Incyte Corporation · NASDAQ:INCY
Incyte — Q3 2026 Earnings Presentation
35 slides from Incyte's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Financial Results & Business Update
Third Quarter 2026 Financial Results & Business Update OCTOBER 29, 2026
Slide 2: Agenda
Agenda Financial Results Q&A 01 Introduction Alexis Smith | VP, Investor Relations 04 Suky Upadhyay | EVP, 06 Steven Stein, M.D. | EVP, Chief Medical Officer Chief Financial Officer and Head of Late-Stage Development Dave Gardner | EVP, Chief Strategy Officer 02 Business Performance Bill Meury | Chi
Slide 3: Forward looking statements
Forward looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding Incyte’s expected financial and operational performance; Incyte’s updated 2026
Slide 4: Opening Remarks & Business Progress
Opening Remarks & Business Progress Bill Meury | Chief Executive Officer
Slide 5: Strategy for the transition and recovery
Strategy for the transition and recovery Core business Late-stage pipeline The foundation The next phase of growth Scale beyond Jakafi to navigate the 2029 Layer on top of the core business to drive transition and fund R&D growth post the transition Opportunity to build a significantly larger compan
Slide 6: Potential first-in-class assets in late-stage development
Potential first-in-class assets in late-stage development INCB161734 INCA033989 LATARCIBART KRAS G12D inhibitor mutCALR antibody Protein S modulator Pancreatic & colorectal cancer Myeloproliferative neoplasms VWD and other bleeding disorders ~74k patients with KRAS G12D–mutated ~30k patients with CA
Slide 7: Strong 3Q results and execution across the pipeline
Strong 3Q results and execution across the pipeline Delivering on core Regulatory and launch Advancing late-stage business progress pipeline Total net sales Approval and launch of Expanding GI scope for ’734 $1.32B (+14% YoY)1 Opzelura in mAD in Europe and ’890 across settings and tumor types Core b
Slide 8: Total revenue reached $1.56B, increasing 14%
$1.56B 3Q 2026 Total revenue Total Revenue1 Total net sales Total revenue Total Revenue1 reached $1.56B, 3Q26 increasing 14% +14% versus prior year 3Q25 $1.37B 3Q24 $1.14B $1.56B 3Q26 total revenue (+14% vs. 3Q25)1 3Q23 $919M • $1.32B total net sales • $241M royalty & contract 3Q22 $823M revenue 1Re
Slide 9: Total net sales growth of 14%
$1.32B 3Q 2026 Total net sales Total Net Sales1 Jakafi® Core Business (ex-Jakafi) Net Sales1 growth of 14% 3Q26 driven by strong +14% performance 3Q25 $1.15B across core 3Q24 $963M business 3Q23 $783M $1.32B 3Q26 total net sales (+14% vs. 3Q25)1 3Q22 $713M 1Reflects net sales, excluding royalty reve
Slide 10: Jakafi demand and early XR adoption support franchise growth
Jakafi demand and early Total Net Sales $827M U.S. Jakafi1 3Q 2026 XR adoption support +4% Net Sales1 franchise growth $741M $791M $620M $636M $827M 3Q26 net sales (+4% vs. 3Q25)1 • $15M 3Q26 Jakafi XR net sales Demand +12% vs. 3Q25 Broad based growth across PV, MF and GVHD XR uptake reflects both n
Slide 11: Core business (ex-Jakafi) continues to grow, increasing 37% YoY
Total Net Sales $490M (ex-Jakafi)1 3Q 2026 Core business (ex-Jakafi) Net Sales1 continues to grow, +37% increasing 37% YoY $359M Products Opzelura® Niktimvo $490M 3Q26 net sales (+37% vs. 3Q25)1 $222M Monjuvi®/Minjuvi® $147M Zynyz® Core business (ex-Jakafi) now represents >35% of $93M Pemazyre® tota
Slide 12: Strong demand across indications and geographies drives Opzelura momentum
