\n| \n MPN and GVHD Programs<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Indication and status<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Ruxolitinib XR (QD)<\/b><\/p>\n (JAK1\/JAK2)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMyelofibrosis, polycythemia vera and GVHD\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Ruxolitinib + INCB57643<\/b><\/p>\n (JAK1\/JAK2 + BETi)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMyelofibrosis: Phase 2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Ruxolitinib + axatilimab1<\/sup><\/b><\/p>\n(JAK1\/JAK2 + anti-CSF-1R)<\/b><\/p>\n<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChronic GVHD: Phase 2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Steroids + axatilimab1<\/sup><\/b><\/p>\n(Steroids + anti-CSF-1R)<\/b><\/p>\n<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nChronic GVHD: Phase 3\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCA33989<\/b><\/p>\n (mutCALR)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMyelofibrosis, essential thrombocythemia: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCB160058<\/b><\/p>\n (JAK2V617Fi)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nMyelofibrosis: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Clinical development of axatilimab in GVHD conducted in collaboration with Syndax Pharmaceuticals.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nOther Hematology\/Oncology \u2013 key highlights<\/i><\/b><\/p>\n\n- \nIncyte plans to initiate Phase 3 studies for its potentially first-in-class CDK2 inhibitor (INCB123667), in ovarian cancer in 2025 and is also evaluating INCB123667 in combination with other treatments.\n<\/li>\n
- \nThe Phase 3 study evaluating tafasitamab as first-line treatment for DLBCL is ongoing. The Phase 3 data are anticipated in the second half of 2025.\n<\/li>\n
- \nThe Phase 1 studies evaluating KRASG12D and TGF\u00dfR2\u00d7PD-1 in solid tumors are ongoing and enrolling patients. Initial proof of concept data for both studies are anticipated in the second half of 2025.\n<\/li>\n<\/ul>\n
\n\n| \n Heme\/Oncology Programs<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Indication and status<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Tafasitamab (Monjuvi\u00ae<\/sup>\/Minjuvi\u00ae<\/sup>)<\/b><\/p>\n(CD19)<\/b><\/p>\n<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nRelapsed or refractory diffuse large B-cell lymphoma (DLBCL): Phase 3 (B-MIND)\n<\/p>\n \nFirst-line DLBCL: Phase 3 (front<\/i>MIND)\n<\/p>\n \nRelapsed or refractory follicular lymphoma (FL): Phase 3 (in<\/i>MIND)\n<\/p>\n<\/td>\n<\/tr>\n\n| \n Retifanlimab (Zynyz\u00ae<\/sup><\/i>)1<\/sup><\/b><\/p>\n(PD-1)<\/b><\/p>\n<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSquamous cell anal cancer (SCAC): Phase 3 (POD1UM-303)\n<\/p>\n \nNon-small cell lung cancer (NSCLC): Phase 3 (POD1UM-304)\n<\/p>\n \nMSI-high endometrial cancer: Phase 2 (POD1UM-101, POD1UM-204)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCB123667<\/b><\/p>\n (CDK2i)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nSolid tumors with CCNE1 amplification\/Cyclin E overexpression: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCB161734<\/b><\/p>\n (KRASG12D)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdvanced metastatic solid tumors with a KRASG12D mutation: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCA33890<\/b><\/p>\n (TGF\u00dfR2\u00d7PD-1)2<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAdvanced or metastatic solid tumors: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1 <\/sup>Retifanlimab licensed from MacroGenics.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Development in collaboration with Merus.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nInflammation and Autoimmunity (IAI) \u2013 key highlights<\/i><\/b><\/p>\n Ruxolitinib Cream<\/b><\/p>\n\n- \nIn March 2025, results from two Phase 3 studies (TRuE-PN1 and TRuE-PN2) evaluating ruxolitinib cream in patients with prurigo nodularis (PN) were presented in a late-breaking oral session at the American Academy of Dermatology annual meeting. The TRuE-PN1 study met the primary endpoint of a ><\/span> 4-point improvement from baseline in Worst-Itch Numeric Rating Scale (WI-NRS4) at Week 12 and all key secondary endpoints. The TRuE-PN2 study did not reach statistical significance for the primary endpoint, resulting in the key secondary endpoints with nominal p-values. These key secondary endpoints still demonstrate positive trends for ruxolitinib cream 1.5% versus vehicle. These data will inform planned discussions with regulatory authorities on submission.\n<\/li>\n
- \nA Phase 3 trial for ruxolitinib cream in mild to moderate hidradenitis suppurativa (HS) is on track to initiate in the first half of 2025 following achieving alignment on the study design with FDA.\n<\/li>\n<\/ul>\n
Povorcitinib (INCB54707)<\/b><\/p>\n\n- \nIn April 2025, Incyte announced positive topline results from the Phase 2 study evaluating povorcitinib in patients with chronic spontaneous urticaria (CSU). The study met the primary endpoint at Week 12 of change from baseline in the Urticaria Activity Score summed over 7 days (UAS7). Povorcitinib was well tolerated with no new safety signals observed. These data will support planned discussions with regulatory agencies and will be presented at an upcoming medical conference.\n<\/li>\n
- \nIn March 2025, positive results from the Phase 3 studies (STOP-HS1 and STOP-HS2) of povorcitinib in patients with HS were presented and demonstrated that both studies met their primary endpoint of Hidradenitis Suppurativa Clinical Response (HiSCR) at Week 12 and at both tested doses (45mg and 75mg). In addition, at Week 12, patients treated with povorcitinib achieved deep levels of clinical response with a greater proportion achieving HiSCR75, reduction in flares, >3-point decrease in the Skin Pain Numeric Rating Scale (NRS) score and Skin Pain NRS30. Furthermore, povorcitinib demonstrated rapid onset of response, including rapid skin pain reduction. Additional longer-term data demonstrate that at Week 18, HiSCR rates continue to improve over Week 12 in patients treated with povorcitinib including high levels of response in those patients previously treated on placebo and crossed over to active povorcitinib treatment. These data support the planned regulatory submission of povorcitinib for the treatment of HS worldwide.\n<\/li>\n
- \nTwo Phase 3 studies (STOP-PN1 and STOP-PN2) evaluating povorcitinib in patients with PN versus placebo are ongoing and enrolling patients.\n<\/li>\n
- \nA Phase 2 trial evaluating povorcitinib in asthma is ongoing and enrolling. Data are anticipated in the second half of 2025.\n<\/li>\n<\/ul>\n
