Incyte CEO Says Post-Jakafi Growth Path Is Clearer as Pipeline Catalysts Build

Key Points

• Incyte’s CEO says the company’s post-Jakafi growth path is becoming clearer as its commercial business, late-stage pipeline, and potential oncology/immunology launches build. He highlighted about 10 Phase 3 studies underway and said the core business is still underappreciated.
• Jakafi remains a meaningful growth driver despite its age, with recent quarterly sales up about 7%. Incyte expects Jakafi XR to gradually convert users from the immediate-release version, potentially reaching about 20% conversion by early 2028.
• Several pipeline and commercial catalysts could support growth beyond Jakafi, including OPZELURA expansion, MONJUVI’s frontline DLBCL data, povorcitinib’s expected 2027 launch in hidradenitis suppurativa, and INCA033989’s Phase 3 program in essential thrombocythemia. Meury also said Incyte is open to acquisitions and licensing to add more growth drivers after 2029.

Incyte NASDAQ: INCY President and CEO Bill Meury said the company’s post-Jakafi growth profile has become “much clearer” over the past year, pointing to continued growth in its commercial business, late-stage pipeline activity and potential launches across oncology and immunology.

Speaking at the Bank of America Healthcare Conference with Bank of America senior biotech analyst Tazeen Ahmad, Meury said he joined Incyte because he believed the company’s core business and pipeline were “somewhat underappreciated.” He highlighted the company’s R&D organization, commercial capabilities, cash flow and balance sheet, noting that Incyte has about 10 Phase 3 studies underway.

“We’re squarely focused on act two and just going beyond Jakafi,” Meury said. “I inherited a good business.”

Jakafi Remains a Key Growth Driver Ahead of Loss of Exclusivity

Meury said Jakafi, now in its 15th year on the market, continues to grow despite its maturity. He said sales in the most recent quarter rose about 7%, with 6% coming from demand. Growth was broad-based across myelofibrosis, polycythemia vera and graft-versus-host disease, he said.

Meury said myelofibrosis and graft-versus-host disease are growing in the low- to mid-single digits, while polycythemia vera is growing more than 10%. He added that by the end of 2026, polycythemia vera is expected to become the largest indication for Jakafi.

On Jakafi XR, the recently approved once-daily version, Meury described the product as a “bridge” for the company. He said Incyte estimates it can convert about 20% of Jakafi immediate-release use to XR, which he said could represent about $750 million in sales.

Meury said Incyte priced Jakafi XR at parity with Jakafi IR to support faster formulary coverage. He said the company expects low- to mid-single-digit conversion rates in 2026, with a step-up in 2027 as access improves. By early 2028, Incyte would like conversion to reach about 20%, he said.

OPZELURA Growth Expected Through U.S. Demand and International Expansion

Meury said OPZELURA has the potential to grow at a 10% to 15% five-year compound annual growth rate through 2030. He said Incyte expects global OPZELURA sales of nearly $780 million this year and about $1.3 billion by 2030.

In the U.S., Meury said OPZELURA has a 46% share of new patient starts, while first-quarter 2026 new-to-brand or new-patient starts were up 30% year over year. He also cited 20,000 prescribers and strong formulary coverage as supports for the business.

Internationally, OPZELURA is already available for vitiligo and generated roughly $130 million in 2025 sales, Meury said. He said Incyte expects an atopic dermatitis indication in the second half of 2026, with the atopic dermatitis market about five times the size of the vitiligo market. He said that could add $200 million to $300 million in incremental sales over the next several years, beginning with launches in Germany and other major European markets.

Core Business and Pipeline Aim to Set a Post-Jakafi Floor

Asked about Incyte’s business as Jakafi approaches loss of exclusivity, Meury said the company’s core business, including MONJUVI, ZYNYZ and povorcitinib, should be at least a $3 billion to $4 billion business “without heroic assumptions.” He said that business is growing at roughly a 20% compound annual growth rate and was up 63% year over year in the most recent quarter.

Meury said MONJUVI’s potential in frontline diffuse large B-cell lymphoma will be important. He said Incyte will share data from its frontline DLBCL study at ASCO, including progression-free survival and subgroup results. He said a 10% share of the frontline DLBCL market would double the size of MONJUVI.

For povorcitinib, or “povo,” Meury said Incyte expects an approval in hidradenitis suppurativa at the end of 2026 and would be ready to launch in the first quarter of 2027. He described hidradenitis suppurativa as a difficult dermatologic disease and said there is no FDA-approved oral anti-inflammatory for the condition.

Meury said povorcitinib could be used both before and after biologic therapy. On pricing, he said wholesale acquisition cost ranges in the market run from about $7,000 per month to more than $10,000 per month, and Incyte expects to work within that corridor depending on the final label.

INCA033989 Seen as Potential Mutation-Specific Therapy in MPNs

Meury also discussed INCA033989, Incyte’s monoclonal antibody targeting mutant calreticulin, or mCALR. He said Incyte will begin a Phase 3 trial in essential thrombocythemia in the next several weeks and has agreement with the FDA on the study design.

He said roughly 20,000 patients with essential thrombocythemia have a CALR mutation, and about half of them do not achieve a complete hematologic response with hydroxyurea. Meury described that roughly 10,000-patient group as the target market for INCA033989.

“This would fundamentally change the way ET is treated from hydroxyurea, which is a trade-off drug, to a disease modifying mutation-specific targeted therapy,” Meury said.

For myelofibrosis, Meury said about 35% of patients have a CALR mutation, representing almost 10,000 people. He said genetic testing is routine and that Incyte has not had challenges enrolling patients in its Phase 1 trial. Incyte plans updates for INCA033989 at EHA, including expanded datasets in essential thrombocythemia and myelofibrosis, and at ASH in 2026 for frontline monotherapy and combination data with Jakafi.

Upcoming Catalysts and Business Development

Meury said investors should watch for updates at ESMO on Incyte’s G12D inhibitor in pancreatic cancer in combination with standard chemotherapy, as well as data for its TGF beta/PD-1 bispecific in colorectal cancer. He said the G12D program has entered Phase 3 and could become an anchor for Incyte’s solid tumor oncology portfolio.

Looking to business development, Meury said acquisitions or licensing will be an important part of Incyte’s growth strategy, focused on the company’s current therapeutic areas. He said the company is not trying to solve a revenue gap but to build multiple growth drivers for the period after 2029.

“Our balance sheet is a strategic asset right now,” Meury said. He added that Incyte is looking for assets that are “somewhat de-risked,” potentially entering Phase 3, and capable of contributing to top-quartile growth in 2030 and beyond.

About Incyte NASDAQ: INCY

Incyte Corporation is a Wilmington, Delaware–based biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in oncology and inflammation. Since its founding in 2002, Incyte has grown from a small research organization into a global enterprise, advancing a portfolio of internally developed and partnered assets. The company's research and development efforts center on small-molecule drugs and biologics that modulate critical signaling pathways implicated in cancer, autoimmune disorders and rare diseases.

The company's flagship product is Jakafi® (ruxolitinib), a Janus kinase (JAK) inhibitor approved for the treatment of myelofibrosis and polycythemia vera.

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