Slide 1: 2021 Fourth Quarter Financial and Corporate Update
2021 Fourth Quarter Financial and Corporate Update FEBRUARY 8, 2022
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 statements regarding: the opportunities for growth and diversification presented by Incyte’s po
Slide 3: Fourth Quarter Review
FOURTH QUARTER REVIEW HERVÉ HOPPENOT – CEO
Slide 4: Continued Revenue Growth and Diversification
Continued Revenue Growth and Diversification FY 2021 FY21/FY20 4Q21 4Q21/4Q20 Revenues Growth (%) Revenues Growth (%) 3,000 MPNs & GVHD $2,135m +10% $592m +15% (FY’21 +10% y/y) 2,500 Other Heme/Onc $109m +4% $27m -5% (FY’21 +40% y/y) Total Product & Royalty Revenues ($m) $69m +165% $20m +40% 2,000 1
Slide 5: Multiple Growth Opportunities Across Our Portfolio
Multiple Growth Opportunities Across Our Portfolio New Launches in Growth Phase Peak Sales Guidance MPN/GVHD $3+ Billion MF, PV, GVHD Atopic dermatitis in the U.S. franchise U.S. $500 - $750 Million2 2L DLBCL Heme/Onc U.S. Cholangiocarcinoma1 in the U.S., EU, Japan 2L DLBCL N/A Relapsed or refractor
Slide 6: Building a Portfolio in Dermatology
Building a Portfolio in Dermatology Strong Launch Performance Expanding Dermatology of Opzelura Pipeline Pediatric AD P3: ruxolitinib cream New patients treated ~19,000 in Q4 20211 sNDA submitted Vitiligo P2: INCB54707 Refills continue to increase week over week Chronic Hand P3: ruxolitinib cream Ec
Slide 7: U.S. Commercial Update
U.S. COMMERCIAL UPDATE BARRY FLANNELLY – GENERAL MANAGER, NORTH AMERICA
Slide 8: Strong Performance During Launch of Opzelura
Strong Performance During Launch of Opzelura Opzelura Units Shipped from Wholesaler to Pharmacies NBRx Share (%)2,3 (Rolling 5-Day Totals1) 2022 Dupixent Eucrisa 2022 4000 60% Opzelura pimecrolimus tacrolimus 3500 50% 3000 44% 40% 2500 * 2000 * * 30% 26% 1500 20% 1000 13% 10% 10% 500 7% 0% 0 5-Nov-2
Slide 9: Positive HCP Feedback after Prescribing Opzelura
Positive HCP Feedback after Prescribing Opzelura Mean Number of Initiations of Opzelura1 Survey Results In the PAST MONTH, to how many atopic dermatitis patients did you prescribe Top Drivers of Prescribing2 Opzelura for the first time? (n=41) In the NEXT MONTH, to how many atopic dermatitis patient
Slide 10: Ongoing Payer Negotiations for Opzelura
Ongoing Payer Negotiations for Opzelura Top 3 Commercial GPO/PBM #1 GPO/PBM #2 GPO/PBM #3 GPO/PBMs √ √ Base rebate agreements signed Utilization management Non-NDC criteria established NDC Blocked Blocked Discount rates established Business Business √ Ongoing discussions Negotiations ongoing Pla
Slide 11: Expect Shift from Early Launch Patient Support Programs
Expect Shift from Early Launch Patient Support Programs Utilization of patient program to cover full cost of Opzelura to decline as product is added to formularies Co-pay mitigation to lower a patient’s out-of-pocket cost to as little as $10 Ongoing Patient Support Programs Launch Initiatives 11
Slide 12: Jakafi Growth Driven by New Patient Starts