\n\n| \n IAI and Dermatology Programs<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Indication and status<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Ruxolitinib cream (Opzelura)1<\/sup><\/b><\/p>\n(JAK1\/JAK2)<\/b><\/p>\n<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAtopic dermatitis: Phase 3 pediatric study (TRuE-AD3)\n<\/p>\n \nHidradenitis suppurativa: Phase 2; Phase 3 expected to initiate in 2025\n<\/p>\n \nPrurigo nodularis: Phase 3 (TRuE-PN1, TRuE-PN2)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Povorcitinib<\/b><\/p>\n (JAK1)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nHidradenitis suppurativa: Phase 3 (STOP-HS1, STOP-HS2)\n<\/p>\n \nVitiligo: Phase 3 (STOP-V1, STOP-V2)\n<\/p>\n \nPrurigo nodularis: Phase 3 (STOP-PN1, STOP-PN2)\n<\/p>\n \nChronic spontaneous urticaria: Phase 2\n<\/p>\n \nAsthma: Phase 2\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n INCA034460<\/b><\/p>\n (anti-CD122)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nVitiligo: Phase 1\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1 <\/sup>Novartis\u2019 rights to ruxolitinib outside of the United States under our Collaboration and License Agreement with Novartis do not include topical administration.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nOther – key highlights<\/i><\/b><\/p>\n\n- \nIn February 2025, Incyte and Genesis Therapeutics, Inc. (Genesis) entered into a strategic collaboration focused on the research, discovery and development of novel small molecule medicines, with an initial focus on collaboration targets selected by Incyte. Incyte receives exclusive rights to develop and commercialize collaboration products leveraged through Genesis\u2019 GEMS artificial intelligence (AI) platform.\n<\/li>\n<\/ul>\n
\n\n| \n Other Program<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n Indication and Phase<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Zilurgisertib<\/b><\/p>\n (ALK2)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nFibrodysplasia ossificans progressiva: Pivotal Phase 2\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2025 First Quarter Financial Results<\/b><\/p>\n \nThe financial measures presented in this press release for the three months ended March 31, 2025 and 2024 have been prepared by the Company in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d), unless otherwise identified as a Non-GAAP financial measure. Management believes that Non-GAAP information is useful for investors, when considered in conjunction with Incyte\u2019s GAAP disclosures. Management uses such information internally and externally for establishing budgets, operating goals and financial planning purposes. These metrics are also used to manage the Company\u2019s business and monitor performance. The Company adjusts, where appropriate, for expenses in order to reflect the Company\u2019s core operations. The Company believes these adjustments are useful to investors by providing an enhanced understanding of the financial performance of the Company\u2019s core operations. The metrics have been adopted to align the Company with disclosures provided by industry peers.\n<\/p>\n \nNon-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used in conjunction with and to supplement Incyte\u2019s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in our industry.\n<\/p>\n \nAs changes in exchange rates are an important factor in understanding period-to-period comparisons, Management believes the presentation of certain revenue results on a constant currency basis in addition to reported results helps improve investors\u2019 ability to understand its operating results and evaluate its performance in comparison to prior periods. Constant currency information compares results between periods as if exchange rates had remained constant period over period. The Company calculates constant currency by calculating current year results using prior year foreign currency exchange rates and generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. These results should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as the Company presents them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.\n<\/p>\n Financial Highlights<\/span><\/b><\/p>\n\n\n| \n Financial Highlights<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited, in thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Three Months Ended
\n<\/b>
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTotal GAAP revenues\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,052,898\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n880,889\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal GAAP operating income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n205,168\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n91,898\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal Non-GAAP operating income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n283,641\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n161,183\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP net income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n158,203\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n169,548\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP net income\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n229,459\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n132,719\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP basic EPS\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.82\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.76\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP basic EPS\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1.18\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.59\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP diluted EPS\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.80\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.75\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP diluted EPS\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1.16\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n0.58\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Revenue Details<\/span><\/b><\/p>\n\n\n| \n Revenue Details<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited, in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Three Months Ended
\n<\/b>
