Incyte Corp at Morgan Stanley Global Healthcare Conference Transcript

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

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Great. It's a helpful overview. And a lot to talk about. Maybe we can just start with Jakafi and some of the initiatives you have underway. So on Jakafi, you've historically mentioned that the peak sales here in the US could reach roughly $3 billion before LOE. Based on the growth profile you've discussed recently, do you think there could be upside to that number?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. And in MS, there's been, call it, over the past year, a good amount of focus on the impact or potential impact competition could have for Jakafi. Are you seeing any impact either from a new patient start perspective or from a duration perspective from the entrant of GSK's momelotinib into MS?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. Understood. And to help with Jakafi life cycle management, I know you've discussed previously a couple of different efforts, two of which I believe you've guided to data on by year-end are the inhibitor and the inhibitor, just update us on where those efforts stand and what people can expect to learn by year-end?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Got it. For the ALK2 inhibitor for that combination, is there a threshold you're guiding to in terms of either hemoglobin change or transfusion independence rates for kind of gauging success for that readout? Another way to ask the question is also, is that readout going to be accompanied with the actual go/no-go decision?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. Okay. So assuming that one or both of these therapies is successful, you want to progress it with Jakafi. What are the, I guess, commercial approaches that you have in mind to make sure that Jakafi is used -- branded Jakafi is used with the ALK2 and the BET inhibitor and that you don't have generic Jakafi being used with one of these medicines?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. Understanding it's early, but what could strong POC look like for both programs once we have data next year? What would be satisfying for you to see?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Got it. Okay. And remind us from an addressable patient standpoint, what success would one or both of these could do to how broad your reach is?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. And could you remind us roughly how far does IP stretch for both of these efforts? Is it pretty long dated?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Got it. Okay. That's helpful. Maybe it's a good point now to pivot to I&I. Let's start with upseller. So how are you seeing sales split between AD and Vitiligo? And where are you seeing more of the recent growth that you've talked about come from across the two indications?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. And from your clinical experience, patients were using roughly 10 tubes per year?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. I know in addition to adherence, one thing you've spoken about for the vitiligo story is patient activation, just getting patients that previously didn't actively seek treatments because they didn't really have anything to seek getting them back into the treatment funnel and getting them back in front of doctors so that they can be exposed to or become aware of Opzelura. How is that effort going? What are you doing to kind of help activate the patient base there? And how do you track success with that metric to see if there's new patients coming in that weren't coming in previously?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. And you're also developing puvorcitinib for vitiligo. So a couple of questions there from my side. First, where do you see the oral versus the topical kind of settling out in the market? And then second, do you think this patient activation dynamic, do you think this poses any sort of risk to the commercial opportunity for neural therapy in vitiligo?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. Okay. Great. Maybe let's pivot then to the assets you acquired through the SEN transaction. I'd just love to get your sense of the rationale for that transaction and what you saw that gave you confidence in these assets and looking towards initial POC datasets, what you would guide people to look for when those data readouts are available?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. That's helpful. I guess on IAI broadly, I mean given what you have going on right now with indication expansion for Opzelura, development opacitinib, the SEN assets, do you feel like the IAI franchise is now more of -- in more of an execution mode? Or do you think there's still more kind of earlier-stage programs that could be coming through into the pipeline over the next year?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Got it. Okay. I wanted to pivot now to a near-term data readout you had that you mentioned with your most recent earnings update, the CDK2 inhibitor. You have data updated ESMO coming up. The first question there, how has this molecule been designed to be differentiated versus other CDK2 agents in this space?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Great. Understood. In the couple of minutes we have left, maybe you can talk more broadly about the business. I think one common investor question is what can -- which programs within Incyte's pipeline are most likely to help kind of offset dollar for dollar? The impact of the LOE that could occur in the late 2020s, early 2030s, from your perspective, what are the key programs that you think people should keep in mind to kind of get confidence that that's going to be a manageable impact of the business? 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 06, 2024 / 2:45PM, INCY.OQ - Incyte Corp at Morgan Stanley Global Healthcare Conference

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Got it. And Christiana, how important is BD at this point for kind of helping to further kind of diversify the pipeline stream?

Question: Vikram Purohit - Morgan Stanley Co. LLC - Analyst : Understood. Great. And I think that's a great point to close out on, and we're out of time. So thank you both for joining us. Really appreciate it. Thank you, everyone, for listening in. 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 06, 2024 / 2:45PM, INCY.OQ - Incyte Corp at Morgan Stanley Global Healthcare Conference