Jakafi Growth Driven by New Patient Starts Patient Growth by Indication Q4’21 sales $592m (+15% Y/Y) 25,000 Patient growth FY21 sales $2.1b (+10% Y/Y) YoY (%)1 20,000 Myelofibrosis Strong patient demand across all indications in FY’21 +6% 15,000 New patient starts in 2021 grew 16% Y/Y (+13% vs 201
Slide 13: Monjuvi and Pemazyre Uptake Continues to Grow
Monjuvi and Pemazyre Uptake Continues to Grow Q4’21 sales $24m, FY’21 sales $79m Q4’21 sales $20m (+40% Y/Y) Q4’21 sales $4m, FY’21 sales $5m FY’21 sales $69m (+165% Y/Y) Monjuvi FY’22 guidance of $110 to $135 million Majority of patients initiating therapy in the 2L setting Continued penetrat
Slide 14: Clinical Development
CLINICAL DEVELOPMENT STEVEN STEIN – CHIEF MEDICAL OFFICER
Slide 15: Clinical and Regulatory Achievements in 2021
Clinical and Regulatory Achievements in 2021 Regulatory Approvals Key Clinical Results Ruxolitinib cream in vitiligo: Primary/secondary endpoints met in TRuE-V1/V2 Only topical JAKi approved in U.S. for AD INCB86550: First oral PD-L1 to show clinical activity Approved in U.S. in 2L chronic GVHD
Slide 16: Priority Review for Ruxolitinib Cream in Vitiligo
Clinical and Priority Review Regulatory for Ruxolitinib Achievements Cream in Vitiligo (PDUFA 4/18) Epidemiology in the U.S. Common Co-morbidities 1 in 7 Anxiety 1 in 4 Depression 150-200K currently seek treatment Experienced low-key 92% stigmatization 66% Distressed by condition Feel there is littl
Slide 17: Advancing Multiple Programs in Dermatology
Advancing Multiple Programs in Dermatology Ruxolitinib Cream INCB54707 Chronic Atopic Hidradenitis Prurigo Indication Hand Vitiligo Dermatitis Suppurativa Nodularis Eczema Moderate Draining fistula Pediatric BSA≤10% BSA≥8% > 20 nodules Patients /Severe count < 20 Clinical TRuE-AD3 TRuE-CHE1 TRuE
Slide 18: LIMBER: Opportunities for Continued Growth in MPNs/GVHD
LIMBER: Opportunities for Continued Growth in MPNs/GVHD Formulation – MF, PV, GVHD Asset Status Submission QD Ruxolitinib Stability Testing H1 2022 Myelofibrosis Polycythemia vera Asset Status Upcoming Data Asset Status Upcoming Data parsaclisib + ruxolitinib Phase 3 inadequate Top-line results in
Slide 19: Other Development Highlights
Other Development Highlights Tafasitamab Early Hematology/Oncology Indication Status Upcoming Data Asset Status Upcoming Data 1L DLBCL Phase 3 (frontMIND) Top-line results in 2025 Oral PD-L1 Other r/r NHL PoC (topMIND) Top-line results in 2023 INCB86550 Phase 2 (enrolling); Phase 3 (inMIND) Top-line
Slide 20: 2022 Newsflow: Dermatology, Hematology, MPNs/GVHD
1H 2022 2H 2022 QD ruxolitinib MF, PV, GVHD NDA submission MPNs/GVHD BET + ruxolitinib myelofibrosis Initial data ALK2 + ruxolitinib myelofibrosis Initial data itacitinib GVHD Results from Part 1 (dose-finding) Oral PD-L1 solid tumors Lead program selection Hematology / Oncology Other A2A/A2B solid
Slide 21: Financial Results
FINANCIAL RESULTS CHRISTIANA STAMOULIS – CFO
Slide 22: Non-GAAP Adjustments
Non-GAAP Adjustments Management has chosen to present financial highlights for the quarter and year ended December 31, 2021 and 2020 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 externall
Slide 23: Financial Highlights: Product & Royalty Revenue
