Slide 1: 2022 Third Quarter Financial and Corporate Update
2022 Third Quarter Financial and Corporate Update NOVEMBER 1, 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 any discussion of the following: the growth potential of Incyte’s oncology and dermatology fran
Slide 3: Third Quarter Review
THIRD QUARTER REVIEW HERVÉ HOPPENOT – CEO
Slide 4: Product revenues grew 20% year over year
Product revenues grew 20% year over year Product Rev Q3 2022 Q3’22/Q3’21 Q3’22/Q3’21 +20% Revenues CC Growth (%) Growth (%) 800 MPNs & GVHD $620m +13% +13% 700 (Q3’22 +13% y/y) Other Heme/Onc2 600 Product revenues ($m) $26m +6% -9% (Q3’22 +19% y/y) $23m +41% +33% 500 1 $22m +1% +1% 400 $6m ─ ─ 300 D
Slide 5: Significant growth potential in Oncology and Dermatology
Significant growth potential in Oncology and Dermatology Oncology Continued new patient growth in MPNs; strong launch in chronic GVHD New product launches in ex-US markets; Pemazyre launched in MLN in the US LIMBER updates from multiple ruxolitinib combinations (BET, ALK2, parsaclisib) and axatilima
Slide 6: U.S. Commercial Update
U.S. COMMERCIAL UPDATE BARRY FLANNELLY – GENERAL MANAGER, NORTH AMERICA
Slide 7: Opzelura: Double-digit demand growth in AD; vitiligo in launch phase
Opzelura TM: Double-digit demand growth in AD; vitiligo in launch phase Opzelura units shipped1 Q1’22 Q2’22 Q3’22 Q4’22 8,000 Q3’22 net sales $38m (+130% Q/Q) 7,000 ~62,600 +32% units in Q3 Growth in net sales driven by: # units shipped from wholesaler to pharmacies 6,000 Strong patient demand ~47
Slide 8: Opzelura: Changing the way dermatologists manage atopic dermatitis
Opzelura: Changing the way dermatologists manage atopic dermatitis In just 12 months, Opzelura has become the #1 prescribed branded agent for new atopic dermatitis patients amongst dermatologists The number of initiations per prescriber continues to increase Opzelura NBRx market share in AD with d
Slide 9: Opzelura: A transformative treatment for vitiligo patients
Opzelura: A transformative treatment for vitiligo patients 9 out of 10 dermatologists are aware of Opzelura in vitiligo on an unaided basis Dermatologists view Opzelura as a high degree of advancement in the treatment of vitiligo Majority of currently treated vitiligo patients (66%) viewed as
Slide 10: Opzelura percentage of covered claims continues to increase
Opzelura percentage of covered claims continues to increase 80% ~70% 70% 63% Oct’22 60% % of Covered Claims 50% 39% 40% 30% 26% 20% 10% 0% Q1'22 Q2'22 Q3'22 Q4'22 10 % covered claims includes total covered claims, whereas prior methodology excluded covered claims that did not go through a copay or f
Slide 11: Jakafi growth driven by new patient starts in MF, PV and GVHD
Jakafi growth driven by new patient starts in MF, PV and GVHD Jakafi net product revenues Q3’22 net sales $620m (+13% Y/Y) 650 +13% 600 Patient demand driving growth 550 New patient starts grew across all indications 500 MF new patient starts grew 8% Y/Y 450 PV new patient starts grew 9% Y/Y
Slide 12: Continued uptake of Monjuvi/Minjuvi; New approval for Pemazyre
Continued uptake of Monjuvi/Minjuvi; New approval for Pemazyre Q3’22 net sales $22m1 Q3’22 net sales $6m Q3’22 net sales $23m Monjuvi sales up 1% Y/Y; continued growth in Community Approved as first and only targeted treatment for MLNs with accounts FGFR1 rearrangement in the U.S. Minjuvi laun
Slide 13: Clinical Development
CLINICAL DEVELOPMENT STEVEN STEIN – CHIEF MEDICAL OFFICER
Slide 14: Povorcitinib in HS: Positive Phase 2 data support expansion to Phase 3
Povorcitinib in HS: Positive Phase 2 data support expansion to Phase 3 Presented at EADV 2022 Povorcitinib in Hidradenitis Suppurativa Significantly greater decreases from baseline in AN count HiSCR* achieved in greater percentage of povorcitinib patients than placebo at Week 16 Well tolerated
Slide 15: TRuE-V results published in the New England Journal of Medicine
TRuE-V results published in the New England Journal of Medicine Ruxolitinib cream in vitiligo Patients > 12 years who had nonsegmental vitiligo with < 10% BSA 674 patients enrolled across TRuE-V1 and TRuE-V2 ~60% of patients received prior therapy Efficacy (TRuE-V1/TRuE-V2) F-VASI75 at Week
Slide 16: Auremolimab has potential for durable repigmentation through TRM depletion
Auremolimab has potential for durable repigmentation through T RM depletion * Preclinical data suggests vitiligo maintenance and relapse driven by resident memory T-cells (TRM) IL-15 is important for survival of TRM Key potential differentiators of auremolimab Highly potent and selective ant
Slide 17: Robust clinical development program in dermatology
