Slide 1: Fourth Quarter & Full-Year 2025 Financial & Corporate Update
Fourth Quarter & Full-Year 2025 Financial & Corporate Update FEBRUARY 10, 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, MD | EVP, Chief Medical Officer Dave Gardner | EVP, Chief Strategy Officer Mohamed Issa | EVP, Head of US Oncology 02 Opening Remarks Bill Meury | Chief Execu
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 financial guidance for 2026, including its expectatio
Slide 4: Opening Remarks & Business Progress
Opening Remarks & Business Progress Bill Meury | Chief Executive Officer
Slide 5: Incyte's progress in 2025
Incyte’s 1 Core business delivered strong performance progress in Fundamentally changed the shape and maturity 2025 2 of pipeline – moving multiple assets from early- to late-stage development Regulatory applications submitted for Jakafi XR , 3 Opzelura®, and povorcitinib1 4 International business e
Slide 6: Total revenue growth of 21% compared to prior year
$5.14B Total revenue Total Revenue Net sales Total revenue1 FY 2025 Total revenue growth of 21% '25 compared to +21% prior year '24 $4.24B $1.51B 4Q25 total revenue '23 $3.70B (+28% vs. 4Q24) $5.14B FY25 total revenue '22 $3.39B (+21% vs. FY24) '21 $2.99B 1Reflects net sales, royalty revenue, and mi
Slide 7: Commercial execution delivers 20% growth in net sales
$4.35B Commercial Total Net Sales1 Jakafi Core Business (ex-Jakafi) FY 2025 Net Sales1 execution delivers '25 20% growth in +20% net sales '24 $3.62B $1.22B 4Q25 net sales '23 $3.17B (+20% vs. 4Q24) $4.35B FY25 net sales '22 $2.75B (+20% vs. FY24) '21 $2.32B Growth increasingly diversified beyond Ja
Slide 8: Core business (ex-Jakafi) has potential to be $3-4B by 2030
Core business (ex-Jakafi) Total Net Sales (ex-Jakafi)1 $1.26B FY 2025 has potential to be $3-4B Net Sales1 by 2030 +53% $826.8M Products Opzelura Niktimvo $1.26B FY25 total net sales (ex-Jakafi) $571.4M Monjuvi®/Minjuvi® +53% YoY sales growth (2024 → 2025) $337.7M Zynyz® Pemazyre® Resilient revenue
Slide 9: Strong demand drives Jakafi growth in 2025
Total Net Sales $3.09B Strong demand drives U.S. Jakafi1 FY 2025 Net Sales1 Jakafi growth in 2025 $2.79B +11% across all indications $828M 4Q 2025 Net Sales1 +7% $828M 4Q25 net sales (+7% vs. 4Q24) $773M $3.093B FY25 net sales (+11% vs. FY24) Growth is broad based across PV, MF and GVHD 4Q24 4Q25 FY
Slide 10: Continued TRx growth for Opzelura in atopic dermatitis and vitiligo
Continued TRx growth Total Net Sales Opzelura1 $678M FY 2025 for Opzelura in atopic Net Sales1 dermatitis and vitiligo +33% $207M $508M 4Q 2025 Net Sales1 $207M 4Q25 net sales (+28% vs. 4Q24) +28% $678M FY25 net sales (+33% vs. FY24) $162M TRx growth in AD and vitiligo • +24% (vs. 2024) in AD • +15%
Slide 11: Strong growth across our Hematology and Oncology portfolio
Strong growth across our Total Net Sales Hematology and Oncology1 $583M FY 2025 Hematology and Oncology Net Sales1 portfolio +83% Products $187M Niktimvo 4Q 2025 $318M $187M 4Q25 net sales (+121% vs. 4Q24) Net Sales1 Monjuvi/Minjuvi Zynyz $583M FY25 net sales (+83% vs. FY24) +121% Pemazyre $85M Iclu
Slide 12: Incyte's outlook 2026 and beyond
Strong, durable core business (ex-Jakafi) 1 with potential to grow to $3-4B by 2030 Incyte’s Product launches for Jakafi XR, Opzelura (mAD), outlook 2026 povorcitinib, and Monjuvi (1L DLBCL)1 and beyond Seven high-value pipeline assets with 2 $10B+ peak net sales opportunity2 Fourteen pivotal trials
Slide 13: Research & Development
Research & Development Pablo Cagnoni, MD | President, Head of R&D
Slide 14: R&D execution builds momentum into 2026
R&D execution builds momentum into 2026 4 Anticipated approvals1 Jakafi XR, Opzelura, Monjuvi, povorcitinib 7 Key data readouts Monjuvi, povorcitinib, Opzelura, mutCALR, JAK2V617F 2 New product launches2 Jakafi XR, povorcitinib 14 Pivotal trials underway in 2026 14 © 2026 Incyte 1Anticipated global
Slide 15: Focused and strategically aligned franchises
Focused and strategically aligned franchises Hematology Oncology IAI Developing targeted therapies with Novel biologic targets and Expanding topical-to-oral and mild- the potential to transform the pathways in high incidence cancers to-severe solutions for chronic treatment of hematological immune-m
