Incyte Corp at Guggenheim Healthcare Innovation Conference Transcript

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

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Bill, perhaps just starting out with the bigger picture question. To what degree have your initial expectations have been met since you joined the company earlier this summer? And have your strategic priorities changed in any way?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Great. And then just another high-level question, Bill. What is your approach to balancing capital allocation to either fund potential larger acquisitions, perhaps beyond some of the tuck-ins that we've seen recently with internal R&D investments and potentially even share buybacks at some line.

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Right. Then maybe shifting over to discussing some of the pipeline opportunities. MPNs are clearly a core competency of inside with Jakafi being the leading JAK inhibitor on the market for some time now. As we think about the mutant color opportunity and 989, your antibody product candidate here, which could really emerge as a differentiated product in the space. First of all, how do you think about the overall commercial opportunity for 989 in MF and ET?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Maybe just a follow-up, Pablo. The data in the ASH abstracts, especially in the MF study was really surprisingly impressive, especially on the SVR rates. Maybe talk a bit more about how much more you'll share at ASH as it relates to some of the other outcomes?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : You did recently announce a collaboration with a company called Enable to develop a subcu formulation in a way of 989. So perhaps talk about the collaboration a little bit more and how this fits into the overall development strategy?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Right. Sounds good. Maybe just one more on MPNs. Just recently did announce an acquisition of a JAK2 selective inhibitor. Maybe just talk about generally how a JAK2 selective molecule fits into your overall longer-term strategy in MPNs and specifically, what made that program attractive?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : All right. And then maybe switching over to your inflammatory portfolio. Povorcitinib is a really interesting drug, we think, and physicians that we spoke with more recently are very excited about the longer-term follow-up data, especially in HS. And so maybe stepping back, Bill, talk about how you think about the Povorcitinib opportunity overall and then specifically in the HS market?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : And how do you think about the opportunity to leverage your existing footprint around Opzelura to create commercial synergies between the two products?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : And Opzelura has now really become a quite meaningful revenue contributor to Incyte's top line. I think historically, Incyte spoke about a $1.5 billion peak sales opportunity in AD alone. And so perhaps talk a bit about how you're tracking towards that revenue type opportunity? And how

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Great. And then perhaps shifting over to Niktimvo, which is one of your newer products, which has been off to a very strong commercial launch in GVHD. And so yes, maybe provide a little bit more context on how the product has been used on the market in terms of practice since its launch, perhaps relative to other available therapies? And where do you see the approved indication to potentially peak in terms of sales?

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Great. Well, thanks, Pablo and Bill. Unfortunately, we have to end here. I really appreciate the time, and thanks for the opportunity.