Robust clinical development program in dermatology Indication Patient Type Status Epidemiology (U.S.) Mild/Mod AD (≥12 yrs old) APPROVED 5.5 million drug-treated patients Atopic Dermatitis Mild/Mod AD (≥2 to <12 yrs old) Phase 3 (TRuE-AD3) 2-3 million pediatric patients1 APPROVED 1.5 million+ diagno
Slide 18: Axatilimab monotherapy demonstrates rapid and durable responses in chronic GVHD
Axatilimab monotherapy demonstrates rapid and durable responses in chronic GVHD 3 mg/kg q4w CR/PR Phase 1/2 open-label study Ongoing at Data Cutoff Progressive Disease 3L+ cGVHD in patients ≥6 years of age Investigator Decision Other Median of 4 prior lines of treatment and 4 organ systems Adver
Slide 19: Multiple opportunities to expand leadership in MPNs & GVHD
Multiple opportunities to expand leadership in MPNs & GVHD Asset Status Upcoming Data QD ruxolitinib FDA acceptance of NDA submission PDUFA of March 23, 2023 Phase 3 inadequate responder parsaclisib + ruxolitinib Top-line results in 2023 (inadequate responder) Phase 3 1st line BET + ruxolitinib POC
Slide 20: Oral PD-L1 program continues to progress; updates at SITC
Oral PD-L1 program continues to progress; updates at SITC INCB99280 & INCB99318 Tumor shrinkage observed in patients No evidence of peripheral neuropathy to date Society for Immunotherapy of Cancer Potential benefits of an oral PD-L1 37th Annual Meeting Ability to manage immune-related adverse
Slide 21: 2022 newsflow milestones
1H 2022 2H 2022 QD ruxolitinib MF, PV, GVHD NDA submission BET + ruxolitinib myelofibrosis Initial data MPNs/GVHD ALK2 + ruxolitinib myelofibrosis Initial data Results from Part 1 itacitinib GVHD ─ (dose-finding) Pemigatinib MLN FDA approval Oral PD-L1 solid tumors Lead program selection(s) Up
Slide 22: Financial Results
FINANCIAL RESULTS CHRISTIANA STAMOULIS – CFO
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, 2022 and 2021 on both a GAAP and Non -GAAP basis in the belief that this Non -GAAP information is useful for investors. Management uses such information intern
Slide 24: Financial highlights: Revenues
Financial highlights: Revenues $ millions Q3 2022 Q3 2021 YoY Change YoY Change YTD 2022 YTD 2021 YoY Change YoY Change GAAP GAAP (as reported) (constant currency ) 2 GAAP GAAP (as reported) (constant currency 2 ) Net product revenues 713 594 20% 21% 1,983 1,674 18% 20% Jakafi 620 547 13% 13% 1,762
Slide 25: Opzelura: Broadening payer access and gross-to-net evolution
Opzelura: Broadening payer access and gross-to-net evolution 80% ~70% 70% 63% Oct’22 60% % of Covered Claims 50% 39% 40% 30% 26% 20% 10% 0% Q1'22 Q2'22 Q3'22 Q4'22 Q1 GTN: 85.8% Q2 GTN: 81.3% Q3 GTN: 70.8% 25 % covered claims includes total covered claims, whereas prior methodology excluded covered
Slide 26: Financial highlights: Operating expenses
Financial highlights: Operating expenses $ millions Q3 2022 Q3 2021 YoY Change YTD 2022 YTD 2021 YoY Change GAAP GAAP GAAP GAAP COGS 55 40 37% 148 107 38% As a percentage of net product revenues 8% 7% 7% 6% R&D 384 335 15% 1,085 985 10% R&D – ongoing 351 331 6% 1,029 964 7% R&D – upfront and milesto
Slide 27: Financial guidance: Full year 2022
Financial guidance: Full year 2022 Current Previous Net product revenues Jakafi net product revenues $2.38 - $2.40 billion $2.36 - $2.40 billion Other Hematology/Oncology net product revenues(1) $200 - $210 million $210 - $240 million Costs and expenses GAAP Cost of product revenues 6 – 7% of net pr
Slide 28: Financial Back-Up Slides
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Slide 29: Financial highlights: Q3
Financial highlights: Q3 $ millions Q3 2022 Q3 2021 Q3 2022 Q3 2021 YoY Change GAAP GAAP Non-GAAP Non-GAAP Net product revenues 713 594 713 594 20% Jakafi 620 547 620 547 13% Iclusig 26 29 26 29 (9%) Pemazyre 23 18 23 18 33% Minjuvi 6 1 6 1 967% Opzelura 38 - 38 - NM Royalty revenues 110 184 110 184
Slide 30: Financial highlights: Year to date
Financial highlights: Year to date $ millions YTD 2022 YTD 2021 YTD 2022 YTD 2021 YoY Change GAAP GAAP Non-GAAP Non-GAAP Net product revenues 1,983 1,674 1,983 1,674 18% Jakafi 1,762 1,542 1,762 1,542 14% Iclusig 78 82 78 82 (5%) Pemazyre 60 49 60 49 24% Minjuvi 15 1 15 1 2,570% Opzelura 67 - 67 - N
Slide 31: 2022 Financial guidance Non-GAAP reconciliation
2022 Financial guidance Non-GAAP reconciliation GAAP Adjustments Non-GAAP Guidance Guidance Net product revenues Jakafi $2.38 – $2.4 billion - $2.38 – $2.4 billion Other Hematology/Oncology1 $200 – $210 million - $200 – $210 million Costs and expenses COGS 6 – 7% net product revenues Amortization of
Slide 32: Q&A
Q&A