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 LP - Analyst : Bill, let's jump right into it. You've been on the job a little over a month, two months now.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : And why don't you just share with us a quick snapshot of where you think Incyte is today and what needs to happen going forward to make this a successful organization?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Okay. We were chatting earlier today about the Jakafi 2029 patent cliff, which it seems investors are exclusively focused on these days. So what needs to happen to successfully overcome that cliff and have long-term growth in this industry?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Okay, very clear in terms of your internal capital allocation and resourcing where things are going to go. Thank you. What about external development and resource? 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 03, 2025 / 12:00PM, INCY.OQ - Incyte Corp at Cantor Global Healthcare Conference

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : So that framework, it sounds like isn't quite yet in place, but that is being recreated within Incyte.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : So maybe coming back to your internal resource allocation, we understand the focus on MPN scheme, et cetera, your core areas of strength. How do we think about the overall spending levels? Historically, Incyte has spent aggressively in R&D. And Pablo, we can bring you into this discussion, too. I'm sure you guys discuss and debate what the appropriate level of resourcing is for the internal pipeline.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Okay. Let's at least briefly touch on the commercial side of the business. I know we want to spend a fair bit of time on the pipeline where there's a ton of investor interest these days. But before we get there, just on the MPN franchise and Jakafi in particular, how do you think about preserving value beyond 2029? I think we all see the great commercial trajectory that you're on right now through probably 2029, but what are your thoughts post (inaudible)?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : And then how do you think about the Opzelura franchise providing value? I know you got a PDUFA date this month even coming up. So let's talk about pediatric AD but also just more broadly how big a nut this provides you in terms of keeping revenue.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : And then the other product that you have that's doing quite well, axatilimab or Niktimvo, you already mentioned, Bill, that you're expecting better sales in the second half. How has your view on the overall size of this opportunity changed?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Let's get into the pipeline.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Where do you want to start?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : I think everyone in the audience wants to start with [mCALR], so let's start with that.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Why don't you just briefly recap why this is an exciting molecule? I think most of us see it as such, and then maybe more importantly, preview what we're going to see in myelofibrosis later this year.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : That's a great summary. Tell us about the regulatory framework here. I mean, in some ways, you've got a modern-day targeted innovative disease modifying therapy, but the regulators have created a system that forces you into kind of an old school framework for development.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : How do we think about bispecific approach here relative to your naked endpoint?

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : We've only got two more minutes. I think we can only do one more drug.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Povo.

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : I mean, I think the street has a kind of lackluster view toward your data. Obviously, HS is a very competitive marketplace. Why are we wrong? 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 03, 2025 / 12:00PM, INCY.OQ - Incyte Corp at Cantor Global Healthcare Conference

Question: Eric Schmidt - Cantor Fitzgerald LP - Analyst : Strong arguments Pablo. Bill, Pablo, we're out of time, so thank you very much. We'd go on forever, but we'll have to cut it short. Thanks, everyone, for joining and we'll get ready for our next session.