Slide 1: 2025 Second Quarter Financial and Corporate Update
2025 Second Quarter Financial and Corporate Update July 29, 2025
Slide 2: Second Quarter 2025 Earnings Call Agenda
Second Quarter 2025 Earnings Call Agenda Introduction Greg Shertzer Investor Relations Opening Remarks Bill Meury Chief Executive Officer Commercial & Financial Results Christiana Stamoulis Chief Financial Officer R&D Update Pablo Cagnoni Head of Research & Development Closing Remarks Bill Meury Chi
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 potential for continued performance and growth; Incyte’s a
Slide 4: Opening Remarks
Opening Remarks Bill Meury, Chief Executive Officer
Slide 5: Vision, Strategy and Second Quarter Highlights
Vision, Strategy and Second Quarter Highlights Why Strategic Q2 Incyte? Priorities Highlights ▪ Meaningful new product flow ▪ Take a fresh look at the business including R&D ▪ Jakafi growth remains strong ▪ Attractive markets where allocation and operating Incyte has differentiated expenses ▪ Opzelu
Slide 6: Second Quarter 2025 Commercial & Financial Results
Second Quarter 2025 Commercial & Financial Results Christiana Stamoulis, Chief Financial Officer
Slide 7: Non-GAAP adjustments
Non-GAAP adjustments • Management has chosen to present financial highlights for the quarter and year-to-date periods ended June 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 internally
Slide 8: Robust Revenue Growth in Q2 2025
Robust Revenue Growth in Q2 2025 Product revenues and total revenues grew 17% and 16% Y/Y, respectively Total Product Revenues Total Revenues +16% $1,216 +17% Net Revenues ($m) Net Revenues ($m) $1,059 $1,044 $955 $907 $911 $827 $706 $664 $575 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Q2'21 Q2'22 Q2'23 Q2'24 Q2
Slide 9: Strong Jakafi Results Driven by Demand Across Indications
Strong Jakafi Results Driven by Demand Across Indications Q2’25 net sales: $764m (+8% Y/Y) Total Patients on Jakafi by Indication % Patients by indication Paid demand grew +8% Y/Y Q2’25 ➢ Total patients grew across all indications MF: 39% +2% Channel inventory within normal range +13% PV: 36% +6% GV
Slide 10: Continued Demand Growth for Opzelura in U.S. and ex-U.S.
Continued Demand Growth for Opzelura in U.S. and ex-U.S. Q2’25 net sales: $164m (+35% Y/Y) U.S. Opzelura TRx (Monthly) 70 U.S. net sales: $132m (+19% Y/Y) 65 ➢ Continued growth in U.S. TRx for AD and Vitiligo 60 US Opzelura TRx (in thousands) 55 Ex-U.S. net sales: $32m (+195% Y/Y) 50 ➢ Continued con
Slide 11: Niktimvo Off to Strong Start & Exceeding Expectations
Niktimvo Off to Strong Start & Exceeding Expectations Q2’25 net sales: $36m Niktimvo U.S. Net Sales $36 ➢ >4,000 infusions since launch* Net Revenues ($m) ➢ >300% growth in infusions compared to Q1 2025 ➢ 82% account penetration $14 ➢ Positive HCP and patient experience/feedback ➢ ~80-90% of patient
Slide 12: Increasing Contribution from Other Hematology & Oncology
Increasing Contribution from Other Hematology & Oncology Growth primarily driven by strong Niktimvo launch Q2 2025 Global Net Sales: $131 million (+66% Y/Y) +66% $131M Global Other Hem/Onc Net Sales 36 9 Niktimvo (in millions) $79M Zynyz 31 Monjuvi/Minjuvi 31 Pemazyre 22 Iclusig 20 27 33 Q2'24 Q2'25
Slide 13: Financial Highlights: Operating Expenses
Financial Highlights: Operating Expenses Q2 2025 Q2 2024 YoY Change H1 2025 H1 2024 YoY Change $ millions GAAP GAAP GAAP GAAP COGS 79 77 3 % 152 138 10 % As a percentage of net product revenues 7% 8% 8% 8% Contract dispute settlement (242) — NM (242) — NM R&D 495 1,138 (57)% 932 1,568 (41)% R&D – on
Slide 14: Research & Development
Research & Development Pablo Cagnoni, President and Head of Research & Development
Slide 15: >10 Potential Launches by 2030
