Incyte at Goldman Sachs Conference

 On Monday, 09 June 2025, Incyte Corporation (NASDAQ:INCY) presented at the Goldman Sachs 46th Annual Global Healthcare Conference, outlining its strategic vision beyond 2029. The company addressed the impending loss of exclusivity for Jakafi, its flagship product, while emphasizing its expanding pipeline and anticipated revenue growth from new product launches. Despite challenges, Incyte remains focused on diversifying its portfolio and capitalizing on emerging opportunities.

Key Takeaways

• Incyte plans to launch four new products or indications in 2024, aiming for an additional $1 billion in revenue by 2029.
• Jakafi’s Q1 2024 performance showed a 24% year-over-year growth, with future growth expected to be demand-driven.
• Opselura is projected to generate $650 million in 2024, with potential approval for pediatric atopic dermatitis.
• The mutant CALAR program, particularly INCB989, shows promise in treating myeloproliferative neoplasms.
• Incyte’s capital allocation prioritizes its pipeline, with potential for strategic acquisitions.

Financial Results

Jakafi:

• Experienced 24% year-over-year growth in Q1 2024.
• Growth driven by demand (10%), net price (7%), and reduced destocking (7%).
• 2025 guidance projects a 7% year-over-year growth at the midpoint.

Opselura:

• 2024 revenue guidance set at $650 million, reflecting a 28% increase.
• Pediatric atopic dermatitis (AD) could represent 10-15% of the overall AD market.

Other Products:

• Oncology assets expected to contribute over $400 million in 2024.
• New products anticipated to add $1 billion by 2029.

Operational Updates

Commercial Portfolio:

Incyte is expanding its portfolio beyond Jakafi with four product launches planned for 2024.

Pipeline Progress:

• Four programs are advancing with Phase III data, and seven with proof-of-concept readouts.

Mutant CALAR Program:

• Initial Phase I data for INCB989 is promising, with full data expected.
• Combination with Jakafi is key for myelofibrosis (MF) treatment.

V617F Program:

• Data anticipated later this year, targeting a specific JAK2 inhibitor.

Opselura:

• Potential U.S. approval for pediatric AD in the second half of the year.

POVO:

• Phase III data in hidradenitis suppurativa (HS); FDA application expected in early 2026.

CDK2 Program:

• Shows a 30% response rate in ovarian cancer, with plans for accelerated approval.

KRAS G12D Program:

• Data expected later this year.

Future Outlook

Revenue Growth:

• Growth in 2024 driven by Jakafi demand.
• New products expected to compensate for Jakafi’s loss of exclusivity.

New Product Launches:

• Four launches in 2024 to contribute significantly by 2029.
• More than ten high-impact launches expected between 2026 and 2030.

Capital Allocation:

• Focus on internal pipeline, with opportunistic acquisitions of early-stage technologies.
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• Q&A Highlights

Mutant CALAR Program:

• Aims to address 35,000-40,000 patients in essential thrombocythemia (ET) across the U.S. and Europe.

Opselura:

• Pediatric AD offers significant potential, with 2 million children in the U.S. as potential beneficiaries.

POVO:

• Estimated 30,000 candidates in the moderate to severe HS population.

Jakafi:

• Benefits from Part D redesign reflected in Q1 results.

Incyte’s strategic focus on pipeline advancement and diversification positions the company for growth despite the challenges of Jakafi’s exclusivity loss. For further details, refer to the full transcript below.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference:

https://www.investing.com/news/transcripts/incyte-at-goldman-sachs-conference-growth-beyond-jakafi-93CH-4087356