Incyte Corp at Evercore ISI Healthcare Conference Transcript

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

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Really big year to the company, big year ahead next year, too. Maybe you can just open it off with where things stand today, and then we'll get into some more detail in Q&A.

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Awesome. Let's start off on the pipeline side. I think we should start on calreticulin just because pretty close to a big ASH presentation, a lot of focus there, obviously. Not much to talk about on the safety front. The only thing we've gotten some questions on is the cytopenias and anemia rates. Maybe you could just kind of walk through, number one, what are the background rates in some of these trials? And then number two, mechanistically, could there be anything that would explain like a low rate of events?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : And I guess one more data point on that is the anemia benefit, at least that's laid out in the update. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 6:20PM, INCY.OQ - Incyte Corp at Evercore ISI Healthcare Conference

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : And I think the anemia point is probably underappreciated by investors.

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Awesome. And the anemia benefit, besides being commercially relevant, as you laid out, besides being proof of mechanism, it also kind of opens the door from a regulatory perspective in MF?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Yeah, that makes sense. And for what you just laid out on the regulatory side, is that second line in addition to frontline for MF?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Should we be talking about transfusion burden at all within the anemia conversation?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Yeah. I guess like why -- if you're seeing that level of hemoglobin increase, like why wouldn't you be helping out the transfusion burden --

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Sure. That makes sense. All right. What about on the co-mutation side, maybe this is a topic for ASH, but yes, one question for a long time has been and MF cells can accumulate more mutations, can it be later stage, get more beat up, if you will? What's our level of confidence calreticulin is still the driver mutation there?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Perfect. Just one on the ET side. What is the status of regulatory discussions? And as we're talking about the DCHR endpoint, there's different platelet cutoffs, what's your expectation there?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Awesome. All right. Let's switch gears. Let's go to the JAK2 V617F, stay on the hem/onc side. Recently option Prelude's asset. What does that tell us about your ongoing study, your confidence in your lead asset?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Perfect. And what got you excited about the Prelude compound? Like is it more about a bioavailability med chem, different binding pocket? Like what are the properties?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Awesome. All right. I guess just thinking about the target product profile for V617F, without going into too many details, but like do you think this needs to match Jakafi on efficacy? Or given the safety advantage, can it be a little lower? What's the way to think about that?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Great. For tafa? I mean, there's a first-line DLBCL study, Phase III, that's ongoing. I feel like it's fairly under the radar for investors. It's been a little slow on the event rate accrual side, right? Is there anything else that's going on there? Where do you stand?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : And how much will that expand the opportunity for tafa?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Yeah. Makes sense. All right. I'm going to actually jump over some other pipeline assets, if we don't have time for today, which we'll talk about next year. But I'm going to go commercial, but stay on hem/onc and do Jakafi XR. Mid '26 approval. How much are you expecting in terms of switch from the twice a day?

Question: Gavin Clark-Gartner - Evercore Inc - Analyst :

Question: Gavin Clark-Gartner - Evercore Inc - Analyst : Awesome. I think we'll actually wrap it up right there, right on time, but really appreciate you joining and see you at ASH next weekend. See you then. Thank you. Thank you, everyone.