Incyte Corporation · NASDAQ:INCY
Incyte — Q1 2026 Earnings Presentation
31 slides from Incyte's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Financial Results & Business Update
First Quarter 2026 Financial Results & Business Update APRIL 28, 2026
Slide 2: Agenda
Agenda Q&A 01 Introduction Alexis Smith | VP, Investor Relations 04 Financial Results Tom Tray | Principal Financial Officer 06 Steven Stein, M.D. | EVP, Chief Medical Officer and Head of Late-Stage Development Dave Gardner | EVP, Chief Strategy Officer 02 Business Performance Bill Meury | Chief Exe
Slide 3: 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: Incyte’s potential for continued performance and plans for sus
Slide 4: Opening Remarks & Business Progress
Opening Remarks & Business Progress Bill Meury | Chief Executive Officer
Slide 5: Incyte's progress year-to-date
Incyte’s Total net sales of $1.10B in 1Q26, a 20% growth YoY1 progress Advanced povorcitinib development program, including year-to-date regulatory application acceptance in HS and positive Phase 3 results in nonsegmental vitiligo Four anticipated approval and launches across Jakafi XR, Opzelura®, M
Slide 6: Total revenue reflects 21% year-over-year growth
$1.27B Total revenue Total Revenue1 Total net sales Total revenue 1Q 2026 Total Revenue1 reflects 21% 1Q26 year-over-year +21% growth 1Q25 $1.05B $1.27B 1Q26 total revenue 1Q24 $881M (+21% vs. 1Q25) $1.10B total net sales 1Q23 $809M $168M royalty & contract revenue 1Q22 $733M 1Reflects net sales, ro
Slide 7: Commercial execution drives increase in total net sales
$1.10B Commercial Total Net Sales1 Jakafi® Core Business (ex-Jakafi) 1Q 2026 Net Sales1 execution drives 1Q26 increase in total +20% net sales 1Q25 $922M $1.10B 1Q26 total net sales 1Q24 $730M (+20% vs. 1Q25) 1Q23 $693M FY26 total net sales guidance of $4.77–$4.94B 1Q22 $606M 1Reflects net sales, ex
Slide 8: Jakafi commercial performance driven by sustained demand
Jakafi commercial Total Net Sales U.S. Jakafi1 $758M +7% 1Q 2026 performance driven by $709M Net Sales1 sustained demand $580M $572M $545M $758M 1Q26 net sales (+7% vs. 1Q25) Demand +6% vs. 1Q25 Broad based growth across PV, MF and GVHD Channel inventory within normal range 1Q22 1Q23 1Q24 1Q25 1Q26
Slide 9: Core business (ex-Jakafi) delivers 63% year-over-year growth
Core business (ex-Jakafi) Total Net Sales (ex-Jakafi)1 $347M 1Q 2026 delivers 63% year-over- Net Sales1 year growth +63% Products $213M Opzelura $158M Niktimvo $347M 1Q26 total net sales (+63% vs. 1Q25) Monjuvi/Minjuvi Diversified and resilient revenue mix provides $113M Zynyz® foundation for sustai
Slide 10: Opzelura up 20% year-over-year with strong demand across U.S. and international markets
Opzelura up 20% year- Total Net Sales Opzelura1 $143M 1Q 2026 over-year with strong Net Sales1 demand across U.S. and +20% international markets $119M $86M $143M 1Q26 net sales (+20% vs. 1Q25) • U.S. net sales of $106M (+12% vs. 1Q25) $57M • +17% TRx growth • Ex-U.S. net sales of $37M (+56% vs. 1Q25
Slide 11: Strong Hematology and Oncology performance driven by recent launches
Strong Hematology and Total Net Sales Hematology and Oncology1 $204M 1Q 2026 Oncology performance Net Sales1 driven by recent launches +116% Products Niktimvo $204M 1Q26 net sales (+116% vs. 1Q25) driven by: $94M Monjuvi/Minjuvi • Niktimvo 1Q26 net sales of $55M (+305%)2 $72M Zynyz • Monjuvi/Minjuvi
Slide 12: Research & Development Highlights
Research & Development Highlights Pablo Cagnoni, M.D. | President & Global Head of R&D
Slide 13: R&D progress year-to-date
R&D progress year-to-date Hematology Oncology IAI Registrational development Oncology pipeline in pivotal Development milestones pave efforts progressing: development: path for povorcitinib approval: Positive EOP meeting with FDA for EC approval of Zynyz for SCAC Application acceptance by FDA
Slide 14: '989: Initiation of Phase 3 trial in 2L ET on track for mid-year
’989: Initiation of Phase 3 20k people in the U.S. with CALR+ ET trial in 2L ET on track for mid-year Positive EOP meeting with FDA in Q1 Only Key Ph. 3 trial design features: 50% 25% have a suboptimal • Type 1 and non-type 1 mutCALR positive ET patients response to HU or SOC2 achieve a complete HR2