Slide 16: Advancing a novel hematology portfolio
Advancing a novel hematology portfolio Axatilimab ‘989 ‘784 ‘058 Tafasitamab mutCALRxCD3 JAK2V617F CSF-1R mAb mutCALR mAb Anti-CD19 mAb bispecific small molecule GvHD ET & MF ET & MF MPNs B-cell lymphomas • Potential to expand • First potential • Targeted T-cell • Targeted approach to • Addresses fu
Slide 17: '989: Key next steps and milestones
‘989: Key next steps and milestones ET MF SubQ • 1Q 26: Regulatory alignment on • Mid-26: Regulatory alignment on ✓Agreement with FDA on SubQ to pivotal development program pivotal development (2L) enable development in ET and MF • Mid-26: Ph. 3 trial initiation (2L) • Mid-26: Updated data from • 1Q
Slide 18: Tafasitamab: Broadening impact across B-cell lymphomas
Tafasitamab Tafasitamab: Broadening anti-CD19 mAb Addressing the full spectrum of B-cell impact across B-cell lymphomas lymphomas Anti-CD19 monoclonal antibody 2x Current Approved in Europe and Japan for FL in 4Q 2025 Addressable Positive Phase 3 topline results (frontMIND) 15K 10K 30K Market (US) •
Slide 19: High impact oncology portfolio
High impact oncology portfolio ‘890 ‘734 ‘667 TGFβR2xPD-1 bispecific KRASG12D inhibitor CDK2 inhibitor MSS colorectal cancer PDAC (KRASG12D) Ovarian (CCNE1) • Large, underserved populations with no • First targeted therapy for the most • Addresses genetically defined, high-risk approved IO options c
Slide 20: '734: Potential first G12D targeted therapy in PDAC
‘734: Potential first G12D targeted therapy in PDAC Highly selective KRASG12D inhibitor for G12D-mutated solid tumors • Large Ph. 1 program of ~300 patients, including ~200 with PDAC1 200K PDAC patients + Diagnosed Phase 1 update (ASCO GI) • Efficacy as mono- and combo- therapy at planned Ph. 3 dose
Slide 21: Immune-mediated dermatological disease pipeline
Immune-mediated dermatological disease pipeline Ruxolitinib Cream Povorcitinib JAK1/2 small molecule JAK1 small molecule Hidradenitis Suppurativa Hidradenitis Suppurativa Vitiligo Prurigo Nodularis • Potential third indication to • Anchor indication with large • Broadens franchise → • JAK dependent
Slide 22: Upcoming pipeline milestones
Upcoming pipeline milestones THERAPEUTIC PROGRAM INDICATION(S) PROOF OF CONCEPT PIVOTAL MILESTONE/STATUS Axatilimab 1L cGvHD (+ ruxolitinib) Data early-2027 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 mutCAL
Slide 23: Financial Results
Financial Results Tom Tray | Principal Financial Officer
Slide 24: Non-GAAP adjustments
Non-GAAP adjustments • Management has chosen to present financial highlights for the quarter and year-to-date periods ended December 31, 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 internall
Slide 25: Financial highlights – revenues
Financial highlights – revenues Q4 Q4 YOY YTD YTD YOY 2025 2024 CHANGE 2025 2024 CHANGE AS CONSTANT AS CONSTANT $ MILLIONS GAAP GAAP REPORTED CURRENCY GAAP GAAP REPORTED CURRENCY Net sales1 1,223 1,019 20 % 19% 4,354 3,619 20% 20% Jakafi 828 773 7% 7% 3,093 2,792 11% 11% Opzelura 207 162 28% 27% 678
Slide 26: Financial highlights – operating expenses
Financial highlights – operating expenses Q4 Q4 YOY YTD YTD YOY 2025 2024 CHANGE 2025 2024 CHANGE $ MILLIONS GAAP GAAP GAAP GAAP COGS 121 88 37% 372 312 19% As a percentage of net sales 9.9% 8.7% 8.5% 8.6% Contract dispute settlement – – NM (242) – NM R&D 611 466 31% 2,050 2,607 (21)% R&D – ongoing
Slide 27: Closing Remarks
Closing Remarks Bill Meury | Chief Executive Officer
Slide 28: Full year 2026 financial guidance
Full year 2026 financial guidance FY 2026 Total net sales $4,770M - $4,940M Jakafi $3,220M - $3,270M Opzelura1 $750M - $790M Hematology and Oncology2 $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)3 $3,205M - $3,375M 1Opze
Slide 29: Positioned to deliver long-term value beyond 2029
Positioned to deliver long-term value beyond 2029 Core Business Pipeline Capital Allocation Building the core business Advancing 7 pipeline Maintaining a strong (ex-Jakafi) to $3-4B by 2030 products with $10B+ sales balance sheet and opportunity1 leveraging BD to strengthen and extend the core 29 ©
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Slide 31: Thank you
Thank you