Incyte Corp at Cantor Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Thank you. Wonderful to have you. HervT, lot going on at Incyte and, you know, I'd say in particular, it's been a very eventful last three or four months with some major, you know, new corporate initiative, you brought back a fair bit of stock, you made an acquisition of Escient, you've also gone through a pipeline reprioritization. So what's the grand scheme behind these changes? And how does this fit with your longer term strategy?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : So pipeline, pipeline, and more pipeline, I'm a stock guy, you get paid to represent shareholder interests. The stocks reacted somewhat to the news flow over the last six months or so. So it sounds pretty good off the bottoms, but I sense there's still a, you know, a fair bit of investor skepticism and maybe, you know, from your standpoint, probably also not a lot of happiness with where the shares are right now. What aren't investors getting? What do you think we're missing when you look at that longer term strategy?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : And what is the right size pipeline for your company? I mean, 14 programs progressing in parallel, that's a lot for anyone, especially a company that is still somewhat modest in its market cap and modest in its revenue potential from current products. So how do you make that trade-off between creator pipeline investment versus further return to shareholders? And are we right where you want to be right now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 19, 2024 / 1:45PM, INCY.OQ - Incyte Corp at Cantor Global Healthcare Conference

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Is there still more business development to come from external, yes?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Maybe, let's touch on the -- I don't think we have time to touch on all of your commercial products, but let's touch on the two most important just starting with Jakafi and changes through the IRA landscape in 2025 that might be favorable for you. What's your outlook for growth next year?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : With that quite steady or stable growth, would you expect an inflection based on some of the trends? You just noted the recent PD data as well as the IRA?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : And you're still working on the once daily formulation that we had obviously a delay some years back on that. What would be the impact of that once daily for franchise extension?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. And then moving to Opzelura, another very key and important growth product for you, how are things looking between the two major indications, you have atopic derm and Vitiligo and what's the outlook for sort of peak sales potential here?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : In the fairly early days of Jakafi launch, you were giving long term peak sales potential guide of --

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : You have yet to start that on Opzelura. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 19, 2024 / 1:45PM, INCY.OQ - Incyte Corp at Cantor Global Healthcare Conference

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Steven lots and lots going on in the pipeline way too much for a 12 to 13 minute discussion. But you're fresh off ESMO, I know you were there in person. You have your webinar on Saturday on CDK2 inhibition. Tell us about this drug and why it's interesting.

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : And when will, you know, whether you can go for an accelerated approval route for that platinum resistant ovarian cancer population?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Steven, am I right that probably the two biggest pipeline events for Incyte in the next say six months or povo in HS and the MRGPRX2 inhibitor or modulator for CSU?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Let's focus on HS just a little bit. I mean, the IL-17 maybe they're not quite hitting your face to HiSCR100, but they've got very good HiSCR75s, potentially even directionally better than yours in some cases. So what, what is the right end point to look at when we see the data? Is there something molecularly about a JAK inhibitor that would lead to better clearance but maybe not better HiSCR75s?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Can you be better than RINVOQ?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : One thing, this may be an over question around the market. But as you know, Steven, the biologics are used at double dose, triple dose, sometimes very high price points, though maybe with JAKs or RINVOQ, you're somewhat anchored to a lower price point or maybe not. Well, how are you thinking about (multiple speakers) --

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : No comment.

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. Well, maybe just a quick update on povo, everything going okay with Vitiligo and PM and the recruitments there, and are they quite as rapid as HS?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. And then moving to CSU and CIndU and AD with the PRX2, what is the appro -- I mean, these are somewhat different indications, not CSU and CIndU so much, but AD maybe let's start with urticaria is, what is the role that you're hoping this drug can play here?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : What's good data in urticaria?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Yeah.

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Do you, I mean obviously we've seen some big guns, right, some antibodies that hit the CK receptor just, is that where you're trying to be?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. And then in AD, is there still unmet need here?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Good?

Question: Eric Schmidt - Cantor Fitzgerald - Analyst : Okay. One last compound that we did not talk about today because we didn't have time that we should have talked about for next time, what would that be?