Incyte NASDAQ: INCY is preparing for a transition away from its JAKAFI business, with Chief Executive Officer Bill Meury pointing to product launches and a pipeline of late-stage drug candidates as potential sources of growth after 2029.
Speaking at a Wolfe Research event, Meury said the company’s business excluding JAKAFI remains on track to reach at least $3 billion to $4 billion by 2030. That business grew more than 30% year over year in the third quarter, he said.
Meury said Incyte’s goal is to build a company capable of growing at a 10% to 15% compound annual rate after 2029. Achieving that outlook will depend on executing product launches and converting clinical programs into approvals, revenue and cash flow, he said.
JAKAFI XR and upcoming launches
Meury said about 3% of patients had converted to JAKAFI XR, the extended-release version of the drug. He expects the conversion rate to land broadly between 10% and 30%, with 15% representing a solid outcome for Incyte.
He said the company expects to have 80% to 90% formulary coverage for JAKAFI XR by the end of the year. Incyte should have a better sense of where the conversion rate will land in early 2027, he added.
Incyte also expects an FDA decision in early 2027 on MONJUVI for frontline diffuse large B-cell lymphoma. A relatively modest share of that market could double the size of MONJUVI, Meury said, although he noted that the competitive landscape has evolved.
Povorcitinib opportunity
Meury said Incyte expects approval for povorcitinib in hidradenitis suppurativa, or HS, in early 2027. The company is discussing the drug’s label with the FDA and hopes it will cover patients both before and after treatment with biologic therapies.
A broad label would be important for formulary access, Meury said. He added that Incyte has more than 300 people promoting OPZELURA who would also support the HS launch, with plans to cover about 10,000 physicians.
Incyte expects data on povorcitinib in prurigo nodularis toward year-end and is also pursuing vitiligo as an indication. Across HS, prurigo nodularis and vitiligo, Meury said the product could approach or exceed $1 billion in sales, contingent on approvals and successful launches.
CALR antibody studies
President and Global Head of Research and Development Pablo Cagnoni said Incyte plans to present updated data at the American Society of Hematology meeting for its lead CALR antibody, 989. The presentation will include a larger group of frontline myelofibrosis patients eligible for JAKAFI treatment and four additional months of follow-up compared with the abstract, he said.
Incyte is running pivotal studies of 989 in second-line essential thrombocythemia and second-line myelofibrosis. Cagnoni said the company plans to launch a frontline myelofibrosis study in the first half of 2027, after reviewing the new data and completing discussions with the FDA about an endpoint.
The company will also present preclinical information on 798, a next-generation CALR antibody. Cagnoni said it was designed for greater potency and a longer half-life than 989. Incyte hopes to begin pivotal trials of 798 in 2028 if development proceeds as planned.
Cancer pipeline and business development
For its G12D program, Cagnoni said Incyte is developing multiple combinations for pancreatic cancer, including partnerships involving a PRMT5 inhibitor and a selective PARP1 inhibitor. Its lead pancreatic cancer indication is frontline treatment in combination with chemotherapy.
In colorectal cancer, Incyte is launching a pivotal G12D study that Cagnoni said would be predominantly in third-line patients. The company also plans to decide next year whether a frontline study will combine the drug with cetuximab or petosemtamab.
Cagnoni described Incyte’s TGF-beta bispecific program as potentially having the greatest upside in the pipeline, while cautioning that it has not been fully de-risked. A phase 3 study in frontline microsatellite-stable colorectal cancer is enrolling ahead of schedule, he said. The company expects to share progression-free survival data next year once the event-driven analysis is sufficiently mature.
Meury said business development will supplement Incyte’s internal pipeline. The company is focused on assets that could be approved and become accretive between 2029 and 2032. It has about $4 billion on its balance sheet, he said, which could grow to $6 billion if not deployed.
About Incyte (NASDAQ:INCY)
Incyte is a biopharmaceutical company that discovers, develops and commercializes medicines, with a focus on oncology, hematology and inflammatory and autoimmune diseases. Founded in 1991, the company is headquartered in Wilmington, Delaware, and conducts research and commercial activities in the United States and internationally. Its products include Jakafi (ruxolitinib), used to treat certain blood disorders and graft-versus-host disease, and Opzelura (ruxolitinib cream), approved in the United States for certain skin conditions.
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