>10 Potential Launches by 2030 Product Indication Status 2025 2026 2027 2028 2029 2030+ Pediatric AD sNDA Ruxolitinib Prurigo Nodularis Phase 3 Cream Derm/IAI HS (mild/mod) Phase 3 HS (mod/sev) Phase 3 Vitiligo Phase 3 Povorcitinib Prurigo Nodularis Phase 3 CSU Phase 3* 3L cGVHD Launched Axatilimab
Slide 16: mutCALR (INCA033989) Overview
mutCALR (INCA033989) Overview Presented at EHA 2025 INCA033989 led to rapid and durable normalization of platelets in patients with 1 previously treated ET 2 INCA033989 was well tolerated with only 1/49 patients discontinuing therapy 3 Rapid and sustained reductions in VAF were observed in most pati
Slide 17: Key Steps in '989 Development Plan
Key Steps in ‘989 Development Plan Pivotal MF Co- Sub-Q Financial Financial Combo Financial Financial Financial Trial Data Diagnostic Formulation Initiate Present data in Accelerate Collaboration registrational Subcutaneous patients with development in established to trial in ET by formulation in MF
Slide 18: Positive Phase 3 Results for Rux Cream in Moderate AD
Positive Phase 3 Results for Rux Cream in Moderate AD Topline results from the TRuE-AD4 study ✓ Co-primary endpoints met ➢ IGA-TS at Week 8 Key Entry Criteria ➢ EASI75 at Week 8 • Adults with AD > 2 years • Moderate AD defined as IGA=3, EASI >7, Itch NRS > 4, ✓ All key secondary endpoints met BSA >
Slide 19: Povorcitinib is Positioned for Near-Term Growth
Povorcitinib is Positioned for Near-Term Growth Phase 3 studies in HS, vitiligo and PN with significant market opportunities Phase 3 Development Hidradenitis Prurigo Vitiligo suppurativa nodularis Opportunity >300,000 mod/severe1 1.5 million+ diagnosed >200,0002 Two positive Phase 3 Phase 3 studies
Slide 20: 2025: A Year of Defining Catalysts
2025: A Year of Defining Catalysts H1’25 H2’25 Ruxolitinib Cream P3 data (PN) P3 HS Study Initiation Peds AD approval Derm / IAI Povorcitinib P3 data (HS) P2 data (CSU) P2 data (asthma) anti-CD122 P1 data Axatilimab Q1 launch MPN / GVHD BETi Pivotal Study Initiation mutCALR P1 PoC data (ET) P1 PoC d
Slide 21: Closing Remarks
Closing Remarks Bill Meury, Chief Executive Officer
Slide 22: Key Takeaways
Key Takeaways Second Quarter 2025 1 Strong product performance 2 Increased revenue guidance for the full year 3 Significant pipeline advancements 4 Building a comprehensive plan for future growth and acceleration 22
Slide 23: Q&A
Q&A (ineyte) | Sw. SOLVE
Slide 24: (eye) | On
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Slide 25: Financial Back-Up Slides
Financial Back-Up Slides 5) | on ncyte
Slide 26: Financial Highlights: Revenues
Financial Highlights: Revenues Q2 2025 Q2 2024 YoY Change YoY Change H1 2025 H1 2024 YoY Change YoY Change $ millions GAAP GAAP (as reported) (constant currency) GAAP GAAP (as reported) (constant currency) Net product revenues 1,059 907 17 % 16 % 1,982 1,636 21 % 21 % Jakafi 764 706 8 % NA 1,473 1,2
Slide 27: Financial Highlights: Q2 2025
Financial Highlights: Q2 2025 Q2 2025 Q2 2024 Q2 2025 Q2 2024 YoY Change $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 1,059 907 1,059 907 17 % Jakafi 764 706 764 706 8 % Opzelura 164 122 164 122 35 % Iclusig 33 27 33 27 22 % Pemazyre 22 20 22 20 9 % Minjuvi/Monjuvi 31 31 31 31 — % Nik
Slide 28: Financial Highlights: Year to Date
Financial Highlights: Year to Date H1 2025 H1 2024 H1 2025 H1 2024 YoY Change $ millions GAAP GAAP Non-GAAP Non-GAAP Net product revenues 1,982 1,636 1,982 1,636 21 % Jakafi 1,473 1,278 1,473 1,278 15% Opzelura 283 207 283 207 37% Iclusig 62 57 62 57 9% Pemazyre 41 38 41 38 7% Minjuvi/Monjuvi 61 55
Slide 29: 2025 Financial Guidance Non-GAAP Reconciliation
2025 Financial Guidance Non-GAAP Reconciliation GAAP Guidance Adjustments Non-GAAP Guidance Net product revenues Jakafi $3,000 - $3,050 million - $3,000 - $3,050 million Opzelura1 $630 - $670 million - $630 - $670 million Other $500 - $520 million - $500 - $520 million Hem/Oncology2 Costs and expens