Incyte : JP Morgan Healthcare Conference Presentation

Hervé Hoppenot, CEO

JP MORGAN HEALTHCARE CONFERENCE JANUARY 9, 2023

Forward-looking statements

Except for the historical information set forth herein, the matters set forth in this presentation contain predictions, estimates and other forward-looking statements, including without limitation statements regarding: expectations regarding 2023 newsflow items; the opportunities for growth presented by Incyte's pipeline and products, including multiple programs across oncology and dermatology; expectations regarding Incyte's commercial execution; expectations for continued growth from Jakafi; the opportunities for continued growth in treatments for MPNs/GVHD and expectations regarding the timing of clinical trials and regulatory submissions for same; expectations regarding Incyte's LIMBER program; the potential for expanding opportunities in MF treatment beyond Jakafi, including the potential for zilurgisertib to improve anemia and the potential for INCA33989 to change the treatment paradigm for certain MF and ET patients; expectations for other hematology/oncology assets in development, including the potential of INCB99280; Incyte's expectations for Opzelura in atopic dermatitis and vitiligo and the opportunities presented by Opzelura in the US and Europe; opportunities to maximize the potential of Opzelura in other indications in the near and mid-term future; the development of Incyte's dermatology portfolio beyond Opzelura, including povorcitinib in HS and auremolimab for repigmentation, and expectations regarding the timing of clinical trials for same; and expectations regarding clinical trial data readouts and regulatory decisions in 2023, including QD ruxolitinib in the US.

These forward-looking statements are based on our current expectations and are subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: unanticipated delays; the effects of the COVID-19 pandemic and measures to address the pandemic on our clinical trials, supply chain and other third-party providers, sales and marketing efforts, and business, development, and discovery operations, as well as on regulatory agencies such as the FDA; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials and the ability to enroll subjects in accordance with planned schedules; determinations made by the FDA and regulatory agencies outside of the United States; our dependence on relationships with and changes in the plans and expenditures of our collaboration partners; the efficacy or safety of our products and the products of our collaboration partners; the acceptance of our products and the products of our collaboration partners in the marketplace; market competition; unexpected variations in the demand for our products and the products of our collaboration partners; the effects of announced or unexpected price regulation or limitations on reimbursement or coverage for our products and the products of our collaboration partners; sales, marketing, manufacturing, and distribution requirements, including our and our collaboration partners' ability to successfully commercialize and build commercial infrastructure for newly approved products and any additional new products that become approved; and other risks detailed from time to time in our reports filed with the U.S. Securities and Exchange Commission, including our quarterly report on Form 10-Q for the quarter ended September 30, 2022. We disclaim any intent or obligation to update these forward-looking statements.

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Incyte: Sustainable growth fueled by R&D engine and commercial execution

DRUG DISCOVERY

Unique ability to develop

highly selective small molecules

Ruxolitinib	Baricitinib
Ruxolitinib cream	A2A/A2B
Pemigatinib	Oral PD-L1
Capmatinib	CDK2

mAb development capabilities

mCALRCD73

Bispecific antibodies

LAG-3 x PD11

CLINICAL DEVELOPMENT

MPNs/GVHD

Hematology/Oncology

Dermatology

COMMERCIALIZATION

U.S.	6 approved products
4 commercialized by Incyte

Europe	6 approved products
3 commercialized by Incyte

Japan	4 approved products
1 commercialized by Incyte

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1LAG-3xPD1 in development in collaboration with Merus

Product & royalty revenues have tripled to $3b over the past 5 years…

Product & Royalty Revenue Up ~3x

FY'22 guidance

		(2016-2021)
					$2.9b
				$2.5b
			$2.1b				Jakafi®:	$2.38 - $2.40b
		$1.7b					Other Heme/Onc: $200 - $210m
	$1.4b
$1.0b							Opzelura™:	N/A
FY'16	FY'17	FY'18	FY'19	FY'20	FY'21	FY'22E	Royalties:	N/A

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…while also increasing operating leverage

$m
3,000					Product & royalty revenue
2,500					2018 - 2021: 19% CAGR1
2,000					Total GAAP R&D (ongoing) and
					SG&A expense
1,500					2018 - 2021: 9% CAGR1
1,000
500
0
FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021

Chart shows Product & royalty revenue and GAAP ongoing R&D expense (excluding upfront and milestones) plus GAAP SG&A expense for FY 2016 - FY 2021.	5
1Compound annual growth rate 2018 - 2021.