Strong demand across Total Net Sales $255M Opzelura1 3Q 2026 indications and Net Sales1 geographies drives +36% Opzelura momentum $188M $139M $255M 3Q26 net sales (+36% vs. 3Q25)1 $92M • U.S. net sales of $208M (+45% vs. 3Q25) • +24% TRx growth $38M • Ex-U.S. net sales of $47M (+5% vs. 3Q25) Growth
Slide 13: Hematology and Oncology portfolio growing 38% versus prior year
Hematology and Oncology Total Net Sales $235M Hematology and Oncology1 3Q 2026 portfolio growing 38% Net Sales1 versus prior year +38% $171M Products $235M 3Q26 net sales (+38% vs. 3Q25)1 driven by: Niktimvo • Niktimvo net sales of $67M (+47%)2 Monjuvi/Minjuvi • Zynyz net sales of $58M (+157%)2 Zyny
Slide 14: Research & Development Highlights
Research & Development Highlights Pablo Cagnoni, M.D. | President, Global Head of R&D
Slide 15: Advancing a novel late-stage pipeline to drive long-term growth
Advancing a novel late-stage pipeline to drive long-term growth 10+ Ongoing and planned pivotal trials by 1H27 Hematology Oncology IAI INCA033989 mutCALR mAb — 2L ET & 2L MF INCB161734 KRAS G12Di — 1L PDAC, adjuvant PDAC, 2L/3L CRC Ruxolitinib cream JAK1/2 — mild HS 6 Potential first-in- Latarcibart
Slide 16: Building a leading mutation-targeted CALR franchise
Building a leading mutation-targeted CALR franchise ’989 ’798 mutCALR mAb mutCALR mAb Essential Thrombocythemia Myelofibrosis CALR-mutated MPNs Advancing first-in-class mutation- Expanding development across Advancing next generation targeted therapy in ET lines of therapy mutCALR antibody • Ph. 3 E
Slide 17: '989: Pivotal Phase 3 in 2L MF to initiate by EOY
’989: Pivotal Phase 3 in ~10k people in the U.S. with CALR+ MF 2L MF to initiate by EOY Key Ph. 3 trial features: • Population: Type 1 and non-Type 1 mutCALR positive MF patients previously treated with a JAK inhibitor • Dosing: 750mg IV Q2W (Type 1); 2500mg IV Q2W (non-type 1) ~70% ~2/3 of patients
Slide 18: Advancing diversified late-stage hematology pipeline
Advancing diversified late-stage hematology pipeline Myeloproliferative Graft-versus-host Bleeding Neoplasms disease disorders Advancing targeted therapies through Improving outcomes through earlier and Potential to transform treatment of VWD with early- and late-stage development combination-based
Slide 19: '734: Expanding development across tumor types and treatment settings
'734: Expanding development across tumor types and treatment settings 2028 Phase 3 DAWN-303 topline data in 1L PDAC 1L PDAC Heavily-pretreated CRC Antitumor activity and early durability in Activity with cetuximab suggests synergy combination with 1L SOC with EGFR in late-line CRC 1H 2027 + mFOLFIRI
Slide 20: '734: Expansion across tumors and lines
'734: Expansion across tumors and lines ADJUVANT 1L 2L+ CTx +/- CTx (mFFX / GnP) +/- + navlimetostat PDAC Phase 3 in 2027 Phase 3 DAWN-303 ongoing + SNV1521 (PARP1i) (PRMT5i) + CTx + cetuximab + cetuximab (FOLFOX / FOLFIRI) 2L/3L Phase 3 CRC — + SNV1521 (PARP1i) DAWN-302 in + CTx + petosemtamab (EGF
Slide 21: '890: Potential immunotherapy backbone in MSS CRC
'890: Potential immunotherapy backbone in MSS CRC 2029 1L metastatic MSS CRC Phase 3 NEXERA-303 topline data in 1L MSS Encouraging antitumor activity Efficacy in key populations CRC and early durability • Liver metastases ORR: 83% ’890 + FOLFOX + bevacizumab • Peritoneal metastases ORR: 62% • ORR: 7
Slide 22: '890: A novel immunotherapy backbone in CRC
'890: A novel immunotherapy backbone in CRC ADJUVANT 1L 2L+ + muzastotug (next-gen CTLA-4) Monotherapy + FOLFOX + bevacizumab CRC ctDNA+ post adjuvant chemo MSS · Phase 3 NEXERA-303 + bevacizumab Ovarian — + CTx +/- bevacizumab + ADC HNSCC — + EGFR Ab — NSCLC — — + CTx — : Represents ongoing POC or