Slide 15: '989: Substantial progress to date, with multiple development inflection points ahead
’989: Substantial progress to date, with multiple development inflection points ahead ET MF SC Regulatory alignment on pivotal Enrollment of 1L MF cohort (’989 Agreement with FDA on SC development program (2L) vs. ’989 + ruxolitinib) Phase 1 trial in HV completed Mid-26: Mid-26: Updated data f
Slide 16: '734: Potential first KRAS G12D targeted therapy in PDAC
’734: Potential first KRAS G12D targeted therapy in PDAC with registrational efforts underway Phase 3 trial of ’734 in combination with SOC chemotherapy in 1L PDAC underway 200K PDAC patients + Diagnosed • Investigators choice of GEMNabP or mFOLFIRINOX Extensive Ph. 1 program in G12D-mutated solid t
Slide 17: High impact oncology portfolio in pivotal development
High impact oncology portfolio in pivotal development ’890 ’734 ’667 TGFβR2xPD-1 bispecific KRASG12D inhibitor CDK2 inhibitor MSS colorectal cancer PDAC (KRASG12D) Ovarian (CCNE1+) • Large, underserved population with no • First targeted therapy for the most • Addresses genetically defined, high- ap
Slide 18: Povorcitinib: Compelling clinical evidence establishes clear path to approval across indications
Povorcitinib: Compelling clinical evidence establishes clear path to approval across indications Hidradenitis Suppurativa Nonsegmental Vitiligo • Continuous improvements in clinical outcomes • Statistically significant reductions in facial vitiligo vs. observed with long-term treatment across studie
Slide 19: Late-stage IAI portfolio addressing immune-mediated derm conditions
Late-stage IAI portfolio addressing immune- mediated derm conditions Ruxolitinib Cream Povorcitinib JAK1/2 small molecule JAK1 small molecule Hidradenitis Suppurativa Hidradenitis Suppurativa Nonsegmental Vitiligo Prurigo Nodularis • Potential third indication to • Anchor indication with large • Bro
Slide 20: 2026 pipeline milestones
2026 pipeline milestones Hematology Oncology IAI YTD Q2 Q3 Q4 ’734 Ph. 3 initiated Tafasitamab sBLA Opzelura Ph. 3 data (HS) (1L PDAC) submission (1L DLBCL) Povorcitinib Ph. 3 data ’890 Ph. 3 initiated Mid-26 (PN) (1L MSS CRC) ’989 Ph. 1 data (2L ET+MF) Povorcitinib HS approval Povorcitinib NDA ’
Slide 21: Financial Results
Financial Results Tom Tray | Principal Financial Officer
Slide 22: Non-GAAP adjustments
Non-GAAP adjustments • Management has chosen to present financial highlights for the quarter ended March 31, 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 and externally for establi
Slide 23: Financial highlights – revenues
Financial highlights – revenues Q1 Q1 YOY 2026 2025 CHANGE AS CONSTANT GAAP GAAP $ MILLIONS REPORTED CURRENCY Net sales 1,104 922 20% 19% Jakafi 758 709 7% NA Opzelura 143 119 20% 18% Hematology and Oncology1 204 94 116% 110% Royalties 151 131 16% Jakavi 106 92 15% 5% Olumiant 36 31 18% 12% Tabrecta
Slide 24: Financial highlights – operating expenses
Financial highlights – operating expenses YoY Q1 2026 Q1 2025 Change GAAP GAAP $ MILLIONS COGS 105 73 43% As a percentage of net sales 9.5% 7.9% R&D 516 437 18% R&D – ongoing 503 421 19% R&D – upfront and milestones & Escient costs1 13 16 (21)% SG&A 328 326 1% Asset impairment and related disposal c
Slide 25: Full year 2026 financial guidance
Full year 2026 financial guidance FY 2026 Total net sales $4,770M - $4,940M Jakafi1 $3,220M - $3,270M Opzelura2 $750M - $790M Hematology and Oncology3 $800M - $880M Total R&D and SG&A operating expenses (GAAP) $3,495M - $3,675M Total R&D and SG&A operating expenses (non-GAAP)4 $3,205M - $3,375M 1Inc
Slide 26: Closing Remarks
Closing Remarks Bill Meury | Chief Executive Officer
Slide 27: (oy) | QB
(oy) | QB
Slide 28: Thank you
Thank you
Slide 29: Appendix
Appendix
Slide 30: 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 initiation mid-2026 INCA033989 CALR-mutated MF (1L) Data 2H 2026 mutCALR C
Slide 31: Abbreviation directory
Abbreviation directory ’058 INCB160058 EMA European Medicines Agency MSS Microsatellite stable ’667 INCB123667 EOP End of phase NDA New Drug Application ’734 INCB161734 ET Essential thrombocythemia PDAC Pancreatic ductal adenocarcinoma ’890 INCA33890 FDA U.S. Food and Drug Administration PK Pharmaco