March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n %<\/b><\/p>\n Change<\/b><\/p>\n (as reported)<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n %<\/b><\/p>\n Change<\/b><\/p>\n (constant currency)1<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet product revenues:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nJakafi\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n709,412\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n571,839\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNA\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOpzelura\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n118,705\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n85,724\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n38\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n39\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIclusig\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,544\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,343\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(3\n<\/p>\n<\/td>\n | \n \n%)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPemazyre\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n18,440\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n17,676\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMinjuvi\/ Monjuvi\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n29,551\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23,874\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n24\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n25\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNiktimvo\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13,613\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNA\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nZynyz\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,009\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n467\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n544\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNA\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nTotal net product revenues\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n922,274\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n729,923\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n26\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n27\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRoyalty revenues:\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nJakavi\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n92,145\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n89,595\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOlumiant\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,800\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n30,589\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTabrecta\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,413\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,234\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNA\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nOther\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,266\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n548\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n131\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal royalty revenues\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n130,624\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n125,966\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nTotal net product and royalty revenues\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,052,898\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n855,889\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nMilestone and contract revenues\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n25,000\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTotal GAAP revenues\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,052,898\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n880,889\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| \n \nNM = not meaningful\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n \nNA = not applicable\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n 1 <\/sup>Percentage change in constant currency is calculated using 2024 foreign exchange rates to recalculate 2025 results.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nProduct and Royalty Revenues<\/b> Total net product and royalty revenues for the quarter ended March 31, 2025 increased 23% over the prior year comparative period. Total net product revenues for the quarter ended March 31, 2025 increased 26% over the prior year comparative period primarily driven by the following:\n<\/p>\n\n- \nJakafi net product revenue increased 24% versus the prior year comparable period, driven by an increase in paid demand of 10% reflecting continued demand growth in all indications, the positive impact of the Part D redesign under the Inflation Reduction Act, partially offset by growth in 340B, and 7% favorable impact from less de-stocking compared to the first quarter of 2024. Jakafi inventory levels were within normal range at the end of the first quarter of 2025.\n<\/li>\n
- \nOpzelura net product revenue increased 38% due to continued growth in new patient starts and refills in the U.S. with U.S. paid demand up 24% versus the first quarter of 2024, partially offset by a reduction in channel inventory, and increased contribution from ex-U.S. driven by continued uptake in Germany and France, as well as growth from the recent launches in Italy and Spain. Opzelura inventory levels were within normal range at the end of the first quarter of 2025.\n<\/li>\n
- \nMinjuvi\/Monjuvi net product revenue increased 24% as a result of the first quarter of 2025 reflecting three months of net product revenues in the U.S., compared to two months of net product revenue in the first quarter of 2024 due to the acquisition of U.S. rights to Monjuvi, which closed in February 2024.\n<\/li>\n
- \nNiktimvo net product revenue driven by the commercial launch of the product during the first quarter of 2025.\n<\/li>\n<\/ul>\n
Operating Expenses<\/span><\/b><\/p>\n\n\n| \n Operating Expense Summary<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited, in thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n Three Months Ended
\n<\/b>