Slide 23: Expanding solid tumor pipeline with focus in GI
Expanding solid tumor pipeline with focus in GI ’890 ’734 ’667 TGFβR2×PD-1 bispecific KRAS G12D inhibitor CDK2 inhibitor MSS colorectal cancer KRAS G12D mutated cancers Ovarian cancer (CCNE1+) Large, underserved population with no Targeting a large clinical need across Addresses genetically defined,
Slide 24: IAI: Multiple near-term clinical & regulatory milestones
IAI: Multiple near-term clinical & regulatory milestones Ruxolitinib Cream Povorcitinib JAK1/2 small molecule JAK1 small molecule Hidradenitis Suppurativa Hidradenitis Suppurativa Nonsegmental Vitiligo Prurigo Nodularis Potential third indication to Anchor indication with large Broadens franchise→ e
Slide 25: Late-stage pipeline positioned to deliver meaningful topline growth through 2030s
Late-stage pipeline positioned to deliver meaningful topline growth through 2030s ’734 ’989 Latarcibart KRAS G12D inhibitor mutCALR antibody Protein S modulator • Ph. 3 1L PDAC topline data – 2028 • Ph. 3 2L ET study ongoing • Ph. 3 VWD topline data – early-2029 • Ph. 3 adjuvant PDAC and 2L/3L CRC s
Slide 26: Financial Results
Financial Results Suky Upadhyay | EVP, Chief Financial Officer
Slide 27: Non-GAAP adjustments
Non-GAAP adjustments • Management has chosen to present financial highlights for the quarter and year-to-date periods ended September 30, 2026, and 2025 on both a GAAP and Non-GAAP basis in the belief that this Non-GAAP information is useful for investors. • Management uses such information internal
Slide 28: Financial highlights – revenues
Financial highlights – revenues Q3 Q3 YOY YTD YTD YOY 2026 2025 CHANGE 2026 2025 CHANGE GAAP GAAP AS CONSTANT GAAP GAAP AS CONSTANT $ MILLIONS REPORTED CURRENCY REPORTED CURRENCY Net sales 1,316 1,150 14% 15% 3,909 3,132 25% 25% Jakafi 827 791 4% NA 2,401 2,264 6% NA Opzelura1 255 188 36% 36% 848 47
Slide 29: Financial highlights – costs, expenses and other
Financial highlights – costs, expenses and other Q3 Q3 YOY YTD YTD YOY 2026 2025 CHANGE 2026 2025 CHANGE GAAP GAAP GAAP GAAP $ MILLIONS COGS 109 99 10% 318 251 27% As a percentage of net sales 8.3% 8.6% 8.1% 8.0% Contract dispute settlement — — NM — (242) NM R&D 1,792 507 254%2 2,825 1,439 96% R&D –
Slide 30: Full year 2026 financial guidance
Full year 2026 financial guidance CURRENT PREVIOUS Total net sales $5,210M - $5,300M $5,130M - $5,260M Jakafi1 Unchanged $3,220M - $3,270M Opzelura2 $1,100M - $1,120M $1,050M - $1,100M Hematology and Oncology3 $890M - $910M $860M - $890M Total R&D and SG&A operating expenses (GAAP)4 Unchanged $4,915
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Slide 32: Thank you
Thank you
Slide 33: Appendix
Appendix (Incyte)
Slide 34: Upcoming pipeline milestones
Upcoming pipeline milestones THERAPEUTIC PROGRAM INDICATION(S) PROOF OF CONCEPT PIVOTAL MILESTONE/STATUS Axatilimab 1L cGvHD (+ ruxolitinib) Ph. 2 data 1Q27 CSF-1R 1L cGvHD (+ steroids) Ph. 3 data early-2028 CALR-mutated ET (2L) Ph. 3 trial ongoing INCA033989 CALR-mutated MF (1L) Ph. 1 data 4Q26 mut
Slide 35: Abbreviation directory
Abbreviation directory ’667 INCB123667 ET Essential thrombocythemia MPN Myeloproliferative neoplasms ’734 INCB161734 FDA U.S. Food and Drug Administration MSS Microsatellite stable ’890 INCA33890 FOLFIRI Folinic acid (leucovorin), fluorouracil and irinotecan OC Ovarian cancer ’989 INCA033989 FOLFOX