Incyte Corp at Evercore ISI HealthCONx Conference Transcript

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

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : And maybe to start, can you just give us a quick sense for where Incyte is now? And what the key areas of focus for the company are going to be over the next couple of years?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. No, that's super helpful. And maybe first, just starting with Jakafi and some of the moving parts there. I think it's annualizing about $1.9 billion in the U.S., consensus reaches about $3.2 billion in 2026. As you think about where we are now with that franchise, what do you think are the key growth sources going to be over the next few years to get Jakafi to kind of reach those numbers? What do you think the risks are to those estimates? And then what do you think could be the potential upside theoretically on to those numbers as well?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. No, super helpful. And a bunch of things to dive in to move with some of that commentary. I guess, starting first on the GVHD side. On your last earnings call, you kind of gave us the split of Jakafi sales by indication. And the GVHD portion has really been steadily growing over time. How much do you think there is room to grow, like, to your point, we've seen the REACH3 ASH abstract data, which could add another approved indication in GVHD, but the feedback we've gotten as well is that Jakafi is already being used to some extent in steroid-refractory chronic GVHD. So how incremental do you think that data and label expansion is compared to what's already being used for Jakafi and GVHD?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. So to the COVID point, I think that's been an area of focus as well. You kind of talked about it on your last earnings call. Some impact in 2Q and 3Q, but rebound as well in 3Q. I guess with cases continuing to rise, how are you kind of thinking about that trend for 4Q and 2021 until we kind of get a vaccine more broadly available? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2020 / 3:30PM, INCY.OQ - Incyte Corp at Evercore ISI HealthCONx Conference

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Yes. Makes sense. I wanted to spend just a little time on the LIMBER program. I think this is obviously a very important part of the strategy for extending the license for Jakafi franchise. And so maybe for each one of the combo purchase, whether it's the PI3 kinase delta and ALK2 or BET, kind of walk through what you're hoping to show what would be a win in terms of either efficacy improvement for the PI3 kinase or the BET add-on or on the safety side with an ALK2?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : And so then for the first-line setting, what do you think the incremental benefit kind of needs to be compared to Jakafi monotherapy to really get people to use a combo upfront instead of things, I'll try Jakafi first and see if it's working. And if not, maybe I add on a PI3 kinase delta or a BET inhibitor.

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Yes. Got it. So we've heard a lot about MF and strategies to kind of improve on the Jakafi profile as well as extend the life of the franchise. We haven't heard so much on PV and what strategies there might be similar to MF where you could show an incremental benefit and improve outcomes as well as extend the life of the franchise. Why is that? And where do you think the unmet needs in PV are in a similar kind of vein?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. I wanted to switch gears to topical RUX, obviously, a big focus heading into next year. Maybe just give us a quick snapshot of where you are right now in atopic derm and vitiligo for this program? What time lines are for submitting the atopic derm NDA as well as data readout for vitiligo?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. So just looking at consensus, it reaches about $1.4 billion in 2030, which, it doesn't seem too aggressive for a differentiated product and 2 large opportunities. I know you haven't given specific guidance here. But maybe just talk about your general comfort with where consensus estimates are. And also, how quickly you think these patients will kind of adopt topical RUX once it's approved?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Yes. Got it. Sticking on the JAK side for just 1 more minute. The hidradenitis program, I think, doesn't get quite as much focus in the pipeline, but you are moving into Phase IIb. So it's relatively late stage. How meaningful do you think this program could be? And what do you think the bar is for the Phase IIb readout as we kind of think about that data?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. Switching gears to Monjuvi. Obviously, another area of focus, particularly in the near term. Just give us a sense for how the launch dynamics are going in second-line DLBCL? How the initial talk and patient feedback has been since you launched? And also, how to think about growth in 4Q and 2021, if there's a group of people that have been waiting for this kind of therapy, particularly just given the lack of options in, like, a line setting? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 01, 2020 / 3:30PM, INCY.OQ - Incyte Corp at Evercore ISI HealthCONx Conference

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Can you talk a little about Europe and ex-U.S. for Monjuvi and the extent to which you think the current data set should be able to support approval in some of those other territories as well?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. Looking ahead to ASH, which is coming up in a few days, the PI3 kinase delta space is getting more interest recently. Maybe just give us a sense for what differentiates parsaclisib? And what we should look for in the CITADEL program at ASH as well?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. In the last minute or so, I think investors are looking to see some more activity on the bids outside from Incyte. What's your latest thinking on the strategy for this Monjuvi-type partnerships, more bolt-on type transactions? Or do you think you might put all of your eggs in a smaller number of baskets?

Question: Maneka Mirchandaney - Evercore ISI Institutional Equities, Research Division - Analyst : Got it. Awesome. I think that's all we've got time for. But thanks so much HervT and Christiana for a really interesting discussion, and definitely looking forward to following up soon.