March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n %<\/b><\/p>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGAAP cost of product revenues\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n73,188\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n60,956\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP cost of product revenues1<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n66,945\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n54,959\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n22\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP research and development\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n437,279\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n429,260\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP research and development2<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n400,020\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n388,437\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP selling, general and administrative\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n325,691\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n300,256\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP selling, general and administrative3<\/sup><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n302,292\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n277,335\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP loss (gain) on change in fair value of acquisition-related contingent consideration\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n11,572\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(456\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nNM\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP loss (gain) on change in fair value of acquisition-related contingent consideration\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP (profit) and loss sharing under collaboration agreements\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n(1,025\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u2014\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Non-GAAP cost of product revenues excludes the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the cost of stock-based compensation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Non-GAAP research and development expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient severance payments.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> Non-GAAP selling, general and administrative expenses exclude the cost of stock-based compensation, MorphoSys transition costs, and Escient severance payments.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nCost of product revenues<\/b> GAAP and Non-GAAP cost of product revenues for the quarter ended March 31, 2025 increased 20% and 22% respectively, compared to the same period in 2024 primarily due to increased royalty expense.\n<\/p>\n Research and development expenses<\/b> GAAP and Non-GAAP research and development expense for the quarter ended March 31, 2025 increased 2% and 3%, respectively, compared to the same period in 2024, reflecting continued investment in our late stage development assets and timing of certain expenses.\n<\/p>\n Selling, general and administrative expenses<\/b> GAAP and Non-GAAP selling, general and administrative expenses for the quarter ended March 31, 2025 increased 8% and 9%, respectively, compared to the same period in 2024 primarily due to timing of consumer marketing activities and of certain other expenses.\n<\/p>\n Other Financial Information<\/span><\/b><\/p>\nChange in fair value of acquisition-related contingent consideration <\/b>The change in fair value of contingent consideration during the quarter ended March 31, 2025, compared to the same period in 2024, was primarily due to fluctuations in foreign currency exchange rates impacting future revenue projections of Iclusig.\n<\/p>\n Operating income<\/b> GAAP and Non-GAAP operating income for the three months ended March 31, 2025 increased 123% and 76%, respectively, compared to the same period in 2024, driven primarily by growth in net product revenue.\n<\/p>\n Cash, cash equivalents and marketable securities position<\/b> As of March 31, 2025 and December 31, 2024, cash, cash equivalents and marketable securities totaled $2.4 billion and $2.2 billion, respectively.\n<\/p>\n 2025 Financial Guidance<\/b><\/p>\n \nIncyte’s guidance for the fiscal year 2025 is summarized below. Incyte is raising its full year 2025 Jakafi revenue guidance. Guidance for Opzelura includes net product revenue for pediatric atopic dermatitis which has an anticipated approval in the second half of 2025. Guidance for other oncology net product revenues include net product revenue for Monjuvi in follicular lymphoma and Zynyz in squamous cell anal carcinoma. Approvals for these indications are anticipated in the second half of 2025. Guidance for research and development excludes the $15 million of expense for the full year 2025 related to our recently announced collaboration with Genesis.\n<\/p>\n \n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | | \n\n Current<\/b><\/p>\n<\/td>\n | | \n\n Previous<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nJakafi net product revenues\n<\/p>\n<\/td>\n | | \n\n \n$2,950 – $3,000 million\n<\/p>\n<\/td>\n | | \n\n \n$2,925 – $2,975 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOpzelura net product revenues\n<\/p>\n<\/td>\n | | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$630 – $670 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther oncology net product revenues(1)<\/sup><\/p>\n<\/td>\n | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$415 – $455 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP Cost of product revenues\n<\/p>\n<\/td>\n | | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n8.5% – 9.0% of net product revenues\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP Cost of product revenues(2)<\/sup><\/p>\n<\/td>\n | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n7.5% – 8.0% of net product revenues\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP Research and development expenses\n<\/p>\n<\/td>\n | | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$1,930 – $1,960 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP Research and development expenses(3)<\/sup><\/p>\n<\/td>\n | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$1,780 – $1,805 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGAAP Selling, general and administrative expenses\n<\/p>\n<\/td>\n | | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$1,280 – $1,310 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-GAAP Selling, general and administrative expenses(3)<\/sup><\/p>\n<\/td>\n | \n\n \nUnchanged\n<\/p>\n<\/td>\n | | \n\n \n$1,160 – $1,185 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n 1<\/sup>Pemazyre in the U.S., EU and Japan; Niktimvo, Monjuvi and Zynyz in the U.S.; and Iclusig and Minjuvi in the EU.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup>Adjusted to exclude the amortization of licensed intellectual property for Iclusig relating to the acquisition of the European business of ARIAD Pharmaceuticals, Inc. and the estimated cost of stock-based compensation.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup>Adjusted to exclude the estimated cost of stock-based compensation.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |