $ MILLIONS COGS 105 79 33% 209 152 38% As a percentage of net sales 7.1% 7.4% 8.1% 7.7% Contract dispute settlement — (242) NM — (242) NM R&D 517 495 4% 1,033 932 11% R&D – on
Slide 26: Full year 2026 financial guidance
Full year 2026 financial guidance CURRENT PREVIOUS Total net sales $5,130M - $5,260M $4,770M - $4,940M Jakafi1 Unchanged $3,220M - $3,270M Opzelura2 $1,050M - $1,100M $750M - $790M Hematology and Oncology3 $860M - $890M $800M - $880M Total R&D and SG&A operating expenses (GAAP)4 $4,915M - $4,995M $3
Slide 27: Q&A
(oy) | QB
Slide 28: Thank you
Thank you
Slide 29: Appendix
Appendix
Slide 30: Opzelura financial impact from CMS agreement
Opzelura financial impact from CMS agreement NET SALES Total estimated incremental impact on Opzelura net sales for the full year 2026 $300M - $310M One-time, non-cash benefit of the reversal of previously established accrued balances $246M through the first quarter of 2026 ending March 31, 2026 Imp
Slide 31: Upcoming pipeline milestones
Upcoming pipeline milestones THERAPEUTIC PROGRAM INDICATION(S) PROOF OF CONCEPT PIVOTAL MILESTONE/STATUS Axatilimab 1L cGvHD (+ ruxolitinib) Data 2H 2026 CSF-1R 1L cGvHD (+ steroids) Data early-2028 CALR-mutated ET (2L) Ph. 3 initiated INCA033989 CALR-mutated MF (1L) Data 2H 2026 mutCALR CALR-mutate
Slide 32: Abbreviation directory
Abbreviation directory ’667 INCB123667 EU Europe OC Ovarian cancer ’734 INCB161734 FDA U.S. Food and Drug Administration PDAC Pancreatic ductal adenocarcinoma ’890 INCA33890 FOLFOX Leucovorin, fluorouracil and oxaliplatin PN Prurigo nodularis ’989 INCA033989 GEMNabP Gemcitabine, nab-paclitaxel POC P