INCY - Updating model for recent updates and ahead of 2Q26. New PT $105 (vs. $103 prev).

Research evidence excerpt

INCY - Updating model for recent updates and ahead of 2Q26. New PT $105 (vs. $103 prev).

ith traditional SVR35/TSS50 endpoints but views this as less representative of

the drug's value. Market Cap ($M) $20,332

ADTV 1,116,956 JAKV617F next-gen assets are not dependent on '058 progress. While the hypothesis

Shares Out (M) 207 remains a priority, INCY is already pivoting toward next-gen assets, including Prelude

Short Interest Ratio/% Of Float 5.8% (PRLD, NR) partnership that is not dependent on Ph1 results from '058.

Enterprise Value ($M) $16,316 Rux XR conversion guidance. Mgmt established a specific performance ceiling/floor for

Cash & Equivalents ($M) $4,016 the XR launch, targeting a conversion rate of 1.0 to 1.5 percentage points per month starting

Total Debt ($M) $0 in January 2027, with max conversion rate of 10-30%. Previously, mgmt characterized the

current $10-12M in sales as a baseline, with a FY2026 target of $50-75M.

7 Page Document Key anticipated catalysts/milestones:

• mid-2026: Ruxolitinib XR US, Ruxolitinib cream EU anticipated launch

Reasons for this report • mid-26: mCALR (INCA033989) registrational 2L ET trial start

• mid-26: mCALR (INCA033989) updated 2L ET and MF data

✓ Updating Estimates and PT • 2H26: mCALR (INCA033989) MF data (inc JAK-naive)

• 2H26: JAK2V617Fi (INCB160058) POC in MPNs

• 2H26: Niktimvo + rux combo in newly diagnosed cGVHD

• 1H26: Monjuvi 1L DLBCL sBLA submission

• 1H26: Povorcitinib US submission for mod-sev HS

• mid-26: Povo Ph3 vitiligo data

• 4Q26: Povo Ph3 PN data

• 2H26: Povo Ph2 Asthma data

• 2H26: KRAS G12D (INCB161734) + chemo combo add'l data in 1L mPDAC

• 2H26: bispecific (INCA33890) +/- chemo or beva combo add'l data in solid tumors

Model Update: We have updated our model to account for recent Vega acquisition and