Incyte Corp at Wells Fargo Healthcare Conference Transcript

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

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : So Bill, maybe in the last 60 days, you can kind of recap your view of the business and kind of what got you excited to join Incyte at this time.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Yes. Well, let's talk about that. So I mean, obviously, one of the core business drivers today and ideally in the future is kind of in MPN. So maybe talk about, obviously, what's ahead of you in terms of the Jakafi LOE, but not only how do you plan to replace but also grow through that with some of the pipeline and we can get into the nuances of the pipeline. But again, from a big picture view, like what's the plan?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got it. So a lot of questions here. So first, maybe just on ET, can you kind of frame for us the opportunity there in terms of what you think the opportunity looks like? I mean, I know some folks will say it's an indolent disease. But where do you think the opportunity in the patient set is there?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. And then maybe this one's for Pablo in terms of like what we'll learn at the update later this year. I guess how are you already kind of thinking about pivotal trial design in ET. And is it kind of already set or you need to kind of wait additional data before really taking the plunge on the design?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : I know the current trials use the IV version of the drug. I know -- I think you've talked about subcu. So maybe you can just elaborate on that. 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 04, 2025 / 12:45PM, INCY.OQ - Incyte Corp at Wells Fargo Healthcare Conference

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Like is it fair to assume the base cases that you move forward with the initial Phase III second line with IV...

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Base case. All right. We'll stick with that. Maybe shift speaking to myelofibrosis. So we have the update at the end of the year, you kind of review that a little bit. But I guess as you start to think about the different scenarios in terms of Phase III design and development beyond that, a lot of different moving parts there. So maybe you can just walk us through how you're thinking about that with 989.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got it. So a couple of questions. So one, just in terms of the safety of the combo like how do you think about that in terms of overlapping talks, if there's any? And then [no ASH or]?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Very helpful. And then going back to kind of the development strategy, I guess, you think about these different patient buckets, like where does that kind of land in terms of the opportunity in terms of the market and revenues and ultimately, going back to what you can build off of the ET, obviously, we're trying to replace and grow beyond Jakafi. Again, how do you kind of fit all these pieces together?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. And then maybe just an update on 617 in terms of where we are there. that the data pushed into '26, but kind of, I don't know, are you still confident in that molecule and ultimately, where do we stand?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Excellent. So maybe shift gears beyond MPN. So another core component of the business is the [ I&I ] franchise. So with OPZELURA and Povo. So maybe I don't know, as it stands, how do you kind of think about the opportunity set for both of those? And where do you kind of see the specific kind of therapeutic area as part of the growth story for Insight in the future?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. So I guess in terms of like where you think that could be expanded, I mean, is there -- is that kind of like your focus for M&A? And I guess, what's your ethos on kind of pursuing business development across the 3 different areas you kind of focused on right now.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Understood. And then going back to OPZELURA, I think you said, again, maybe could double by like 2030. Is that just the in-line indications and not expansion? And I guess, how do you think about expansion opportunities for OPZELURA?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : We've heard there's been some usage already among the cables KOLs we talked to you. So -- with Povo, I guess, again, how do you kind of think about some of these other indications that CFU and the asthma again, seemingly kind of high-risk high-reward opportunities. But that relative to kind of the core kind of indications that you mentioned before?

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : Got you. And then maybe last couple of minutes on oncology, kind of the third pillar. We got some data coming at ESMO this year, maybe Pablo, if you want to highlight and walk us through what to expect.

Question: Derek Archila - Wells Fargo Securities LLC - Analyst : All right. Well, gentlemen, believe it there. Thank you so much.