Financial Highlights: Product & Royalty Revenue $ millions Q4 2021 Q4 2020 YoY FY 2021 FY 2020 YoY GAAP GAAP Change GAAP GAAP Change Net product revenues 648 559 16% 2,322 2,069 12% Jakafi 592 517 15% 2,135 1,938 10% Other Hematology/Oncology1 51 43 20% 183 131 40% Opzelura 5 - NM 5 - NM Royalties 1
Slide 24: Q4'21 Opzelura Gross-to-Net Sales Reconciliation
Q4’21 Opzelura Gross-to-Net Sales Reconciliation 100% 75% 100% 75% 17% 17% 8% 8% 24
Slide 25: Financial Highlights: Operating Expenses
Financial Highlights: Operating Expenses $ millions Q4 2021 Q4 2020 YoY FY 2021 FY 2020 YoY GAAP GAAP Change GAAP GAAP Change COGS 44 36 21% 151 131 15% As a percentage of net product revenues 7% 6% 7% 6% 2 2 1 R&D 473 406 16% 1,458 2,216 -34% R&D – ongoing 345 380 -9% 1,309 1,240 6% 2 2 1 R&D – upf
Slide 26: Operating Leverage
Operating Leverage $m 3,000 Product & royalty revenue 2018 - 2021: 19% CAGR1 2,500 Total GAAP R&D expense (ongoing) and SG&A expense 2,000 2018 - 2021: 9% CAGR1 1,500 1,000 500 0 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Chart shows Product & royalty revenue and GAAP ongoing R&D expense (exclu
Slide 27: Financial Guidance: Full Year 2022
Financial Guidance: Full Year 2022 FY 2022 GAAP FY 2022 Non-GAAP 2 Net product revenues Jakafi $2.3 – $2.4 billion $2.3 – $2.4 billion Other Hematology/Oncology 1 $210 – $240 million $210 – $240 million Costs and expenses COGS 6 – 7% net product revenues 5 – 6% net product revenues R&D $1,550 – $1,5
Slide 28: 2022 Opzelura Forecasted Gross-to-Net Evolution
2022 Opzelura Forecasted Gross-to-Net Evolution Fully Loaded GTN Steady State Rate (40-50%) end of 2022 Quarter End 28
Slide 29: 2022 Newsflow: Dermatology, Hematology, MPNs/GVHD
1H 2022 2H 2022 QD ruxolitinib MF, PV, GVHD NDA submission MPNs/GVHD BET + ruxolitinib myelofibrosis Initial data ALK2 + ruxolitinib myelofibrosis Initial data itacitinib GVHD Results from Part 1 (dose-finding) Oral PD-L1 solid tumors Lead program selection Hematology / Oncology Other A2A/A2B solid
Slide 30: Financial Back-up Slides
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Slide 31: Financial Highlights: Q4
Financial Highlights: Q4 Q4 2021 Q4 2020 Q4 2021 Q4 2020 $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 648 559 648 559 Jakafi 592 517 592 517 Iclusig 27 29 27 29 Pemazyre 20 14 20 14 Minjuvi 4 - 4 - Opzelura 5 - 5 - Royalties 165 120 165 120 Jakavi 96 87 96 87 Olumiant 66 31 66 31 Tabr
Slide 32: Financial Highlights: Year-to-Date
Financial Highlights: Year-to-Date YTD 2021 YTD 2020 YTD 2021 YTD 2020 $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 2,322 2,069 2,322 2,069 Jakafi 2,135 1,938 2,135 1,938 Iclusig 109 105 109 105 Pemazyre 69 26 69 26 Minjuvi 5 - 5 - Opzelura 5 - 5 - Royalties 569 393 569 393 Jakavi 338
Slide 33: 2022 Financial Guidance Non-GAAP Reconciliation
2022 Financial Guidance Non-GAAP Reconciliation GAAP Adjustments Non-GAAP Guidance Guidance Net product revenues Jakafi $2.3 – $2.4 billion - $2.3 – $2.4 billion Other Hematology/Oncology1 $210 – $240 million - $210 – $240 million Costs and expenses COGS 6 – 7% net product revenues Amortization of a