Incyte Corp at Jefferies London Healthcare Conference Transcript

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

Question: Kelly Shi - Jefferies LLC - Analyst : And before we dive into the commercial products and some specific programs, I wanted to take a step back and start with a high-level overview of Incyte's vision, what are the key areas of focus for Incyte right now, and what is the forward strategy for the company. Thank you.

Question: Kelly Shi - Jefferies LLC - Analyst : Very exciting time. And maybe let's start with Jakafi to dig deeper. So in Q3, you raised the full-year guidance now at $2.74 billion and $2.77 billion. Could you talk about the driving factors for the new guidance and how we should think about Jakafi's growth in the out-years and where the long-term $3 billion peak sales projection stands now?

Question: Kelly Shi - Jefferies LLC - Analyst : Fantastic. And there has been a good amount of investor focus on your LIMBER initiatives, and Pablo already touched upon BET inhibitor a little bit. And we're also interested in ALK2 data. Maybe we can talk about how you envision these programs continue to build up the Jakafi-centered MF franchise.

Question: Kelly Shi - Jefferies LLC - Analyst : Maybe focus on BET inhibitor for the moment. Could we discuss at a high level how could a BET inhibitor development strategy be different in the backdrop of another BET inhibitor's delayed FDA filing?

Question: Kelly Shi - Jefferies LLC - Analyst : Great. Maybe we can also touch upon the ruxolitinib XR development and also, the timeline for the future steps. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 9:30AM, INCY.OQ - Incyte Corp at Jefferies London Healthcare Conference

Question: Kelly Shi - Jefferies LLC - Analyst : Fantastic. And also great news to see Niktimvo get approved recently in chronic GVHD. And how's your launch preparation for Q1 launch, and you already get guided? And also, can you also discuss on the expansion opportunity on top of what's in the label?

Question: Kelly Shi - Jefferies LLC - Analyst : Great. Now moving to a very important development front, dermatology and immunology pipeline. So maybe we can dive directly into the two key component drugs, OPZELURA and povorcitinib. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2024 / 9:30AM, INCY.OQ - Incyte Corp at Jefferies London Healthcare Conference One focus -- question from investors is the HS readout next year from two Phase 3 trials, and maybe you can help us to set an expectation. What kind of efficacy safety profile could secure role in the HS market, which we believe continues to grow? And how do you think about the oral regimen relative to other, like, novel agents, for example [RT-7 ANF].

Question: Kelly Shi - Jefferies LLC - Analyst : What do you think about the market potential in HS?

Question: Kelly Shi - Jefferies LLC - Analyst : Great. And the poll is set for moderate to severe HS patients. You also have OPZELURA to pursue mild to moderate, a different subgroup of HS patients. And the Phase 3 trial you guided, the primary endpoint is now using stringent HiSCR75. I'm curious what drove this decision, and how do you think about a success possibility for Phase 3?

Question: Kelly Shi - Jefferies LLC - Analyst : Great. And for OPZELURA, what is the current split of prescriptions between two approved indications? And what would be the ideal split in the future, and also your commercial strategies along with that?

Question: Kelly Shi - Jefferies LLC - Analyst : Okay, fantastic. And there's an overnight headline from Incyte MRGPRX2 and 4. Maybe for those who have not got time to digest the information, could you help us to lay out the details and what drove the decision? And any alternative development in the future?

Question: Kelly Shi - Jefferies LLC - Analyst : Thank you very much for the details. And moving to oncology, as said, CDK2 inhibitor, you presented data at ESMO in ovarian cancer, and which is a bit different from most of the CDK2 peers who pursue breast cancer opportunity. Maybe could you help us to understand what drove this decision? And maybe more details -- how is your development strategy in ovarian cancer in terms of pivotal trials?

Question: Kelly Shi - Jefferies LLC - Analyst : Last but not least, what do we expect for the next 12 months in terms of data catalysts and milestones? And also, where are you on the BD front?

Question: Kelly Shi - Jefferies LLC - Analyst : Looking forward to an event for 2025 for Incyte. And thanks, both, for this insightful discussion, and thanks, everyone, for attending.